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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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Cabinet approves farm interest waiver for Nov-Dec 2016 period
Jan 24,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post facto approval for interest waiver for the two months of November and December 2016 for farmers accessing short term crop loans from Cooperative Banks. The decision also provides for interest subvention to National Bank for Agricultural and Rural Development (NABARD) on additional refinance by NABARD to Cooperative Banks.

Farmers in the whole of India availing short term crop loans, from Cooperative Banks will be benefitted.

The decision intends to ensure availability of resources with Cooperative Banks help farmers in easily accessing crop loans from Cooperative Banks to overcome the difficulties in view of the reduction in availability of cash for carrying out Rabi operations.

Additional resources are to be provided to Cooperative Banks through NABARD for refinance to the Cooperative Banks on account of interest waiver of two months for November and December, 2016. This will be extended by Cooperative Banks to the farmers in the current financial year 2016-17. An additional financial liability of Rs 1060.50 crore will be required for this purpose. A sum of Rs 15000 crore allocated during 2016-17 to implement the Interest Subvention Scheme (ISS) has already been utilised.

The Government of India has, since 2006-07, been implementing the Interest Subvention Scheme under which short-term crop loans upto Rs 3 lakh are made available to the farmers at an interest rate of 7% per annum by the Public Sector Banks, Regional Rural Banks and Cooperative Banks. Farmers are provided with 3% interest subvention for short term crop loan upto Rs 3 lakhs on prompt repayment of the loan. Thus, farmers have to effectively pay only 4% as interest for the said crop loan.

Due to the cancellation of legal tender character of old Rs 500 and Rs 1000 notes and the resulting difficulty faced by the farmers in en-cashing the cheques received against sale proceeds of their Kharif produce in the mandis; and also their constraints with adequacy of cash in carrying out Rabi operations and servicing the interest of the short term crop loans, especially in view of the restrictions imposed on Cooperative Banks, an interest waiver is being provided for a period of 2 months i.e. November & December 2016 to farmers who were disbursed crop loan from Cooperative Banks between 01 April 2016 and 30 April 2016.

The provision of additional financial resource of Rs 1060.50 crore is on account of (i) meeting the cost of interest waiver for 2 months ( November and December 2016) for crop loan disbursed by Cooperative Banks between 01 April 2016 and 30 April 2016 to farmers and (ii) providing interest subvention and administrative cost to NABARD on short term borrowing of about Rs 20000 crore for on-lending to Cooperatives Banks in the current financial year.

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Cabinet approves a new scheme for promotion of rural housing in the country
Jan 24,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved a new scheme for promotion of Rural Housing in the country. The Government would provide interest subsidy under the scheme. Interest subsidy would be available to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen), PMAY(G).

The scheme would enable people in rural areas to construct new houses or add to their existing pucca houses to improve their dwelling units. The beneficiary who takes a loan under the scheme would be provided interest subsidy for loan amount upto Rs. 2 Lakhs.

National Housing Bank would implement the scheme. The Government would provide net present value of the interest subsidy of 3 percent to the National Housing Bank upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.). As a result the equated monthly installment (EMI) for the beneficiary would be reduced.

Under the scheme, the Government would also take necessary steps for proper convergence with PMAY-G including technical support to beneficiary through existing arrangements. The new scheme is expected to improve housing stock in the rural areas, as well as create employment opportunities in rural housing sector.

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Lupin gains after launch of generic drug in US
Jan 24,2017

The announcement was made during market hours today, 24 January 2017.

Meanwhile, the S&P BSE Sensex was up 188.29 points or 0.69% at 27,305.63.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 79,217 shares in the past one quarter. The stock had hit a high of Rs 1,501 and a low of Rs 1,480.45 so far during the day.

The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 23 January 2017, advancing 2.57% compared with the Sensexs 4.13% rise. The scrip had, however, outperformed the market over the past one quarter, declining 1.09% as against the Sensexs 3.42% fall.

The large-cap company has equity capital of Rs 90.30 crore. Face value per share is Rs 2.

Lupin said it has launched its Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg in the United States having received approval from the United States Food and Drug Administration (FDA) earlier to market a generic version of Janssen Pharmaceuticals, Incs Ortho-Cyclen 28 Tablets (Norgestimate/Ethinyl Estradiol).

Lupins Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg are the AB rated generic equivalent of Janssen Pharmaceuticals, Inc.s Ortho-Cyclen 28 Tablets (Norgestimate/Ethinyl Estradiol). It is indicated for use by females of reproductive potential to prevent pregnancy.

Ortho-Cyclen 28 Tablets had annual US sales of $204 million as per IMS MAT September 2016.

Lupins consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015. The company is scheduled to announce Q3 December 2016 results on 9 February 2017.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.

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Volumes jump at Gujarat Gas counter
Jan 24,2017

Gujarat Gas clocked volume of 5.98 lakh shares by 14:01 IST on BSE, a 208.01-times surge over two-week average daily volume of 3,000 shares. The stock rose 2.70% to Rs 554.10.

Pidilite Industries notched up volume of 62.37 lakh shares, a 207.37-fold surge over two-week average daily volume of 30,000 shares. The stock rose 2.55% to Rs 644.30.

Astral Poly Technik saw volume of 2.54 lakh shares, a 102.95-fold surge over two-week average daily volume of 2,000 shares. The stock fell 0.26% to Rs 380.

Ajanta Pharma clocked volume of 4.39 lakh shares, a 66.93-fold surge over two-week average daily volume of 7,000 shares. The stock fell 5.19% to Rs 1,691.

Kotak Mahindra Bank saw volume of 44.72 lakh shares, a 51.74-fold rise over two-week average daily volume of 86,000 shares. The stock rose 1.18% to Rs 739.50.

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BASF enters crop protect market in India
Jan 24,2017

BASF India has entered into crop protection market for Rice with the launch of two products Seltima and Adexar for Indian market. The Company would offer a wide range of new solutions to boost yields in India by managing rice diseases, weeds and pests.

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BASF enters crop protect market in India
Jan 24,2017

BASF India has entered into crop protection market for Rice with the launch of two products Seltima and Adexar for Indian market. The Company would offer a wide range of new solutions to boost yields in India by managing rice diseases, weeds and pests.

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Camson Bio Technologies appoints company secretary and compliance officer
Jan 24,2017

Camson Bio Technologies announced that the Company has appointed a Company Secretary and Compliance Officer, Anupriya Srivastava with effect from 23 January 2017.

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Camson Bio Technologies appoints company secretary and compliance officer
Jan 24,2017

Camson Bio Technologies announced that the Company has appointed a Company Secretary and Compliance Officer, Anupriya Srivastava with effect from 23 January 2017.

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Lupin launches Norgestimate and Ethinyl Estradiol Tablets
Jan 24,2017

Lupin has launched its Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg having received approval from the United States Food and Drug Administration (FDA) earlier to market a generic version of Janssen Pharmaceuticals, Inc.s Ortho-Cyclenn++ 28 Tablets (Norgestimate/Ethinyl Estradiol).

Lupins Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg are the AB rated generic equivalent of Janssen Pharmaceuticals, Inc.s Ortho-Cyclenn++ 28 Tablets (Norgestimate/Ethinyl Estradiol). It is indicated for use by females of reproductive potential to prevent pregnancy.

Ortho-Cyclenn++ 28 Tablets had US sales of USD 204 million (IMS MAT September 2016).

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Lupin launches Norgestimate and Ethinyl Estradiol Tablets
Jan 24,2017

Lupin has launched its Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg having received approval from the United States Food and Drug Administration (FDA) earlier to market a generic version of Janssen Pharmaceuticals, Inc.s Ortho-Cyclenn++ 28 Tablets (Norgestimate/Ethinyl Estradiol).

Lupins Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg are the AB rated generic equivalent of Janssen Pharmaceuticals, Inc.s Ortho-Cyclenn++ 28 Tablets (Norgestimate/Ethinyl Estradiol). It is indicated for use by females of reproductive potential to prevent pregnancy.

Ortho-Cyclenn++ 28 Tablets had US sales of USD 204 million (IMS MAT September 2016).

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Board of Western India Shipyard to review business
Jan 24,2017

Western India Shipyard announced that a Meeting of the Board of Directors of the Company will be held on 27 January 2017 at Mumbai to consider, inter-alia, the business progress of the Company.

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Board of Western India Shipyard to review business
Jan 24,2017

Western India Shipyard announced that a Meeting of the Board of Directors of the Company will be held on 27 January 2017 at Mumbai to consider, inter-alia, the business progress of the Company.

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Board of Bambino Agro Industries to consider Q3 and 9M results
Jan 24,2017

Bambino Agro Industries announced that the Meeting of Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider, approve and take on record the un-audited financial results for the quarter/nine months ended 31 December 2016.

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Board of Bambino Agro Industries to consider Q3 and 9M results
Jan 24,2017

Bambino Agro Industries announced that the Meeting of Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider, approve and take on record the un-audited financial results for the quarter/nine months ended 31 December 2016.

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Board of Electrosteel Steels to consider December quarter results
Jan 24,2017

Electrosteel Steels announced that a meeting of the Board of Directors of the Company will be held on 02 February 2017, inter alia, to consider, approve and take on record the un-audited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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