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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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Standard Capital Markets director resigns
Nov 23,2016

Standard Capital Markets has received resignation intimation from Kapoor Chand Gupta wherein he has resigned from the Board of the Company as Non-executive director with immediate effect and as requested the same shall be placed before board of directors in the next board meeting.

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Polymac Thermoformers appoints compliance officer
Nov 23,2016

Polymac Thermoformers announced that the Company has appointed Neha Pansari (formally known as Neha Kheria) as its Compliance Officer as per Sebi (Lodr) Regulations,2015 in its board meeting held on 23 November 2016.

Further the Company has informed that, the Surname of Company Secretary has been changed from Kheria to Pansari after marriage and the necessary changes has been made in ICSI website and in MCA portal.

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Eros International Media allots equity shares
Nov 23,2016

Eros International Media announced that the Nomination & Remuneration Committee vide its resolution passed on 23 November 2016 have approved the issue and allotment of 118,075 equity shares of Rs. 10/- each to the employees against exercise of stock options granted to them, in accordance with SEBI (ESOS & ESPS) Guidelines 1999 & Eros International Media Limited- Employee Stock Option Scheme 2009.

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Board of Zee Entertainment Enterprises approves acquisition of General Entertainment Television Broadcasting Undertakings
Nov 23,2016

Zee Entertainment Enterprises announced that the Board of Directors of the Company at a meeting held on 23 November 2016 has approved the acquisition of General Entertainment Television Broadcasting Undertakings from Reliance Big Broadcasting (transferor 1), Big Magic (transferor 2) and Azalia Broadcast (transferor 3) - all of these forming part of Anil Ambani led Reliance Group.

The consideration payable by the Company for the proposed acquisition shall be by way of taking over off debt of the demerged undertakings aggregating to Rs 295 crore and issuance of unlisted preference shares aggregating Rs 3.95 crore to the shareholders of transferor companies.

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Contract Signed with International Seabed Authority for Exploration of Polymetallic Sulphides in Indian Ocean in September this year
Nov 23,2016

A contract was signed with International Seabed Authority for Exploration of Polymetallic Sulphides in Indian Ocean on 26th September, 2016 in New Delhi. The contract provides India the exclusive rights of exploration in the area near the Rodridgues Tripple Junction in the southern part of Central India ridge and a part of South-West Indian ridge.

The plan for the survey and exploration along with the environmental baseline for the first five years includes the acquisition of multi-beam bathymetric data, seabed characterization, collection of sediment and rock samples, water column sampling followed by data processing, analysis and interpretation.

Majestic Research Services & Solutions gets RoC approval for Red Herring Prospectus filed for Further Public Issue
Nov 23,2016

Majestic Research Services & Solutions announced that the Company has received approval from Registrar of Companies (ROC), Karnataka, Bangalore on 22 November 2016 for Red Herring Prospectus dated 16 November 2016 filed for Further Public Issue of Equity Shares of face value of Rs. 10/- each for cash under Book Built Issue.

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Nitin Fire Protection Industries director resigns
Nov 23,2016

Nitin Fire Protection Industries announced that Ramakant Madhav Nayak has intimated his resignation from the directorship of the Company. He also resigned from directorship / chairmanship of various committees.

The resignation of Ramakant Nayak, Independent Director from the Board of Directors of the Company was accepted with effect from 23 November 2016.

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Jaypee Infratech appoints director
Nov 23,2016

Jaypee Infratech announced that the Board of Directors of the Company has approved the appointment of Sham Lal Mohan as an Additional Director (Independent) w.e.f. 23 November 2016 on the Board of Directors of the Company by passing a resolution by circulation on 22 November 2016.

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Navkar Corporation provides update on subsidiary Navkar Terminals
Nov 23,2016

Navkar Corporation announced that its subsidiary, Navkar Terminals, vide an e-mail dated 22 November 2016 has written to Kribhco Infrastructure (KRIL) for termination of the Agreement dated 02 June 2016 for operation and management of KRILs Container Freight Station (CFS)/ICD and Handling of Container Trains at Hazira Terminal, Gujarat, by Navkar Terminals.

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Welspun Corp appoints MD and CEO
Nov 23,2016

Welspun Corp announced the appointment of Lalit Naik as Managing Director and CEO- designate of the Company with effect from 01 December 2016.

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Power Grid Corporation of India to consider private placement of bonds
Nov 23,2016

Power Grid Corporation of India announced that a meeting of Committee of Directors for Bonds is planned to be held on 28 November 2016 to consider issue of Secured, Redeemable, Non-Convertible, Non-Cumulative, Taxable Bonds (Debenture) under private placement.

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Board of Oil India to consider bonus issue
Nov 23,2016

Oil India announced that the Board would also inter alia consider n++Issue of Bonus Sharesn++ in the Board Meeting scheduled to be held on 28 November 2016

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Rupee drops
Nov 23,2016

Rupee continued to pitch lower to close at 68.56/57 per dollar on Wednesday (23 November 2016), versus its previous close of 68.2079/2220 per dollar.

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IMD Proposes to Bring Out a Cold Weather Outlook For the Period December 2016 to February 2017
Nov 23,2016

Indian Meteorological Department (IMD) has already started issuing of the Hot Weather Season Outlooks from the summer season of 2016, i.e. starting from April 2016. It is also proposed to bring out a Cold Weather Outlook for the period from December 2016 to February 2017.

Temperature Outlook is issued for hot and cold weather season temperatures over the country based on predictions using the ocean-atmosphere coupled climate model developed by the Indian Institute of Tropical Meteorology (IITM) Pune, Ministry of Earth Sciences. Climate Services Division of IMD issues a seasonal outlook prior to the starting of the season, specifying whether temperature of the season as a whole is likely to be above normal (Long term climatological average) or below normal. This would be supplemented by the subsequent weekly updates of extended range forecasts, based on dynamical models on both day maximum and night minimum temperatures. IMD maintains a close watch on the local temperature changes. It issues warnings wherever any places is threatened by cold or very hot weather, to alert members of the public to the danger of low body temperature in cold weather or the risk of heat stroke and sunburn in very hot weather.

IITM, IMD, various state governments, TV channels and Newspapers are involved in this programme. Upon prediction of the heat wave conditions by the IMD, various state governments have a system of giving wide publicity of Dos and Donts through advertisements in TV channels, Newspapers and opening drinking water camps at identified places in rural and urban areas to mitigate the impact of heat waves. The heat action plan is being implemented in cities across central India, since 2016 including Ahmedabad, Surat, Nagpur, Akola, Gondia, Chandrapur, Nanded, Jalgaon, Bhubaneswar and Cuttack. The schedule of National Rural Employment Guarantee Scheme workers is adjusted to avoid exposure to extreme hot weather duration periods. Advisories include precautionary measures to avoid heat stroke include - drinking plenty of water, avoiding going out in open heat during 10am - 4 pm; wearing light coloured clothes; covering head/ using umbrella while going out; monitoring symptoms of heat stroke etc.

User Interaction workshops are also planned at every State and Regional Meteorological Centres to create awareness of the products and their utility. Such programmes will be conducted with the involvement of targeted users in the heat/cold wave prone regions of the country.

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Solar Industries India standalone net profit rises 9.82% in the September 2016 quarter
Nov 23,2016

Net profit of Solar Industries India rose 9.82% to Rs 25.95 crore in the quarter ended September 2016 as against Rs 23.63 crore during the previous quarter ended September 2015. Sales declined 0.45% to Rs 224.49 crore in the quarter ended September 2016 as against Rs 225.50 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales224.49225.50 0 OPM %17.3518.23 - PBDT40.6439.94 2 PBT35.9135.49 1 NP25.9523.63 10

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