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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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Board of Narendra Investments (Delhi) recommends final dividend
Apr 06,2017

Narendra Investments (Delhi) announced that the Board of Directors of the Company at its meeting held on 5 April 2017, inter alia, have recommended the final dividend of Rs 0.25 per equity Share (i.e. 2.5%) , subject to the approval of the shareholders.

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Cerebra Integrated Technologies to hold EGM
Apr 06,2017

Cerebra Integrated Technologies announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 28 April 2017 .

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United Bank of India to hold EGM
Apr 06,2017

United Bank of India announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 28 April 2017 .

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Steady reform progress fueling Indias growth pick up: ADB
Apr 06,2017

Indias fast growth will resume with gross domestic product (GDP) expanding by 7.4% in fiscal year (FY) 2018 and 7.6% in FY2019 supported by reform measures, says a new Asian Development Bank (ADB) report.

In its new Asia Development Outlook (ADO) 2017 report, ADB notes that the deceleration to 7.1% registered last year was due in part to slower investment growth. Also contributing to the moderation was the impact of the governments demonetization of high-value currency notes, though this effect is seen as largely temporary. ADO is ADBs flagship annual economic publication.

An array of important reforms has propelled Indias economic success in recent years, said Yasuyuki Sawada, ADBs Chief Economist. A continued commitment to reform n++ especially in the banking sector - will help India maintain its status as the worlds fastest growing major economy.

Indias growth in FY2017 was fueled by agriculture and government services. Industrial growth, however, slowed to 5.8% over the last 12 months from 8.2% in FY2016. Growth in services moderated to 7.9% due to slowdowns in finance and real estate. Net foreign direct investment (FDI) in the country remained strong at $36.7 billion in FY2017 following the governments efforts to simplify guidelines and allow FDI in key economic sectors.

Moving forward, the ADO expects growth to accelerate through increased consumption, as more new bank notes are put in circulation, and as planned salary and pension hike for state employees are implemented. The public sector will remain the main driver of investment as banks continue to wind down balance sheets constrained by high levels of stressed assets. Exports are forecast to grow by 6% in the coming year.

Inflation, meanwhile, is expected to accelerate to 5.2% in FY2018 and 5.4% in FY2019 as the global economy recovers and commodity prices rebound.

The assessment notes risks from higher oil prices as India imports nearly 80% of its fossil fuel needs. A rapid increase in the price of oil could undermine the countrys fiscal position, stoke inflation, and swell the current account deficit. The report estimates that a $1 increase in oil prices raises the import bill by nearly $2 billion. In FY2016, rising oil prices resulted in a 37.6% increase in Indias import bill. To mitigate Indias vulnerability to oil price swings, the government has proposed reducing dependence on imported oil by 10% over the next 5 years through more efficient domestic production and increased private investment into the sector.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members - 48 from the region.

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Somany Ceramics issues Commercial Paper aggregating Rs 40 crore
Apr 06,2017

Somany Ceramics has issued commercial paper of Rs 40 crore dated 6 April 2017 having maturity on 20 June 2017.

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China Stocks gain to 4-month highs
Apr 06,2017

The Mainland China equity market advanced to hit 4-month highs on Thursday, 06 April 2017, as investors continued to chase stocks which could benefit from the governments launch of a massive new economic zone near Beijing. The blue-chip CSI300 index rose 0.3% to 3,514.05 points, while the Shanghai Composite Index added 0.4% to 3,281.00. Shenzhens Component Index rose 0.3 per cent to 10,656.2 and the Nasdaq-like ChiNext edged up 0.06 per cent to 1,944.2.

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Japan Stocks end down on Fed minutes, firm yen
Apr 06,2017

The Japan share market closed down on Thursday, 06 April 2017, as weak U.S. shares overnight and the yens advance against the U.S. dollar weighed on market sentiment. Risk sentiments also weighed down on caution ahead of a two-day meeting between U.S. President Donald Trump and Chinese President Xi Jinping starting later in the day in Florida. Concerns over North Korea also weighed on the market. The benchmark Nikkei Stock Average fell 264.21 points, or 1.4%, to 18597.06, its lowest level since Dec. 7. The Topix index of all the Tokyo Stock Exchange First Section issues fell 24.48 points, or 1.6%, to 1480.18.

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Australia Shares fall on Fed
Apr 06,2017

Australian equity market closed down on Thursday, 06 April 2017, on following Wall Streets fall overnight, after the release of minutes from the U.S. Federal Reserve suggested the central bank was considering unwinding its easing program later this year. Investors were also wary ahead of a potentially tense meeting later on Thursday between U.S. President Donald Trump and his Chinese counterpart Xi Jinping. Topping the agenda will be whether Trump makes good on his threat to use U.S.-China trade ties to pressure Beijing to do more to rein in its nuclear-armed neighbour North Korea. At the close, the benchmark S&P/ASX 200 index declined 0.34% to 5,856.30.

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Karur Vysya revises MCLR rates
Apr 06,2017

Karur Vysya has revised the MCLR of the Bank with effect from 07 April 2017 as under -

Overnight - 9.10%
One month - 9.10%
Three month - 9.10%
Six month - 9.30%
One year - 9.50%

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HCL Technologies wins Service Provider of the Year award for Cloud and Infrastructure Services
Apr 06,2017

HCL Technologies has been bestowed with the Everest Group PEAK Matrix Service Provider of the Yearn++ 2017 award for Cloud and Infrastructure Services (CIS). HCL was recognized as Star Performer of the Year in the CIS category for demonstrating consistent performance across all four CIS segments, including workplace services, private-cloud enabled services, hosted private cloud services and IT security services.

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JVs with PSUs for Nuclear Power Generation
Apr 06,2017

Nuclear Power Corporation of India Limited (NPCIL), a Public Sector Enterprise (PSE) of the Department of Atomic Energy has entered into Joint Ventures with some of the PSUs for setting up nuclear power projects.

The details of the Joint Ventures are as follows:

JV NameIncorporated
onJV PartnerShareholding  Ratio
(NPCIL : JV Partner)Anushakti Vidhyut Nigam Limited27.01.2011NTPC Limited51 : 49NPCIL - Indian Oil Nuclear
Energy Corporation Limited06.04.2011Indian Oil Corporation Limited74 : 26NPCIL - NALCO Power Company Limited 02.03.2012National Aluminum Company 74 : 26

A well established system of information security is in place in Nuclear Power   Corporation of India Limited (NPCIL) in line with the policies and guidelines issued  by the Department of Atomic Energy (DAE), comprising of both administrative   measures and technical control systems. The systems are periodically reviewed both internally and by external teams comprising of members from other units of DAE for effecting improvements. Detailed procedure for control of confidential information is also in place.

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Ram Minerals and Chemicals fixes record date for bonus issue
Apr 06,2017

Ram Minerals and Chemicals has fixed 19 April 2017 as record date for bonus issue in the ratio of 4:1.

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The Nifty April 2017 futures trade at small premium
Apr 06,2017

The April 2017 futures on the Nifty 50 index traded at 9,263.70, at a small premium of 1.75 points compared with the Niftys spot closing of 9,261.95 in the cash market. Turnover on the National Stock Exchanges futures & options (F&O) segment jumped to Rs 6.4 lakh crore from Rs 3.56 lakh crore registered during previous trading session.

In the cash market, the Nifty 50 index fell 3.20 points or 0.03% to settle at 9,261.95, its lowest closing level since 3 April 2017.

Reliance Industries (RIL), State Bank of India (SBI), Tata Steel, Bharat Financial Inclusion and DLF were the top traded individual stock futures contracts in F&O segment of NSE.

RIL April 2017 futures traded at 1,434.80, at a premium over spot closing of 1,434. SBI April 2017 futures traded at 293.90, at a premium over spot closing of 292.25. Tata Steel April 2017 futures traded at 503.85, at a premium over closing of 503.40.

Bharat Financial Inclusion April 2017 futures traded at 774.10, at a premium compared with spot closing of 769.95. DLF April 2017 futures traded at 157.25, at a premium over spot closing of 156.70.

The April 2017 F&O contracts will expire on 27 April 2017.

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544 ULBs Signs MoU with EESL For Led Street Lights
Apr 06,2017

544 Urban Local Bodies (ULBs) have entered into an implementation agreement with Energy Efficiency Services Limited (EESL) for replacement of street lights with LED street lights till 03.04.2017.

The target is to replace 3.5 crore conventional street lights by LED street lights, till March 2019. As on 03.04.2017, over 19.67 lakh conventional street lights have been replaced with LED street lights. EESL is playing an important role as a catalyst in replacing the lights, while several other suppliers are also engaged in the same.

Proposal for replacement of conventional street lights with LED street lights has been submitted to remaining States by EESL. In order to encourage States/UTs to join this programme, Ministry of Power has also written to all the States/UTs requesting them to participate in this programme.

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ICICI Prudential slips on profit taking
Apr 06,2017

Meanwhile, the S&P BSE Sensex was down 46.90 points or 0.16% at 29,927.34

On the BSE, 76,000 shares were traded on the counter so far as against the average daily volumes of 2.26 lakh shares in the past one quarter. The stock hit a high of Rs 400.80 in intraday trade so far, which is a record high for the counter. The stock had hit a a low of Rs 391 so far during the day. The stock hit a record low of Rs 273.65 on 9 November 2016.

The stock had outperformed the market over the past 30 days till 5 April 2017, gaining 7.84% compared with the 3.36% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 21.7% as against Sensexs 11.52% gain.

The large-cap company has equity capital of Rs 1435.35 crore. Face value per share is Rs 10.

ICICI Prudential Life Insurance Companys net profit fell 24.28% to Rs 292.64 crore on 16.99% fall in total income to Rs 5047.42 crore in Q3 December 2016 over Q3 December 2015.

ICICI Prudential Life Insurance Company is the largest private sector life insurer in India. ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life insurance companies in India. It commenced operations in October 2000 and offers a range of life insurance, health insurance and pension products and services.

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