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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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Arrow Textiles to hold board meeting
Nov 03,2016

Arrow Textiles will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider, approve and take on record, the Un-audited Financial Results of the Company for the quarter and half year ended 30 September 2016.

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Garnet International to hold board meeting
Nov 03,2016

Garnet International will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve the Un-audited Financial Results for the Quarter ended 30 September 2016.

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Ruttonsha International Rectifier to hold board meeting
Nov 03,2016

Ruttonsha International Rectifier will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider and approve the Un-audited Financial Results for the second quarter and half year ended 30 September 2016 (Q2).

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Steelco Gujarat to hold board meeting
Nov 03,2016

Steelco Gujarat will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider and approve, Unaudited Financial Results for the quarter ended 30 September 2016.

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Industrial Investment Trust to hold board meeting
Nov 03,2016

Industrial Investment Trust will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Haryana Leather Chemicals to hold board meeting
Nov 03,2016

Haryana Leather Chemicals will hold a meeting of the Board of Directors of the Company on 11 November 2016. Results

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Polyplex Corporation to hold board meeting
Nov 03,2016

Polyplex Corporation will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider Unaudited Financial Results of the Company for the Quarter/Half Year ended 30 September 2016.

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Global Offshore Services to hold board meeting
Nov 03,2016

Global Offshore Services will hold a meeting of the Board of Directors of the Company on 8 November 2016, to consider, the Unaudited Financial Results for the Quarter ended 30 September 2016.

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Hindustan Construction Company bags new contract
Nov 03,2016

Hindustan Construction Company in joint venture with Laxmi civil Engineering Services has been awarded Rs 374.6 crore contract by the Narmada Valley Development Authority to construct Bistan Lift Irrigation Scheme on tunrkey basis with a project life span of 30 months.

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Pincon Spirit jumps after hiking prices of IMFL brands
Nov 03,2016

The announcement was made during trading hours today, 3 November 2016.

Meanwhile, the BSE Sensex was up 34.42 points, or 0.13%, to 27,561.64.

On BSE, so far 4.39 lakh shares were traded in the counter, compared with average daily volume of 1.66 lakh shares in the past one quarter. The stock hit a high of Rs 79.50 and a low of Rs 73.55 so far during the day. The stock hit a record high of Rs 89.40 on 25 July 2016. The stock hit a 52-week low of Rs 45.95 on 9 November 2015. The stock had outperformed the market over the past 30 days till 2 November 2016, falling 0.07% compared with the 2.85% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.28% as against Sensexs 0.68% decline.

The small-cap liquor maker has equity capital of Rs 44.09 crore. Face value per share is Rs 10.

Pincon Spirit said it has taken a decision to increase the maximum retail price (MRP) of its Indian Made Foreign Liquor (IMFL) brands. The decision was taken after the West Bengal Government, on 28 October 2016, revised its excise policy, whereby IMFL industry in West Bengal is on for a affirmative operating indication.

The company raised prices of its brands like Pincon No.1 Whisky, Pincon XXX Matured Rum, Pincon Perfect Vodka, Pincon Kings Coin Whisky/Rum/Vodka, Highland Blue Whisky, Ultra Force Jamaican Rum and Ruby Gold Gin.

Net profit of Pincon Spirit rose 61.02% to Rs 9.13 crore on 33.95% rise in net sales to Rs 309.28 crore in Q1 June 2016 over Q1 June 2015.

Pincon Spirit is a liquor company. The company is engaged in carrying on the business of blending, bottling and wholesale distribution of Indian made foreign liquor (IMFL) and Indian made Indian liquor (IMIL). In the FMCG space, the company is engaged in the manufacture of edible oils.

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Bharti Infratel moves higher on reports of brokerage upgrade
Nov 03,2016

Meanwhile, the S&P BSE Sensex was up 13.71 points or 0.05% at 27,540.93.

On BSE, so far 79,000 shares were traded in the counter as against average daily volume of 1.69 lakh shares in the past one quarter. The stock hit a high of Rs 384.40 and a low of Rs 366.60 so far during the day. The stock had hit a 52-week high of Rs 436.40 on 30 December 2015. The stock had hit a 52-week low of Rs 302.10 on 24 June 2016. The stock had outperformed the market over the past one month till 2 November 2016, advancing 0.44% compared with 1.22% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 5.49% as against Sensexs 1.62% fall.

The large-cap company has equity capital of Rs 1896.67 crore. Face value per share is Rs 10.

On a consolidated basis, net profit of Bharti Infratel rose 30.8% to Rs 773.80 crore on 9% rise in net sales to Rs 1496.30 crore in Q2 September 2016 over Q2 September 2015.

Bharti Infratel is Indias leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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MNRE issues bidding Guidelines for setting up 1000 MW Wind Power Projects connected to ISTS scheme
Nov 03,2016

Ministry of New and Renewable Energy (MNRE) issued Guidelines for transparent bidding process for implementation of Scheme for setting up of 1000 MW Wind Power Project connected to inter-state transmission system (ISTS).

As per Guidelines the Wind Power Projects will be selected through open and transparent competitive bidding followed by e-reverse auction and the capacity may go higher than 1000 MW, if there is demand from Buying Entities. The implementing agency SECI has already floated RfS document for selection of bidders under the Scheme.

Discoms of non-windy State and UTs and also the bulk consumers of any State/UTs who intend to buy 10 MW or more can buy wind power under the Scheme.

PTC India, trading company selected by SECI under the scheme, will sign Power Purchase Agreement (PPA) with wind projects at bidded tariff and back-to-back Power Sale Agreement (PSA) with Buying Entities at a pooled price of the total bids selected. The term of PPA and PSA will be 25 years.

Bidder can bid for a minimum capacity of 50 MW and maximum up to 250 MW. The selected bidder is required to injected wind power at ISTS interconnection point. Bidder is allowed to install 5% of additional rated capacity that will compensate auxiliary consumption and system losses up to interconnection point.

Provision relating to pass through of GST impact, part commissioning, efficiency in generation, performance monitoring have also been stipulated in the guidelines.

The Guidelines are available at http://mnre.gov.in/file-manager/grid-wind/Scheme-for-Setting-up-of-1000-MW-ISTS-connected-Wind-Power-Projects.pdf

BACKGROUND

Ministry sanctioned a Scheme for setting up of 1000 MW ISTS connected Wind Power Project on 14 June 2016.

The objective of the Scheme is to encourage competitiveness through scaling up of project sizes and introduction of efficient and transparent e-bidding and e-auctioning processes. It will also facilitate fulfilment of Non-Solar Renewable Purchase Obligation (RPO) requirement of non-windy states.

In order to facilitate transmission of wind power from these windy states to non-windy states provisions have been made in the Tariff Policy to waive the inter-state transmission charges and losses for wind power projects and Ministry of Power has already issued order in this regard.

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Shree Ganesh Biotech India to hold EGM
Nov 03,2016

Shree Ganesh Biotech India announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 25 November 2016 .

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AVI Photochem to hold board meeting
Nov 03,2016

AVI Photochem will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve the Unaudited Financial Results for the quarter and half year ended 30 September 2016 of the Company.

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Board of Sonata Software recommends dividend
Nov 03,2016

Sonata Software announced that the Board of Directors of the Company at its meeting held on 2 November 2016, inter alia, have recommended the dividend of Rs 3.5 per equity Share (i.e. 350%) , subject to the approval of the shareholders.

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