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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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Aditya Birla Nuvo allots 6495 equity shares
Mar 22,2017

Aditya Birla Nuvo has allotted 6,495 equity shares of Rs 10 each on 22 March 2017 under ESOS 2013. The paid up share capital has increased to Rs 130.25 crore comprising of 1302,56,073 equity shares of Rs 10 each.

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Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year
Mar 22,2017

The window of fulfilling the aspiration of owning a pucca house for the tax paying large middle class population, announced by Prime Minister Shri Narendra Modi in his address to the Nation on December 31st last year has been made operational from the next day i.e January 1st this year. This interest subsidy scheme has been named as Credit Linked Subsidy Scheme for Middle Income Groups - CLSS(MIG).

Operational Guidelines for CLSS(MIG) to this effect have been released by Minister of Housing and Urban Poverty Alleviation Shri M.Venkaiah Naidu.

Middle Income Groups (MIG) with annual incomes of above Rs.6.00 lakhs and up to Rs.18.00 lakhs per year are eligible for interest subsidy on housing loans under the new CLSS(MIG). Those who have been sanctioned housing loans and whose applications are under consideration since January first this year are also eligible for interest subsidy.

Shri Naidu said that Middle Income Groups make substantial contribution to the economic growth of the country besides paying taxes and deserved support to fulfill the dream of owning a house which is a basic and genuine aspiration. He further said that large scale incentivisation of affordable housing will boost real estate sector resulting in employment generation as well. He urged the banks and other lending institution to adopt a pro-active approach to reach the benefits to MIG people.

Minister of State for HUPA Rao Inderjit Singh said Housing for All Mission is the most important initiatives of the Government to ensure a decent house for all by 2022.

Since the middle income groups are better equipped to take advantage of the interest subsidy scheme in quick time and to enable meeting the Housing for All target by 2022, implementation of CLSS(MIG) is initially envisaged for one year.

Prime Minister has announced interest subsidy of 4% on housing loans of up to Rs.9.00 lakhs of those with an income of Rs.12.00 lakh per year and of 3% on housing loans of up to Rs.12.00 lakh of those earning Rs.18.00 lakh per year.

In the Guidelines for CLSS(MIG), the tenure of loan has been stipulated to be 20 years or that preferred by the beneficiary, whichever is lower. The total interest subsidy accruing on these loan amounts will be paid to the beneficiaries up front in one go there by reducing the burden of Equated Monthly Instalment (EMI). The total interest subsidy to be paid to MIG people on Rs.9.00 loan comes to Rs.2.35 lakh and on a loan of Rs.12.00 lakh, it comes to Rs.2.30 lakh per beneficiary.

While defining the beneficiary family as comprising of wife, husband and unmarried daughters and sons, the Guidelines, in an acknowledgement of the aspirations of the youth, have made even unmarried and earning young adults eligible for taking the benefit of interest subsidy under CLSS(MIG), for acquisition/construction of a new house including repurchase.

Interest subsidy will be provided on loans for construction/acquisition of house with carpet area of 90 sq.mtres by those earning Rs.12.00 lakh per annum and of 110 sq.mt by those earning Rs.18.00 lakh per year.

Under the Guidelines, preference is to be given to women with overriding preference towidows, single working women, persons belonging to Scheduled Castes and Scheduled Tribes, Backward Classes, Differently abled and Transgender people.

Small Finance Banks and Non Banking Finance Company-Micro Finance Institutions also have been recognized to function as Primary Lending Institutions to widen the scope of implementation of CLSS(MIG) in addition to Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State and Urban Cooperative Banks for accepting applications directly from beneficiaries and advancing loans under the scheme.

While the new CLSS(MIG) covers people with income of up to Rs.12 lakh and Rs.18 lakh per year, the CLSS component of PMAY(Urban) launched in June, 2015 and applicable to Economically Weaker Sections (EWS) and Low Income Group (LIG) covers urban poor with income levels of Rs.3.00 lakh and Rs.6.00 lakh per year respectively. Under CLSS(EWS/LIG), interest subsidy of 6.50% is being provided on a loan of up to Rs.6.00 lakh. Tenure of this loan is now increased to 20 years from the earlier 15 years, to enable easy repayments. Total interest subsidy available to each beneficiary under this component is Rs.2.30 lakh.

Shri Sriram Kalyanaraman, MD and CEO of National Housing Bank informed that interest subsidy of 4% under CLSS(MIG) will bring down Equated Monthly Installment of beneficiaries by Rs.2,062 per month on a housing loan of Rs.9.00 lakhand interest subsidy of 3% will bring down EMI by Rs.2,019 on a loan of Rs.12.00 lakh, taking normal housing loan interest rate as 8.65%. He further said during 2015-16, against total new bookings of 28.90 lakh units with loans of up to Rs.10 lakhs each, Public Sector Banks and Housing Finance Banks advanced loans of Rs.9.50 lakh crore and accounted for 64% of total bookings.

70 lending institutions including 45 Housing Finance Companies, 15 scheduled banks, 2 Regional Rural Banks, 1 Cooperative Bank, 4 Small Finance Banks and 3 Non-Banking Finance Companies-Micro Finance Institutions today signed Memoranda of Understanding with National Housing Bank (NHB) today for implementation of CLSS(MIG) component of PMAY(Urban).

NHB and Housing and Urban Development Corporation(HUDCO) have been designated as Central Nodal Agencies (CAN) for implementation of CLSS for both MIG and EWS/LIG who would reimburse interest subsidy to Primary Lending Institutions (PLIs) based on the loans advanced to beneficiaries by PLIs. PLIs include Scheduled Commercial Banks, Housing Finance Companies, Small Housing Banks, State and Urban Cooperative Banks, Regional Rural Banks and NBFC-MFI.

Beneficiaries eligible for interest subsidy under CLSS can directly apply to PLIs and PLIs after due verification of applications will sanction loans and there after claim subsidy from CNAs.

No processing fee will be charged by PLIs from the applicants under CLSS.

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Amines & Plasticizers gets NCLT approval for scheme of amalgamation
Mar 22,2017

Amines & Plasticizers announced that the Honble National Company Law Tribunal, Guwahati Bench, Assam has confirmed the Amalgamation of APL Engineering Services (wholly owned subsidiary of the Company) with the Company vide its Order dated 22 March 2017.

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Hong Kong Stocks tumble on Trump policies concerns
Mar 22,2017

The Hong Kong stock market closed session lower on Wednesday, 22 March 2017, dragged down by concerns over implementation of U.S. President Donald Trumps economic policies, with particular worries around trade and a possible slow process toward any tax reform. The Hang Seng Index ended down 272 points or 1% to 24,320. The H-share index fell 187 points or 1.8% to 10,456. Turnover increased to HK$103.5 billion from HK$95.2 billion on Tuesday.

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China Stocks snap two-day winning streak
Mar 22,2017

The Mainland China equity market ended down for the first time in three consecutive session on Wednesday, 22 March 2017, due to worries over tightening liquidity in the domestic banking system, and uncertainty over whether US President Donald Trump will be able to get his economic policies approved in a timely fashion. Main sectors fell across the board, led by banks and property stocks. The blue-chip CSI300 index fell 0.5%, to 3,450.05 points, while the Shanghai Composite Index lost 0.5% to 3,245.22 points. The Shenzhen Composite Index lost 6.05 points or 0.30% to end at 2,037.89.

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Asia Pacific Market: Stocks tumble on Trump policy concerns
Mar 22,2017

Asia Pacific share market closed notably lower on Wednesday, 22 March 2017, on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts.

U.S. equities had the worst day of the year for stocks on Tuesday, as banks struggled with falling yields and over concerns that President Donald Trump faces legislative roadblocks in passing a healthcare overhaul. Trump has suggested the GOP cannot move forward with tax reform plans until lawmakers keep the promise to repeal and replace Obamacare. The Dow Jones industrial average dropped 1.14% to close at 20,668.01, the S&P 500 tumbled 1.24% to end at 2,344.02 and the Nasdaq composite dropped 1.83% to close at 5,832.53.

Since Trumps presidential victory last November, there have been expectations for deregulation, tax reform and an increase in fiscal spending. But the Trump administration has indicated that healthcare reform would take precedence over tax reform. House Republicans are expected to vote on repealing and replacing the Affordable Care Act on Thursday with the votes needed for passage in doubt.

The markets also noted comments from Cleveland Federal Reserve President Loretta Mester on Tuesday in the U.S. that if economic data holds up she would support a reduction in the Feds $4.5 trillion balance sheet.

Stocks globally and the U.S. dollar have broadly rallied in the wake of President Donald Trumps election in November, buoyed by his talk of a tax overhaul and infrastructure investment. However, roadblocks have risen ahead of Thursdays scheduled vote to dismantle the Affordable Care Act, triggering a market pullback Tuesday in the U.S. that has carried overseas and has investors questioning Trumps ability to make good on his policy promises. Market participants are doubtful of whether President Trump is able to deliver his phenomenal tax cuts.

During Asian hours, U.S. crude fell 0.1% to $48.18 a barrel, after it fell to its lowest since Nov. 29 to settle at $47.34 during U.S. hours on Tuesday. Brent crude was flat at $50.94. Late Tuesday in the U.S., the American Petroleum Institute reported a 4.53 million barrels build in crude stocks at the end of last week, nearly double the expected gain.

Spot gold was trading at $1,244.36 per ounce, up for its sixth consecutive session and near a three-week high.

Among Asian bourses

Australia Shares end notably down

Australian equity market finished session steep down, on following the negative lead from Wall Street overnight amid worries that U.S. President Donald Trump will face hurdles in delivering promised tax and healthcare reform. In addition, weak commodity prices weighed on resources stocks. At the close, the benchmark S&P/ASX 200 index surrendered 90.10 points, or 1.56%, to 5,684.50, while the broader All Ordinaries index backtracked 87.50 points, or 1.5%, to 5,732. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 771 to 343 and 324 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 21.22% to 12.386.

The financial index shed 2.08%, on tracking similar losses in its US financial counterpart. ANZ Banking, Westpac Banking Corp and Commonwealth Bank of Australia fell more than 2% each.

Mining giants Rio Tinto, BHP Billiton and Fortescue Metals Group fell 2.6%, 2.9% and 5.3%, respectively after copper, steel and iron prices dropped on Tuesday.

Bucking the trend, gold miners advanced after gold prices rose to a near three-week high overnight on increased safe-haven demand. The gold index rose as much as 3.34% and hit its highest in three weeks. Newcrest Mining and Evolution Mining gained around 2%. Evolution Mining said it expects to achieve its March quarter and full-year production guidance.

Nikkei falls over Trump policy concerns

The Japan share market tumbled to lowest level in six-week on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. In addition, yen appreciation against greenback weighed on exporters stocks. The 225-issue Nikkei Stock Average shed 390.51 points, or 2.01%, to 19,065.37, its lowest since 9 February 2017. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 29.52 points, or 1.89%, to 1,533.90. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2873 to 326 and 169 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 6.63% to 15.59.

Japanese defense names were broadly lower after an apparent North Korea missile test that reports said failed. Reuters, citing Yonhap news agency, reported the isolated nation in the Korean peninsula may have conducted a missile launch with a U.S. military spokesman adding that a missile appears to have exploded within seconds of launch. Shares of Kawasaki Heavy Industries fell 3.92%, Komatsu fell 1.96% and ShinMaywa Industries was down 2.21%.

The stronger yen battered export-oriented names, including automakers Toyota and Fuji Heavy, electronic parts supplier Murata Manufacturing and industrial robot manufacturer Fanuc.

Mega-bank group Mitsubishi UFJ, brokerage firm Nomura, and insurers Tokio Marine and Dai-ichi Life met with heavy selling after their U.S. peers lost ground in New York on Tuesday.

By contrast, Nintendo attracted hefty purchases with investors taking heart from a media report that the game-maker plans to boost production of the Nintendo Switch video game console.

China Stocks snap two-day winning streak

The Mainland China equity market ended down for the first time in three consecutive session, due to worries over tightening liquidity in the domestic banking system, and uncertainty over whether US President Donald Trump will be able to get his economic policies approved in a timely fashion. Main sectors fell across the board, led by banks and property stocks. The blue-chip CSI300 index fell 0.5%, to 3,450.05 points, while the Shanghai Composite Index lost 0.5% to 3,245.22 points. The Shenzhen Composite Index lost 6.05 points or 0.30% to end at 2,037.89.

Investors were concerned about tightening liquidity in the banking system as the end of the quarter nears. Short-term interest rates in China surged on Tuesday as cash conditions tightened on worries the central banks quarterly risk assessment at the end of this month would restrict lending in the interbank market.

Investors are worried that US President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote on Thursday. The market also questioned Trumps ability to pass tax and spending reforms further down the line

Banks and property stocks declined, as a central bank survey found that 52.2% of urban households believed housing prices were unacceptably high in the first quarter. That reinforced expectations authorities will be more aggressive to cool a red-hot property market, even at the risk of dampening economic growth. Agricultural Bank of China shed 0.31%, while Bank of China tumbled 1.37%, Industrial and Commercial Bank of China dropped 1.06%, Vanke lost 0.52%, and Gemdale skidded 2.54%.Bucking the broad trend, stocks related to the One Belt, One Road infrastructure initiative continued to outperform, led by heavyweight infrastructure shares, as they were seen benefiting from the initiative.

Hong Kong Stocks tumble on Trump policies concerns

The Hong Kong stock market closed session lower, dragged down by concerns over implementation of U.S. President Donald Trumps economic policies, with particular worries around trade and a possible slow process toward any tax reform. The Hang Seng Index ended down 272 points or 1% to 24,320. The H-share index fell 187 points or 1.8% to 10,456. Turnover increased to HK$103.5 billion from HK$95.2 billion on Tuesday.

AAC Tech (02018) edged down 0.1% to HK$86.5 after hitting a day low of HK$83.65 even though its 2016 earnings growth of 29.6% to RMB4.03 billion. Chinese Overseas (00688) and CR Land (01109) also reported better than expected earnings. But both stocks fell 1.8% and 1.6% to HK$24.25 and HK$22.05.

Geely Automobile (00175) soared 5.8% to HK$11.98 after it reported 2016 net profit surged 126% to RMB5.11 billion. Brilliance China (01114) also put on 4.3% to HK$13.24 after HSBC Research upgraded its target price to HK$16.1 from HK$12.8.

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Nikkei falls over Trump policy concerns
Mar 22,2017

The Japan share market tumbled to lowest level in six-week on Wednesday, 22 March 2017, on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. In addition, yen appreciation against greenback weighed on exporters stocks. The 225-issue Nikkei Stock Average shed 390.51 points, or 2.01%, to 19,065.37, its lowest since 9 February 2017. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 29.52 points, or 1.89%, to 1,533.90. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2873 to 326 and 169 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 6.63% to 15.59.

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Australia Shares end notably down
Mar 22,2017

Australian equity market finished session steep down on Wednesday, 22 March 2017, on following the negative lead from Wall Street overnight amid worries that U.S. President Donald Trump will face hurdles in delivering promised tax and healthcare reform. In addition, weak commodity prices weighed on resources stocks. At the close, the benchmark S&P/ASX 200 index surrendered 90.10 points, or 1.56%, to 5,684.50, while the broader All Ordinaries index backtracked 87.50 points, or 1.5%, to 5,732. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 771 to 343 and 324 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 21.22% to 12.386.

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Aban Offshore announces appointment of nominee director
Mar 22,2017

Aban Offshore announced that the State Bank of India has nominated Pradeep Kumar as a Director on the Board of the Company on 22 March 2017.

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GHCL provides update on buyback of shares
Mar 22,2017

GHCL announced that pursuant to the Corporate Action executed on 21 March 2017 for extinguishment of 121,653 Equity Shares of Rs. 10/- each, the paid-up and issued share capital of GHCL stands reduced to Rs. 996,079,330/- consisting of 99,607,933 equity shares.

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Divis Laboratories provides update on import alert issued by USFDA
Mar 22,2017

Divis Laboratories further updated that the Import Alert by US-FDA for the products manufactured at the companys Unit-II at Visakhapatnam was issued under two clauses 66-40 & 99-32 of the FDA regulations. As mentioned earlier, the Agency has exempted the following products from the Import Alert: 1. Levetiracetam 2. Gabapentin 3. Lamotrigine 4. Capecitabine 5. Naproxen sodium 6. Raltegravir potassium 7. Atovaquone 8. Chloropurine 9. BOC core succinate 10. 2,4-wing active ester .The company has already initiated necessary measures to address the concerns raised by the US-FDA and is making all efforts to fully meet the compliance requirements.

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FM: Government to focus on two important areas including building infrastructure on war footing and substantial expenditure on development of rural In
Mar 22,2017

The Union Minister of Finance, Defence and Corporate Affairs Shri Arun Jaitley said that the Government would focus on two important areas including building infrastructure on war footing and substantial expenditure on development of rural India. The Finance Minister said that India is having the largest infrastructure creating programme in the world which include constructing 10,000 kms of road every year or 30 km a day, connecting every village with a regular road by 2019, to ensure that every village is electrified by 2018 and addition of 40-50 Regional Airports besides modernizing the Railway System among others.

The Finance Minister Shri Jaitley highlighted the various schemes and programmes launched by the present Government for the development of rural areas, including construction of roads, electrification of villages, cleanliness campaign by providing every rural household with a toilet system, implementing scheme Housing for all in rural areas by 2022 and high expenditure on rural irrigation, animal husbandry and dairy farming among others.

The Finance Minister Shri Jaitley said that the major challenges before the Government is uncertainty in international oil prices, slow pace of growth in the global economy, addressing the issue of increased private sector investment and tackling the problem of Non Performing Assets (NPAs) among others. The Finance Minister said that India will continue to be the fastest growing economy in the world and will continue to achieve the annual growth rate of 7-8 per cent and can further increase this growth rate provided the global economy also registers higher recovery.

The Finance Minister Shri Arun Jaitley said that micro and macro-economic indicators of the Indian economy are very strong and inflation, fiscal deficit and current account deficit etc. are very much in control. The Finance Minister also said that the major indirect tax reform in the history of the country since independence i.e. Goods and Services Tax Act is likely to be rolled-out from first of July this year which will simplify the most complicated indirect tax system in the country by subsuming various Central and State indirect taxes and introducing the concept of one tax one nation. The Finance Minister said that the GST will be a game changer and will help in curbing tax evasion, bringing transparency and efficiency in tax administration, reducing the prices of various items by avoiding tax on tax and ensuring seamless transfer of goods from one region to another among others.

The Finance Minister Shri Jaitley also said that as far as Foreign Direct Investment (FDI) is concerned, India is most preferred destination in the world today as it has opened its economy for FDI in various sectors especially in the last 2-3 years. The Finance Minister also touched upon the issue of demonetization stating that by withdrawing the legal tender character of Rs. 500 and Rs. 1000 notes with effect from 8th November, 2016, the anonymity attached with the cash is over and informal sector has to a large extent integrated with the formal sector and thereby making the Indian economy more cleaner, transparent and efficient. He said that cash was incentivising crime, corruption, tax evasion and black money among others. Shri Jaitley said that demonetizing on the one hand helped in tackling all these problems while on the other hand, led to increased digitization of transactions and reducing the overall impact of shadow economy among others.

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K S Oils announces change in company secretary and compliance officer
Mar 22,2017

K S Oils announced that Sandeep Kumar, Company Secretary and Compliance Officer has resigned from the Company with effect from 22 March 2017. The Company has appointed Pooja Sharma as Company Secretary and Compliance officer with effect from 22 March 2017.

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Rupee loses
Mar 22,2017

Rupee closed lower at 65.44/45 per dollar on Wednesday (22 March 2017), versus its previous close of 65.29/30 per dollar.

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Indian Overseas Bank to receive capital infusion of Rs 1100 cr from GoI
Mar 22,2017

Indian Overseas Bank announced that the Bank has received a communication from Ministry of Finance, Government of India, vide its letter dated 16 March 2017, informing inter alia, capital allocation of Rs.1100 crore in the Bank, as a part of turnaround linked capital infusion plan.

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