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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Combat Drugs to hold board meeting
Feb 07,2017

Combat Drugs will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the un-Audited Financial Results for the Quarter ended 31 December 2016 and the Limited Review Report of the Auditors.

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VIP Industries to hold board meeting
Feb 07,2017

VIP Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to Consider and approve the Un-audited Financial Results for the quarter and nine months ended 31 December 2016 & Consider declaration of Interim Dividend on the equity shares, if approved by the Board, for the Financial Year 2016-17.

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Parenteral Drugs (India) to hold board meeting
Feb 07,2017

Parenteral Drugs (India) will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve, the unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Moodys: Asian liquidity stress index improves for second consecutive month to 29.4% in January
Feb 07,2017

Moodys Investors Service says that its Asian Liquidity Stress Index (Asian LSI) fell for the second consecutive month in January 2017, registering 29.4% a slight improvement from 30.3% in December 2016.

The Asian LSI fell to 29.4% largely due to an increase in the number of Moodys-rated high-yield companies to 126 from 122 January but also reflects the second consecutive month showing improvement in the index and fifth consecutive month it is below the trailing 12-month average of 31.8%, says Brian Grieser, a Moodys Vice President and Senior Analyst.

The index measures the percentage of high-yield companies with SGL-4 scores and increases when speculative-grade liquidity appears to deteriorate.

However, the Asian LSI remains above the long-term average of 22.7%, highlighting the ongoing weakness in corporate liquidity profiles across Asia adds Grieser.

The liquidity stress sub-index for North Asian high-yield issuers fell to 30.5% in January 2017 from 32.5% in December 2016. Within this portfolio, the Chinese sub-index dropped to 31.9% from 34.3%. The Chinese high-yield property sub-index fell to 17.5% from 20.0%, and is now at its lowest level since November 2014. Meanwhile, the Chinese high-yield industrial sub-index dropped to 50.0% from 53.3%.

The liquidity stress sub-index for South and Southeast Asian high-yield issuers rose to 27.3% from 26.2%. By contrast, the Indonesian sub-index fell to 23.8% from 26.3%.

Moodys report points out that in January 2017, Moodys downgraded three high-yield issuers and there was one fallen angel, a term which denotes a company which was downgraded from an investment-grade to a non-investment grade rating. The downward rating actions continue the trend that has seen downgrades exceed upgrades every quarter since Q2 2013.

Across Moodys portfolio of 126 rated high-yield issuers, the percentage of negative leaning outlooks n++ meaning ratings with either a negative outlook or on review for downgrade n++ fell to 34.9% in January 2017 from 35.2% in December 2016.

Moodys also says that 11 bond deals closed during January 2017, raising $3.6 billion, and representing the strongest monthly issuance of rated high-yield debt in Asia since January 2014. Chinese corporates accounted for nine of the 11 deals, and two-thirds of the total dollar amount issued.

At 31 January 2017, Moodys rated 126 speculative-grade non-financial corporates in Asia n++ excluding Japan and Australia n++ with rated debt totaling $64.7 billion.

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Mesco Pharmaceuticals to hold board meeting
Feb 07,2017

Mesco Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the Un-audited Financial Results of the Company for the quarter and Nine Months ended 31 December 2016.

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Sudev Industries to hold board meeting
Feb 07,2017

Sudev Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve, the unaudited Financial Results of the Company for the quarter ended on 31 December 2016.

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Pioneer Investcorp to hold board meeting
Feb 07,2017

Pioneer Investcorp will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider, and take on record the unaudited Standalone Financial Results of the Company for the third quarter ended 31 December 2016.

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Siddarth Businesses to hold board meeting
Feb 07,2017

Siddarth Businesses will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the Unaudited Financial Results for the Quarter ended on 31 December 2016.

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Dynamic Microsteppers to hold board meeting
Feb 07,2017

Dynamic Microsteppers will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, approve and take on record the Un-Audited Financial Results of the Company together with the Limited Review Report for the quarter ended 31 December 2016.

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Bhel gains after turnaround Q3 financials
Feb 07,2017

The result was announced during trading hours today, 7 February 2017.

Meanwhile, the S&P BSE Sensex was down 112.60 points, or 0.4%, to 28,326.68

The stock jumped on high volume. On the BSE, so far 55.96 lakh shares were traded in the counter, compared with average daily volumes of 6.45 lakh shares in the past one quarter. The stock had hit a high of Rs 154.90 and a low of Rs 140.55 so far during the day. The stock hit a 52-week high of Rs 162.80 on 8 September 2016. The stock hit a 52-week low of Rs 90.40 on 29 February 2016.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

Bhels total income rose 17.52% to Rs 6461.22 crore in in Q3 December 2016 over Q3 December 2015. The company has outstanding order book position of Rs 98400 crore as on 31 December 2016.

Bhel is a leader in the power generation and transmission segments in India. In the field of power transmission, Bhel undertakes turnkey projects from concept to commissioning as an EPC contractor for EHV Substations, HVDC Converter Stations and FACTS solutions backed by Power System Studies. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 31 December 2016).

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Emerald Leasing Finance & Invtt. Co. to hold board meeting
Feb 07,2017

Emerald Leasing Finance & Invtt. Co. will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and take on record the Unaudited Financial Results of the Company for the quarter ended 31 December 2016, To discuss the fund raising by way of Right Issue.

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Provogue (India) to hold board meeting
Feb 07,2017

Provogue (India) will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the unaudited standalone financial results of the Company for the quarter and nine months ended 31 December 2016.

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Partani Appliances to hold board meeting
Feb 07,2017

Partani Appliances will hold a meeting of the Board of Directors of the Company on 13 February 2017, to adopt the Unaudited Financial Results by the Audit Committee and by the Board for quarter/ nine months ended 31 December 2016 and the Limited Review Report (LRR) carried on by Statutory Auditors.

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Covidh Technologies to hold board meeting
Feb 07,2017

Covidh Technologies will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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Kapil Raj Finance to hold board meeting
Feb 07,2017

Kapil Raj Finance will hold a meeting of the Board of Directors of the Company on 14 February 2017, to take on record the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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