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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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Wipro allots 252,000 equity shares
Jul 10,2017

Wipro has allotted 252,000 equity shares under ADS Restricted Stock Unit Plan 2004 and 4,192 equity shares under Restricted Stock Unit Plan 2007 to the employees on 07 July 2017 pursuant to exercise of ESOPs.

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20 Microns provides update on subsidiary - 20 Microns Nano Minerals
Jul 10,2017

20 Microns announced that its subsidiary, 20 Microns Nano Minerals has initiated process for going into its SME IPO for an aggregate amount of Rs 30 crore, subject to necessary consents / approvals for the same.

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Ramco Systems wins Best Talent Management Solutions Enabling Technology Leadership Award
Jul 10,2017

Ramco Systems has clinched top honors at the annual 2017 Frost& Sullivan Excellence Awards, held in Singapore, earlier this month. The Company won the coveted Asia Pacific Talent Management Solutions Enabling Technology Leadership Award under the ICT category.

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GST to boost MSMEs competitiveness, says study
Jul 10,2017

The Goods and Services Tax (GST) would boost the competitiveness of micro, small and medium enterprises (MSMEs), noted a recent joint study by ASSOCHAM- Ashvin Parekh Advisory Services (APAS).

n++From an MSME perspective, GST will bring in many positives compared to the current systems such as easy process of availing input credit, single point tax, elimination of cascading tax system, and simpler taxation,n++ said the study titled Emerging Mantras for Bankers-Borrowers, jointly conducted by ASSOCHAM and APAS.

The report also said that though there is no doubt that GST is aimed to increase the taxpayer base, and bring majorly MSMEs into its scope and that would put some burden of compliance and associated costs to them. But eventually, it will turn these MSMEs more competitive with a level playing field between large enterprises and them.

It also highlighted certain pros of GST on MSME sector viz., improved MSME market expansion, lower logistical overheads, boon for MSMEs dealing in sales and services, unified market and purchase of capital goods.

As part of cons of GST on MSME sector, the study highlighted - burden of lower threshold, no tax differentiation for luxury items and services, increase in cost of product, selective tax levying, burden of higher tax rate for service provider, excess working capital requirement, realignment of purchase and supply chain, dual control, high compliance burden and tax on advances, taxation under reverse charge for un-registered purchases, taxation on stock transfers and deemed supplies, time limit for return of goods sent on sale or return basis, condition of payment and filing of return for availing input tax credit and power to arrest and prosecution.

The study said that these pros offset the cons, as such the way forward while hopes rests with GST to boost the GDP growth and reduce the fiscal deficit.

Considering that all compliance procedures under GST n++ registration, payments, refunds and returns will now be carried out through online portals only and thus MSMEs need not worry about interacting with department officers for carrying out these compliances, which was earlier a cumbersome task.

Furthermore, Indian MSMEs would be able to compete with foreign competition coming from cheap cost centers such as China, Philippines, and Bangladesh.

The GST regime will usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganized to organized players.

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Zen Technologies enters into MoU with SCIS, University of Hyderabad
Jul 10,2017

Zen Technologies has entered into a memorandum of understanding with the School of Computer and Information Sciences (SCIS), University of Hyderabad (UoH) to bring in academy and industry collaboration. The MoU will be valid for a period of five years from the date of signing.

SCIS and Zen will nominate one representative each to coordinate and monitor all joint collaborative activities between the two institutions pertaining to research fellowship and doctoral programme, recognition of an external center, M.Tech programme in internship, joint research and development projects and joint events.

Zen Technologies has an innovative research and development division and is recognized as an in-house R&D unit by DSIR.

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USFDA to lift Import Alert imposed of Divis Laboaratories Unit II
Jul 10,2017

Divis Laboratories has been informed by the USFDA that it will lift the Import Alert 99-32 imposed on the companys Unit-II at Visakhapatnam.

The USFDA has issued an Import Alert under clauses 99-32 and 66-40 in March of 2017 and a warning letter in May of 2017 for the Companys Vishakhapatnam facility.

Divis Laboratories has filed a detailed responses and given updates to the Form-483 and the warning letter within the stipulated time. Divis Laboratories, along with its external consultants, specialists and subject matter experts, has taken up appropriate remediation measures to address the concerns raised by USFDA. The company awaits further action from USFDA in this regard.

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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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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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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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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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