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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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Multi Commodity Exchange of India announces cessation of director
Aug 11,2017

Multi Commodity Exchange of India announced that Pravin Tripathi ceases to be an Independent Director of MCX with effect from 11 August 2017.

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Gratex Industries announces change in Managing Director
Aug 11,2017

Gratex Industries announced change in Managing Director. Karan Sharma has resigned as MD of the Company with effect from 07 August 2017. Baldevkrishan Sharma is appointed as MD of the Company with effect from 07 August 2017.

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Genus Power Infrastructures allots equity shares under ESOP
Aug 11,2017

Genus Power Infrastructures on 11 August 2017 has allotted total 45,617 equity shares of face value of Re.1/- each (consisting of 39,086 equity shares of face value of Re.1/- each at an exercise price of Rs.7/- per equity share, 5,864 equity shares of face value of Re.1/- each at an exercise price of Rs.6/- per equity share and 667 equity shares of face value of Re.1/- each at an exercise price of Rs.27.10/- per equity share). Post allotment of the said equity shares, the equity share capital of the Company would stand increased to 25,72,29,331 equity shares of Re.1/- each aggregating to Rs. 25,72,29,331/-.

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Indo Count Industries gets reaffirmation of credit ratings and revision in outlook
Aug 11,2017

Indo Count Industries announced that ICRA has reaffirmed its credit ratings of ICRA AA- and ICRA A1+ for the bank facilities with outlook on long term rating revised to Positive from Stable.

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Board of Vinati Organics approves buyback of shares
Aug 11,2017

The Board of Vinati Organics at its meeting held on 11 August 2017 has approved a buyback proposal for purchase by the Company of up to 2,00,000 equity shares of Rs. 2 each (representing 0.39% of the total equity capital), from all the shareholders of the Company on a proportionate basis through the Tender Offer route using the stock exchange mechanism as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998 (the Buyback Regulations) at a price of Rs. 1,200 per equity share, aggregating to approximately Rs. 24 crore in accordance with the provisions of the Companies Act, 2013 and the Buyback Regulations (the Buyback).

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Mahindra & Mahindra to sell its stake in JV with Yueda Group of China
Aug 11,2017

Mahindra & Mahindra announced that Mahindra Overseas Investment Company (Mauritius) (MOICML), a wholly owned subsidiary of the Company, has agreed to sell its entire shareholding of 51% in Mahindra Yueda Yancheng Tractor Company (MYYTCL), China. Upon receipt of requisite regulatory approvals and completion of other formalities, MYYTCL will cease to be a subsidiary of MOICML and in turn of the Company.

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Rain Industries fixed record date for interim dividend
Aug 11,2017

Rain Industries has fixed 24 August 2017 as record date for interim dividend for FY ending 31 December 2017.

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Board of Indraprastha Gas approves stock split
Aug 11,2017

Indraprastha Gas announced that the Board of Directors of the Company at its meeting held on 11 August 2017, inter alia, has approved the sub-division of existing one Equity Share of Rs. 10/- each into five Equity Shares of Rs. 2/- each subject to approval of members at the Annual General Meeting of the Company.

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Tyche Industries fixes record date for dividend
Aug 11,2017

Tyche Industries has fixed 22 September 2017 as record date for payment of dividend subject to the approval of members at ensuing AGM.

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Shaily Engineering Plastics fixes record date for dividend
Aug 11,2017

Shaily Engineering Plastics has fixed 01 September 2017 as record date for payment of dividend.

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Board of Advik Industries approves sub-division of shares
Aug 11,2017

Advik Industries announced that the Board of Directors of the Company in their meeting held on 11 August 2017, has approved, the sub-division of 1 (one) equity shares of the Company having a face value of Rs. 10/- each fully paid-up into 10 (ten) equity shares of the face value of Rs. 1/- each filly paid-ups subject to the approval of members of the Company in the ensuing Annual General Meeting of the Company and such other necessary approval as may be required.

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Genus Power Infrastructures fixes record date for final dividend
Aug 11,2017

Genus Power Infrastructures has fixed 15 September 2017 as record date for payment of final dividend.

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Asia Pacific Market: Stocks Rattled by North Korea Tensions
Aug 11,2017

Asia Pacific share market closed down on Friday, 11 August 2017, as risk-off selling flared on escalating sabre-rattling between North Korea and the US. MSCIs broadest index of Asia-Pacific shares outside Japan dropped 0.5%.

Overnight, Wall Street closed sharply lower after Trump, with fiery rhetoric, warned Pyongyang against attacking Guam or US allies after it disclosed plans to fire missiles over Japan to land near the US Pacific territory. Trump took specific aim at North Korean leader Kim Jong Un, saying, he had disrespected our country greatly, and would not be getting away with it.

Trump issued a new warning to Pyongyang on Friday, saying in a tweet: Military solutions are now fully in place, locked and loaded, should North Korea act unwisely. North Korea had responded to Trumps previous promise to unleash fire and fury with a threat to land a missile near the U.S. Pacific territory of Guam.

In commodities, Gold prices, which hit a two-month low on Thursday, were steady at USD 1,286.16 an ounce, after surging over 2% in the past two sessions. Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in U.S. crude inventories, leaving prices volatile. US crude oil crude futures edged up 10 cents to $48.69 per barrel. Brent was last at $52.01, up 0.21% on the day.

Among Asian bourses

Australia Stocks fall 1.2%

Australian equity market finished session near 3-week low, as investors fled to safer assets after the inflammatory exchange of words between North Korea and the United States heightened geopolitical tensions and uncertainty in financial markets. At the close, the S&P/ASX200 index was 1.2%, or 67.8 points lower at 5693.1 while the broader All Ordinaries index also closed down 1.2%, or 67 points at 5743.5. For the week, the S&P/ASX200 index was down 0.5%.

Shares of financial declined, with Australias top mortgage lender Commonwealth Bank of Australia slipping 0.7% to settle at its lowest in over two months. Sentiment in the banking sector was also dented after Australias central bank said it aims to keep interest rates at record lows for a while, with any tightening quite some time away and likely to be gradual as households try to whittle down a mountain of debt. CBA shares down 0.7% to $80.50, Westpac closed 1.3% lower, ANZ lost 1.9%, while NAB shares dropped 1%, after it provided the market with a third-quarter update.

Material stocks - vulnerable to heightened risk aversion - bore the brunt of the geopolitical tensions, with miners BHP Billiton and Rio Tinto slipping 2% and 2.8%, respectively.

The flight from riskier assets helped gold stocks, as spot gold prices rose this week. Newcrest Mining rose 2.1% to close at its highest in three-and-a-half months, and posted its fourth straight session of gains.

China Stocks fall as North Korea tensions simmer

The Mainland China equity market ended steep lower, as mainland investors opted to book profit made in recent session amid escalating tensions between North Korea and the United States. Most of SSE sectors declined, with shares in the mining, financials, and manufacturing sectors being notable losers. The Shanghai Composite Index shed 1.6%, or 53.21 points, to 3,208.54, while the Shenzhen Composite Index lost 1.6%, or 30.0 points, to 1,842.6.

Concerns over North Koreas plan to fire ballistic missiles into waters near the U.S. territory of Guam in the Pacific Ocean have shaken markets around the world, and they are now affecting markets in China. U.S. President Donald Trump on Thursday escalated his threats against the Asian nation, saying he may not have been tough enough earlier this week, when he declared Pyongyangs threats will be met with fire and fury.

Shares in materials firms continued their downward course, with Xiamen Tungsten falling 9%, while Jiangxi Copper lost 8% as prices of some metals in Shanghai also felt the pressure of rising North Korea-United States tensions.

Hong Kong Stocks tumble

The Hong Kong stock market finished lower for third straight session, as investor sentiment succumbed to tensions between the U.S. and North Korea. The market also took a huge knock from technology giant Tencent, after news emerged that its successful messaging app, WeChat, and two other Chinese tech heavyweights are being probed by the government. The Hang Seng Index slid 2.0% or 560.49 points at 26,883.51, capping a weekly loss of 2.5%, its worst in 2017. The Hang Seng China Enterprises Index also fell 1.9% or 209.23 points to 10,572.97. Turnover increased to HK$139.4 billion from HK$122 billion on Thursday.

Utilities counters became buying targets of risk-averse investors. CLP Holdings (00002) gained 0.8% to HK$82.9. Power Assets (00006) was unchanged at HK$78.1.

REITs failed to display their defense capabilities. Link REIT (00823) fell 0.7% to HK$62.5. Fortune REIT (00778) slipped 1.9% to HK$9.2. Champion REIT (02778) sank 3.2% to HK$5.77.

Financials were lower, led by China Life which was lower 2.9% to HK$23.55 and China Construction Bank which fell 1.6% at HK$6.34.

Chinas largest aluminium producer was among the biggest loser, tumbling 8.9% to HK$5.19. Coal mining giant China Shenhua also slid 4.4% to HK$19.1. Geely Auto skidding 4.5% to HK$18.42. Apple supplier AAC Tech had 3.8% peeled from its value, to HK$106.7.

Tencent tumbled 4.9% to HK$310.6 as Chinas internet watchdog announced it is probing WeChat as well as social media platforms backed by Baidu and Sina. It accused the three of violating cyber security laws because their users have n++spread information deemed a threat to the national security, including pornography, rumours and violencen++.

Wanda Hotel Development rose for a second day, surging 9% to HK$1.52. Its share price skyrocketed 40% on Thursday after it said it would buy property and tourism assets from Dalian Wanda Group chairman Wang Jianlin.

Sensex settles at over 5-1/2-week low

Indian stock market registered strong losses on last trading day of the week on weak global cues amid escalating tensions between the US and North Korea. Sentiment was also affected adversely after the finance ministry said in its mid-year economic survey today, 11 August 2017, that there are downside risks to the Indian governments growth forecast of 6.75-7.5% for the fiscal year to March 2018. The barometer index, the S&P BSE Sensex, lost 317.74 points or 1.01% to settle at 31,213.59. The Nifty index lost 109.45 points or 1.11% to settle at 9,710.80.

Metal and mining stocks dropped. Hindalco Industries slumped 7.15% after net profit fell 1.36% to Rs 290 crore on 27.55% growth in revenue from operations to Rs 10407 crore in Q1 June 2017 over Q1 June 2016.

MOIL rose 3.57% after the company said its board recommended 1:1 bonus issue of shares. MOIL announced that its net profit surged 107.3% to Rs 97.73 crore on 82.7% increase in net sales to Rs 339.40 crore in Q1 June 2017 over Q1 June 2016.

State Bank of India (SBI) lost 5.36% after the banks net profit fell 20.44% to Rs 2005.53 crore on 28.57% rise in total income to Rs 62911.08 crore in Q1 June 2017 over Q1 June 2016. The first quarter results are not comparable with year ago period due to merger of its subsidiaries with self, SBI said.

Japan share market dosed on Friday, 11 August 2017, for Obon holiday.

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Hong Kong Stocks tumble 2%
Aug 11,2017

The Hong Kong stock market finished lower for third straight session on Friday, 11 August 2017, as investor sentiment succumbed to tensions between the U.S. and North Korea. The market also took a huge knock from technology giant Tencent, after news emerged that its successful messaging app, WeChat, and two other Chinese tech heavyweights are being probed by the government. The Hang Seng Index slid 2% or 560.49 points at 26,883.51, capping a weekly loss of 2.5%, its worst in 2017. The Hang Seng China Enterprises Index also fell 1.9% or 209.23 points to 10,572.97. Turnover increased to HK$139.4 billion from HK$122 billion on Thursday.

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China Stocks fall as North Korea tensions simmer
Aug 11,2017

The Mainland China equity market ended steep lower on Friday, 11 August 2017, as mainland investors opted to book profit made in recent session amid escalating tensions between North Korea and the United States. Most of SSE sectors declined, with shares in the mining, financials, and manufacturing sectors being notable losers. The Shanghai Composite Index shed 1.6%, or 53.21 points, to 3,208.54, while the Shenzhen Composite Index lost 1.6%, or 30.0 points, to 1,842.6.

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