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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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Integra Switchgear to hold board meeting
Oct 28,2016

Integra Switchgear will hold a meeting of the Board of Directors of the Company on 10 November 2016 to consider un-audited financial result (Provisional) for the quarter ended on September 30, 2016.

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Ishita Drugs & Industries to hold board meeting
Oct 28,2016

Ishita Drugs & Industries will hold a meeting of the Board of Directors of the Company on 12 November 2016 to consider the Unaudited Financial Results of the Company for the quarter ended Sept 30, 2016.

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Bhagawati Oxygen to hold board meeting
Oct 28,2016

Bhagawati Oxygen will hold a meeting of the Board of Directors of the Company on 10 November 2016 to consider and approve the unaudited Financial Results of the Company for the second quarter ended September 30, 2016 along with Limited Review Report thereon to be submitted by the Auditors of the Company.

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India Cements Capital to hold board meeting
Oct 28,2016

India Cements Capital will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider and approve unaudited financial results (subjected to a limited review by the statutory auditors of the Company) for the quarter and half-year ended September 30, 2016.

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Bhansali Engineering Polymers to hold board meeting
Oct 28,2016

Bhansali Engineering Polymers will hold a meeting of the Board of Directors of the Company on 10 November 2016 to consider the Un- Audited Financial Results (UFR) of Company for the quarter ended on September 30, 2016.

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Ashapura Minechem to hold board meeting
Oct 28,2016

Ashapura Minechem will hold a meeting of the Board of Directors of the Company on 10 November 2016 to consider and to take on record the unaudited financial results (provisional) for the second quarter/ half-year ended September 30, 2016.

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Asahi India Glass to hold board meeting
Oct 28,2016

Asahi India Glass will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider, approve and take on record the Unaudited Financial Results of the Company for the second quarter and half year ended September 30, 2016.

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Eveready Industries India to hold board meeting
Oct 28,2016

Eveready Industries India will hold a meeting of the Board of Directors of the Company on 9 November 2016 to consider the Unaudited Financial Results for the quarter and half year ended September 30, 2016.

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TIL to hold board meeting
Oct 28,2016

TIL will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider and approve the Unaudited Financial Results of the Company for the Second Quarter and six months period ended on September 30, 2016, subject to Limited Review by the Statutory Auditors.

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IST to hold board meeting
Oct 28,2016

IST will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider, approve and take on record the Unaudited Financial Results of the Company for quarter and half year ended September 30, 2016.

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GSTN signs MoU with DGFT for sharing of foreign exchange realisation data
Oct 28,2016

The Goods and Services Network (GSTN) has signed a Memorandum of Understanding (MoU) with Director General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import Export code data, a move that is expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface.

The Memorandum of Understanding was signed by Shri Ajay K Bhalla, Director General of Foreign Trade and Shri Prakash Kumar, CEO, GSTN on 27 October 16. An electronic bank realisation certificate (eBRC) captures transaction level details of foreign exchange realised in India. The eBRC project implemented by DGFT created an integrated platform for receipt, processing and subsequent use of all Bank Realization related information by exporters, banks, central and state government departments. The e-BRC project enabled banks to upload foreign exchange realisation information related to exports on to the DGFT server under a secured protocol.

So far 100 banks operating in India, including foreign banks and cooperative banks have uploaded more than 1.9 Crore e-BRCs on to the DGFT server.

Sharing of data

1. eBRC data has proved to be a significant step in reducing the transaction cost of exporters. A Bank Realisation Certificate (BRC) is required for discharge of export obligation and claiming of incentives under Foreign Trade Policy. Its is also used by state government departments for refund of VAT. In addition, it is an important economic indicator as it quantifies transaction level export earnings.

2. DGFT has signed MOUs with 14 state governments and 2 central government agencies for sharing of the data.

3. At the state level, Commercial Tax Departments of 14 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes. These are: (i) Maharashtra, (ii) Delhi, (iii) Andhra Pradesh,(iv) Odisha, (v) Chhattisgarh, (vi) Haryana, (vii) Tamil Nadu, (viii) Karnataka, (ix) Gujarat, (x) Uttar Pradesh, (xi) Madhya Pradesh, (xii) Kerala, (xiii) Goa, (xiv) Bihar.

In addition, Ministry of Finance, Enforcement Directorate and Agricultural & Processed Food Products Export Development Authority have signed MoU with DGFT for receiving e-BRC data.

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Jubilant Life Sciences gains after good Q2 earnings
Oct 28,2016

The result was announced after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was up 23.44 points, or 0.08%, to 27,939.34.

On BSE, so far 1.57 lakh shares were traded in the counter, compared with average daily volume of 2.96 lakh shares in the past one quarter. The stock hit a high of Rs 698 and a low of Rs 637.50 so far during the day. The stock hit a record high of Rs 700.90 on 19 October 2016. The stock hit a 52-week low of Rs 272.50 on 20 January 2016. The stock had outperformed the market over the past 30 days till 27 October 2016, rising 2.68% compared with 1.33% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 93.73% as against Sensexs 0.48% decline.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

Jubilant Life Sciences consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5 % to Rs Rs 345 crore in Q2 September 2016 over Q2 September 2015. EBITDA margins were reported at 24.3% in Q2 September 2016 compareed with 22% in Q2 September 2015.

Commenting on the Companys performance, Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said that the company expects to deliver improved performance in the coming quarters, backed by new product launches in our Generics and Specialty businesses.

In its outlook, the company said that in the second half of the financial year ending March 2017, it is confident of improving its performance. In pharmaceuticals segment, profitability is expected to be higher on account of new product launches in generics and specialty products, growth in rest of the world (ROW) business and ramp-up of operations and new customer acquisitionsin CMO of Sterile Injectables. The companys focus will be on generating operating cash in life science ingredients by retrofitting plants for better capacity utilization with new product introductions. In drug discovery solutions, the focus will be on revenue growth aided by strong pipeline and onboarding of new customers. The compnays endeavours to reduce debt through operating cash flow and to improve key financial ratios will continue.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in Pharmaceuticals, Life Science Ingredients and Drug Discovery Solutions.

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Reliance Communications gets High Court approval for scheme of arrangement
Oct 28,2016

Reliance Communications announced that the that Honble High Court of Judicature at Bombay on 27 October 2016 sanctioned the Scheme of Arrangement between the Company and Reliance Telecom (RTL), a wholly owned subsidiary of the Company, for demerger of Telecom Undertaking consisting of 5 License Service Area of RTL into the Company (Scheme).

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Bajaj Finserv gains after robust Q2 result
Oct 28,2016

The result was announced after market hours yesterday, 27 October 2016.

Meanwhile, the S&P BSE Sensex was up 30.91 points or 0.11% at 27,946.81

On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 21,772 shares in the past one quarter. The stock hit a high of Rs 3,400 and a low of Rs 3,289 so far during the day. The stock had hit a record high of Rs 3,443 on 19 October 2016. The stock had hit a 52-week low of Rs 1,575.70 on 23 February 2016. The stock had outperformed the market over the past 30 days till 27 October 2016, rising 1.14% compared with 1.33% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.15% as against Sensexs 0.48% decline.

The large-cap stock has equity capital of Rs 79.57 crore. Face value per share is Rs 5.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. The company participates in financing business through its 57.28% holding in Bajaj Finance and in the protection business through its 74% holding in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). Bajaj Finserv holds 92.50 lakh warrants convertible into equity shares of Bajaj Finance on or before 1 December 2016. When exercised, the holding of Bajaj Finserv in Bajaj Finance will increase from 57.28% to 58%.

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Cupid fixes record date for interim dividend
Oct 28,2016

Cupid has fixed 09 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

Further, the payment of dividend shall be made on 22 November 2016.

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