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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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Board of Aditya Birla Money to consider December quarter results
Jan 04,2017

Aditya Birla Money announced that a meeting of the Board of Directors of the Company will be held on 25 January 2017, inter alia, to consider the Unaudited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of Mipco Seamless Rings (Gujarat) appoints company secretary & compliance officer
Jan 04,2017

Mipco Seamless Rings (Gujarat) announced that a meeting of the Board of Directors of the Company was held on 04 January 2017, to consider the appointment of Srishti Agarwal as Company Secretary & Compliance Officer of the Company w.e.f. 01 January 2017, in pursuant to provision of section 203 read with Rule 8 of Companies (Appointment and remuneration of Managerial Personnel) Rules, 2014 of the Companies Act, 2013 to perform the functions and duties that are laid under section 205 of the Companies Act, 2013 and rules made there under read with Clause 6 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Cabinet approves MoU between India and Kenya on bilateral cooperation in the field of agriculture and allied sectors
Jan 04,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved signing of a Memorandum of Understanding (MoU) between India and Kenya on bilateral cooperation in the field of agriculture and allied sectors.

The MoU covers various activities in these fields which include agricultural research, animal husbandry and dairy, livestock and fisheries horticulture, natural resource management, post-harvest management and marketing, soil and conservation, water management, irrigation farming systems development and integrated watershed development integrated pest management, agricultural plant, machinery and implements, sanitary and phytosanitary issues.

The MoU provides for constitution of a Joint Working Group comprising of representatives from both countries, the task of which would be to develop detailed cooperation programmes and monitor implementation of the MoU.

The MoU shall enter into force on the day of signing and shall remain valid for a period of five years and shall automatically be renewed for a subsequent period of five years unless either Party notifies the other in writing, six months before the expiry of the validity period of the intention to terminate it.

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STC India hits 5% lower circuit for second day on profit booking
Jan 04,2017

Meanwhile, the S&P BSE Sensex was up 37.82 points, or 0.14%, to 26,681.66.

On the BSE, 1,685 shares were traded in the counter so far as against an average daily volume of 1.07 lakh shares in the past one quarter. The stock was locked at a low of Rs 207.25 so far during the day. The stock had hit a 52-week low of Rs 71.20 on 26 February 2016.

The stock had outperformed the market over the past one month till 3 January 2017, jumping 86.29% compared with the 1.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 67.1% as against Sensexs 5.67% decline.

The small-cap company has equity capital of Rs 60 crore. Face value per share is Rs 10.

Shares of State Trading Corporation of India had surged 95.82% in eight sessions to settle at Rs 229.60 on 2 January 2017, which was also a 52-week high for the stock, from a close of Rs 117.25 on 21 December 2016.

After the exchanges sought clarification from the company with reference to increase in price on 28 December 2016 after the stock was locked at 10% upper circuit on that day, the company had clarified on the same day that it does not have any information/announcement which could have affected the price of the scrip.

On 23 December 2016, Smithblock Financial Services Private Limited bought 4 lakh shares of State Trading Corporation of India at Rs 142.25 per share on the NSE, the bulk deal data on NSE showed.

State Trading Corporation of India (STC India) reported net loss of Rs 4.77 crore in Q2 September 2016 compared with net loss of Rs 3.17 crore in Q2 September 2015. Net sales fell 87.6% to Rs 607.24 crore in Q2 September 2016 over Q2 September 2015.

STC is a premier international trading company that was set up in 1956. The company imports and exports large number of bulk commodities such as rice, wheat, sugar, pulses, edible oils, fertilisers, coal and bullion, etc. It also imports mass consumption items like wheat, sugar and pulses, etc. as and when called upon by the Government to do so.

The government of India holds 90% stake in the firm as per the shareholding pattern as on 30 September 2016.

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HCL Tech moves north after completing acquisition in US
Jan 04,2017

The announcement was made during market hours today, 4 January 2017.

Meanwhile, the S&P BSE Sensex was up 12.49 points or 0.05% at 26,655.73.

On the BSE, 56,000 shares were traded on the counter so far as against the average daily volumes of 96,793 shares in the past one quarter. The stock had hit a high of Rs 857.95 and a low of Rs 834.30 so far during the day.

The stock had hit a 52-week high of Rs 889.80 on 1 February 2016 and a 52-week low of Rs 706.50 on 11 May 2016. It had outperformed the market over the past one month till 3 January 2017, advancing 5.25% compared with the Sensexs 1.57% rise. The scrip had also outperformed the market over the past one quarter gaining 3.24% as against the Sensexs 5.67% fall.

The large-cap company has equity capital of Rs 282.24 crore. Face value per share is Rs 2.

HCL Technologies had announced in October 2016 regarding its acquisition of Butler America Aerospace, LLC (Butler Aerospace), an aerospace & defense engineering service provider to US aerospace and defense customers. Butler Aerospace is a wholly owned subsidiary of Butler America LLC. The acquisition is excluding the staffing business of Butler America Inc. The consideration for this acquisition was $85 million payable in cash.

On a consolidated basis, HCL Technologies net profit fell 1.92% to Rs 2015.60 crore on 1.61% growth in net sales to Rs 11519.21 crore in Q2 September 2016 over Q1 June 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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Board of Sahara Housing Fina Corporation to consider private placement of NCDs
Jan 04,2017

Sahara Housing Fina Corporation announced that a meeting of the Board of Directors of the Company will be held on 11 January 2017, inter alia, to consider, fund raising by way of Private Placement of Secured Non-Convertible Debentures (NCDs) (Unlisted).

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Board of Facor Steels to consider December quarter results
Jan 04,2017

Facor Steels announced that a meeting of the Board of Directors of the Company will be held on 10 January 2017 inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended 31 December 2016.

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Reliance Industries allots equity shares
Jan 04,2017

Reliance Industries has allotted 2,29,091 equity shares of Rs.10/- each, on 02 January 2017 pursuant to the Employees Stock Option Scheme.

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Cabinet approves signing of MoU between India and Portugal in the field of agriculture and allied sectors
Jan 04,2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement for cooperation in the field of Agriculture and allied sectors between India and Portugal.

The Agreement covers various activities in these fields which include exchange of scientific and technical information, trade in plants and plant products, exchange of information in phytosanitary issues, training programmes, seminars and visits of experts and consultants.

The Agreement provides constitution of a Joint Working Group comprising of representatives from both countries, the task of which would be to monitor the implementation of the present MoU and making concrete proposals for agriculture cooperation and develop guidelines and priorities for future cooperation in the field of agriculture and allied sectors.

The Agreement shall enter into force on the date of its signing and shall remain in force for a period of five years and shall be automatically extended for a subsequent period of five years unless either Party gives written notice through diplomatic channels to the other Party of its intention to terminate the Agreement at least six months before its expiration.

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Sundaram Multi Pap repays Rs 45 crore worth debts
Jan 04,2017

Sundaram Multi Pap announced that the Company have successfully repaid Rs 45 crore to its bankers by end of December 2016 and our debt has been reduced to that extent. This bullet payment of Rs. 45 crore relates to the restructuring of debt carried out in the month of September 2014. The Company has fulfilled its financial obligation.

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Baroda Rayon Corporation announces cessation of BIFR nominated director
Jan 04,2017

Baroda Rayon Corporation announced that in pursuance of Government notification S.O. No. 3568 (E) dated 25 November 2016 and S.O. 3569 E) dated 25 November 2016, The Board for Industrial & Financial Reconstruction (BIFR) has been wound up w.e.f. 01 December 2016. Accordingly the Company has received a discharge order vide F. No. 16(6)/3/201I/BIFR/SD Discharge, stating that Prashant Panda, a Special Director appointed by BIFR, ceases to exist on the Board of the Company w.e.f. 01 December 2016.

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Indag Rubber gets assignment of credit ratings
Jan 04,2017

Indag Rubber announced that ICRA has assigned long term rating of [ICRA]A+ with a stable outlook on the Rs. 8 crore long term fund based and also assigned a short term rating of [ICRA]A1+ on the Rs. 47 crore (including unallocated amount) non fund based facilities.

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Sundaram Multi Pap provides financial update
Jan 04,2017

Sundaram Multi Pap has reduced its debt to the extent of Rs 45 crore by December 2016. The Company had opted for debt restructuring in September 2014. The Company has being able to reduced its financial obligation as a result of liquidation of non-core assets located at Palghar and Mumbai and raising funds from Qualified Institutional Buyers.

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Gujarat State Petronet appoints director
Jan 04,2017

Gujarat State Petronet announced that the Board of Directors of the Company has approved appointment of Bimal N Patel as Additional (Independent) Director on the Board of the Company w.e.f. 29 December 2016.

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Nandan Denim gets RBI approval for hike in foreign investment limit
Jan 04,2017

Nandan Denim announced that the Reserve Bank of India (RBI) has issued a press release dated 03 January 2017 notifying the increase in investment limits of Foreign Institutional Investors (FIIs) / Registered Foreign Portfolio Investors (RFPIs) from default limit of 24% to 49% of the paid-up share capital of the Company under Portfolio Investment Scheme (PIS).

In view of the same, Foreign Institutional Investors (Flls)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Nandan Denim (the Company).

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