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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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Kolte-Patil Developers stands tall after stellar Q2 results
Dec 05,2016

The announcement was made on Saturday, 3 December 2016.

Meanwhile, the BSE Sensex was down 38.47 points, or 0.15%, to 26,192.19.

More than usual volumes were traded on the counter. On the BSE, 1.73 lakh shares were so far traded in the counter, compared with an average volume of 19,714 shares in the past one quarter. The stock hit a high of Rs 111.90 and a low of Rs 101.45 so far during the day. The stock had hit a 52-week high of Rs 166.40 on 24 December 2015. The stock hit a 52-week low of Rs 84.45 on 15 November 2016.

The stock had underperformed the market over the past one month till 2 December 2016, falling 25.25% compared with Sensexs 4.71% fall. The scrip had also underperformed the market in past one quarter, declining 23.04% as against Sensexs 8.07% drop.

The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers earnings per share (EPS) rose to 2.55 in Q2 September 2016 from Rs 2.41 in Q1 June 2016 and Rs 1.65 in Q2 September 2015. The company recorded new sales bookings of 0.57 million square feet (msf) in Q2 September 2016 as compared to 0.66 msf inQ1 June 2016 and 0.46 msf in Q2 September 2015.

The value of area sold stood at Rs 329 crore in Q2 September 2016 as compared to Rs 370 crore in Q1 June 2016 and Rs 282 crore in Q2 September 2015. Collections stood at Rs 234 crore in Q2 September 2016 as compared to Rs 229 crore in Q1 June 2016 and Rs 223 crore in Q2 September 2015.

Kolte-Patil Developers is Punes largest developer. It is also present in Mumbai with some upscale redevelopment projects. The company has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships.

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Hexaware Technologies expands its BPS Services delivery capabilities
Dec 05,2016

Hexaware Technologies announced the expansion of its BPS Services with a second delivery center in Chennai. The addition of this center in its global delivery network will further strengthen the Companys delivery capabilities in providing accelerated business solutions for clients across industries and various geographies.

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Jain Irrigation Systems gets upgradation in LT Issuer Rating
Dec 05,2016

Jain Irrigation Systems announced that India Ratings and Research has upgraded the Long Term Issuer Rating to IND BBB from IND BBB-. The Outlook is Positive.

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Supreme Infra declines after reporting net loss in Q2
Dec 05,2016

The result was announced on Saturday, 3 December 2016.

Meanwhile, the S&P BSE Sensex was down 49.72 points or 0.19% at 26,180.94.

On the BSE, 8,093 shares were traded on the counter so far as against the average daily volumes of 14,576 shares in the past one quarter. The stock had hit a high of Rs 70.65 and a low of Rs 69.15 so far during the day.

The stock had hit a 52-week high of Rs 164.70 on 4 December 2015 and a 52-week low of Rs 66.50 on 29 February 2016. It had underperformed the market over the past one month till 2 December 2016, sliding 16.78% compared with the Sensexs 4.71% fall. The scrip had also underperformed the market in the past one quarter, declining 27.35% as against the Sensexs 8.07% fall.

The small-cap company has equity capital of Rs 25.70 crore. Face value per share is Rs 10.

The companys net sales fell 41.8% to Rs 194.04 crore in Q2 September 2016 over Q2 September 2015.

Supreme Infrastructure India is engaged in construction and development of roads, highways, buildings and bridges.

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Board of Nestle India declares 3rd interim dividend
Dec 05,2016

Nestle India announced that the Board of Directors of the Company at its meeting held on 05 December 2016, has declared third interim dividend of Rs.16/- (Rupees sixteen only) per equity share for the year 2016 on the entire issued, subscribed and paid up share capital of the Company of 9,64,15,716 equity shares of the nominal value of Rs. 10/- each.

The third interim dividend for 2016 will be paid on and from 22 December 2016 to those members whose names appear on the Register of Members of the Company and as beneficial owners in the Depositories, determined with reference to the Record Date of 13 December 2016.

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State Bank of Travancore announces change in nominee director
Dec 05,2016

State Bank of Travancore announced that Sandeep Bhatnagar, Deputy General Manager (OSD), A&S Department, State Bank of India has been nominated as the Director of the Bank in place of Ravi Nandan Sahay with effect from 21 November 2016.

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Pokarna gets revision in credit ratings
Dec 05,2016

Pokarna announced revision in credit ratings from CRISIL as follows -

Long term rating - CRISIL BB+/ Stable (Upgraded from CRISIL BB-/ Stable)

Short term rating - CRISIL A4+ (Reaffirmed)

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Simplex Infrastructures drops after reporting dismal Q2 numbers
Dec 05,2016

The result was announced on Sunday, 4 December 2016.

Meanwhile, the S&P BSE Sensex was down 14.79 points or 0.06% at 26,215.87.

On the BSE, 549 shares were traded so far in the counter as against average daily volume of 12,596 shares in the past one quarter. The stock had hit a high of Rs 306 and a low of Rs 290 so far during the day. The stock had hit a 52-week high of Rs 362 on 7 September 2016. The stock had hit a 52-week low of Rs 188 on 29 February 2016.

The stock had underperformed the market over the past one month till 2 December 2016, falling 6.31% compared with Sensexs 4.71% fall. The scrip had, however, outperformed the market in past one quarter, declining 7.48% as against Sensexs 8.07% drop.

The small-cap company has equity capital of Rs 9.89 crore. Face value per share is Rs 2.

Simplex Infrastructures order book as on 30 September 2016 stood at Rs 13485 crore excluding the successful bidder (L1) orders of Rs 2543 crore. The new order intake during Q2 September 2016 was Rs 978 crore.

Simplex Infrastructures is the largest pure play civil construction & engineering contractors in India.

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Zydus Cadila settles DELZICOL (Mesalamine) patent litigation
Dec 05,2016

Zydus Cadila announced that the patent litigation relating to Allergens DELZICOL (Mesalamine) has been settled. As a results of the settlement, and if approved by FDA, its subsidiary, Zydus Pharmaceuticals (USA) Inc. will be able to market its generic version of DELZICOL in the United States beginning on 01 March 2017 or earlier under certain circumstances.

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COSYN secures order worth Rs 34.44 crore
Dec 05,2016

COSYN has bagged an Order from West Bengal State Electricity Distribution Company, Kolkata, of value Rs.34.44 crore, the duration of the project being three years.

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Adani Enterprises appoints director
Dec 05,2016

Adani Enterprises announced that the Board of Directors of the Company vide circular resolution dated 02 December 2016 has appointed Vijaylaxmi Joshi as an Additional Director (Non-Executive, Independent) of the Company to hold office upto the date of the ensuing annual general meeting.

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IL&FS Engineering & Construction Co emerges Lowest Bidder for two contracts valued at Rs 677.8 cr
Dec 05,2016

IL&FS Engineering & Construction Co has emerged as the Lowest Bidder for two Rural Engineering Works and additional two Integrated Power Development Works of West Bengal State Electricity Distribution Company, Kolkata worth Rs 677.8 crore.

Deen Dayal Upadhyay Gram Jyoti Yojana - RE Contracts are being funded by Rural Electrification Corporation and IPDS Contracts are being funded by Power Financial Corporation.

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Shree Ganesh Jewellery House (I) announces resignation of company secretary
Dec 05,2016

Shree Ganesh Jewellery House (I) announced that Anumita Mishra, Company Secretary and Compliance Officer of the Company has resigned from her post for personal reasons with effect from 30 November 2016.

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Shree Ganesh Jewellery House (I) provides update on resignation of director
Dec 05,2016

Shree Ganesh Jewellery House (I) announced that Sandeep Khajnachi, Chairman and Whole Time Director on the Board of the Company has placed his resignation letter dated 25 November 2016 to resign from the post of Chairman and Whole Time Director of the Company for personal reasons but the Board accepted his resignation w.e.f. close of business hours of 30 November 2016 and not 25 November 2016 as informed earlier.

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Bajaj Finance allots NCDs aggegating Rs 105 crore
Dec 05,2016

Bajaj Finance announced that the Debenture Allotment Committee of the Company, at its meeting held on 02 December 2016 has allotted 1050 Unsecured Subordinated Tier II Redeemable Non-Convertible Debentures aggregating Rs 105 crore on private placement basis.

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