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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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Biocon tumbles on observations by French health regulator
Jul 10,2017

Meanwhile, the S&P BSE Sensex was up 194.34 points or 0.62% at 31,554.97.

On the BSE, 6.49 lakh shares were traded on the counter so far as against the average daily volumes of 1.34 lakh shares in the past one quarter. The stock had hit a high of Rs 336 and a low of Rs 305 so far during the day. The stock had hit a record high of Rs 396 on 25 April 2017 and a 52-week low of Rs 229.66 on 19 July 2016.

The stock had outperformed the market over the past one month till 7 July 2017, advancing 1.27% compared with the Sensexs 0.29% rise. The stock had, however, underperformed the market over the past one quarter, declining 7.9% as against the Sensexs 5.57% rise. The scrip had outperformed the market over the past one year, surging 38.33% as against the Sensexs 15.29% rise.

The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.

In a stock exchange filing on Sunday, 9 July 2017, Biocon said the French inspecting authority (ANSM) conducted pre-approval inspection audits of the companys Bangalore drug substance and drug product sites related to the pending EMA Marketing Authorization Applications for Trastuzumab, Pegfilgrastim and related to Insulin Glargine (pen assembly only).

While there were no critical observations mentioned in the final report, ANSM notified Biocon that the receipt of a GMP compliance certificate for the drug product facility will require a follow up inspection from ANSM to verify implementation of the proposed corrective and preventive actions (CAPAs).

ANSM has reviewed the proposed CAPA plan and Biocon is progressing towards completion of the implementation of these CAPAs. Biocon, with its partner Mylan, will work with the French and European regulatory authorities with regard to the follow-up inspection of the drug product facility and the Marketing Authorization Applications with the goal of an early re-inspection.

ANSM has issued GMP compliance certificates for Biocons two drug substance manufacturing facilities in Bangalore. This is important as the drug substance manufacture is core to the production of the actual biologic product in GMP compliance, Biocon said in a statement.

On a consolidated basis, net profit of Biocon declined 61.7% to Rs 127.50 crore on 1.5% decline in net sales to Rs 919.20 crore in Q4 March 2017 over Q4 March 2016.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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Diana Tea Company to hold AGM
Jul 10,2017

Diana Tea Company announced that the 106th Annual General Meeting (AGM) of the company will be held on 12 August 2017.

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Fredun Pharmaceuticals to hold board meeting
Jul 10,2017

Fredun Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 12 July 2017.

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G V Films to hold board meeting
Jul 10,2017

G V Films will hold a meeting of the Board of Directors of the Company on 15 July 2017.

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Bharat Bhushan Fin. & Commodity Bkr. to hold board meeting
Jul 10,2017

Bharat Bhushan Fin. & Commodity Bkr. will hold a meeting of the Board of Directors of the Company on 13 July 2017 AGM

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Lakshmi Electrical Control Systems to hold board meeting
Jul 10,2017

Lakshmi Electrical Control Systems will hold a meeting of the Board of Directors of the Company on 2 August 2017, to approve the unaudited results for the quarter ended 30th June 2017

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Gujarat Ambuja Exports to hold AGM
Jul 10,2017

Gujarat Ambuja Exports announced that the 26th Annual General Meeting (AGM) of the company will be held on 9 September 2017.

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Nutraplus India to hold board meeting
Jul 10,2017

Nutraplus India will hold a meeting of the Board of Directors of the Company on 17 July 2017, to review the status of Dahej project.

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Suven Life Sciences secures three product patents for its NCEs in CNS area
Jul 10,2017

Suven Life Sciences announced that it has secured one (1) product patent from Israel (236437), one (1) product patent from Macau (J/002376) and one (1) product patent from South Korea (10-1707343) corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2032.

The granted claims of the patents are from the mechanism of action include the class of selective H3 Inverse agonist compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimers disease, Attention deficient hyperactivity disorder (ADHD),Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

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GST has special significance for States: Dr Jitendra Singh
Jul 10,2017

Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh has said that GST has a special significance for Jammu & Kashmir and the eight States of the North-East Region. The same also applies to States like Uttarakhand and Himachal Pradesh, he said.

Dr Jitendra Singh said the GST promises to provide a level-playing field to all the States of the Indian Union. This equitable fair deal has been worked out to such an extent that several of the developed and manufacturing States will be contributing to the economy of the lesser developed or predominantly consumer States, he said.

During the process of GST rollout, Dr Jitendra Singh said, he realized that there were certain local products in Northeast which had apparently become taxable after GST implementation, though these were tax-free before GST rollout. However, he said, it was explained to the local household traders that earlier the price of these products also included certain embedded taxes on raw material, etc. which were not visible, but now the only difference was that GST was a visible tax, although the final cost of the product would almost be the same. A single decision of GST implementation has made a huge long-lasting impact of value addition to the self-esteem and participation of these States in the economic and social growth of India as a whole. He gave full credit to the Union Finance Minister Shri Arun Jaitley for working out an amicable formula wherein the manufacturing States would be compensated from the Central share of funds and thus, would not have the chance to hold any grudge against non-manufacturing States being brought at par with them.

Dr Jitendra Singh said that GST is important in the global world of today, no single country or State can hope to operate in isolation and yet progress economically.

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Wonderla Holidays to pay dividend
Jul 10,2017

Wonderla Holidays announced that dividend, if declared, shall be paid from 14 August 2017.

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Alembic Pharmaceutical receives tentative approval for Dabigatran Etexilate Capsules, 150 mg
Jul 10,2017

Alembic Pharmaceutical has received tentative approval from the USFDA for its Abbreviated New Drug Application for Dabigatran Etexilate Capsules, 150 mg. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product PRADAXA Dabigatran Etexilate Mesylate Capsules, Eq to 150 mg base, Boerhringer Ingelheim.

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IDFC, Shriram group shares slide on merger plan
Jul 10,2017

IDFC was down 3.51%. IDFC Bank was up 1.08%. Shriram Transport Finance Corporation (down 6.64%), and Shriram City Union Finance (down 5.01%), edged lower.

Meanwhile, the S&P BSE Sensex was up 217.42 points, or 0.69% at 31,578.05.

The boards of IDFC Group and Shriram Group on 8 July 2017 approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination of certain businesses and subsidiaries / affiliates/associate companies of the Shriram Group engaged in the credit and non-credit financial services sector with the IDFC Group. The agreement primarily provides for a mutually agreed exclusivity period for due diligence and discussions between the relevant parties in relation to the potential combination.

The proposed potential combination would be subject to due diligence, definitive documentation and applicable board, shareholder, statutory/ regulatory and other third party approvals, as may be applicable.

According to media reports, IDFC will be the holding company of the merged entity. Shriram City Union Finance will be merged with IDFC Bank and Shriram Transport Finance will be a fully-owned subsidiary of IDFC, which will also own 75% of the life and general insurance arms of Shriram Capital.

Reports added that Shriram Group has a loan book of over Rs 80000 crore while IDFC and its banking arm IDFC Bank together have loan book of over Rs 60000 crore. The total assets of the merged entity will cross Rs 9 lakh crore.

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Joint Lenders Forum of Lakshmi Energy & Foods agree to implement S4A scheme
Jul 10,2017

Lakshmi Energy & Foods announced that the Joint Lenders Forum meeting of the company held on 21 June 2017 has agreed to consider the account of company under S4A (Scheme for Sustainable Structuring of Stressed Assets) under the RBI guidelines with reference date 21 June 2017.

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KEC International advances after securing orders
Jul 10,2017

The announcement was made before market hours today, 10 July 2017.

Meanwhile, the S&P BSE Sensex was up 209.35 points, or 0.67% at 31,569.98. The S&P BSE Mid-Cap index was up 53.15 points, or 0.36% at 14,994.92.

On the BSE, 1.23 lakh shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 277.05 and a low of Rs 270 so far during the day. The stock had hit a record high of Rs 283.50 on 1 June 2017 and a 52-week low of Rs 111.20 on 9 November 2016.

The stock had outperformed the market over the past one month till 7 July 2017, advancing 0.32% compared with the Sensexs 0.29% rise. The scrip had also outperformed the market over the past one quarter advancing 24.59% as against the Sensexs 5.57% rise. The scrip had also outperformed the market over the past one year advancing 85.47% as against the Sensexs 15.29% rise.

The mid-cap company has equity capital of Rs 51.42 crore. Face value per share is Rs 2.

KEC International said that of the total new orders of Rs 1845 crore, the companys transmission & distribution business secured order worth Rs 1684 crore in India and the Americas. The cables business received orders of Rs 161 crore.

Vimal Kejriwal, MD & CEO, KEC International, said that the order book in its core transmission & distribution business has strengthened significantly with the above order wins. The company has successfully diversified its customer base to include private developers and other clients in addition to the current power utilities. The company has a very strong order book and a healthy L1 position, Kejriwal said.

KEC Internationals consolidated net profit rose 90.5% to Rs 145.56 crore on 11.3% increase in net sales to Rs 2849.20 crore in Q4 March 2017 over Q4 March 2016.

KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, cables, railways, renewables and civil.

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