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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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Outcome of board meeting of Pincon Lifestyle
Jun 29,2017

Pincon Lifestyles announced that the Board of Directors at its meeting held on 29 June 2017 has approved becoming 100% shareholder of a new company to be formed in Sarjah Media City Free Zone - Shams, Dubai with the name of Pincon Lifestyle LLC.

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Rajesh Exports bags an export order
Jun 29,2017

Rajesh Exports announced that the Company has bagged a new export order worth Rs 774 crore.

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TCFC Finance to hold AGM
Jun 29,2017

TCFC Finance announced that the 26th Annual General Meeting (AGM) of the company will be held on 22 August 2017.

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Alkali Metals to hold AGM
Jun 29,2017

Alkali Metals announced that the 49th Annual General Meeting (AGM) of the company will be held on 4 August 2017.

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VCK Capital Market Services to hold AGM
Jun 29,2017

VCK Capital Market Services announced that the 34th Annual General Meeting (AGM) of the company will be held on 2 August 2017.

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BSL to hold AGM
Jun 29,2017

BSL announced that the 46th Annual General Meeting (AGM) of the company will be held on 26 September 2017.

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HT Media to hold board meeting
Jun 29,2017

HT Media will hold a meeting of the Board of Directors of the Company on 18 July 2017, to consider and approve the Un-audited Financial Results of the Company for the quarter ending on 30th June 2017.

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LT Foods gets energized after starting operations of plant
Jun 29,2017

The announcement was made after market hours yesterday, 28 June 2017.

Meanwhile, the S&P BSE Sensex was up 195.91 points, or 0.64%, to 31,030.23. The S&P Small-Cap index was up 195.86 points, or 1.29%, to 15,357.18.

On the BSE, 61,462 shares were traded in the counter so far, compared with average daily volume of 1.53 lakh shares in the past one quarter. The stock hit a high of Rs 69 and a low of Rs 67.05 so far during the day. The stock hit a record high of Rs 84.70 on 23 May 2017. The stock hit a 52-week low of Rs 21.11 on 9 November 2016.

The stock had underperformed the market over the past one month till 28 June 2017, falling 10.66% compared with 0.62% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 13.45% as against Sensexs 4.84% gains. The scrip also outperformed the market in past one year, jumping 178.45% as against Sensexs 16.25% gains.

The small-cap company has equity capital of Rs 26.67 crore. Face value per share is Re 1.

LT Foods has made an investment of $15 million in the plant with initial capacity of 60,000 tonnes and scope for further expansion in the future. The company plans to make its most popular Daawat brand a household name in Europe using raw material from India. The move will benefit 5,000 farmer families in India with brown rice supply increasing from India.

LT Foods plant is the first rice processing plant by any Indian foods brand in Europe. LT Foods plans to expand its geographical footprint in important markets of Europe and UK through this plant by increasing its sales from the current 5,000 tonnes to 60,000 tonnes over the next 3 years.

The company would be manufacturing a wide range of rice including popular varieties like Basmati, Thai, Jasmine and American rice from the new plant. Rotterdam, which is popularly known as the gateway to Europe will be a critical geographical location as it will give the company easy access to the whole of Europe and UK for its expansion plans.

LT Foods has collaborated with Rotterdam Partners, The Port of Rotterdam Authority and Netherlands Foreign Investment Agency (NFIA) for this initiative. LT Foods which is already a leading food brand in India and the number one speciality food brand in the US is aggressively expanding its geographical footprint to new territories globally. The company has already launched Daawat brand in 6 new countries in 2017 and plans to expand its product offerings and portfolio globally.

On consolidated basis, LT Foods net profit rose 507.7% to Rs 33.73 crore on 19.5% growth in net sales to Rs 962.15 crore in Q4 March 2017 over Q4 March 2016.

LT Foods is a branded specialty foods company. The company is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the domestic and overseas market. Its geographical segments include India, North America and rest of the world.

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Shakti Pumps drops after recent sharp rally
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 247.02 points, or 0.8% at 31,081.34. The S&P BSE Small-Cap index was up 198.45 points, or 1.31% at 15,359.77.

On the BSE, 1.55 lakh shares were traded on the counter so far as against the average daily volumes of 1.44 lakh shares in the past one quarter. The stock had hit a high of Rs 483.75 so far during the day, which is also its record high. The stock hit a low of Rs 457 so far during the day. The stock had hit a 52-week low of Rs 114.35 on 9 November 2016.

The stock had outperformed the market over the past one month till 28 June 2017, advancing 16.51% compared with the Sensexs 0.62% fall. The scrip had also outperformed the market over the past one quarter gaining 138.17% as against the Sensexs 4.84% rise. The scrip had also outperformed the market over the past one year advancing 212.31% as against the Sensexs 16.25% rise.

The small-cap company has equity capital of Rs 18.38 crore. Face value per share is Rs 10.

Shares of Shakti Pumps (India) had rallied 12.55% in the preceding one trading session to settle at Rs 472.05 yesterday, 28 June 2017, from its close of Rs 419.40 on 27 June 2017.

Shakti Pumps (India)s net profit spurted 4872.7% to Rs 10.94 crore on 124% increase in net sales to Rs 163.64 crore in Q4 March 2017 over Q4 March 2016.

Shakti Pumps (India) is a manufacturer and exporter of stainless steel water pumps, motors and solar pumps.

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Time Technoplast plans to launch LiteSafe Composite Cylinders for Automotive CNG
Jun 29,2017

Time Technoplast announced the successful trial production and testing of Carbon Fiber based Composite Cylinders for CNG for automotive applications. This has been done for the first time in India. Company has developed 60 ltr & 30 ltr nonn++]metallic Typen++]4 Composite Cylinders which are able to withstand burst pressure of over 550 bars exceeding the requirement of ISO 11439 & IS 15935: 2011. It shortly starts process of getting approval from independent 3rd party and PESO before putting them on field trials. These LiteSafe Composite Cylinders offer numerous technical and operational advantages over conventional steel cylinders for the same application.

The Company is planning to launch these Cylinders in 2nd half of FY 2018n++]n++f19 after obtaining necessary approvals and extensive trials.

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Cabinet gives in principle approval for disinvestment of Air India and five of its subsidiaries
Jun 29,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval to fourth tranche recommendations of NITI Aayog on strategic disinvestment of CPSE (strategic disinvestment of Air India and five of its subsidiaries) based on the recommendations of Core Group of Secretaries on Disinvestment (CGD).

(i) In principle approval for considering strategic disinvestment of Air India and five of its subsidiaries.

(ii) Constitution of an Air India-specific Alternative Mechanism headed by Minister of Finance including Minister for Civil Aviation and such other Minister(s) to guide the process on strategic disinvestment from time to time and decide the following:

a. Treatment of unsustainable debt of Air India;

b. Hiving off of certain assets to a shell company;

c. Demerger and strategic disinvestment of three profit-making subsidiaries;

d. The quantum of disinvestment; and

e. The universe of bidders.

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Cabinet approves recommendations of the Seventh CPC on allowances
Jun 29,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi approved the recommendations of the 7th CPC on allowances with some modifications. The revised rates of the allowances shall come into effect from 1st July, 2017 and shall affect more than 48 lakh central government employees.

While approving the recommendations of the 7th CPC on 29th June, 2016, the Cabinet had decided to set up the Committee on Allowances (CoA) in view of substantial changes in the existing provisions and a number of representations received. The modifications are based on suggestions made by the CoA in its Report submitted to Finance Minister on 27th April, 2017 and the Empowered Committee of Secretaries set up to screen the recommendations of 7th CPC.

7th CPC recommendations on Allowances

The 7th CPC had adopted a three-pronged approach in examining a total of 197 allowances which involved an assessment of the need for continuation of each allowance, appropriateness of the set of people covered by the allowance and rationalisation which involved clubbing of allowances with similar objectives. Based on the examination on these lines, the 7th CPC recommended that 53 allowances be abolished and 37 be subsumed in an existing or a newly proposed allowance.

For most of the allowances that were retained, the 7th CPC recommended a raise commensurate with inflation as reflected in the rates of Dearness Allowance (DA). Accordingly, fully DA-indexed allowances such as Transport Allowance were not given any raise. Allowances not indexed to DA were raised by a factor of 2.25 and the partially indexed ones by a factor of 1.5. The quantum of allowances paid as a percentage of pay was rationalised by a factor of 0.8.

A new paradigm has been evolved to administer the allowances linked to risk and hardship. The myriad allowances, their categories and sub-categories pertaining to civilians employees, CAPF and defence personnel have been fitted into a table called the Risk and Hardship Matrix (R&H Matrix). The Matrix has nine cells denoting varying degrees of risk and hardship with one extra cell at the top named as RH - Max to include Siachen Allowance. Multiple rates applicable to individual allowances will be replaced by two slab rates for every cell of the R&H Matrix.

Modifications approved by the Cabinet

The modifications approved today were finalised by the E-CoS based on the recommendations of the CoA. The CoA had undertaken extensive stakeholder consultations before finalising its recommendations. It had interacted with Joint Consultative Machinery (Staff side) and representatives from various staff associations. Most of the modifications are on account of continuing requirement of some of the existing arrangements, administrative exigencies and to further the rationalization of the allowances structure.

Financial Implications

The modifications approved by the Government in the recommendations of the 7th CPC on allowances will lead to a modest increase of Rs 1448.23 crore per annum over the projections made by the 7th CPC. The 7th CPC, in its Report, had projected the additional financial implication on allowances at Rs 29,300 crore per annum. The combined additional financial implication on account of the 7th CPC recommendations along with the modifications approved by the Cabinet is estimated at Rs 30748.23 crore per annum.

Highlights of Cabinet approval on Allowances

1. Number of allowances recommended to be abolished and subsumed: Government has decided not to abolish 12 of the 53 allowances which were recommended to be abolished by the 7th CPC. The decision to retain these allowances has been taken keeping in view the specific functional requirements of Railways, Posts and Scientific Departments such as Space and Atomic Energy. It has also been decided that 3 of the 37 allowances recommended to be subsumed by the 7th CPC will continue as separate identities. This has been done on account of the unique nature of these allowances. The rates of these allowances have also been enhanced as per the formula adopted by the 7th CPC. This will benefit over one lakh employees belonging to specific categories in Railways, Posts, Defence and Scientific Departments.

2. House Rent Allowance: HRA is currently paid @ 30% for X (population of 50 lakh & above), 20% for Y (5 to 50 lakh) and 10% for Z (below 5 lakh) category of cities. 7th CPC has recommended reduction in the existing rates to 24% for X, 16% for Y and 8% for Z category of cities. As the HRA at the reduced rates may not be sufficient for employees falling in lower pay bracket, it has been decided that HRA shall not be less than Rs 5400, Rs 3600 and Rs 1800 for X, Y and Z category of cities respectively. This floor rate has been calculated @ 30%, 20% and 10% of the minimum pay of Rs 18000. This will benefit more than 7.5 lakh employees belonging to Levels 1 to 3.

7th CPC had also recommended that HRA rates will be revised upwards in two phases to 27%, 18% and 9% when DA crosses 50% and to 30%, 20% and 10% when DA crosses 100%. Keeping in view the current inflation trends, the Government has decided that these rates will be revised upwards when DA crosses 25% and 50% respectively. This will benefit all employees who do not reside in government accommodation and get HRA.

3. Siachen Allowance: 7th CPC had placed Siachen Allowance in the RH-Max cell of the R&H Matrix with two slabs of Rs 21,000 and Rs 31,500. Recognizing the extreme nature of risk and hardship faced by officers / PBORs on continuous basis in Siachen, the Government has decided to further enhance the rates of Siachen Allowance which will now go up from the existing rate from Rs 14,000 to Rs 30,000 per month for Jawans & JCOs (Level 8 and below) and from Rs 21,000 to Rs 42,500 per month for Officers (Level 9 and above). With this enhancement, Siachen Allowance will become more than twice the existing rates. It will benefit all the soldiers and officers of Indian Army who are posted in Siachen.

4. Dress Allowance: At present, various types of allowances are paid for provisioning and maintenance of uniforms/outfits such as Washing Allowance, Uniform Allowance, Kit Maintenance Allowance, Outfit Allowance etc. These have been rationalised and subsumed in newly proposed Dress Allowance to be paid annually in four slabs @ Rs 5000, Rs 10,000, Rs 15,000 and Rs 20,000 per annum for various category of employees. This allowance will continue to be paid to Nurses on a monthly basis in view of high maintenance and hygiene requirements. Government has decided to pay higher rate of Dress Allowance to SPG personnel keeping in view the existing rates of Uniform Allowance paid to them (which is higher than the rates recommended by the 7th CPC) as also their specific requirements. The rates for specific clothing for different categories of employees will be governed separately.

5. Tough Location Allowance: Some allowances based on geographical location such as Special Compensatory (Remote Locality) Allowance (SCRLA), Sunderban Allowance & Tribal Area Allowance have been subsumed in Tough Location Allowance. The areas under TLA have been classified into three categories and the rates will be governed as per different cells of R&H Matrix and will be in the range of Rs 1000 - Rs 5300 per month. The 7th CPC had recommended that TLA will not be admissible with Special Duty Allowance (SDA) payable in North-East, Ladakh and the Islands. Government has decided that employees will be given the option to avail of the benefit of SCRLA at pre-revised rates along with SDA at revised rates.

6. Recommendations in respect of some important allowances paid to all employees:

(i) Rate of Children Education Allowance (CEA) has been increased from Rs 1500 per month / child (max. 2) to Rs 2250 per month / child (max.2). Hostel Subsidy will also go up from Rs 4500 per month to Rs 6750 per month.

(ii) Existing rates of Special Allowance for Child Care for Women with Disa

Nesher Pharmaceutical gets final approval for Dextroamphetamine Sulfate ER Capsules
Jun 29,2017

Nesher Pharmaceutical, a subsidiary of Zydus Pharmaceutical USA has received final approval from USFDA to market Dextroamphetamine Sulfate Extended-Release Capsules, 5 mg.

The drug will be produced at the Nesher Pharmaceuticals manufacturing facility located at St. Louis, MO, USA.

Dextroamphetamine is a central nervous system stimulant used in the treatment of Attention Deficit Hyperactive Disorder (ADHD) and in the treatment of narcolepsy (a special type of sleep disorder).

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CRISIL buys 8.9% stake in CARE Ratings
Jun 29,2017

CRISIL has purchased 26,22,430 equity shares of CARE Ratings representing 8.9% of its equity share capital.

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RCF drops after fixing floor price of OFS at discount
Jun 29,2017

The announcement of the offer for sale was made after market hours yesterday, 28 June 2017.

Meanwhile, the S&P BSE Sensex was up 187.84 points, or 0.61%, to 31,022.16. The S&P BSE Mid-Cap index was up 105.72 points, or 0.73%, to 14,608.41.

On the BSE, 5.3 lakh shares were traded in the counter so far, compared with average daily volume of 7.54 lakh shares in the past one quarter. The stock had hit a high of Rs 76.85 and a low of Rs 75.60 so far during the day. The stock had hit a 52-week high of Rs 99.75 on 15 May 2017. The stock had hit a 52-week low of Rs 40.50 on 21 November 2016.

The stock had underperformed the market over the past one month till 28 June 2017, falling 7.52% compared with 0.62% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 12.69% as against Sensexs 4.84% gains. The scrip also outperformed the market in past one year, gaining 73.13% as against Sensexs 16.25% gains.

The mid-cap company has an equity capital of Rs 551.69 crore. Face value per share is Rs 10.

Rashtriya Chemicals & Fertilizers said that government, the promoter of the company announced its intention to sell up to 2.75 crore equity shares of the company of face value of Rs 10 each, representing 5% of the total paid up equity share capital of the company. The offer for sale will remain open today, 29 June 2017 for non-retail Investors and tomorrow, 30 June 2017 for retail investors and for non-retail Investors who choose to carry forward their bids through the separate window provided for the purpose on the stock exchanges.

The floor price for the offer shall be Rs 74.25 per equity share of the company.

Further upto 5% of the offer shares over and above the number of offer shares could be offered to eligible and willing employees of the company at a discount of upto 5% of the cut-off price subsequent to completion of the offer.

Data on NSE showed that the offer for sale received bids for 2.54 crore shares compared with offer of 2.2 crore shares at an indicative price of Rs 74.25 from the non retail investors today, 29 June 2017. The offer was subscribed 1.15 times.

Rashtriya Chemicals and Fertilizers net profit rose 36.4% to Rs 55.09 crore on 10.9% rise in net sales to Rs 2209.36 crore in Q4 March 2017 over Q4 March 2016.

State-run Rashtriya Chemicals and Fertilizers (RCF) is one of the leading producers of urea in India. The Government of India (GoI) currently holds 80% stake in RCF (as per the shareholding pattern as on 31 March 2017).

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