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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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Tata Elxsi wins iF Design Awards for design excellence
Feb 03,2017

Tata Elxsi has won this years iF Design Awards, a world-renowned prize for design excellence. Tata Elxsi won this award for its exceptional work delivered for Kochi Metro Rail, in the Service Design discipline.

Tata Elxsi designed the comprehensive passenger experience design for Kochi Metro to help them develop Indias first seamless integrated transport system.

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Board of AstraZeneca Pharma India to appoints director and company secretary
Feb 03,2017

AstraZeneca Pharma India announced that the Board of Directors of the Company at its meeting held on 02 February 2017 has approved the following -

Kimsuka Narsimha has been appointed as Additional Director with immediate effect.

Pratap Rudra has been appointed as Company Secretary with immediate effect.

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Volumes jump at Orbit Exports counter
Feb 03,2017

Orbit Exports clocked volume of 21.83 lakh shares by 13:35 IST on BSE, a 1498.06-times surge over two-week average daily volume of 1,000 shares. The stock jumped 12.55% at Rs 336.70.

Shriram City Union Finance notched up volume of 3.02 lakh shares, a 260.64-fold surge over two-week average daily volume of 1,000 shares. The stock was up 1.67% at Rs 1,932.

GE Power India saw volume of 1.34 lakh shares, a 32.82-fold surge over two-week average daily volume of 4,000 shares. The stock rose 4.16% at Rs 644.

KEI Industries clocked volume of 6.68 lakh shares, a 19.85-fold surge over two-week average daily volume of 34,000 shares. The stock advanced 16.61% at Rs 167.40.

Sun TV Network saw volume of 15.85 lakh shares, a 18.42-fold rise over two-week average daily volume of 86,000 shares. The stock jumped 22.81% at Rs 677.70.

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Board of SREI Infrastructure Finance approve fund raising plan for FY 2017-18
Feb 03,2017

SREI Infrastructure Finance announced that the Board of Directors of the Company at its meeting held on 03 February 2017 has approved the following -

Public issue of secured redeemable NCDs aggregating upto Rs 2500 crore in one or more tranches during FY 2017-18.

Issue of secured and/or unsecured redeemable NCDs (including bonds)aggregating upto Rs 10000 crore outstanding during FY 2017-18 on private placement basis.

Issue of commercial paper aggregating up to Rs 5000 crore during FY 2017-18 on private placement basis.

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Board of Manpasand Beverages approves change in registered office
Feb 03,2017

Manpasand Beverages announced that the Board of Directors of the Company at its meeting held on 03 February 2017 has approved shifting of registered office of the Company within local limit of Village Savli, Vadodara.

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JK Paper gets ratings assigned for NCD programme and bank facilities
Feb 03,2017

JK Paper has received credit ratings for its NCD programme and additional bank facilities from India Ratings and Research as follows -

NCD programme Rs 200 crore - Provisional IND BBB+; Positive outlook
Fund based working capital limits Rs 35 crore - IND BBB+; Positive outlook; IND A2+

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Aadhaar Ventures India announces change in directorate
Feb 03,2017

Aadhaar Ventures India announced that the Company has appointed Veenu Devidas Chougule as Additional director on the Board of Directors of the Company w.e.f. 01 February 2017.

Further, the Company has informed that, Company has accepted the resignation of Naresh Madhukar Tambe and his cessation will be effective from 01 February 2017.

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Kushal Tradelink provides financial update
Feb 03,2017

Kushal Tradelink announced that the credit limit in the nature of SBLC facility of USD 9 Million (equivalent to Rs. 55.80 crore) sanctioned by Axis Bank has been repaid in full and the charge created with Ministry of Corporate Affairs (and modified from time to time) to secure the said facilities has also been satisfied in full.

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Axis Bank raises Senior Notes in international markets
Feb 03,2017

Axis Bank announced that the Board of Directors of the Bank has passed a resolution approving the allotment of 3 years Senior Floating Rate Notes aggregating to USD 10,000,000 (USD Ten Million only), under the Banks MTN Programme through its Dubai International Financial Centre (DIFC) branch.

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Max Financial Services leads losers in A group
Feb 03,2017

Max Financial Services fell 2.18% to Rs 587.95 at 12:25 IST. The stock topped the losers in the BSEs A group. On the BSE, 3,792 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks.

Suzlon Energy shed 2.17% to Rs 15.80. The stock was second biggest loser in A group. On the BSE, 38.61 lakh shares were traded on the counter so far as against the average daily volumes of 92.11 lakh shares in the past two weeks.

Exide Industries fell 2.12% at Rs 205.20. The stock was the third biggest loser in A group. On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 2.67 lakh shares in the past two weeks.

Cairn India shed 1.9% to Rs 278.20. The stock was fourth biggest loser in A group. On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 98,000 shares in the past two weeks.

ICICI Bank dropped 1.89% at Rs 280.15. The stock was the fifth biggest loser in A group. On the BSE, 4.7 lakh shares were traded on the counter so far as against the average daily volumes of 17.52 lakh shares in the past two weeks.

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Hotel Leela Venture director resigns
Feb 03,2017

Hotel Leela Venture has received on 02 February 2017 a letter of resignation dated 23 January 2017 from Dr. K. U. Mada, Independent Director, conveying his decision to resign from the Board of Directors of the Company, in view of his other commitments.

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Citizen Infoline announces cessation of company secretary and compliance officer
Feb 03,2017

Citizen Infoline announced that the Companys Company Secretary and Compliance officer Jolly Mittal has resigned and the Board has approved the same with effect from 31 January 2017. Accordingly, she ceases as Compliance officer of the Company.

The Board has appointed Omprakash L Jain, Managing Director of the Company, as the Compliance officer with effect from February 01, 2017.

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NHPC announces cessation of director
Feb 03,2017

NHPC announced R.S. Mina has ceased to be Director (Personnel) from the Board of NHPC with effect from 31 January 2017 due to superannuation.

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Timken India extends post-result losses
Feb 03,2017

Meanwhile, the S&P BSE Sensex was down 49.71 points or 0.18% at 28,176.90.

On the BSE, 12,000 shares were traded on the counter so far as against the average daily volumes of 8,505 shares in the past one quarter. The stock had hit a high of Rs 623.30 and a low of Rs 604 so far during the day.

The stock had hit a record high of Rs 675.05 on 25 January 2017 and a 52-week low of Rs 400.50 on 18 March 2016. The stock had underperformed the market over the past one month till 2 February 2017, advancing 3.17% compared with the Sensexs 6.13% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 10.58% as against the Sensexs 2.54% rise.

The mid-cap company has equity capital of Rs 68 crore. Face value per share is Rs 10.

Shares of Timken India have lost 6.54% in two trading sessions from its close of Rs 655.95 on 1 February 2017, after the company reported weak Q3 December 2016 earnings at the fag end of market hours yesterday, 2 February 2017. The stock had lost 2.42% to settle at Rs 640.10 yesterday, 2 February 2017.

Timken Indias net profit fell 35% to Rs 13.28 crore on 9% decline in net sales to Rs 228.30 crore in Q3 December 2016 over Q3 December 2015.

Timken India engineers and manufactures bearings and mechanical power transmission components including gear drives, couplings, belts and chain.

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Bajaj Finance allots NCDs aggregating Rs 10 crore
Feb 03,2017

Bajaj Finance has allotted 100 secured redeemable non-convertible debentures aggregating Rs 10 crore on private placement basis on 02 February 2017.

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