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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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Bajaj Corp commences commercial production at new plant in Assam
Mar 15,2017

Bajaj Corp has commenced commercial production with effect from 15 March 2017 at its newly set-up plant at Plot No. 63-64, Brahmaputra Industrial Area, Village Silla, Mouza Sila Sinduri Ghopa, Assam - 781 031.

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Rubfila International provides operations update
Mar 15,2017

Rubfila International announced successful commissioning of the expanded capacity of fifth line for manufacturing Heat Resistant Latex Rubber Thread.

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RCom gains as proposed wireless biz merger gets Sebi nod
Mar 15,2017

The announcement was made during trading hours today, 15 March 2017.

Meanwhile, the S&P BSE Sensex was up 11.24 points, or 0.04% to 29,453.87.

On the BSE, 24.45 lakh shares were traded in the counter so far, compared with average daily volumes of 27.34 lakh shares in the past one quarter. The stock had hit a high of Rs 38.15 and a low of Rs 36.25 so far during the day.

The stock hit a 52-week high of Rs 60.45 on 28 April 2016. The stock hit a record low of Rs 30.65 on 25 January 2017.

The stock had outperformed the market over the past one month till 14 March 2017, rising 7.89% compared with 3.85% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.12% as against Sensexs 10.67% rise.

The mid-cap company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Reliance Communications (RCom) said it received approval of the Securities and Exchange Board of India (Sebi), BSE and National Stock Exchange of India (NSE) for the proposed scheme of arrangement for demerger of the wireless division of the company into Aircel and Dishnet Wireless.

As per the scheme, RCom has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the proposed scheme. The proposed transaction is subject to other necessary approvals. Post closing, the company and the present shareholders of Aircel will hold 50% each in Aircel.

On a consolidated basis, RCom reported net loss of Rs 531 crore in Q3 December 2016 as against net profit of Rs 303 crore in Q3 December 2015. Net sales declined 10.33% to Rs 4820 crore in Q3 December 2016 over Q3 December 2015.

Reliance Communications (RCom) is an integrated telecommunications service provider. The company has a customer base of nearly 95 million including over 2.6 million individual overseas retail customers.

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McNally Bharat Engineering surges after securing order
Mar 15,2017

The announcement was made during market hours today, 15 March 2017.

Meanwhile, the S&P Sensex was up 4.22 points or 0.01% at 29,446.85.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 18,873 shares in the past one quarter. The stock had hit a high of Rs 59.85 and a low of Rs 53.50 so far during the day.

The stock had hit a 52-week high of Rs 90.10 on 23 March 2016 and a 52-week low of Rs 45.60 on 22 November 2016. The stock had underperformed the market over the past one month till 14 March 2017, declining 22.23% compared with the Sensexs 3.89% rise. The scrip had also underperformed the market over the past one quarter declining 8.57% as against the Sensexs 10.67% rise.

The small-cap company has equity capital of Rs 53.59 crore. Face value per share is Rs 10.

McNally Bharat Engineering Company said that it has received an order worth about Rs 415.29 crore from Andhra Pradesh Power Generation Corporation. The order is for design, engineering, manufacturing, supply, commissioning and operation & maintenance of 500 megawatt grid connected solar PV power project including civil works in Andhra Pradesh on engineering, procurement and construction (EPC) basis.

McNally Bharat Engineering Company reported net loss of Rs 146.68 crore in Q3 December 2016, as compared with net loss of Rs 124.33 crore in Q3 December 2015. Net sales fell 7.1% to Rs 457.19 crore in Q3 December 2016 over Q3 December 2015.

McNally Bharat Engineering Company is a engineering company engaged in providing turnkey solutions in the areas of power, steel, aluminum, material handling, mineral beneficiation, pyroprocessing, pneumatic handling of powdered materials including fly ash handling and high concentrate disposal, coal washing, port cranes, cement, oil & gas, civic and industrial water supply etc.

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Construction Resolution Board Likely For Armed Forces To Resolve Disputes With Their Builders: DG MAP
Mar 15,2017

Directorate General of Married Accommodation Project (DG MAP) on Friday announced that it has proposed setting up of Construction Resolution Board to address and resolve disputes relating to defence construction work between the army and their builders to avoid prolong litigations on account of which such works usually suffer.

An indication to this effect came from none other than Maj. Gen. Sanjeev Jain who is DG MAP.

Maj. Gen. Jain, however, added that the proposal is at preliminary stage which aims at faster resolving the disputes that sometimes stem between armed forces and their builders that are awarded construction related works for armed forces in creating general infrastructure such as roads and dwelling units and the like.

Lt. Gen. Sharma hinted that realization has picked up in the Defence Ministry for coming out with simpler construction procedures as per which the construction activities which could be outsourced with reasonable and simplified norms.

He, however, added that the government is considering to put in norms and procedures replacing the old ones to undertaking construction activities on conditions amiable for armed forces so that these are completed in time and scope for disputes is minimized without specifying a time limit for the proposed norms.

Secretary General, PHD Chamber, Mr. Saurabh Sanyal emphasized that in construction contracts awarded by the armed forces to the industry, there should be a provision of Exit Clause with stress on performance guarantee so that such contracts are accomplished in time without an edge for contract awarding entity.

He also suggested that the contracts agreed upon between armed forces and their builders, sufficient and adequate dwelling facilities be created for construction workers as it would amount to a great service to the nation, however, at the cost of the government.

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Rupa & Company jumps after units deal with Berkshire arm
Mar 15,2017

The announcement was made after market hours yesterday, 14 March 2017.

Meanwhile, the S&P BSE Sensex was up 46.08 points, or 0.16% to 29,488.71.

On the BSE, 28,000 shares were traded in the counter so far, compared with average daily volumes of 2,438 shares in the past one quarter. The stock had hit a high of Rs 319.70 and a low of Rs 292.50 so far during the day.

The stock hit a 52-week high of Rs 336 on 12 April 2016. The stock hit a 52-week low of Rs 244 on 9 January 2017.

The stock had outperformed the market over the past one month till 14 March 2017, rising 5.59% compared with 3.85% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 4.89% as against Sensexs 10.67% rise.

The small-cap company has equity capital of Rs 7.95 crore. Face value per share is Re 1.

Rupa & Company announced that Oban Fashions, one of the companys subsidiaries, concluded a deal with the US-based Fruit of the Loom Inc, a unit of Warren Buffets Berkshire Hathaway Co., to manufacture and sell products in India under the US companys brands. Fruit of the Loom sells a wide range of underwear and casual wear in the US and Europe.

Net profit of Rupa & Company rose 20.65% to Rs 17 crore on 7.5% decline in net sales to Rs 208.57 crore in Q3 December 2016 over Q3 December 2015.

Rupa & Company is a leading undergarments manufacturer and a leading hosiery and knitwear company in India.

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L&T Realty sells 51% stake in L&T South City Projects
Mar 15,2017

L&T Realty, a wholly owned subsidiary of Larsen & Toubro has executed a Share Purchase Agreement for selling its entire stake in L&T South City Projects to Pragnya Group. L&T Realty owns 51% stake in L&T South City Projects.

L&T South City Projects is engaged in the development of a 92 acre residential township at Siruseri, Chennai.

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ABG Shipyard to hold board meeting
Mar 15,2017

ABG Shipyard will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider the quarterly unaudited financial results for the quarter ended 30th June, 2016 and 30th September, 2016.

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Salora International to hold board meeting
Mar 15,2017

Salora International will hold a meeting of the Board of Directors of the Company on 15 March 2017, to consider the appointment Smt. Savitri Devi Jiwarajka as Director of the Company.

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Kushal Tradelink to hold board meeting
Mar 15,2017

Kushal Tradelink will hold a meeting of the Board of Directors of the Company on 18 March 2017, to consider allotment of Bonus Shares.

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IndusInd Bank enters into agreement with Leasing and Financial Services
Mar 15,2017

IndusInd Bank has entered into an agreement with Infrastructure Leasing and Financial Services (IL&FS), the Promoter Shareholders of IL&FS Securities Services, (ISSL) to acquire 100% of ISSL.

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McNally Bharat Engineering Company secures order worth Rs 415.29 crore
Mar 15,2017

McNally Bharat Engineering Company has received an order for Design, Engineering, manufacturing, supply, commissioning and operation & maintenance of 500MW grid connected Solar PV power project including civil works in Andhra Pradesh on EPC Basis for Andhra Pradesh Power Generation Corporation for a value of Rs. 415.29 crore (approx).

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Tamil Nadu Newsprint gains as HDFC MF purchases bulk shares
Mar 15,2017

Meanwhile, the S&P Sensex was down 32.41 points, 0.11% to 29,475.04.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 24,368 shares in the past one quarter. The stock had hit a high of Rs 322 and a low of Rs 316.90 so far during the day.

The stock had hit a record high of Rs 392.45 on 13 October 2016 and a 52-week low of Rs 198.55 on 16 March 2016. The stock had underperformed the market over the past one month till 14 March 2017, declining 8.59% compared with the Sensexs 3.89% rise. The scrip had also underperformed the market over the past one quarter declining 11.05% as against the Sensexs 10.67% rise.

The small-cap company has equity capital of Rs 69.21 crore. Face value per share is Rs 10.

Tamil Nadu Newsprint & Papers net profit rose 39.2% to Rs 61.06 crore on 49.3% increase in net sales to Rs 698.85 crore in Q3 December 2016 over Q3 December 2015.

Tamil Nadu Newsprint & Papers (TNPL) manufactures newsprint and printing & writing paper using bagasse, a sugarcane residue, as primary raw material.

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Z F Steering Gear (India) announces resignation of director
Mar 15,2017

Z F Steering Gear (India) announced that Ludwig Rapp, Director of our Company, resigned from the Directorship of the Company, with effect from 15 March 2017.

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Axis Bank allots equity shares
Mar 15,2017

Axis Bank has allotted 5,58,955 equity shares of Rs. 2/- each on 14 March 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 478,65,84,766 (239,32,92,383 equity shares of Rs. 2/- each) to Rs. 478,77,02,676 (239,38,51,338 equity shares of Rs. 2/- each).

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