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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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Inflation outlook to stay muted for more months: ASSOCHAM
Jul 18,2017

With the country set to reap a record foodgrains production and the industry not enjoying any pricing power, the inflation outlook remains quite muted at least till festival season of Durga Puja and Diwali, an ASSOCHAM analysis has suggested. n++The inflation, based on the Index of Wholesale Price Index (WPI) for the past six months, between January and June, 2017 clearly shows that there has been a sharp drop in the pace of price rise , not only in the headline number to below one per cent but also in several individual items of interest to the common household. Besides, the inflation for the manufactured products, more so for the manufactured food products, has seen a significant decline in the past six months. The headline WPI inflation has dropped in the past six months from 4.26 per cent in January, 2017 to 0.90 in June this year. For the manufactured products, it has decreased from 3.37 per cent to 2.27 per cent, while for the manufactured food products, the figure has dropped from 10.73 per cent to 3.09 per cent on the annualized basisn++. , said the ASSOCHAM note.

n++Going forward, there could be some disruption for one or two vegetable items such as tomatoes, having seen crop damage, but overall, the situation is going to remain quite comfortable for the consumers at least till October-November. Floods in some parts of the country, may also play a spoilsport. However, a vigil needs to be maintained for ensuring that farmers are protected from the market distortions and the procurement agencies like the Food Corporation of India and other government wings both at the Central and the State levels along with the cooperatives like NAFED are fully geared to lift the farm produce in time and at remunerative rates n++.

Commenting on the situation, the ASSOCHAM Secretary General Mr D S Rawat said, the concept of e-platforms for the farm produce is excellent, but the same needs to be given a big push by the state governments, disallowing those middle men who may not be happy to shift to the transparent system of mandi operations.

He said the fact the inflation for manufactured food has dropped from a double digit to just about three per cent clearly reflects easing of the raw material costs for the food processing firms thanks to abundant supply of farm produce.

The last three months have witnessed a dramatic fall in the WPI inflation from 5.11 per cent in March to less than one per cent in June. n++Here again, the impact of bumper foodgrains and the entire cereals production is clearly visible. With the wheat harvest and arrivals of the new crop began from April, the wheat inflation saw a sharp drop from 11.33 per cent in February, then to 6.33 per cent in March and to 0.29 per cent in June this year on an annualized basis.

Of course the biggest contributors to a sharp fall in inflation are the vegetable prices which have dropped by over 21 per cent in June, 2017 year on year. n++It is here, the inflation should start reviving in the next few months,n++ the ASSOCHAM note added.

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Genus Paper & Boards to hold board meeting
Jul 18,2017

Genus Paper & Boards will hold a meeting of the Board of Directors of the Company on 25 July 2017, to approve the Unaudited Financial Results for the quarter ended 30 June 2017

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Nava Bharat Ventures to hold AGM
Jul 18,2017

Nava Bharat Ventures announced that the 45th Annual General Meeting (AGM) of the company will be held on 9 August 2017.

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Suryalakshmi Cotton Mills to hold AGM
Jul 18,2017

Suryalakshmi Cotton Mills announced that the 54th Annual General Meeting (AGM) of the company will be held on 28 August 2017.

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Board of ACC recommends dividend
Jul 18,2017

ACC announced that the Board of Directors of the Company at its meeting held on 17 July 2017, inter alia, have recommended the dividend of Rs 11 per equity Share (i.e. 110%) , subject to the approval of the shareholders.

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Dynamic Archistructures to hold board meeting
Jul 18,2017

Dynamic Archistructures will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Shri Dinesh Mills to hold board meeting
Jul 18,2017

Shri Dinesh Mills will hold a meeting of the Board of Directors of the Company on 14 August 2017, for considering inter alia the un-audited Financial Results for the quarter ended 30th June 2017.

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Novartis India fixes record date for dividend
Jul 18,2017

Novartis India has fixed 20 July 2017 as record date for dividend. The dividend, if dividend if declared by the shareholders at the ensuing AGM on 28 July 2017, will be paid on and from 02 August 2017.

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SBI inches up after insurance arm files DRHP for IPO
Jul 18,2017

The announcement was made after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 194.52 points or 0.61% at 31,880.26.

On the BSE, 94,000 shares were traded on the counter so far as against the average daily volumes of 13.26 lakh shares in the past one quarter. The stock had hit a high of Rs 294.55 and a low of Rs 291.30 so far during the day. The stock had hit a 52-week high of Rs 315 on 19 May 2017 and a 52-week low of Rs 222.15 on 22 July 2016.

The stock had underperformed the market over the past one month till 17 July 2017, advancing 2.43% compared with the Sensexs 3.28% rise. The stock had also underperformed the market over the past one quarter, gaining 1.09% as against the Sensexs 9.05% rise. The scrip had, however, outperformed the market over the past one year, surging 26.48% as against the Sensexs 15.23% rise.

The large-cap state-run bank has equity capital of Rs 863.21 crore. Face value per share is Rs 1.

State Bank of India announced that its subsidiary, SBI Life Insurance Company has filed a draft red herring prospectus with the Sebi for an initial public offer of up to 12 crore equity shares of face value of Rs 10 each, representing up to 12% of its paid up equity share capital for cash, through an offer for sale (OFS) by State Bank of India and BNP Paribas Cardif S.A of up to 8 crore equity shares (representing 8% of the paid up share capital) and up to 4 crore equity shares (representing 4% of the paid up share capital), respectively.

The offer includes a proposed reservation of up to 1.20 crore equity shares for State Bank shareholders and a reservation of up to 20 lakh equity shares for eligible employees as part of the offer.

State Ban of Indias net profit surged 122.7% to Rs 2814.82 crore on 7.8% growth in total income to Rs 57720.07 crore in Q4 March 2017 over Q4 March 2016.

Government of India held 57.07% stake in State Bank of India (as on 12 June 2017).

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MoU Signed between Department of Defence Production and BEL
Jul 18,2017

Bharat Electronics Limited (BEL), a Navratna Schedule A Central Public Sector Enterprise (CPSE) under the Department of Defence Production, Ministry of Defence signed a Memorandum of Understanding (MoU) for the financial year 2017-18 with the Ministry. The annual MoU was signed between Secretary (Defence Production) Shri Ashok Kumar Gupta on behalf of the Ministry of Defence and Chairman and Managing Director, BEL Shri MV Gowtama.

The revenue from operations has been targeted at Rs. 9000 crore. The Operating Profit to Revenue from Operations target has been set at 14 percent and PAT to Average Networth has been set at 15 percent.

Turnover from exports and increase in indigenous content are given additional focus during the year, along with other parameters like CAPEX investment and Monitoring of CAPEX projects, Reduction in Trade Receivables, and HR related parameters.

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Ramkrishna Forgings announces closure of QIP issue
Jul 18,2017

Ramkrishna Forgings announced that the QIP Committee of the Company at its meeting held on 18 July 2017 has inter alia passed the following resolutions:

a. Approved the closure of the QIP today i.e. 18 July 2017;

b. Approved the issue price of Rs. 510 per Equity Share, which is at a discount of Rs. 13.84 per Equity Share, to the Floor Price of Rs. 523.84 per Equity Share, for the Equity Shares to be allotted to eligible qualified institutional buyers pursuant to the QIP; and

c. Approved and adopted the placement document dated 18 July 2017 in connection with the QIP.

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ACC hits record high after posting strong Q2 results
Jul 18,2017

The result was announced after market hours yesterday, 17 July 2017.

Meanwhile, the S&P BSE Sensex was down 236.58 points, or 0.74% to 31,838.20.

On the BSE, 7,532 shares were traded in the counter so far, compared with average daily volumes of 36,365 shares in the past one quarter. The stock had hit a high of Rs 1,798.85, which is also a record high for the stock. The stock hit a low of Rs 1,765 so far during the day.

ACC said that cement sales volume rose 10.1% to 6.74 million tonnes in Q2 June 2017 over Q2 June 2016. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 38% to Rs 637 crore in Q2 June 2017 over Q2 June 2016. Operating EBITDA margin improved to 19% in Q2 June 2017 from 16% in Q2 June 2016.

ACC approved payment of an interim dividend of Rs 11 per share for the year ending 31 December 2017 (FY 2017).

In its outlook, company said that it expects upward trajectory in cement demand supported by the prospects of a normal monsoon. Growing momentum in the launching of smart cities and urban infrastructure development & housing projects, together with the implementation of GST will also bring growth opportunities for the sector.

ACC is a manufacturer of cement and concrete and is a member of LafargeHolcim group. The company has a countrywide network of modern cement and concrete plants, sales offices, dealers and retailers.

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ACC may advance on strong Q2 results
Jul 18,2017

ACCs consolidated net profit rose 32.65% to Rs 326.23 crore on 20.32% rise in total income to Rs 3985.40 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 17 July 2017. ACC said that cement sales volume rose 10.1% to 6.74 million tonnes in Q2 June 2017 over Q2 June 2016. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 38% to Rs 637 crore in Q2 June 2017 over Q2 June 2016. Operating EBITDA margin improved to 19% in Q2 June 2017 from 16% in Q2 June 2016.

State Bank of India announced that its subsidiary, SBI Life Insurance Company has filed a draft red herring prospectus with the SEBI for an initial public offer of up to 12 crore equity shares of face value of Rs 10 each, representing 12% of its paid up equity share capital for cash, through an offer for sale by State Bank of India and BNP Paribas Cardif S.A of up to 8 crore equity shares (representing 8% of the paid up share capital) and up to 4 crore equity shares (representing 4% of the paid up share capital), respectively. The announcement was made after market hours yesterday, 17 July 2017.

Axis Bank has reviewed and decided to keep the Marginal Cost of Funds based Lending Rates (MCLR) of the bank unchanged. This will be effective from 18 July 2017. The announcement was made after market hours yesterday, 17 July 2017.

Tata Consultancy Services announced that Zions Bancorporation has gone live on TCS BaNCS for core banking with successful transition of Zion Bancorporations consumer lending business over to the TCS BaNCS platform. The announcement was made after market hours yesterday, 17 July 2017.

Shares of Dr Reddys Laboratories turn ex-dividend today, 18 July 2017 for dividend of Rs 20 per share for the year ended 31 March 2017.

CRISIL and UltraTech Cement will announce April-June 2017 results today, 18 July 2017.

Indiabulls Real Estate scheduled a board meeting on 24 July 2017, to consider issuance of Non-Convertible Redeemable Debentures, on private placement basis. The announcement was made after market hours yesterday, 17 July 2017.

C & C Constructions has executed a definite term sheet for sale of its entire stake in two of its road SPVs. The sale process is likely to be completed in around three months. The board has already granted its permission for the same. The announcement was made after market hours yesterday, 17 July 2017.

Zee Media Corporation announced that the company has established a wholly owned subsidiary in the name and style of Ez-Mall Online and has subscribed to 700 equity shares of Re. 1 each therein. This wholly owned subsidiary shall engage in web-based e-commerce business, to complement TV-based e-commerce business currently housed under companys 49% associate entities viz., Today Merchandise and Today Retail Network. The announcement was made after market hours yesterday, 17 July 2017.

Shriram Transport Finance Company announced that the Allotment Committee - Non-Convertible Debentures (NCDs) of the company in its meeting held 17 July 2017 has approved and allotted 3,000 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs 10 lakh each, aggregating to Rs 300 crore on private placement basis. The announcement was made after market hours yesterday, 17 July 2017.

NHPC said that the meeting of board of directors is scheduled to be held on 27 July 2017 to consider the proposal of raising corporate debentures/bonds aggregating to Rs 5000 crore on private placement Basis subject to Shareholders Approval through special resolution in the next Annual General Meeting of the company. The announcement was made after market hours yesterday, 17 July 2017.

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SBI Life Insurance Company files DRHP for IPO
Jul 17,2017

State Bank of India announced that its subsidiary, SBI Life Insurance Company has filed a draft red herring prospectus with the SEBI for an initial public offer of up to 120,000,000 equity shares of face value of Rs 10 each, representing 12% of its paid up equity share capital for cash, through an offer for sale by State Bank of India and BNP Paribas Cardif S.A of up to 80,000,000 equity shares (representing 8% of the paid up share capital) and up to 40,000,000 equity shares (representing 4% of the paid up share capital), respectively.

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RBL Bank allots 2,581,234 equity shares
Jul 17,2017

RBL Bank has allotted 2,581,234 (Twenty Five Lac Eighty One Thousand Two Hundred & Thirty Four) equity shares of face value Rs. 10 each on 17 July 2017 under the ESOP Schemes of the Bank.

Consequent to the above allotment, the paid up share capital of the Bank has increased from 376,723,798 equity shares of Rs. 10 each aggregating Rs. 3,767,237,980 to 379,305,032 equity shares of Rs. 10 each aggregating Rs. 3,793,050,320.

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