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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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Indian Toners & Developers director expires
Aug 16,2017

Indian Toners & Developers has announced that Mr. Vikram Prakash, an Non-executive Independent Director of the Company has expired vide their letter dated 16.08.2017.

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Cabinet approves completion of balance works of North Koel Reservoir Project
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal to complete the balance works of the North Koel Reservoir Project in Jharkhand and Bihar at an estimated expenditure of Rs.1622.27 crore to be incurred during three financial years from the start of the project.

The Cabinet also approved storage of water in dam restricted at lower level than envisaged earlier to reduce the submergence and to protect Betla National Park and Palamau Tiger Reserve.

The project is situated on North Koel river which is a tributary of Sone river finally joining the river Ganga. The North Koel Reservoir is located in the most backward tribal areas in Palamau and Garhwa districts of Jharkhand State. The construction was originally started in the year 1972 and continued till 1993 when it was stopped by the Forest Department, Govt. of Bihar. Since then, the work on dam is at a standstill. The major components of project are: 67.86 m high and 343.33 m long concrete dam called Mandal dam originally intended to store 1160 million cubic metre (MCM) water; 819.6 m long barrage at Mohammadganj, 96 km downstream of the dam; and two canals originating from left and right banks of Mohammadganj Barrage with distributaries system for irrigation. With the new lowered elevation level (EL) of 341 metre, the Mandal dam will now have storage of 190 MCM. The project aims to provide irrigation to 111,521 hectares of land annually in the most backward and drought prone areas of Palamu & Garhwa districts in Jharkhand and Aurangabad & Gaya districts in Bihar. The unfinished project as on date is providing irrigation to 71,720 hectares and completion of this project will provide additional irrigation benefit to the extent of 39,801 hectares. The irrigation potential through this Project in the two States would be as follows:

Total irrigation potential: 1,11, 521 hectares

Irrigation potential in Bihar: 91,917 hectares

Irrigation potential in Jharkhand: 19,604 hectares

The total cost of the project as assessed on date is Rs 2391.36 crore. An expenditure amounting to Rs. 769.09 crore has been incurred on the project till date. The Union Cabinet has approved the proposal for completing the balance of the North-Koel reservoir project in Jharkhand & Bihar at an estimated cost of Rs 1622.27 crore during three financial years.

The common components amounting to Rs.1013.11 crore of balance works would be funded by the Central Government as a grant from PMKSY Fund. This would include cost of Net Present Value (NPV) and Compensatory Afforestation (CA) which comes to Rs.607 crore and Rs.43 crore respectively. The Central Government will also fund 60% of the cost of balance works amounting to Rs.365.5 crore (Bihar Rs.318.64 crore and Jharkhand Rs.46.86 crore) from Long Term Irrigation Fund (LTIF) under PMKSY as grant from the States of Bihar and Jharkhand. The States of Bihar and Jharkhand will arrange 40% of remaining cost of balance works amounting to Rs.243.66 crore (Bihar 212.43 crore and Jharkhand 31.23 crore) as loan from LTIF through NABARD at the rate which is not subsidised and is related to market borrowing cost with no interest subvention.

The Cabinet also approved execution of balance works of the project on turnkey basis by M/S WAPCOS Ltd., a CPSU under MoWR, RD & GR as Project Management Consultant (PMC). The execution of the project will be monitored by an Empowered Committee of Government of India headed by CEO NITI Aayog.

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Elegant Marbles & Grani Industries Company Secretary resigns
Aug 16,2017

Elegant Marbles & Grani Industries has announced that Ms. Heena Ajay Joshi, Company Secretary (KMP) and Compliance Officer of the Company have resigned from the said position with effect from the closing hours of 16th August 2017.

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Cabinet approves raising Extra Budgetary Resources upto Rs. 9020 crore for Long Term Irrigation Fund during the year 2017-18
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising Extra Budgetary Resources (EBR) of upto Rs. 9020 crore as per the requirement during 2017-18 by NABARD through issuance of Bonds for ensuring lending rate of 6% per annum (pa) in respect of borrowings for implementation of Accelerated Irrigation Benefits Programme (AIBP) works of 99 ongoing prioritized irrigation projects along with their command area development (CAD) works under PMKSY.

A large number of major and medium irrigation projects taken up under Accelerated Irrigation Benefit Programme (AIBP) were languishing mainly due to inadequate provision of funds. During 2016-17, 99 ongoing projects under PMKSY- AIBP were identified for completion in phases by December-2019. To cater to the large fund requirement and ensure completion of these projects, the Union Finance Minister, during his Budget speech 2016-17, announced creation of dedicated Long Term Irrigation Fund (LTIF) in NABARD with an initial corpus of Rs. 20,000 crore for funding of Central and State share for the identified ongoing projects under PMKSY (AIBP and CAD).

To make the loan from NABARD attractive for states, it was decided that the rate of interest may be kept around 6% by providing requisite cost free funds to NABARD every year during 2016-17 to 2019-20 on which interest cost would be borne by Govt. of India.

During the year 2016-17, NABARD disbursed aggregate amount of Rs. 9086.02 crore under LTIF, out of which Rs. 2414.16 crore was released for Polavaram project (without EBR component) and balance Rs. 6671.86 crore was released to identified projects using EBR. Further, an amount of Rs. 924.9 crore was disbursed as Central Assistance (CA) through budgetary provision. During 2016-17, overall an amount of Rs 2187 crore was raised by NABARD in the form of Government of India fully serviced bond as EBR.

During 2017-18, it is estimated that an amount of Rs 29,000 Crore may be required through LTIF, for which EBR of Rs 9020 cr would be required.

As per the status reported by the states and Central Water Commission during various review meeting, 18 projects have been completed/almost completed. Irrigation potential utilization is expected to be more than 14 lakh hectares during 2016-17 from all the 99 projects. During 2017-18, 33 more projects are likely to be completed. The completion of the identified irrigation projects will generate immediate wage and other employment opportunities in good measure during the construction phase. More importantly, on completion of the projects, the utilization of irrigation potential of about 76 lakh hectares will transform the agriculture scenario of the region resulting in generation of substantially more employment opportunities through increase in cropping intensity, change in cropping pattern, agro processing and other ancillary activities.

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Aditya Birla Fashion and Retail allots equity shares
Aug 16,2017

Aditya Birla Fashion and Retail pursuant to the Composite Scheme of Arrangement amongst the Company, Aditya Birla Nuvo Limited (ABNL), Madura Garments Lifestyle Retail Company Limited and their respective shareholders and creditors has allotted 28,501 Equity Shares of Rs. 10/- each (said Shares), to Non-resident (Repatriable) Shareholders of ABNL, under Lot 9, on August 16, 2017.

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Larsen & Toubro signs definitive agreement
Aug 16,2017

Larsen & Toubro has entered into a definitive agreement on 16th August 2017 for the divestment of its entire stake in L&T Cutting Tools Limited, a wholly-owned subsidiary, with IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc.

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Cabinet approves creation of 7 posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters Civil Service
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for 7 posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters (AFHQ) Civil Service, Ministry of Defence as part of restructuring .

Creation of regular posts in the AFHQ Civil Service will alleviate stagnation the cadre. It will be in the interest of better cadre management and bring improvement in the efficiency of the service. This would be an innovative measure entailing no additional cost but would bring benefits from the perspective of cadre management and enable its better utilisation.

Creation of regular posts in the place of n++in situn++ promotions will ensure more transparency in cadre management. Assigning of higher responsibilities on regular posts will result in greater productivity and accountability with respect to AFHQ CS officers.

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FPIs continue selling
Aug 16,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1524.56 crore into the secondary equity markets on 14 August 2017, compared with net outflow of Rs 1831.84 crore on 11 August 2017. The stock market was shut yesterday, 15 August 2017 on account of Independence Day Holiday. On 14 August 2017, the Sensex gained 235.44 points or 0.75% to settle at 31,449.03, its highest closing level since 10 August 2017.

The net outflow of Rs 1524.56 crore on 14 August 2017 was a result of gross purchases of Rs 3287.96 crore and gross sales of Rs 4812.52 crore.

There was a net inflow of Rs 0.75 crore into the category primary market & others on 14 August 2017, which was a result of gross purchases of Rs 0.85 crore and gross sales of Rs 0.10 crore.

FPIs have sold stocks worth a net Rs 6203.13 crore into the secondary equity markets in August 2017 so far (till 14 August 2017). They had bought stocks worth a net Rs 4199.62 crore from the secondary equity markets in July 2017.

FPIs have purchased shares worth a net Rs 36540.48 crore from the secondary equity markets in calendar year 2017 so far (till 14 August 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 786.18 crore from the category primary market & others in August 2017 so far (till 14 August 2017). They had bought stocks worth a net Rs 972.54 crore from the category primary market & others in July 2017.

FPIs have purchased shares worth a net Rs 16557.58 crore from the category primary markets & others in calendar year 2017 so far (till 14 August 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Rajputana Investment and Finance fixes record date
Aug 16,2017

Rajputana Investment and Finance has fixed 29 August 2017 as the Record Date for the purpose of taking record of eligible shareholders who are entitled for receipt of Bonus Shares.

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Indian Toners & Developers gets ratings re-affirmed
Aug 16,2017

Indian Toners & Developers on 16th August 2017 has got its long term bank facilities credit rating upgraded to CRISIL BBB-/Positive (Outlook revised from Stable and Rating Re-affirmed) and its short term bank facilities re-affirmed at CRISIL A2.

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IDFC Bank allots equity shares
Aug 16,2017

IDFC Bank has allotted 285,740 fully paid up equity shares of Rs.10 each to the employees in terms of IDFC Bank Employee Stock Option Scheme 2015 (IDFC Bank ESOS-2015).

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Lyka Labs allots equity shares
Aug 16,2017

Lyka Labs on 16th August 2017 has allotted 61,00,000 equity shares at a price of Rs.55 per share to Non Promoter group on preferential basis.

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Cabinet approves procedure and mechanism for Strategic Disinvestment
Aug 16,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment of the following:

(i) For setting up an Alternative Mechanism (AM) consisting of the Finance Minister, Minister for Road Transport & Highways and Minister of Administrative Department, to decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests (Eols) till inviting of financial bid; and

(ii) For empowering the Core Group of Secretaries (CGD) to take policy decisions with regard to procedural issues and to consider deviations as necessary from time to time for effective implementation of decisions of CCEA.

The approval will help in speedy completion of strategic disinvestment transactions.

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Union Cabinet approves new Metro Rail Policy; Focus on compact urban development, cost reduction and multi-modal integration
Aug 16,2017

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved a new Metro Rail Policy that seeks to enable realization of growing metro rail aspirations of a large number of cities but in a responsible manner.

The policy opens a big window for private investments across a range of metro operations making PPP component mandatory for availing central assistance for new metro projects. Private investment and other innovative forms of financing of metro projects have been made compulsory to meet the huge resource demand for capital intensive high capacity metro projects.

n++Private participation either for complete provision of metro rail or for some unbundled components (like Automatic Fare Collection, Operation & Maintenance of services etc) will form an essential requirement for all metro ra il projects seeking central financial assistancen++ says the policy, to capitalize on private resources, expertise and entrepreneurship.

In view of inadequate availability and even absence of last mile connectivity at present, the new policy seeks to ensure it focusing on a catchment area of five kms. on either side of metro stations requiring States to commit in project reports to provide necessary last mile connectivity through feeder services, Non-Motorised Transport infrastructure like walking and cycling pathways and introduction of para-transport facilities. States, proposing new metro projects will be required to indicate in project report the proposals and investments that would be made for such services.

Seeking to ensure that least cost mass transit mode is selected for public transport, the new policy mandates Alternate Analysis, requiring evaluation of other modes of mass transit like BRTS (Bus Rapid Transit System), Light Rail Transit, Tramways, Metro Rail and Regional Rail in terms of demand, capacity, cost and ease of implementation. Setting up of Urban Metropolitan Transport Authority (UMTA) has been made mandatory which is to prepare Comprehensive Mobility Plans for cities for ensuring complete multi-modal integration for optimal utilization of capacities.

The new Metro Rail Policy provides for rigorous assessment of new metro proposals and proposes an independent third party assessment by agencies to be identified by the Government like the Institute of Urban Transport and other such Centres of Excellence whose capacities would be augmented, as required in this regard.

Taking note of substantial social, economic and environmental gains of metro projects, the Policy stipulated a shift from the present Financial Internal Rate of Return of 8% to Economic Internal Rate of Return of 14% for approving metro projects, in line with global practices.

Noting that urban mass transit projects should not merely be seen as urban transport projects but more as urban transformation projects, the new policy mandates Transit Oriented Development (TOD) to promote compact and dense urban development along metro corridors since TOD reduces travel distances besides enabling efficient land use in urban areas. Under the policy, States need to adopt innovative mechanisms like Value Capture Financing tools to mobilize resources for financing metro projects by capturing a share of increase in the asset values through Betterment Levy. States would also be required to enable low cost debt capital through issuance of corporate bonds for metro projects.

Seeking to ensure financial viability of metro projects, the new Metro Rail Policy requires the States to clearly indicate in the project report the measures to be taken for commercial/property development at stations and on other urban land and for other means of maximum non-fare revenue generation through advertisements, lease of space etc., backed by statutory support. States are also required to commit to accord all required permissions and approvals.

The new policy empowers States to make rules and regulations and set up permanent Fare Fixation Authority for timely revision of fares. States can take up metro projects exercising any of the three options for availing central assistance. These include; PPP with central assistance under the Viability Gap Funding scheme of the Ministry of Finance, Grant by Government of India under which 10% of the project cost will be given as lump sum central assistance and 50:50 Equity sharing model between central and state governments. Under all these options, private participation, however, is mandatory.

The policy envisages private sector participation in O & M of metro services in different ways. These include:

1.Cost plus fee contract: Private operator is paid a monthly/annual payment for O&M of system. This can have a fixed and variable component depending on the quality of service. Operational and revenue risk is borne by the owner.

2. Gross Cost Contract: Private operator is paid a fixed sum for the duration of the contract. Operator to bear the O&M risk while the owner bears the revenue risk.

3. Net Cost Contract: Operator collects the complete revenue generated for the services provided. If revenue generation is below the O&M cost, the owner may agree to compensate.

At present, metro projects with a total length of 370 kms are operational in 8 cities viz., Delhi (217 kms), Bengaluru (42.30 kms), Kolkata (27.39 kms), Chennai (27.36 kms), Kochi (13.30 kms), Mumbai (Metro Line 1-11.40 km, Mono Rail Phase 1-9.0 km), Jaipur-9.00 kms and Gurugram (Rapid Metro-1.60 km).

Metro Projects with a total length of 537 kms are in progress in 13 cities including the eight mentioned above. New cities acquiring metro services are; Hyderabad (71 kms), Nagpur (38 kms), Ahmedabad (36 kms), Pune (31.25 kms) and Lucknow (23 kms).

Metro projects with a total length of 595 kms in 13 cities including 10 new cities are at various stages of planning and appraisal. These are; Delhi Metro Phase IV- 103.93 km, Delhi & NCR-21.10 km, Vijayawada-26.03 km, Visakhapatnam-42.55 km, Bhopal-27.87 km, Indore-31.55 km, Kochi Metro Phase II-11.20 km, Greater Chandigarh Region Metro Project-37.56 km, Patna-27.88 km, Guwahati-61 km, Varanasi-29.24 km, Thiruvananthapuram & Kozhikode (Light Rail Transport)-35.12 km and Chennai Phase II-107.50 km.

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Kohinoor Foods shifts registered office
Aug 16,2017

Kohinoor Foods pursuant to the approval of the Registrar of Companies has shifted its registered Office address from Delhi to Haryana with effect from 16th August 2017. The new address of the Company is: Pinnacle Business Tower, 10th Floor, Surajkund, Shooting Range, Faridabad, Haryana - 121001, Telephone No.: +91-129-4242222, Fax No. : +91-129-4242233, Email: info@kohinoorfoods.in.

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