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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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Kshitij Investments to hold board meeting
Oct 27,2016

Kshitij Investments will hold a meeting of the Board of Directors of the Company on 4 November 2016, to consider and take on record the unaudited financial results (provisional) for the quarter ended 30 September 2016.

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BNR Udyog to hold board meeting
Oct 27,2016

BNR Udyog will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider Un-audited financial results for the quarter ended 30 September 2016.

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Nimbus Foods Industries to hold board meeting
Oct 27,2016

Nimbus Foods Industries 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 quarter ended on 30 September 2016

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Sarvamangal Mercantile Co. to hold board meeting
Oct 27,2016

Sarvamangal Mercantile Co. will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, approve and take on records text of Un-Audited Financial Results (provisional) for the quarter ended 30 September 2016.

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OTCO International to hold board meeting
Oct 27,2016

OTCO International will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record the Un-audited Financial Results for the Quarter ended on 30 September 2016.

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Zenith Health Care to hold board meeting
Oct 27,2016

Zenith Health Care will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve the unaudited financial results of the Company for the quarter ended on 30 September 2016.

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Moodys: Hyundai Motors rating unaffected by weaker 3Q 2016 results
Oct 27,2016

Moodys Investors Service says that the year-on-year weakening in Hyundai Motor Companys operating results for 3Q 2016 will not impact the automakers Baa1 issuer rating and stable outlook.

Hyundai Motors weaker operating performance in 3Q 2016 was mainly because of a prolonged strike by its labor union in Korea, as well as continued intense competition in the global auto market, says Wan Hee Yoo, a Moodys Vice President and Senior Analyst.

According to the companys announcement on 26 October 2016, Hyundai Motors unadjusted operating margin (ex-finance) fell to 5.0% in 3Q 2016 from 6.4% in 3Q 2015.

The strike by Hyundai Motors labor union in Korea during 3Q 2016 led to a significantly lower utilization rate of its domestic plants, which pressured in turn its profitability. The year-on-year appreciation of the Korean won against US dollar in 3Q 2016 also negatively affected the companys earnings.

These factors more than offset the sales recovery in emerging markets such as China (Aa3 negative), Russia (Ba1 negative) and Brazil (Ba2 negative).

Year-on-year unit shipment growth in 3Q 2016 n++ including sales from its joint venture in China n++ registered negative 3.3%, while global retail sales grew about 1.9% during the same period. These results indicate that the companys inventory levels fell, which has a positive impact on its cash flow.

The growth in retail sales in 3Q 2016 was mainly a result of robust sales in China, India (Baa3 positive) and Western Europe, despite weak performance in the domestic market.

Moodys anticipates that Hyundai Motors auto shipments will rebound in 4Q 2016 to make up for the production loss in 3Q 2016. However, the companys auto shipments should fall by about 1.5% year-on-year for the whole of 2016, owing to weak sales growth in the domestic market, as well as some emerging countries.

The companys reported operating margin (ex-finance) will likely weaken moderately year-on-year to about 6.3% in 2016 from 6.8% in 2015, because of a decline in auto shipments, as well as continued intense price competition. This level of profitability remains consistent with its Baa1 rating category.

Moodys expects Hyundai Motors profitability in 2017 to remain similar to the level seen in 2016, given the persistently challenging operating environment in the global auto industry, and an increase in R&D expenses.

Moodys estimates that Hyundai Motors reported net liquidity holdings (ex-finance) at end-September 2016 are at levels largely similar to the KRW11.4 trillion at end-2015. Such large liquidity holdings continue to provide a key support to its Baa1 rating.

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Solid Carbide Tools announces cessation of directors
Oct 27,2016

Solid Carbide Tools announced that Saurabh Sajjanraj Kothari and Keyur Ramesh Chandra Sanghvi, independent Directors of the Company are no longer associated with the Company as their term of Appointment has been expired and not willing to be re-appointed.

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Torrent Pharma slumps after weak Q2 results
Oct 27,2016

The result was announced after market hours yesterday, 26 October 2016.

Meanwhile, the S&P BSE Sensex was down 143.96 points or 0.52% at 27,692.55

On BSE, so far 49,800 shares were traded in the counter as against average daily volume of 18,533 shares in the past one quarter. The stock hit a high of Rs 1,494 and a low of Rs 1,400.20 so far during the day. The stock had hit a record high of Rs 1,767.80 on 25 August 2016. The stock had hit a 52-week low of Rs 1,190 on 12 February 2016. The stock had underperformed the market over the past 30 days till 26 October 2016, falling 5.4% compared with 1.37% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 9.07% as against Sensexs 1.32% decline.

The large-cap company has equity capital of Rs 84.61 crore. Face value per share is Rs 5.

Torrent Pharmaceuticals consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 52.73% to Rs 372 crore in Q2 September 2016 over Q2 September 2015. The company said that Q2 September 2015 period included exceptional revenues and profits which was primarily on account of the launch of a new product launch in the US market which had limited competition. The research and development spend surged 94.74% to Rs 111 crore in Q2 September 2016 over Q2 September 2015.

Torrent Pharmaceuticals is the flagship company of the Torrent Group. The company is engaged in the manufacture of formulations and bulk drugs.

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Asian Granito India gets upgradation in credit ratings
Oct 27,2016

Asian Granito India announced that ICRA, vide its letter dated 24 October 2016 has upgraded the long-term rating from [ICRA] A- (pronounced ICRA A minus) to [ICRA] A (pronounced ICRA A) with a stable outlook and the short term rating from [ICRA] A2+ (pronounced ICRA A two plus) to [ICRA] A1 (pronounced ICRA A one) for the ICRA Rating for Rs. 312 crore Lines of Credit of Asian Granito India.

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IIFL Holdings jumps after good Q2 results
Oct 27,2016

The result was announced after market hours yesterday, 26 October 2016.

Meanwhile, the BSE Sensex was down 120.80 points, or 0.43%, to 27,715.71.

On BSE, so far 36,000 shares were traded in the counter, compared with average daily volume of 49,670 shares in the past one quarter. The stock hit a high of Rs 301.25 and a low of Rs 290.75 so far during the day. The stock hit a 52-week high of Rs 312.20 on 5 August 2016. The stock hit a 52-week low of Rs 163.50 on 29 February 2016. The stock had outperformed the market over the past 30 days till 26 October 2016, rising 2.51% compared with 1.37% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.65% as against Sensexs 1.32% decline.

The mid-cap company has equity capital of Rs 63.42 crore. Face value per share is Rs 2.

IIFL Holdings consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 37% to Rs 859.80 crore in Q2 September 2016 over Q2 September 2015.

Loan assets under management in non-banking financial company (NBFC) operations rose 22% to Rs 20474 crore in Q2 September 2016 over Q2 September 2015.

Total wealth assets grew 29% to Rs 100396 crore in Q2 September 2016 over Q2 September 2015.

Nirmal Jain, Chairman, IIFL Holdings, said the company is pleased to report an all round healthy profit growth in core businesses, with return on equity close to 21%. Retail lending, the dominant business continues to witness robust growth and strategic focus is on progressive digital delivery of loans. Wealth management and Capital market businesses are on long term growth trajectory and focus is customer centricity.

IIFL Holdings is the apex holding company of the entire IIFL Group. It offers a gamut of services including financing, wealth and asset management, broking, financial product distribution, investment banking, institutional equities, realty and property advisory services through its various subsidiaries.

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L&T Technology Services fixes record date for interim dividend
Oct 27,2016

L&T Technology Services has fixed 22 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Lakshmi Machine Works fixes record date for buyback of shares
Oct 27,2016

Lakshmi Machine Works announced that 08 November 2016, is fixed as the Record Date for determining the eligibility of the shareholders for the buyback of 3,11,000 equity shares of Rs. 10/- each of the Company.

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James Hotels announces resignation of director
Oct 27,2016

James Hotels announced Amrit Pal Bedi, Independent Woman Director, has resigned from Directorship with effect from 01 October 2016. The Board of Directors have taken on record her resignation in the Board Meeting held on 15 October 2016.

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Indian Hume Pipe hits record high after robust Q2 results
Oct 27,2016

The result was announced after market hours yesterday, 26 October 2016.

Meanwhile, the BSE Sensex was down 128.64 points, or 0.46%, to 27,707.87.

On BSE, so far 31,000 shares were traded in the counter, compared with average daily volume of 13,813 shares in the past one quarter. The stock hit a high of Rs 907.90 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 854.40 so far during the day. The stock hit a 52-week low of Rs 272.50 on 29 February 2016. The stock had outperformed the market over the past 30 days till 26 October 2016, rising 30.47% compared with 1.37% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 55.86% as against Sensexs 1.32% decline.

The small-cap company has equity capital of Rs 4.84 crore. Face value per share is Rs 2.

In a separate announcement, Indian Hume Pipe Company said that its board recommended issuing bonus shares in the proportion of one bonus share for every one equity share held (1:1).

Indian Hume Pipe Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

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