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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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Tata Coffee announces cessation of director
Mar 10,2017

Tata Coffee announced that Prof. Arun Monappa, Independent Director has retired as Director of the Company with effect from 09 March 2017.

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Tata Motors gains after rise in global wholesales
Mar 10,2017

The announcement was made after market hours yesterday, 9 March 2017.

Meanwhile, the BSE Sensex was up 47.67 points, or 0.16%, to 28,976.80.

On the BSE, so far 65,000 shares were traded in the counter, compared with average daily volumes of 5.53 lakh shares in the past one quarter. The stock had hit a high of Rs 472 and a low of Rs 468 so far during the day.

The stock hit a 52-week high of Rs 598.60 on 7 September 2016. The stock hit a 52-week low of Rs 342.10 on 10 March 2016.

The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

The Tata Motors Group global wholesales, including Jaguar Land Rover (JLR), rose 3% to 1.03 lakh units in February 2017 over in February 2016. Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range were flat at 36,057 units in February 2017 over in February 2016. Global wholesales of all passenger vehicles rose 5% to 67,007 units in February 2017 over in February 2016. Global wholesales for Jaguar Land Rover were 54,576 vehicles (Contains CJLR volume of 5,268 units in February 2017). CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR. Jaguar wholesales for the month were 16,096 vehicles, while Land Rover wholesales for the month were 38,480 vehicles.

Tata Motors consolidated net profit fell 96.2% to Rs 111.57 crore on 2.2% decline in net sales to Rs 66855.18 crore in Q3 December 2016 over Q3 December 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Electronic Tags for Toll Collection at National Highways
Mar 10,2017

The National Highways Authority of India (NHAI) has incorporated Indian Highway Management Company Limited (IHMCL) to expedite the implementation of Electronic Fee Collection (EFC). National Payments Corporation of India (NPCI) has been engaged to work as Central Clearing House (CCH) to implement inter-operability so that several banks could participate in the EFC programme. As on 03.03.2017, the participating banks are SBI, KVB, ICICI, AXIS, IDFC and Equitas SF Bank. As on 03rd March 2017, total 3,47,200 electronic tags have been issued for fee collection on National Highways.

The Road users are being encouraged to use electronic means for payment of user fees for seamless travel through fee plazas. Government has also notified the use of pre-paid payment instruments vide Notification G.S.R 1114 (E) dated 02nd December, .2016 for collection of user fee from road users. This is to permit road users to opt for available cashless modes of payment. NHAI has facilitated the Concessionaire and Contractor to use POS machines for collection of user fees through credit & debit card. Since, FASTag is not mandatory for payment of user fees for use of National Highways; therefore, no target/deadline has been fixed.

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Sharda Cropchem to hold board meeting
Mar 10,2017

Sharda Cropchem will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider and declare second interim dividend for the Financial Year 2016-17

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Orbit Corporation to hold board meeting
Mar 10,2017

Orbit Corporation will hold a meeting of the Board of Directors of the Company on 14 March 2017, for shifting of registered office of the Company within the local limit of City, town or village.

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A2Z Infra Engineering gains after new order win
Mar 10,2017

The announcement was made after market hours yesterday, 9 March 2017.

Meanwhile, the S&P BSE Sensex was up 75.76 points or 0.26% at 29,004.89

On the BSE, 28,000 shares were traded on the counter so far as against the average daily volumes of 1.92 lakh shares in the past one quarter. The stock had hit a high of Rs 41.90 and a low of Rs 41.05 so far during the day. The stock had hit a 52-week high of Rs 51.65 on 1 November 2016 and a 52-week low of Rs 19 on 1 April 2016.

The small-cap company has equity capital of Rs 131.01 crore. Face value per share is Rs 10.

The aggregate value of the contracts is Rs 222.57 crore for execution of works for supply of material and erection of lines & substations under IPDS of Durg, Raipur and Bilaspur Region in Chhattisgarh.

A2Z Infra Engineering reported a net loss of Rs 24.06 crore in Q3 December 2016, higher than net loss of Rs 3.41 crore in Q3 December 2015. Net sales declined 58.1% to Rs 112.38 crore in Q3 December 2016 over Q3 December 2015.

A2Z Infra Engineering (formerly known as A2Z Maintenance & Engineering Services) is a fast growing, fully integrated electrical business group (EBG) in India catering to the needs of domestic and international power sector clients in building distribution and transmission infrastructure.

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Total 6,604 KM National Highway Constructed till February, 2017
Mar 10,2017

The target of construction of National Highways is 15,000 km, of which 6,604 km have been completed till Feb in the current financial year 2016-17. The slow speed of construction of National Highways(NHs) are mainly due to land acquisition, utility shifting, non-availability of Soil/Aggregates, Poor performance of contractors, Environment/ Forest/Wildlife Clearance, ROB & RUB issue with Railways, Public agitation for additional facilities, Arbitration/contractual disputes with contractors etc.

There is a well-established mechanism for monitoring and testing of quality of construction and development of work of National Highways (NHs) by engaging a Consultancy firm of International and National repute for every project to ensure quality construction. They supervise, monitor and conduct tests as per procedures laid down in various codes published by Indian Road Congress, manuals & MoRT&H specifications for Road and Bridge works and National Highway Authority India Quality Manuals etc. Apart from this, field units and Quality Division of Ministry, NHAI and State PWD also conduct inspection at various project sites regularly to monitor the quality of work. Quality Auditors are also engaged from time to time for conducting Quality Audits of the project work. On observation of any violation, action against the defaulter is taken as per provision in the agreement.

The Ministry has empaneled National Level Project Monitors for monitoring of critical and languishing National Highways projects all over the country.

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V2 Retail opens store in Lanka Varanasi, Uttar Pradesh
Mar 10,2017

V2 Retail has opened an operational retail store in Lanka Varanasi, Uttar Pradesh. With this, there are currently 37 retail stores in operations.

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ITC allots 22,46,660 Ordinary Shares
Mar 10,2017

ITC has issued and allotted 22,46,660 Ordinary Shares of Re. 1/- each, upon exercise of 2,24,666 Options by Optionees under the Companys Employee Stock Option Schemes. Consequently, with effect from 9 March, 2017, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1214,00,12,611/- divided into 1214,00,12,611 Ordinary Shares of Re. 1/- each

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Board of Megri Soft decides to invest in Basel Investments
Mar 10,2017

Megri Soft announced that the Board of Directors of the Company in their meeting held on 09 March 2017 has decided to acquire/invest Rs. 26,30,000/- (accounting to 13.15%) in the Equity Shares of the Basel Investments.

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India Home Loans signs MoU with Surat Urban Development Authority
Mar 10,2017

India Home Loans has entered into Memorandum of Understanding with Surat Urban Development Authority for facilitating housing loans to borrowers under Economically weaker sections for buying houses/flats under the scheme of Mukhyamantri Gruh Yojna at various location in city of Surat.

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Dilip Buildcon receives completion certificate for Jabalpur-Patan-Shahpura road project
Mar 10,2017

Dilip Buildcon announced that the Company has received the Completion Certificate and declared fit for entry into operation w.e.f. 08 February, 2017, for the project of Jabalpur-Patan-Shahpura (SH-15 & SH-22A) Road, Total Length 38.842 Kms in the state of Madhya Pradesh on Engineering, Procurement and Construction (EPC) basis and the project cost is 90.00 crore.

Further, the Company has successfully completed the said project 190 days prior to the scheduled completion date and in lieu of the earlier completion of the Project, the Company is entitled to receive the maximum Bonus amount Rs. 2.70 crore from the Madhya Pradesh Road Development Corporation.

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Tata Motors in spotlight after declaring global wholesales for February 2017
Mar 10,2017

Shares of Tata Motors will be watched. The Tata Motors Group global wholesales, including Jaguar Land Rover (JLR), rose 3% to 1.03 lakh units in February 2017 over in February 2016. Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range were flat at 36,057 units in February 2017 over in February 2016. Global wholesales of all passenger vehicles rose 5% to 67,007 units in February 2017 over in February 2016. Global wholesales for Jaguar Land Rover were 54,576 vehicles (Contains CJLR volume of 5,268 units in February 2017). CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR. Jaguar wholesales for the month were 16,096 vehicles, while Land Rover wholesales for the month were 38,480 vehicles. The announcement was made after market hours yesterday, 9 March 2017.

Shares of ICICI Bank will be in focus after the Committee of Executive Directors of the bank at its meeting held yesterday, 9 March 2017 approved the proposal for fund raising by way of issuance of Basel III compliant unsecured subordinated perpetual Additional Tier 1 Bonds in single/multiple tranches in any currency through public/private placement on terms as may be decided at the time of issuance. The announcement was made after market hours yesterday, 9 March 2017.

Hindalco Industries announced after market hours yesterday, 9 March 2017, that the capital raising committee of the board of directors of the company at the meeting held yesterday, 9 March 2017, approved allotment of 17.68 crore equity shares to qualified institutional buyers at Rs 189.45 each. The company recently concluded its qualified institutional placement (QIP) of shares.

Varun Beverages said it has divested 41% stake in its subsidiary Varun Beverages Mozambique, which contributed 0.6% to its net revenue in 2016. The divestment was done keeping in perspective the limited opportunity to scale up the operations of the loss-making subsidiary, the company said. However, it will continue to hold 10% residual stake in the unit, it said. For 2016, the subsidiary recorded a loss of Rs 9.9 crore. The announcement was made after market hours yesterday, 9 March 2017.

The board of directors of Kirloskar Ferrous Industries at its meeting held on 28 July 2016 had granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant VSL Steels for a cash consideration of Rs 155 crore. However, on account of certain ongoing disputes between VSL Steels and one of its related parties, the proposed transaction has not been completed till date. Consequently, in view of the unaccounted delays caused by the pending disputes, the board of directors of the company at its meeting held yesterday, 9 March 2017 has resolved to not to proceed with the proposed transaction. The announcement was made after market hours yesterday, 9 March 2017.

A2Z Infra Engineering has been awarded three contracts from Chhattisgarh State Power Distribution Company (CSPDCL). The aggregate value of the contracts is Rs 222.57 crore for execution of works for supply of material and erection of lines & substations under IPDS of Durg, Raipur and Bilaspur Region in Chhattisgarh. The announcement was made after market hours yesterday, 9 March 2017.

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City Union Bank opens new branch
Mar 09,2017

City Union Bank has opened its 543rd branch at Agaramthen in Kancheepuram District.

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India and Belgium sign Protocol amending the India-Belgium Double Taxation Avoidance Agreement and Protocol
Mar 09,2017

India and Belgium have signed a Protocol amending the existing Agreement and Protocol between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income today in New Delhi. The Protocol was signed by Shri Sushil Chandra, Chairman Central Board of Direct Taxes (CBDT) on behalf of India and Mr. Jan Luykx, Ambassador of Belgium to India, on behalf of Belgium.

The Protocol will broaden the scope of the existing framework of exchange of tax related information. This in turn will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes.

Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the Government. To further this goal, India has either signed or amended international agreements, declarations or conventions for the Avoidance of Double Taxation & Prevention of Fiscal Evasion with respect to Taxes on Income and for the Exchange of Information with Switzerland, Mauritius, Cyprus, Japan, Republic of Korea, Kazakhstan, Singapore and Austria during the financial year 2016-17.

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