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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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Bharat Financial Inclusion assigns receivables aggregating Rs 271.73 cr
Jan 12,2017

Bharat Financial Inclusion announced that the Company on 11 January 2017 assigned a pool of receivables of an aggregate value of Rs. 271.73 crore to one of the largest public sector banks on direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This may be one of the largest assignment transactions in the microfinance industry post demonetization.

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Suncare Traders announces resignation of CFO
Jan 12,2017

Suncare Traders announced that Parth Shah, CFO of the Company, has tendered his resignation from the said post. The Company received his letter of resignation on 11 January 2017.

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NTPC gains as board approves investment for Dulanga coal mining project
Jan 12,2017

The announcement was made after market hours yesterday, 11 January 2017.

Meanwhile, the BSE Sensex was up 44.10 points, or 0.16%, to 27,197.65

On the BSE, 5,885 shares were traded on the counter so far as against the average daily volumes of 2.28 lakh shares in the past one quarter. The stock had hit a high of Rs 165.15 and a low of Rs 164.40 so far during the day.

The stock hit a 52-week high of Rs 169.95 on 19 August 2016. The stock hit a 52-week low of Rs 116.80 on 25 February 2016. The stock had underperformed the market over the past 30 days till 11 January 2017, falling 0.3% compared with 1.66% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 13.89% as against Sensexs 1.82% fall.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPCs net profit declined 17.87% to Rs 2495.97 crore on 8.41% rise in net sales to Rs 19241.47 crore in Q2 September 2016 over Q2 September 2015.

Established in 1975, NTPC is Indias largest power utility with an installed capacity of 48,028 megawatts (MW).

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Board of Swarna Securities to consider December quarter results
Jan 12,2017

Swarna Securities announced that the meeting of the Board of Directors will be held on 30 January 2017, inter alia, to consider the Un-audited financial results of the Company for the quarter ending 31 December 2016.

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Somany Ceramics to announce Q3 and 9M results
Jan 12,2017

Somany Ceramics announced that the meeting of the Board of Directors of the Company will be held on 24 January 2017, inter alia, to consider and approve:

- The Un-Audited Financial Results for the quarter and nine months ended 31 December 2016.

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TCS in focus ahead of Q3 results
Jan 12,2017

Shares of Tata Consultancy Services (TCS) will be in focus ahead of its Q3 December 2016 results today, 12 January 2016.

NTPC said that the board of directors of the company has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 MTPA at an appraised estimated cost of Rs 1053.41 crore. The announcement was made after market hours yesterday, 11 January 2017.

Biocon and Mylan N V announced that the US Food and Drug Administration (FDA) has accepted Mylans biologics license application (BLA) for MYL-1401O,a proposed biosimilar trastuzumab, for filing through the 351(k) pathway. This product is a proposed biosimilar to branded trastuzumab,which is indicated to treat certain HER2-positive breast cancers. The anticipated FDA goal date set under the Biosimilar User Fee Act(BsUFA) is 3 September 2017. The announcement was made after market hours yesterday, 11 January 2017.

Adani Ports and Special Economic Zone (APSEZ) said that its Finance Committee has executed the agreements pertaining to issuance of fixed rate senior unsecured notes (Notes) instead of the draft of the aforesaid agreements being approved by the Finance Committee in the earlier meeting. The announcement was made before market hours today, 12 January 2017.

APSEZ announced on 10 January 2017 that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee had reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (Notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions.

Dewan Housing Finance Corporation said that the company proposes to seek the approval of its board of directors at a meeting scheduled to be held on 16 January 2017, for raising funds by way of issue of preference shares. The announcement was made after market hours yesterday, 11 January 2017.

MRF said it signed a memorandum of understanding (MoU) with the Government of Gujarat expressing its in-principle intention to set up a new manufacturing facility in Gujarat for manufacturing automotive tyres, tubes, flaps and related products. The company proposes to invest a sum of about Rs 4500 crore over a ten year period in a phased manner. The new plant is planned to be set up in Gujarat with the intention of broad basing the companys manufacturing facilities across India. The project will be funded by internal accruals and / or debt. The announcement was made after market hours yesterday, 11 January 2017.

Atlanta said it has been declared as a preferred bidder for six laning a section of National Highway (NH)-8 in Gujarat under NHDP Phase V (Package-VI) on hybrid annuity mode at a total project cost of Rs 1292 crore by the National Highways Authority of India (NHAI). The company will form a special purpose vehicle (SPV) for the implementation of the said project. The announcement was made after market hours yesterday, 11 January 2017.

Ballarpur Industries said that India Ratings & Research (a Fitch Group Company) has revised the Long-Term Issuer Rating and the ratings on its non-convertible debenture to IND BBB- from IND A-, while resolving the Rating Watch Evolving. The announcement was made after market hours yesterday, 11 January 2017.

Mahindra Holidays & Resorts India, through Covington S.a.r.I, Luxembourg (Covington), its step-down subsidiary, has increased its stake in Holiday Club Resorts Oy, Finland (HCR) by acquiring additional 6.33% stake in the share capital of HCR. Consequently, its stake in HCR has been increased to 91.94% from 85.61% earlier. The announcement was made after market hours yesterday, 11 January 2017.

Great Eastern Shipping Company said that a meeting of the debenture issue committee is scheduled on 16 January 2017, to consider the issue of unsecured non-convertible debentures upto an amount not exceeding Rs 500 crore by way of private placement. The announcement was made after market hours yesterday, 11 January 2017.

Murudeshwar Ceramics said that a meeting of the board of directors of the company will be held on 25 January 2017 to consider issue of equity shares / convertible warrants to the promoter / promoters group companies on preferential basis. The announcement was made after market hours yesterday, 11 January 2017.

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Board of Tirupati Industries (India) accepts resignation of director
Jan 11,2017

Tirupati Industries (India) announced that Board of Directors had accepted the resignation of Anjali Parasnis, Independent Director of the Company.

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Sang Froid Labs (India) announces change in directorate
Jan 11,2017

Sang Froid Labs (India) announced that Kishore Amarnath Das has been appointed as Non-Executive Independent Director and Jitendra H. Gohel and Sonaki Shilpaben Kameleshbhai has resigned from the Directorship of the Company w.e.f. 07 January 2017.

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India and Israel committed to strengthen bilateral relations in the field of Agriculture
Jan 11,2017

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh met Israeli delegation led by the Agriculture and Rural Development Minister of Israel, Shri Uri Ariel to discuss issues relating to bilateral cooperation in agriculture between India and Israel. Both sides expressed satisfaction over the progress made in cooperation in the agriculture and allied sectors between the two countries.

Both sides expressed their commitment to further strengthen bilateral relations in the field of Agriculture which is manifested by the fact that the third phase of Action Plan for 2015-18 in the field of Horticulture has recently been finalized by the two countries. Under this program, as many as 27 Centres of Excellence (CoEs) in the cultivation of various fruits and vegetables, in 21 states, are being set up, out of which 15 CoEs are complete.

Further, both sides expressed the hope that while continuing the two countries could embark upon newer areas of cooperation at the Government to Government and Business to Business levels between the two countries so as to further enhance the relationship.

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Karnataka Bank prepones board meeting to consider Q3 results
Jan 11,2017

Karnataka Bank announced that the meeting of Board of Directors of the Bank is preponed to be held on 23 January 2017, instead of 24 January 2017 as informed earlier, to consider, inter alia, the unaudited financial results for the quarter ended 31 December 2016 (Q3).

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Atlanta secures road project from NHAI
Jan 11,2017

Atlanta announced that the Company has been declared as a preferred bidder for Six Laning of Km.401.200 to 494.410 of NH-8 in the States of Gujarat (Length 93.210 Km) under NHDP Phase V (Package-VI) on Hybrid Annuity Mode at a Total Project Cost of Rs. 1292 crore by the National Highways Authority of India (NHAI).

The Company will form a Special Purpose Vehicle (SPV) for the implementation of the said project.

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MRF plans to set up new manufacturing facility in Gujarat
Jan 11,2017

MRF announced that the Company has on 11 January 2017 signed a Memorandum of Understanding [MOU] with the Government of Gujarat expressing its in-principle intention to set up a new manufacturing facility in Gujarat for manufacture of automotive tyres, tubes, flaps and related products. The Company proposes to invest a sum of about Rs. 4500 crore over a ten year period in a phased manner. The new plant is planned to be set up in Gujarat with the intention of broad basing the Companys manufacturing facilities across India. The project will be funded by internal accruals and / or debt.

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Shreenath Industrial Investment Company launches residential project Hastagiri Heights
Jan 11,2017

Shreenath Industrial Investment Company is launching its first Construction Project Hastagiri Heights at Jalalpur, Nashik. The ground breaking of this residential project is scheduled on 21 January 2017.

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IP Rings provides update on proposed rights issue
Jan 11,2017

IP Rings announced that Rights Issue Sub-Committee of the Company has decided on the following, at its Meeting held on 11 January 2017, in connection with the proposed Rights Issue:

- Rights Issue Opening Date : 23 January 2017

- Rights Issue Closing Date : 06 February 2017

- Last Date for Request for Split Application Forms : 30 January 2017

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Karnataka Bank opens branch at Tirupur - Anupparpalayam
Jan 11,2017

Karnataka Bank has opened its 739th branch at Tirupur - Anupparpalayam on 11 January 2017.

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