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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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CESC appointed as electricity distribution franchisee for Bikaner
Feb 06,2017

CESC has emerged as the winner of a bid floated by Jodhpur Vidyut Vitran Nigam (JdVVNL) and has been appointed by JdVVNL as the electricity distribution franchisee for the city of Bikaner in the state of Rajasthan for a term of twenty years.

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Loyal Textile Mills announces launch of new products
Feb 06,2017

Loyal Textile Mills has launched Mens inner wear and Ladies Bottom wear in the brand names Dignnitas and Shifraa respectively on 06 February 2017.

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Quess Corp to acquire Comtel Solutions, Singapore
Feb 06,2017

Quess Corp announced that Quess Corp has signed definitive agreements to acquire Comtel Solutions, Singapore, on 06 February 2017.

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Dr Reddys Lab drops after poor Q3 result
Feb 06,2017

The result was announced on Saturday, 4 February 2017.

Meanwhile, the S&P BSE Sensex was up 215.92 points or 0.76% at 28,456.44

On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 25,920 shares in the past one quarter. The stock was volatile. The stock hit a high of Rs 3,175 and a low of Rs 3,049.70 so far during the day. The stock had hit a 52-week high of Rs 3,689 on 20 July 2016. The stock had hit a 52-week low of Rs 2,814.80 on 15 February 2016.

The large-cap company has equity capital of Rs 82.87 crore. Face value per share is Rs 5.

Dr Reddys Laboratories (DRLs) consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) declined 13.07% to Rs 8793 crore in Q3 December 2016 over Q3 December 2015. EBITDA margin contracted to 23.7% in Q3 December 2016, from 25.5% in Q3 December 2015.

DRLs revenues from global generics business declined 9% to Rs 3060 crore in Q3 December 2016 over Q3 December 2015 due to lower contribution from North America and Venezuela. Revenues from Pharmaceuticals services and active ingredients (PSAI) business rose 6% to Rs 540 crore in Q3 December 2016 over Q3 December 2015.

Dr Reddys Laboratories is an integrated global pharmaceutical company. It offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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ITI appoints director
Feb 06,2017

ITI announced that Asha Kumari Jaswal, is appointed as Independent Director on the Board of the Company vide Government of India order dated 30 January 2017 for a period of three years or until further orders whichever is earlier.

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Menon Bearings fixes record date for interim dividend
Feb 06,2017

Menon Bearings has fixed 17 February 2017 as the Record Date for the purpose of Payment of Interim Dividend, if approved.

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Dishman Pharmaceuticals and Chemicals fixes record date for interim dividend
Feb 06,2017

Dishman Pharmaceuticals and Chemicals announced that the Company has fixed 21 February 2017 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

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Ashok Leyland bags order worth Rs 70.35 crore
Feb 06,2017

Ashok Leyland announced that Ashok Leyland West Africa bagged an order of 135 buses under the Lines of Credit from Exim Bank of India through Ecowas Bank of Investment and Development for Burkina Faso worth Rs 70.35 crore.

The buses will be supplied to the Ministry of Higher Education Scientific Research and Innovation and will be supplied over the next 180 days.

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JSW Steel announces crude steel production figures
Feb 06,2017

JSW Steel has reported crude steel production at 13.85 lakh tonnes in January 2017, recording a growth of 49% compared to 9.27 lakh tonnes production achieved in January 2016.

Production of flat rolled products stood at 10.31 lakh tonnes and long rolled products stood at 2.97 lakh tonnes in January 2017, recording growth of 38% and 18% over January 2016.

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Blue Coast Hotels gains after reporting strong Q3 earnings
Feb 06,2017

The result was announced after market hours on Friday, 3 February 2017.

Meanwhile, the S&P BSE Sensex was up 217.68 points, or 0.77%, to 28,458.20.

On the BSE, 779 shares were traded on the counter so far as against the average daily volumes of 52 shares in the past one quarter. The stock had hit a low of Rs 129.85 so far during the day.

The stock had hit a 52-week high of Rs 173 on 5 July 2016 and a 52-week low of Rs 56.05 on 19 February 2016.

The small-cap company has equity capital of Rs 12.75 crore. Face value per share is Rs 10.

Blue Coast Hotels is engaged in hotel business. The company owns park Hyatt Goa Resort & Spa. Park Hyatt Goa Resort & Spa is a beach resort located at Arossim beach, Goa.

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ACC shrugs off weak Q4 result
Feb 06,2017

The result was announced after market hours on Friday, 3 February 2017.

Meanwhile, the BSE Sensex was up 225.34 points, or 0.8%, to 28,465.86

On BSE, so far 52,000 shares were traded in the counter, compared with average daily volume of 1.51 lakh shares in the past one quarter. The stock hit a high of Rs 1,500 and a low of Rs 1,402 so far during the day. The stock hit a 52-week high of Rs 1,738 on 8 August 2016. The stock hit a 52-week low of Rs 1,173.25 on 29 February 2016.

The large-cap company has equity capital of Rs 187.79 crore. Face value per share is Rs 10.

ACCs consolidated operating earnings before interest, taxes, depreciation and amortization (EBITDA) declined 8.57% to Rs 256 crore in Q4 December 2016 over Q4 December 2015. Cement sales volumes fell 9.17% to 5.45 million tonnes in Q4 December 2016 over Q4 December 2015.

In its outlook, ACC said that the slowdown witnessed after demonetization is easing and the company expects the economy to show solid growth in the months to come. Increased government spending on infrastructure development, housing, roads, railways, irrigation and other schemes as announced in the Union Budget 2017-18 are expected to further reinvigorate the construction sector soon and boost demand for cement and concrete during the year, ACC said.

Neeraj Akhoury, who takes over as Managing Director & CEO of ACC said that the highlight of the year was strong cost saving measures, especially on fuel flexibility and raw materials. Focusing on high quality, high performance product portfolio played an important role in the overall performance for the year. The company is encouraged by the Governments plans to invest in infrastructure, Neeraj Akhoury said.

ACC is a manufacturer of cement and concrete and is a member of LafargeHolcim group. The company has a countrywide network of modern cement and concrete plants, sales offices, dealers and retailers.

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MPS to acquire THINK Subscription
Feb 06,2017

MPS has entered into a definitive asset purchase agreement to acquire THINK Subscription. This acquisition is subject to customary closing conditions. The acquisition of THINK will not have a material effect on revenues and profits of MPS.

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Kalpataru Power Transmission secures new orders
Feb 06,2017

Kalpataru Power Transmission has secured new orders worth Rs 823 crore. These include a transmission line construction project in West Africa of approx. Rs 737 crore and construction of 220 Kv GIS substation project for Haryana Vidyut Prasaran Nigam of approx. Rs 86 crore.

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Steel Authority of India appoints director
Feb 06,2017

Steel Authority of India announced that the Board of Directors of the Company has approved the appointment of Nilanjan Sanyal and Dr. Samar Singh as Independent Directors, on the Board of Directors of the Company on 04 February 2017.

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Gravita India hits 52 week high after turnaround Q3 results
Feb 06,2017

The result was announced after market hours on Friday, 3 February 2017.

Meanwhile, the S&P BSE Sensex was up 184.97 points, or 0.65%, to 28,425.49.

On the BSE, 63,000 shares were traded on the counter so far as against the average daily volumes of 81,246 shares in the past one quarter. The stock had hit a high of Rs 49 so far during the day, which is also its 52-week high. The stock hit a low of Rs 45.55 so far during the day.

The stock had hit a 52-week low of Rs 16 on 24 June 2016.

The small-cap company has equity capital of Rs 13.69 crore. Face value per share is Rs 2.

Gravita Indias consolidated total revenue spurted 98.69% to Rs 166.68 crore in Q3 December 2016 over Q3 December 2015.

The companys earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 14.25 crore in Q3 December 2016, compared with net loss of Rs 1.05 crore in Q3 December 2015.

Gravita India is engaged in the business of manufacturing of lead metal by recycling & smelting process.

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