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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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Central Bank of India provides update on proposed bond issue of Rs 500 cr
Feb 28,2017

Central Bank of India announced that the Bank has fixed a coupon of 8.62% on annual basis on the proposed issuance and allotment of Non Convertible Unsecured Basel III compliant Tier-2 Bonds (Series II) aggregating Rs 500 crore with maturity of 122 months.

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Bhagyanagar India fixes record date for scheme of arrangement (reduction of capital)
Feb 28,2017

Bhagyanagar India has fixed Record Date as 14 March 2017. The following shareholders of Demerged Company will be considered for the purpose of reduction of capital and entitlement of shares of Resulting Companies pursuant to Scheme of Arrangement:

a. In respect of shares held in physical form, shareholders whose name appear in Register of Member of Demerged Company as at the close of business hours on 14 March 2017; and

b. In respect of shares held in electronic form, shareholders of Demerged Company whose names appear in the statements of beneficial position furnished by the Depositories as at the close of business hours on 14 March 2017.

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Karur Vysya Bank intimates of bank strike
Feb 28,2017

Karur Vysya Bank announced that All India Bank Employees Association (AIBEA) and All India Bank Officers Confederation (AIBOC), in which the workmen union and officer union of our Bank are affiliated, have given a call for one day Strike on 28 February 2017.

If the strike call materializes, the workmen and officers of our Bank may take part in the proposed strike on the said date, in which occasion the normal working of the branches/offices of the Bank may get affected during the day.

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Dilip Buildcon completes Mandla-Pindrai & Salimnabad-Vilayatkalan road project ahead of schedule
Feb 28,2017

Dilip Buildcon announced that the Company has successfully completed the project the Project of rehabilitation and up-gradation of Mandla-Pindrai & Salimnabad-Vilayatkalan Major District Road Intermediate laning/two laning with paved/hard shoulder in the State of Madhya Pradesh on Engineering Procurement and Construction (EPC) mode.

Further, the Company has completed the said project 185 days prior to the schedule completion period and is thus entitled to receive maximum allowable 3% bonus i.e. Rs 5.72 crore of the project cost from Madhya Pradesh Road Development Corporation.

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Three Forest Research Institutes Develop High-Yielding Varieties of Plant Species
Feb 28,2017

Three institutes of Indian Council of Forestry Research and Education (ICFRE), Dehradun, have developed 20 high-yielding varieties of plant species. The Variety Releasing Committee (VRC) of ICFRE, granted approval for the release of these varieties of plant species.

Forest Research Institute, Dehradun, has worked, for more than a decade, on ten improved varieties of Melia dubia and three clones of Eucalyptus tereticornis, the timber of which is in high demand in the industry. The released cultivars of Melia, popularly known as Dreake, or Malabar Neem, not only have a high productivity per unit area, with an average of 34.57 cubic metre per hectare per annum, but also have an excellent bole form, which is a desirable characteristic for plywood industry. Similarly, the average productivity of the released varieties of Eucalyptus has been recorded as 19.44 cubic meter per hectare per annum, against the present productivity level of 5-7 cubic meter per hectare per annum. These clones have also been found to be resistant to pink disease and wall gasp. Research at Institute of Forest Genetic and Tree Breeding, Coimbatore, has resulted in the development of five inter-specific hybrids of Casuarina equisetifolia X Casuarina junghuhniana for use as timber. Similarly, Tropical Forest Research Institute, Jabalpur, developed two varieties of medicinal plant Rauvolfia serpentina.

The developed varieties have to go through stringent long field trials and testing before release.

Indian Council of Forestry Research and Education (ICFRE), Dehradun established as an autonomous organisation under Ministry of Environment, Forest and Climate Change, carries out the holistic research on forestry species. The nine Institutes under ICFRE are actively engaged in improvement of plantation tree species to improve yield, quality and productivity to meet the demand for domestic consumption by industries.

In its earlier efforts, ICFRE released 27 high-yielding clones in 2010, 2011 and 2014 of Eucalyptus camaldulensis, Eucalyptus Hybrid, Casuarina equisetifolia, Casuarina junghuhniana and Dalbergia sissoo and are in commercial production now. Of these, 27 varieties have been released in the past. Institute of Forest Genetics and Tree Breeding, Coimbatore, developed 25 varieties and remaining two varieties of Dalbergia sissoo and Eucalyptus Hybrid were developed by Forest Research Institute, Dehradun.

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Transformers and Rectifiers may gain after bagging order
Feb 28,2017

Transformers and Rectifiers (India) has bagged an order for supplying 39 Transformers and Reactors amounting to Rs 153 crore from Gujarat Energy Transmission Corporation (GETCO). The order falls under the normal course of business. With the latest order, the companys order book now stands at around Rs 1020 crore. The announcement was made after market hours yesterday, 27 February 2017.

NHPC said that Power Purchase Agreement (PPA) in respect up-coming Teesta-IV Project, West Bengal & Teesta-V Power Station, Sikkim have been signed on 21 February 2017 with GRIDCO, Government of Odisha for a period of 35 years from the date of commercial operation (COD) of the project/power station. The announcement was made after market hours yesterday, 27 February 2017.

Shares of BPCL turn ex-dividend today, 28 February 2017 for an interim dividend of Rs 19.50 per share for the year ending 31 March 2017 (FY 2017).

Dilip Buildcon announced the successful completion of rehabilitation and up-gradation of Mandla-Pindrai & Salimnabad-Vilayatkalan Major District Road Intermediate laning/two laning with paved/hard shoulder in Madhya Pradesh on engineering procurement and construction (EPC) mode. The announcement was made before market hours today, 28 February 2017. The total project cost is Rs 190.80 crore.

As the company has completed the project 185 days prior to the schedule completion period and due to the earlier completion of the project the company is entitled to receive maximum allowable 3% bonus i.e. Rs 5.72 crore of the project cost from the Madhya Pradesh Road development Corporation.

Jagran Prakashan announced that it has fixed the price band at Rs 324 to Rs 333 per equity share of the proposed initial public offering of equity shares of its subsidiary, Music Broadcast (MBL). The announcement was made before market hours today, 28 February 2017.

State Bank of Travancore announced the revision of Marginal Cost of Funds Based Lending Rate (MCLR) from 1 March 2017. The announcement was made before market hours today, 28 February 2017.

Adani Transmission announced that the company has bought back 1,650 zero coupon rated, listed, taxable, secured, redeemable, non-convertible debentures of the face value of Rs 10 lakhs each on 27 February 2017. The announcement was made after market hours yesterday, 27 February 2017.

Pincon Spirit announced the acquisition of five retail outlets in prime locations of Kolkata. PSL has in place a robust business model with presence across blending, bottling, branding, wholesale distribution and retail outlets.

The company continues its focus on driving branded spirit business drawing synergies from a strong back-end distribution network and retail presence in key strategic markets. With the addition of five new outlets, the company now owns 38 retail IMFL outlets in West Bengal. The announcement was made after market hours yesterday, 27 February 2017.

SREI Infrastructure Finance announced that the company has allotted 33.51 lakh NCDs, aggregating to Rs 335.17 crore on 27 February 2017. The announcement was made after market hours yesterday, 27 February 2017.

Central Bank of India announced issuance of Basel III tier II bonds of Rs 500.00 crore in the nature of promissory notes on private placement basis. The bank has fixed a coupon of 8.62% on annual basis on bonds with maturity of 122 months. The announcement was made after market hours yesterday, 27 February 2017.

Varun Beverages announced that the allotment committee constituted by board of directors of the company vide resolution passed on 27 February 2017, inter alia, approved the allotment of secured, rated, listed, redeemable, non-convertible debentures. Accordingly, the company has raised Rs 300 crore by issue of NCDs and allotted 1500 NCDs of Rs 10 lakh each to RBL Bank and 1500 NCDs of Rs 10 lakh each to Kotak Mahindra Bank on private placement basis. The announcement was made after market hours yesterday, 27 February 2017.

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Jagran Prakashan provides update on proposed IPO of subsidiary, Music Broadcast
Feb 28,2017

Jagran Prakashan announced that the Price Band for the proposed IPO of its subsidiary, Music Broadcast has been fixed at Rs. 324 to Rs. 333 per equity share.

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State Bank of Travancore revises MCLR rates
Feb 28,2017

State Bank of Travancore has revised the Marginal Cost of Funds based Lending Rates (MCLR) to be effective from 01 March 2017. The following are the revised MCLR rates -

Overnight - 7.95%
One month - 8.15%
Three month - 8.25%
Six month - 8.40%
One year - 8.55%
Two year - 8.60%
Three year - 8.65%

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Board of Electrosteel Castings approves private placement of NCDs aggregating Rs 200 crore
Feb 27,2017

Electrosteel Castings announced that the Banking and Authorisation Committee of the Board of Directors of the Company at its meeting held on 27 February 2017, inter alia, has approved the issuance of debt securities in the nature of Unlisted Secured Redeemable Non-Convertible Debentures in two series ie. Series VI and Series VII aggregating Rs 200 crore on private placement basis.

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Board of Proaim Enterprises approves resignation of CFO
Feb 27,2017

Proaim Enterprises announced that Meeting of the Board of Directors of the Company was held on 27 February 2017. The Board considered and approved the Resignation of Chief Financial Officer of the Company w.e.f. 27 February 2017.

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KMF Builders & Developers appoints director
Feb 27,2017

KMF Builders & Developers announced that the Board of Directors of the Company at its meeting held on 27 February 2017 have approved the appointment of Aniruddh Singh as Independent Director of the Company with effect from 27 February 2017.

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Board of Magma Fincorp approves sale of NPAs upto Rs 600 crore
Feb 27,2017

Magma Fincorp announced that the Management Committee of the Board of Directors of the Company (which has been duly authorized in this regard) at its meeting held on 27 February 2017, has approved sale of Non-Performing Assets of the Company in one or more tranches from time to time, up to a maximum total amount of Rs. 600 crore.

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Merck to hold AGM
Feb 27,2017

Merck announced that the Annual General Meeting (AGM) of the company will be held on 4 May 2017.

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Board of Generic Engineering Construction & Projects approves change in directorate
Feb 27,2017

Generic Engineering Construction & Projects announced that the Board of Directors of the Company at its meeting held on 27 February 2017 approved the following -

Appointment of -
Manish Patel and Tarak Gor as Executive Directors
Rajesh Ladhad as Independent Director

Resignation of -
Ravindra Mishra as Managing Director
Deepak Mehta as Director and CFO
Paresh Pathak as Independent Director

The Board also approved change in registered office to 201&202, Fitwell House, 2nd Floor, Opp Home Town, LBS Road, Vikhroli -West, Mumbai - 400083.

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Coal India provides update on subsidiary - South Eastern Coalfields
Feb 27,2017

Coal India announced that the Board of Directors of the its subsidiary, South Eastern Coalfields at its meeting held on 27 February 2017 has considered and approved the buyback of 150443 equity shares of face value of Rs 1000 each from the members of South Eastern Coalfields (representing 4.1825% of the paid up equity share capital) for an aggregate amount not exceeding Rs 1200.19 crore being 17.69% of the paid up equity share capital and free reserves at a price of Rs 79,777 per equity share, subject to approval of shareholders of South Eastern Coalfields.

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