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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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Alpha Graphic India reports standalone net profit of Rs 0.01 crore in the September 2016 quarter
Nov 22,2016

Net profit of Alpha Graphic India remain constant at Rs 0.01 crore in the quarter ended September 2016 and also during the previous quarter ended September 2015. Sales declined 60.00% to Rs 0.16 crore in the quarter ended September 2016 as against Rs 0.40 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales0.160.40 -60 OPM %6.252.50 - PBDT0.010.01 0 PBT0.010.01 0 NP0.010.01 0

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Williamson Financial Services reports standalone net loss of Rs 2.37 crore in the September 2016 quarter
Nov 22,2016

Net loss of Williamson Financial Services reported to Rs 2.37 crore in the quarter ended September 2016 as against net profit of Rs 3.35 crore during the previous quarter ended September 2015. Sales declined 27.42% to Rs 7.49 crore in the quarter ended September 2016 as against Rs 10.32 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales7.4910.32 -27 OPM %72.63122.58 - PBDT-2.373.35 PL PBT-2.373.35 PL NP-2.373.35 PL

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M-wallet/digital payment cos. must win customers trust for widespread adoption, says study
Nov 22,2016

With a view to win customers trust, companies operating in the mobile-wallet sector should take measures like providing effective, completely secure, private and reliable services, 3-D or OTP (one time password) security options, data back-up system and others to spread awareness among people, suggested an ASSOCHAM-RNCOS joint study.

n++Crystal clear policies and a common regulatory body for all m-wallets (closed, semi-closed and others) are required to bring clarity in procedures and policies between m-wallet companies and the Reserve Bank of India (RBI),n++ suggested the study titled Indian m-wallet market: Forecast 2022, conducted by ASSOCHAM jointly with research firm RNCOS.

n++A strong authentication mechanism must be put in place to bind the identity of the user to the authorization of the transaction thereby being extremely mindful of authentication and risk assessment,n++ said Mr D.S. Rawat, secretary general, ASSOCHAM while releasing the findings of the study.

n++As the mobile payment space evolves, the stakeholders must create secure transactions that foster consumer trust, besides, m-wallet companies must provide a much more secure payment authentication process out to the masses,n++ said Mr Rawat.

The Indian m-wallet market in FY 2016 was around INR 1.54 billion or Rs 154 crore, and it is expected to grow at a compounded annual growth rate (CAGR) of 141 per cent during the period between 2015-16 to 2021-22 and reach till INR 300 billion or Rs 30,000 crore by the end of FY 2022 driven by growing usage of smartphones, robust mobile internet penetration, growth of e-commerce sector together with increasing disposable incomes, the study noted.

It is also anticipated that the market value of m-wallet transactions in India will grow at a CAGR of 154 per cent during the period FY 2016 to FY 2022, and reach INR 55 trillion or Rs 55 lakh crore from INR 206 billion or Rs 20,600 crore, more so as m-wallet transaction is among the fastest growing paperless modes of payment or banking, and it is expected that the majority of transactions will go paperless in the next 10 years.

Besides, in FY 2016, the total m-wallet transaction was 0.6 billion; and it is expected to reach 120 billion by FY 2022, growing at a CAGR of 142 per cent.

M-wallet market can be segmented into three broad services - money transfers from wallet to wallet, bank to wallet and vice versa which accounts for 38 per cent share followed by recharge and bill payments for mobile, DTH, landline, electricity and other such services (31 per cent share) and the remaining share of 31 per cent is captured by online shopping, hotel/travel/movie ticket reservations, online food order, payment of insurance premium, recharging metro rail card and others.

While mobile wallet service contributed 21 per cent share in mobile payment volume transactions in FY16, its share in total mobile payment volume transactions is expected to increase to 79 per cent by FY22.

However, it said that the Reserve Bank of India (RBI) licensing regime is discouraging mobile wallet growth in the country. n++The present system allows only e-transfer of money and approves semi-closed prepaid instrument issuance while it does not allow cash out from the semi-closed wallet.n++

Besides, for all the entities (including banks, non-banking finance companies (NBFCs), telecos and others) to operate any kind of m-wallet, there are copious of strict RBI policies which encumbrance the growth of m-wallet sector in India.

n++The RBI should relax its current policies and allow cash withdrawals from the semi-closed wallets,n++ suggested the study.

The consumers mindset is the biggest factor that hinders the growth of Indian m-wallet market, as they are more sceptical about the safety and security issues as in the case of internet banking as users worry that their devices could be hacked or attacked by some kind of viruses, noted the ASSOCHAM-RNCOS study.

Also, often people complain that their money has been debited but the transaction got declined while transacting via mobile, and to avoid such problems users keep away from using mobile wallet related services, it added.

Privacy is another issue related to the growth of m-wallet industry as for all kinds of monetary transactions and other such services one needs to disclose his/her identity, which might create a huge problem for the customers if the hackers hack the security or wireless transmission and obtain all the information related to the social or financial matters, highlighted the study.

n++There is an urgent need for m-wallet based companies to spread awareness about their services across the country regarding the major issue of lack of awareness about their usage and benefits,n++ it said.

The ASSOCHAM-RNCOS study has suggested that m-wallet companies should expand their reach by offering services through agents and distributors in order to capture large consumer base.

n++They should establish more and more distributors or agents outlets/office in the areas where there is poor or no internet connectivity,n++ it said.

It is also recommended that companies in this domain should increase both - the limit of number of transaction and transaction amount even in case of basic account.

Introducing lucrative schemes and offers can also go a long way in strengthening the customer base for m-wallet companies like a small amount of interest on the amount kept in the wallet for a month/quarter/year would attract customers to load money in their wallet to get interest rate benefits.

Besides, there is a need for technological advancement by the m-wallet companies so that their m-wallets are compatible with all operating systems and they do not have pay extra money every time to launch their application on a new platform.

n++The m-wallet companies must develop a common platform for their application to save money and time as this would ultimately result in reduction in cost and expansion in user base and hence revenue,n++ further noted the ASSOCHAM-RNCOS study.

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IDBI Bank takes possesion of properties of Sirpur Paper Mills
Nov 22,2016

Sirpur Paper Mills announced that IDBI Bank has issued a possession notice, stating that it has taken the possession of the secured properties of the Company u/s13 (4)of the SARFAESI Act read with Rule 8(1) of the Rules.

Further, the Company has been granted extension by RoC, Hyderabad to hold the AGM up to 31 December 2016.

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Sphere Global Services incorporates new subsidiary
Nov 22,2016

Sphere Global Services announced that the Company has incorporated a wholly owned subsidiary in the Fujairah, UAE by the name of Sphere Global Services FZ LLC. The principal business activity is IT Consultancy.

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Larsen & Toubro allots equity shares
Nov 22,2016

Larsen & Toubro has allotted 3,42,722 (Three Lakh Forty Two Thousand Seven Hundred Twenty Two) shares on 22 November 2016 to those grantees who had exercised their options under the Companys Employee Stock Ownership / Option Schemes.

The said shares will rank pari-passu with the existing shares of the Company in all respects.

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Outcome of board meeting of Jindal Stainless (Hisar)
Nov 22,2016

Jindal Stainless (Hisar) announced that the Board of Directors of the Company at its meeting held on 22 November 2016 approved the following -

Acceptance of fixed deposits from public including members and directors, subject to approval of shareholders.

In terms of the court approved composite scheme of arrangement, the business undertaking of Jindal Stainless comprising of mining division but excluding the Chromite ore mine located at Odisha, has been demerged from Jindal Stainless and vest with the Company pursuant to the scheme. Since the Government of Odisha has refused to transfer the Chromite ore mine located at Odisha, the said mine will continue to vest with Jindal Stainless.

The operations of the Ferro Alloys unit at Kothavalasa in Vizianagaram district, Andhra Pradesh which has been demerged in the Company from Jindal Stainless as part of the Composite Scheme of Arrangement, were under temporary shut down effective 13 September 2015. The operations of this unit are proposed to be started from 29 November 2016 onwards.

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Forthcoming Budget will have stipulations for simplified direct and indirect taxation: MOS Finance
Nov 22,2016

Minister of State for Finance, Mr. Arjun Ram Meghwal promised that the forthcoming budget would have stipulation and provisions that would lead to further simplification of tax administration and tax dispensation of both direct and indirect taxes to enable business community to render their transaction smoothly and effectively.

In his Valedictory address at International Tax Conference : Global Tax Issues & Recent Developments under aegis of PHD PHD Chamber of Commerce and Industry, Mr. Meghwal described the demonetization move of the NDA government as a step that would severely attack the menace of cross border terrorism and its funding besides substantially reducing the threat of rising black money.

n++Tax administration and tax policies need to be further simplified to promote ease of doing business as well as its facilitation. The forthcoming budget would reflect and adequately cater to this effectn++, said Mr. Meghawal adding that the government of the day is committed to eliminate corruption and red tape.

n++The decision to demonetize the Rs.500 and Rs.1,000 notes is one such step in this direction and many more such moves would follow as Prime Minister Mr. Modi is determined to purge the system from all its ailmentsn++, said the Minister.

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FPIs on a selling drive
Nov 22,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1241.90 crore into the secondary equity markets on 21 November 2016, compared with their net outflow of Rs 934.37 crore during the preceding trading session on 18 November 2016. The net outflow of Rs 1241.90 crore on 21 November 2016 was a result of gross purchases of Rs 4355.29 crore and gross sales of Rs 5597.19 crore. On that day, the Sensex lost 385.10 points or 1.47% to settle at 25,765.14, its lowest closing level since 24 May 2016.

There was a net inflow of Rs 0.89 crore into the category primary markets & others on 21 November 2016, which was a result of gross purchases of Rs 0.89 crore and nil gross sales.

FPIs have sold stocks worth a net Rs 13841.60 crore into the secondary equity markets in this month so far (till 21 November 2016). They sold shares worth a net Rs 5258.22 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 27329.45 crore from the secondary equity markets in calendar year 2016 so far (till 21 November 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 1886.24 crore from FPIs into the category primary markets & others in this month so far (till 21 November 2016). There was a net inflow of Rs 951.96 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 7701.91 crore in calendar year 2016 so far (till 21 November 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Agenda for board meeting of Virgo Global Media
Nov 22,2016

Virgo Global Media announced a meeting of the Board of Directors of the Company will be held on 24 November 2016, inter alia, to consider the following:

1. To consider and approve Notice of 18th Annual General Meeting of the Company.

2. To consider and approve the Directors report of the Company.

3. To consider and approve Notice of Postal Ballot.

4. To consider and approve the calendar of events for postal ballot.

5. To consider and approve the calendar of events for Annual General Meeting.

6. To Consider and approve appointment of VCSR & Associates, Practicing Company Secretaries as Scrutinizer for announcement of e-voting results and polling results at ensuing Annual General Meeting and for Conducting Postal Ballot Process.

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Voltaire Leasing & Finance announces change in CFO
Nov 22,2016

Voltaire Leasing & Finance announced that on the recommendation made by the Nomination & Remuneration Committee the Board of Directors at its meeting held on 22 November 2016 which interalia; approves the appointment of Minakshi Kishor Naruka as Chief Financial Officer of the Company with effect from 22 November 2016 consequent to the resignation of Birbal Chunnilal Jangir as a Chief Financial Officer.

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Infibeam to establish Unique & Verified Digital Identity Platform
Nov 22,2016

Infibeam Incorporation has received confirmation from the Government of Sikkim to provide a Unique and Verified Digital Identity Platform (Digital Services) on .000 global top level domain (gTLD) with authorised and secured digital wallets for Indians residing in the State of Sikkim.

As part of the program, Infibeam to provide a platform for creation of digital web identity for citizens residing in State of Sikkim to enable access and digital storage of their own citizen centric records.

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Dilip Buildcon to announce September quarter results
Nov 22,2016

Dilip Buildcon announced that the meeting of Board of Directors of the company to be held on 01 December 2016 inter alia, to consider and approve the financial results for the Quarter ended on 30 September 2016.

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Yes School of Banking gets dual international certification
Nov 22,2016

Yes Banks Yes School of Banking has been awarded dual international certification in ISO 9001:2008 and ISO 29990:2010, making it the first learning and development function in the Indian Banking sector to be recognised by this highest level of quality management system.

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Mahanagar Telephone Nigam to announce September quarter results
Nov 22,2016

Mahanagar Telephone Nigam announced that a meeting of the Board of Directors will be held on 14 December 2016 to inter-alia consider and approve the Unaudited Reviewed Financial Results for the Quarter ended on 30 September 2016.

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