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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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Maruti Suzuki Indias Ciaz to be sold exclusively through NEXA outlets
Mar 31,2017

Maruti Suzuki India announced that starting 01 April 2017, its midsized sedan Ciaz will be sold exclusively through NEXA outlets across India.

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US stocks end higher
Mar 31,2017

U.S. stocks closed higher on Thursday, 30 March 2017 as financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.

The Dow Jones Industrial Average finished up 69.17 points, or 0.3%, at 20,728.49. gainers. The S&P 500 index closed up 6.93 points, or 0.3%, at 2,368.06, with seven out of the indexs 11 sectors finishing higher, led by gains in the financials, energy and industrial sectors.

The Nasdaq Composite Index climbed 16.80 points, or 0.3%, to close at a record 5,914.34 n++ its first record closing since March 1, and the 21st of the year n++ as it logged its fifth straight session of gains.

The S&P 500 moved into positive territory for March, up 0.2%, while the Dow remains down 0.4% for the month. The Nasdaq is up 1.5% in March.

Earlier, the government said the U.S. economy, as measured by gross domestic product, expanded at a 2.1% annualized pace in the fourth quarter, slightly faster than the previously reported 1.9% rate. Separately, jobless claims fell by 3,000 to 258,000 in the latest week, near their lowest level in decades.

The data helped support the gain in financial stocks, which are closely correlated to the pace of economic growth.

Muted trading has been the norm since Friday, when the Republican-led health-care bill was pulled from the House floor after the White House was unable to overcome resistance from a conservative GOP faction, the House Freedom Caucus. The failure raised questions about the Trump administrations ability to pass its economic agenda, which had been seen as market-friendly.

Cleveland Fed President Loretta Mester forecast GDP growth above 2% in 2017, and sees a n++sustained returnn++ to 2% inflation n++over the next year or so.n++ Mester also expects the Fed to raise interest rates again this year, but didnt say how many times might be likely. Currently, market participants anticipate three or four hikes in total over 2017.

Oil prices rose for a third straight session on Thursday, 30 March 2017 with U.S. benchmark crude topping $50 a barrel to finish at a more than three-week high. Larger-than-expected drawdowns in U.S. petroleum-product stockpiles and gains in refinery activity raised expectations of stronger demand for crude. Growing expectations that the Organization of the Petroleum Exporting Countries would agree to extend its production-cut agreement also contributed to oils price climb. Natural-gas prices, meanwhile, extended earlier declines after a weekly decline in domestic inventories of the fuel was in line with market expectations.

On the New York Mercantile Exchange, West Texas Intermediate crude for May delivery added 84 cents, or 1.7%, to settle at $50.35 a barrel. May Brent crude on Londons ICE Futures exchange rose 54 cents, or 1%, to $52.96, with the contract set to expire at Fridays settlement.

Bullion prices settled lower on Thursday, 30 March 2017. Gold prices fell adding to a monthly loss, as the U.S. dollar regained its footing above a key technical level and equities traded mostly higher, drawing some investor attention away from the precious metal.

June gold which is now the most-active contract, fell $8.80, or 0.7%, to settle at $1,248 an ounce. The June contract, which ended flat on Tuesday and lost roughly 0.2% on Wednesday, marked its lowest settlement since March 20. For the month, gold futures traded about 0.7% lower, but have gained 8.1% year to date. May silver ended at $18.206 an ounce, down 4.6 cents, or 0.3%.

The retreat for gold on Thursday came as the dollar, measured by the ICE U.S. Dollar Index climbed back above 100 after previously slipping below that level amid growing doubts about President Donald Trumps ability to implement dollar-boosting fiscal policies. The euro also weakened after a news report said European Central Bank officials had been alarmed by the market reaction to its March policy meeting.

A stronger dollar can weigh on commodities priced in the currency, making them less attractive to purchasers using other monetary units. The ICE U.S. Dollar Index was up 0.4% at 100.37, on track for a 0.6% gain this week.

Tomorrow, investors will receive a slew of economic reports, including February Personal Income (consensus 0.4%), Personal Spending (consensus 0.2%), and PCE Price Index (consensus 0.1%) at 8:30 ET, March Chicago PMI (consensus 55.8) at 9:45 ET, and the final University of Michigan Consumer Sentiment reading (consensus 97.6) at 10:00 ET.

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Vardhman Special Steels hits record high
Mar 31,2017

Meanwhile, the S&P BSE Sensex was down 80.97 points or 0.27% at 29,566.45. The S&P BSE Small-cap index was up 85.28 points or 0.6% at 14,416.53.

On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 15,315 shares in the past one quarter. The stock had hit a high of Rs 149 so far during the day, which is a record high. The stock hit a low of Rs 139 so far during the day. It had hit a 52-week low of Rs 45.30 on 12 April 2016.

The small-cap company has equity capital of Rs 18.56 crore. Face value per share is Rs 10.

Shares of Vardhman Special Steels have rallied 18.8% in three trading sessions from its closing of Rs 119.10 on 28 March 2017, after the company announced after market hours on 28 March 2017 that it has fixed 10 April 2017 as the record date for rights issue.

The rights issue is in the ratio 2:3 i.e. two equity shares for every three held. Total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.

Vardhman Special Steels net profit rose 16.7% to Rs 3.70 crore on 5.5% increase in net sales to Rs 172.13 crore in Q3 December 2016 over Q3 December 2015.

Vardhman Special Steels is a producer of special and alloy steels, catering to diverse requirements of hot rolled bars for engineering, automotive, tractor, bearing and allied industries.

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Pearl Polymers commences commercial production at Guwahati unit
Mar 31,2017

Pearl Polymers has commenced its Commercial Production at its Guwahati Unit on 30 March 2017

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Introduction of RFID in Ports
Mar 31,2017

All Major Ports have been directed to implement RFID system by 31st March,2017. Implementation of RFID system will eliminate manual checking of documents at port gate and real time tracking of movement of vehicles, men and materials. This would reduce congestion and also cost of operations at Ports.   Present status of RFID system (Port-wise) is given below:-

S.No.

Name of the Port

Status

1.

Kolkata Port Trust

 

At Haldia Dock Complex (HDC), work order issued and trial run and software development is under progress. The system will be implemented by 31.03.2017.

At Kolkata Dock System (KDS), tendering is under process.

2.

Paradip port trust

Already operational since 25.09.2016.

3.

Vishakhapatnam Port Trust

Work order issued and the system will be implemented by 31.03.2017.

4.

Kamarajar  Port Ltd

Already operational since 15.11.2016.

5.

Chennai Port Trust

Pilot run of RFID based Export document verification system is in operation for Export container trailers entering into ChPT from 22.08.2016.

6.

V.O.C Port Trust

Work order issued on 20.02.2017 and the system will be implemented by 21.04.2017.

7.

Cochin Port Trust

Fully functional since 20.07.2016 at Ernakulam Wharf.

8.

New Mangalore Port Trust

Gó         RFID based Access Control System started trial run from 01.03.2017. The system will go live from 31.03.2017.

9.

Mormugao Port Trust

Already operational since 22.12.2016.

10.

J.N.P.T.

Fully operational in all terminals.

11.

Mumbai Port Trust

 

Work has been awarded. Installation & commissioning of devices like Flap Barriers, Boom Barriers, RFID readers, Biometric Readers is in progress. The work is expected to be completed by 31.05.2017.

12.

Kandla Port Trust

The system will be fully operational from 01.04.2017.

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Proseed India to hold board meeting
Mar 31,2017

Proseed India will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Bharat Wire Ropes advances after bulk deal
Mar 31,2017

Meanwhile, the S&P BSE Sensex was down 64.61 points or 0.22% at 29,582.81. The S&P BSE Small-Cap index was up 78.96 points or 0.55% at 14,410.21.

On the BSE, 47,000 shares were traded on the counter so far as against the average daily volumes of 1.58 lakh shares in the past one quarter. The stock had hit a high of Rs 99 and a low of Rs 94.95 so far during the day. It had hit a record high of Rs 120.50 on 30 January 2017 and a record low of Rs 38 on 31 May 2016.

The small-cap company has equity capital of Rs 44.95 crore. Face value per share is Rs 10.

Bharat Wire Ropes net profit rose 110% to Rs 0.42 crore on 28.7% decline in net sales to Rs 16.44 crore in Q3 December 2016 over Q3 December 2015.

Bharat Wire Ropes is engaged in manufacturing of wire ropes and slings for use in a varied list of application/industries such as general engineering, fishing, elevators, cranes, material handling, onshore/offshore oil exploration, ports and shipping and mining.

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Regency Investments to hold board meeting
Mar 31,2017

Regency Investments will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Bella Casa Fashion & Retail to hold board meeting
Mar 31,2017

Bella Casa Fashion & Retail will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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SVP Global Ventures to hold board meeting
Mar 31,2017

SVP Global Ventures will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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High Ground Enterprise to hold board meeting
Mar 31,2017

High Ground Enterprise will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Bombay Burmah Trading Corporation to hold board meeting
Mar 31,2017

Bombay Burmah Trading Corporation will hold a meeting of the Board of Directors of the Company on 30 March 2017.

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Jyothy Laboratories to hold board meeting
Mar 31,2017

Jyothy Laboratories will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Sai Baba Inv. & Commerical Entrp. to hold board meeting
Mar 31,2017

Sai Baba Inv. & Commerical Entrp. will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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IndiaNivesh to hold board meeting
Mar 31,2017

IndiaNivesh will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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