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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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G E Shipping surges after taking delivery of vessel
Mar 16,2017

The announcement was made during market hours today, 16 March 2017.

Meanwhile, the S&P Sensex was up 121.34 points or 0.41% at 29,519.45.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 11,262 shares in the past one quarter. The stock had hit a high of Rs 395 and a low of Rs 377.55 so far during the day.

The stock had hit a 52-week high of Rs 410.40 on 20 January 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past one month till 15 March 2017, advancing 4.93% compared with the Sensexs 4.41% rise. The scrip had, however, underperformed the market over the past one quarter advancing 2.78% as against the Sensexs 10.86% rise.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

Great Eastern Shipping Company announced that the company took delivery of Secondhad Suezmax Crude Carrier n++Jag Leenan++ of about 1.57 lakh deadweight tons (dwt). The company had contracted to buy the vessel in December 2016.

With the inclusion of this vessel, the companys current fleet stands at 43 vessels, comprising 28 tankers and 15 dry bulk carriers with an average age of 9.56 years aggregating 3.54 mn dwt. Additionally, the company has committed to purchase 1 Secondhand Suezmax.

Great Eastern Shipping Companys consolidated net profit fell 33.4% to Rs 238.36 crore on 23.2% decline in net sales to Rs 738.91 crore in Q3 December 2016 over Q3 December 2015.

GE Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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L&T Electrical & Automation FZE secures large order from Qutar Rail Compnay
Mar 16,2017

L&T Electrical & Automation FZE, the competency centre for L&T Electrical & Automations automation business in UAE, won an order worth Rs 500 crore from Qutar Rail Company for Phase 1 of Doha Metro. The scope of the order encompasses supply, installation, testing, integration, commissioning and 5 years maintenance of network-wide building automation and control systems (BACS) for 37 stations.

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Cabinet approves revised MoU and Mode of Operation between India and Bangladesh for establishing Border Haats on India-Bangladesh Border
Mar 16,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval to the Revised Memorandum of Understanding (MoU) and Mode of Operation (MoO) between India and Bangladesh for establishing Border Haats on India-Bangladesh Border.

The Border Haats aim at promoting the well-being of the people dwelling in remote areas across the borders of two countries, by promoting traditional system of marketing the local produce through local markets. These measures help to improve economic well-being of marginalised sections of society.

Currently four Border Haats are operational, two each in Meghalaya and Tripura, which were established and operationalized under the MoU and Mode of operation of Border Haats earlier signed between Bangladesh and India on 23rd October, 2010, Subsequently, an Addendum to Mode of operation of Border Haats was also signed on 15th May, 2012. The Revised MoU and Mode of Operation will provide a legal framework for establishment and operationalization of additional Border Haats.

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PI Industries drops on profit booking
Mar 16,2017

Meanwhile, the S&P BSE Sensex was up 122.40 points or 0.42% at 29,520.51

On BSE, so far 1,329 shares were traded in the counter as against average daily volume of 11,879 shares in the past one quarter. The stock hit a high of Rs 906.30 and a low of Rs 881.20 so far during the day. The stock had hit a record high of Rs 950.10 on 2 February 2017. The stock had hit a 52-week low of Rs 550 on 29 March 2016.

The large-cap company has equity capital of Rs 13.76 crore. Face value per share is Re 1.

PI Industries net profit rose 32.65% to Rs 93.97 crore on 5.07% fall in net sales to Rs 480.60 crore in Q3 December 2016 over Q3 December 2015.

PI Industries focuses on agri-input and custom synthesis.

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Bodal Chemicals acquires about 42% stake in Trion Chemicals
Mar 16,2017

Bodal Chemicals has invested and acquired approx 42% stake in Trion Chemicals for cash consideration of Rs 2.9 crore on 16 March 2017.

Trion Chemicals has recently completed commissioning of speciality chemicals plant and started manufacturing TCCA (Trichloroisocyanuric Acid) at its plant in village Neja, Near Khambhat, Gujarat.

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Gandhi Special Tubes announces appointment of compliance officer
Mar 16,2017

Gandhi Special Tubes announced that Shobhana Rajan Vartak- Chief Financial Officer, will also act as a Compliance Officer of the Company with effect from 11 March 2017.

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Ashoka Buildcon provides update on subsidiary - Ashoka Concessions
Mar 16,2017

Ashoka Buildcon (the Company) announced that the Companys subsidiary viz. Ashoka Concessions (ACL) had submitted its bid to National Highways Authority of India (NHAI) for the Project viz. Request for Proposal for Six laning of from Ranastalam to Anandpuram (Visakhapatnam) (from km 634.000 to km 681.000) section of NH-5 (New NH- 16) in the state of Andhra Pradesh under NHDP Phase - V (Package II) on Hybrid Annuity Mode Project(Project). ACL emerged as the Lowest Bidder at the Financial Bid opening meeting. The Bid Project Cost quoted by ACL is Rs 1,187.10 crore.

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Ajanta Pharma to hold board meeting
Mar 16,2017

Ajanta Pharma will hold a meeting of the Board of Directors of the Company on 18 March 2017, to consider and approve inter-alia payment of second interim dividend for FY 17.

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Abhijit Trading Company to hold board meeting
Mar 16,2017

Abhijit Trading Company will hold a meeting of the Board of Directors of the Company on 24 March 2017.

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Venus Remedies to hold board meeting
Mar 16,2017

Venus Remedies will hold a meeting of the Board of Directors of the Company on 18 March 2017.

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Venus Remedies gains as board to consider allotment of shares
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 128.02 points, or 0.44%, to 29,526.13

On the BSE, so far 77,000 shares were traded in the counter, compared with average daily volumes of 29,336 shares in the past one quarter. The stock had hit a high of Rs 104.85 and a low of Rs 99.55 so far during the day. The stock hit a 52-week high of Rs 142.80 on 5 October 2016. The stock hit a 52-week low of Rs 65 on 1 June 2016.

The small-cap company has equity capital of Rs 11.44 crore. Face value per share is Rs 10.

Venus Remedies reported net loss of Rs 2.10 crore in Q3 December 2016 as against net loss of Rs 0.25 crore in Q3 December 2015. Net sales declined 12.61% to Rs 84.49 crore in Q3 December 2016 over Q3 December 2015.

Venus Remedies is a pharmaceutical company.

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Great Eastern Shipping Company takes delivery of Jag Leena
Mar 16,2017

Great Eastern Shipping Company has taken delivery of Secondhand Suezmax Crude Carrier Jag Leena (2010 Built) of about 157,000 dwt. The Company had contracted to buy the vessel in December 2016.

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Adani Power allots 3,38,34,391 equity shares
Mar 16,2017

Adani Power announced the allotment of 3,38,34,391 equity shares of Rs. 10/- each upon partial conversion of the Convertible Warrants as earlier issued and allotted on preferential basis to Promoter Group Entities.

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Shriram Transport Finance drops on profit booking
Mar 16,2017

Meanwhile, the S&P Sensex was up 137.49 points or 0.47% at 29,539.45.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 83,022 shares in the past one quarter. The stock had hit a high of Rs 1,071.95 and a low of Rs 1,039.55 so far during the day.

The stock had hit a record high of Rs 1,325 on 1 August 2016 and a 52-week low of Rs 778 on 26 December 2016. The stock had outperformed the market over the past one month till 15 March 2017, advancing 14.71% compared with the Sensexs 4.41% rise. The scrip had also outperformed the market over the past one quarter advancing 25.72% as against the Sensexs 10.86% rise.

The large-cap company has equity capital of Rs 226.88 crore. Face value per share is Rs 10.

Shriram Transport Finance Company had rallied 11.96% in the preceding two trading sessions to settle at Rs 1,071.60 yesterday, 15 March 2017, from its closing of Rs 957.15 on 10 March 2017.

Shriram Transport Finance Companys net profit fell 7.8% to Rs 345.96 crore on 5.8% increase in total income to Rs 2717.43 crore in Q3 December 2016 over Q3 December 2015.

Shriram Transport Finance Company is one of the leading asset financing non-banking financial companies (NBFC) in India.

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Wipro moves higher after opening AEC in Detroit
Mar 16,2017

The announcement was made after market hours yesterday, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 166.69 points, or 0.57%, to 29,564.80

On the BSE, so far 6.69 lakh shares were traded in the counter, compared with average daily volumes of 1.03 lakh shares in the past one quarter. The stock had hit a high of Rs 500 and a low of Rs 495.35 so far during the day. The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 410 on 9 November 2016.

The large-cap company has equity capital of Rs 486.18 crore. Face value per share is Rs 2.

Wipro said that the Automotive Engineering Center (AEC) aims to drive innovation in connected vehicle concepts - design, product engineering, digital customer-vehicle experiences, artificial intelligence, and sensors-driven advanced vehicle data analytics.

The Wipros AEC is part of the companys vision to build a global network of delivery centers that offer best-in-class engineering and IT services, augmented by leading-edge automotive domain and digital solutions. The center will serve as a hub to support the automotive engineering and IT requirements of original equipment manufacturers (OEMs) and tier-I suppliers, based in North America.

Separately, Wipro announced after market hours yesterday, 15 March 2017, its partnership with Harte Hanks, an American marketing services company to offer marketing technology services. As a part of the multi-year engagement, Wipro will upgrade Harte Hanks data analytics and applications platform, create a scalable operating model and simplify IT related processes for the company.

Wipros consolidated net profit rose 2.04% to Rs 2109.40 crore on 0.93% decline in net sales to Rs 13764.50 crore in Q3 December 2016 over Q2 September 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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