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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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Beardsell gains as board approves stock-split
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P Sensex was up 164.98 points or 0.56% at 29,563.09.

On the BSE, 940 shares were traded on the counter so far as against the average daily volumes of 613 shares in the past one quarter. The stock hit a high of Rs 440.20 and a low of Rs 440.15 so far during the day.

The stock had hit a record high of Rs 622 on 4 November 2016 and a 52-week low of Rs 102.90 on 9 June 2016. The stock had outperformed the market over the past one month till 15 March 2017, advancing 7.51% compared with the Sensexs 4.41% rise. The scrip had, however, underperformed the market over the past one quarter sliding 0.05% as against the Sensexs 10.86% rise.

The small-cap company has equity capital of Rs 4.68 crore. Face value per share is Rs 10.

Beardsell announced that its board at its meeting held on 15 March 2017, approved 5-for-1 stock split. The board approved issue of bonus shares in the ratio of one equity share of face value of Rs 2 each for every five existing equity shares of Rs 2 each (post stock split).

Beardsells net profit spurted 256.5% to Rs 1.64 crore on 7.6% fall in net sales to Rs 38.24 crore in Q3 December 2016 over Q3 December 2015.

Beardsell is engaged in the manufacturing, selling and contracting activities in expanded polystyrene, insulation and packaging material, prefabricated panels and solar shield, quikbuild construction panels, marketing of textiles, electric motors, exports and technical consultancy services.

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Board of Megri Soft to acquire 11.67% stake in Kohli & Kohli Financial Consultants
Mar 16,2017

Megri Soft announced that the Board of Directors of the Company in their meeting held on 15 March 2017 has decided to acquire/invest Rs. 25,30,000/- (accounting to 11.67%) in the Equity Shares of the Kohli & Kohli Financial Consultants.

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US stocks rally following Feds rate hike
Mar 16,2017

U.S. stocks climbed higher on Wednesday, 15 March 2017 as the Federal Reserve raised interest rates for the third time since December 2015. The Fed increased its benchmark interest rate by 25 basis points, noting that headline inflation is n++moving closen++ to its 2% target. The major averages started the day in the green thanks to a bullish sentiment in the crude oil market and climbed to new session highs in the afternoon following the FOMC decision.

The Dow Jones Industrial Average rose 112.73 points, or 0.5%, to end at 20,950.10. The S&P 500 index advanced 19.81 points, or 0.8%, to finish at 2,385.26. The Nasdaq Composite Index advanced 43.23 points, or 0.7%, to 5,900.05.

As expected, the Federal Open Market Committee voted to raise the fed funds target range by 25 basis points to 0.75%-1.00% on Wednesday. More notably, the Fed still believes that three rate hikes are appropriate for 2017, relieving investors fears that the central bank could begin setting the groundwork for a fourth hike.

The ICE U.S. dollar index extended its decline following the news, which had been widely expected. A weaker greenback tends to provide support for dollar-denominated commodities.

Economic data released on Wednesday showed the Consumer Price Index rose 0.1% in February, the smallest increase since last summer. Separately, retail sales rose 0.1% in February.

Economic data also showed that the Empire Manufacturing Survey for March rose to 16.4 from the prior months reading of 18.7. The consensus estimate was pegged at 14.5. The NAHB Housing Market Index for March rose to 71 (consensus 65) from an unrevised reading of 65 in February. Business Inventories rose 0.3% in January, which is in line with the consensus. The prior months reading was left unrevised at 0.4%.

Crude oil prices ended their long losing streak on Wednesday, 15 March 2017 as a drop in the dollar in the wake of the Federal Reserves decision to raise interest rates, as expected, fed an earlier rebound. Oil futures had been on the rise after U.S. government data showed the first decline for domestic-crude stockpiles in 10 weeks.

April West Texas Intermediate crude rose $1.14, or 2.4%, to settle at $48.86 a barrel on the New York Mercantile Exchange after seven straight session losses. It touched highs above $49 following the Fed news, which came about a half-hour before the settlement. May Brent crude on the ICE Futures exchange in London gained 89 cents, or 1.8%, to $51.81 a barrel.

Early Wednesday, the U.S. Energy Information Administration reported that domestic crude-oil supplies fell 200,000 barrels from a record level to total 528.2 million barrels for the week ended March 10. Market had forecast a climb of 3.5 million barrels. The supply decline came even as the EIA reported U.S. crude output rose 21,000 barrels to 9.109 million barrels a day. Meanwhile, gasoline supplies fell by 3.1 million barrels, while distillate stockpiles dropped 4.2 million barrels last week.

Gold futures settled with a loss on Wednesday, 15 March 2017 while silver ended flat. Gold climbed up in post electronic tradingbuoyed by a fall in the U.S. dollar following the Federal Reserves decision to increase interest rates, as expected. Expectations for higher rates had already been generally dollar-positive and gold-negative as a richer buck makes gold less attractive to investors using another currency.

Gold for April delivery fell $1.90, or 0.2%, to finish at $1,200.70 an ounce. It was trading higher at $1,210.50 in electronic trading shortly after the Fed announcement, which followed the price settlement. May silver settled flat at $16.923 an ounce.

U.S. Treasuries spiked across the board in the wake of the FOMCs decision to tighten monetary policy. The benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, finished ten basis points lower at 2.51%. Meanwhile, the 2-yr yield, which is more vulnerable to short-term interest rate hikes, lost seven basis points to finish at 1.31%.

Tomorrows economic data will include February Housing Starts (consensus 1.260 million), Initial Claims (consensus 242,000), and March Philadelphia Fed (consensus 25.0) at 8:30 ET.

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Special assistance measure for Andhra Pradesh by way of special dispensation in funding of EAPs & funding of irrigation component of Polavaram project
Mar 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Special assistance measure for the Successor State of Andhra Pradesh by way of special dispensation in funding of Externally Aided Projects (EAPs) and funding of irrigation component of Polavaram project.

The modalities for implementation of the announcements for providing central assistance to the State of Andhra Pradesh are as follows:

i. The Central Government will provide special assistance measure to Government of Andhra Pradesh, which would make up for the additional Central share the State might have received during 2015-16 to 2019-20, if the funding of Centrally Sponsored Schemes (CSS) would have been shared at the ratio of 90:10 between the Centre and the State. The special assistance will be provided by way of repayment of loan and interest for the Externally Aided Projects (EAPs) signed and disbursed during 2015-2016 to 2019-20 by the State.

ii. Funding of 100% of the remaining cost of the irrigation component only of the Polavaram project for the period starting from 1.4.2014, to the extent of the cost of the irrigation component on that date. Andhra Pradesh Government will execute the project on behalf of Government of India. However, the overall coordination, quality control, design issues, monitoring, clearances related issues etc. are to be dealt by the Polavaram Project Authority of Ministry of Water Resources, River Development & Ganga Rejuvenation. The Polavaram Project Authority will also assess out the cost of the irrigation component as on 01.04.2014 in consultation with the Department of Expenditure, Ministry of Finance.

This support for capital expenditure by way of repayment of EAP loans would help and assist the newly formed state of Andhra Pradesh to put the States finances on a firmer footing and promote economic growth. Further, the central funding of the irrigation component of the Polavaram Irrigation Project and its execution by the State Government shall expedite completion of the project and the increase irrigation prospects in the State benefitting the people at large.

Background:

The Government of India, while fulfilling its commitments under Andhra Pradesh Reorganisation Act 2014, has already provided Special Assistance of Rs.1,976.50 crore to the state during 2016-17. The amount includes Rs.1176.50 for Resource Gap, Rs.350 crore for the development of 7 backward districts covering Rayalaseema & North Coastal region and Rs.450 crore as assistance to the capital city.

Apart from this the Ministry of Water Resources, River Development & Ganga Rejuvenation has also provided Rs.2081.54 crore for the Polavaram Irrigation Project during the current financial year. Thus the Central Government, after the enactment of the Reorganisation Act, has provided central assistance of Rs.10,461.04 crore to the state of Andhra Pradesh which includes Rs.4403 crore released during 2014-15, Rs.2000 crore released during 2015-16 and Rs. 4058.04 in released in 2016-17.

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Gold settles with loss while silver ends flat
Mar 16,2017

Gold futures settled with a loss on Wednesday, 15 March 2017 while silver ended flat. Gold climbed up in post electronic trading buoyed by a fall in the U.S. dollar following the Federal Reserves decision to increase interest rates, as expected. Expectations for higher rates had already been generally dollar-positive and gold-negative as a richer buck makes gold less attractive to investors using another currency.

Gold for April delivery fell $1.90, or 0.2%, to finish at $1,200.70 an ounce. It was trading higher at $1,210.50 in electronic trading shortly after the Fed announcement, which followed the price settlement. May silver settled flat at $16.923 an ounce.

As expected, the Federal Open Market Committee voted to raise the fed funds target range by 25 basis points to 0.75%-1.00% on Wednesday. More notably, the Fed still believes that three rate hikes are appropriate for 2017, relieving investors fears that the central bank could begin setting the groundwork for a fourth hike.

Gold futures had dug in just above the $1,200 mark in recent sessions, even as prices returned to late-January lows. The metal suffered from a nine-session slide that ended Friday that marked the longest streak of declines since July 2015, FactSet data showed.

The ICE U.S. dollar index extended its decline following the news, which had been widely expected. A weaker greenback tends to provide support for dollar-denominated commodities such as gold.

Earlier Wednesday, gold was little moved by a series of economic releases, which did little to alter expectations for the Fed meeting. The data revealed a still-strong reading in a New York-area business gauge, plus a small rise in a consumer-inflation reading and negligible February improvement in retail sales which were held back by delayed tax refunds.

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MoU between LBSNAA, Mussoorie and Namibia Institute of Public Administration and Management (NIPAM) of Namibia for capacity building
Mar 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie and Namibia Institute of Public Administration and Management (NIPAM), Namibia in the field of capacity building of public officials of Namibia and other training activities for the benefit of both the institutes.

The MOU will help the Academy to disseminate some of its experience in running a training institution for higher civil services in the country to NIPAM. It will also help the two sides to engage in collaborative activities in the sphere of public administration and capacity building.

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Cholamandalam Investment & Finance Company appoints directors
Mar 16,2017

Cholamandalam Investment & Finance Company announced that the Board of Directors of the Company at its meeting held on 15 March 2017 has approved the following changes in the constitution of the Board of directors of the Company, subject to the approval of the members at the next general meeting of the Company:

1. Appointment of N Srinivasan as an Executive Vice Chairman and Managing Director of the Company for a term of two years effective 19 August 2017.

2. Appointment of Arun Alagappan as an Executive Director of the Company for a term of five years effective 19 August 2017.

It may be noted that as per the terms of appointment approved by the members at the thirty eighth annual general meeting of the Company held on 29 July 2016, Vellayan Subbiah, the current Managing Director holds office till 18 August 2017.

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Board of Tube Investments of India appoints director
Mar 16,2017

Tube Investments of India announced that the Board of Directors at its meeting held on 15 March 2017 has appointed Vellayan Subbiah as Additional Director on the Board and as the Managing Director (Deisgnate) of the Company, with effect from 19 August 2017.

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Board of Amrapali Fincap appoints director
Mar 16,2017

Amrapali Fincap announced that the Board of Directors of the Company at their meeting held on 15 March 2017 have approved the appointment of Ashwin Shah (DIN 01528910) as an Additional (Independent) Director of the Company.

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Hindustan Zinc fixes record date for 2nd interim dividend
Mar 16,2017

Hindustan Zinc has fixed 28 March 2017 as record date for second interim dividend for FY 2017.

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Hero MotoCorp slips ex-dividend
Mar 16,2017

Meanwhile, the S&P BSE Sensex was up 193.19 points, or 0.66%, to 29,591.30

On the BSE, 2,491 shares were traded on the counter so far as against the average daily volumes of 45,890 shares in the past one quarter. The stock had hit a high of Rs 3,387.35 and a low of Rs 3,367 so far during the day. The stock had hit a record high of Rs 3,739.90 on 8 September 2016 and a 52-week low of Rs 2,754.50 on 22 March 2016.

The large-cap company has an equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Before turning ex-dividend, the Hero MotoCorp stock offered a dividend yield of 1.61% based on the closing price of Rs 3,399.25 yesterday, 15 March 2017.

On 7 March 2017, Hero MotoCorp had declared an interim dividend of Rs 55 per share for the year ended 31 March 2017. The companys board has fixed 18 March 2017 as record date for payment of interim dividend. The payment of interim dividend will be completed by 5 April 2017.

Hero MotoCorps net profit fell 2.7% to Rs 772.05 crore on 12.1% decline in net sales to Rs 6245.90 crore in Q3 December 2016 over Q3 December 2015.

Hero MotoCorp is the worlds largest two-wheeler manufacturer in terms of production capacity. The company has six manufacturing plants, including five in India including Dharuhera, Gurgaon, Haridwar, Neemrana and Halol and one in Colombia.

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Cabinet approves of MoU between India and Bangladesh on Aids to Navigation (AtoNs)
Mar 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved signing of a Memorandum of Understanding (MoU) on Aids to Navigation (AtoNs) between the Directorate General of Lighthouses & Lightships (DGLL), Ministry of Shipping, Government of India and the Department of Shipping, Government of Bangladesh.

The MoU envisages cooperation between Bangladesh and India:

a. To extend advice on lighthouses and beacons;

b. To extend advice on Vessel Traffic Service and chain of Automatic Identification System (AIS); and

c. To impart training as per International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA) training module to AtoN Managers and Technicians for Bangladesh.

The MoU will enable both the countries to collaborate in the following areas:

a. To provide advice on AtoNs;

b. Provide academic interaction by imparting training to AtoN personnel; and

c. Provide necessary cooperation in organizing workshops/conferences for enhancement of skills in AtoN field.

The MoU will also help in greater cooperation in capacity building in the field of AtoN training in the South Asian region. This will give a boost to imparting training on the management of marine aids to navigation based on IALA Model Course E-141/1 and accordingly facilitate the delivery of a professional training course as per the IALA guidelines.

India and Bangladesh are two important developing nations in the South Asian region. Both countries maintain a long tradition of friendly and cordial relations which has been manifested in the several bilateral visits of dignitaries from both sides during recent years.

Background:

As per International Maritime Organisations (IMOs) requirement, authorities in various countries, provide appropriate Aids to Navigation in their waters as per international recommendations and guidelines. Marine aids to navigation such as lighthouses, beacons, DGPS, navigational and mooring buoys are operated to enhance the safe and efficient navigation of vessels and/or vessel traffic. Directorate General of Lighthouses & Lightships establishes and maintains Aids to Navigation in India, for safe navigation in Indian waters. DGLL having expertise in lighthouse engineering maintains large inventory of Aids to navigation which includes 193 lighthouses, 64 Racons, 22 Deep Sea lighted buoys, 23 DGPS stations, 01 Lightship, 04 tender vessels, National AlS Network, Vessel Traffic Service in Gulf of Kutch.

IALA is the international body coordinating and harmonizing the use of all Aids to Navigation. India represented through DGLL, is a member of IALA Council. As a step towards regional cooperation, India and Bangladesh have signed a Memorandum of Understanding for cooperation on AtoN. As per the MoU, the DGLL on behalf of Ministry of Shipping, Government of India shall advise its counterpart Department of Shipping, Ministry of Shipping, Bangladesh on AtoNs including Vessel Traffic Service, Chain of Automatic Identification System. In order to train AtoN personnel of Bangladesh, DGLL shall organize training as per IALA training module to AtoN Managers and Technicians, organize Workshops/Conferences. This will help in capacity building of Bangladesh AtoN Personnel.

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Board of State Bank of India approves raising of equity capital up to Rs 15000 cr in FY 2018
Mar 16,2017

State Bank of India announced that the Central Board of the Bank at its meeting held on 15 March 2017 has accorded its approval for raising of equity capital up to Rs 15000 crore during FY 2017-18 by way of FPO/ Rights Issue/ ESPS/ ESOS/ QIP/ ADR/ GDR and any other mode or combination of these, as may be decided at the opportune time subject to however approval of the Government of India and Reserve Bank of India.

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Board of Millitoons Entertainment approves allotment of bonus shares in ratio of 1:1
Mar 16,2017

Millitoons Entertainment announced that the Board of Directors of the company at its meeting held on 15 March 2017 has approved the allotment of equity shares pursuant to bonus issue in the ratio of 1:1 to the shareholders of the Company whose name appears in the register of members of the Company as on record date of 14 March 2017.

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HCL Tech gains as board to consider share buyback
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 175.70 points or 0.6% at 29,573.81

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 71,119 shares in the past one quarter. The stock had hit a high of Rs 864 and a low of Rs 854.05 so far during the day. The stock had hit a 52-week high of Rs 869 on 3 August 2016 and a 52-week low of Rs 706.50 on 11 May 2016.

The large-cap company has equity capital of Rs 282.24 crore. Face value per share is Rs 2.

HCL Technologies consolidated net profit rose 2.8% to Rs 2070 crore on 2.6% growth in revenue to Rs 11814 crore in Q3 December 2016 over Q2 September 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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