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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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DGFT creates GST Facilitation Cell for exporters
Jun 12,2017

DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other officers Mr Rakesh Kumar Joint DGFT(r.kumar73@nic.in), Mr Kaushlendra Pratap Singh Deputy DGFT(Kaushlendrap.singh@nic.in. Exporters can email their queries concerning GST and pertaining to FTP.

Similarly all regional offices of DGFT have constituted GST facilitation cell and the cell would headed by head of the regional office i.e. Add DGFT/ Joint DGFT with other two officers of the rank of Deputy DGFTor Asst DGFT.

Recently, DG, DGFT also convened a meeting of stakeholders (FIEO/ trade/ industry) on 9 th June to understand the issues being faced by them in GST system. These issues have been taken up with department of revenue and GSTN, who have informed that most of the issues have already been resolved.

Earlier, DGFT, jointly with FIEO, had also organised an outreach program on 2nd June, 2017 to educate the exporters about GST regime. This program was attended by large number of exporters. Shri Ajay Bhalla, Director General DGFT himself addressed the exporters and explained them about all aspects of GST including benefits that will accrue to them because of automatic and quick refund of all taxes paid on inputs. DG also responded to many queries of the exporters regarding various export promotion schemes, filing of GST returns and claiming refund. Shri Tejpal singh, Addl DG, DGEP and Shri Yoginder Garg commissioner customs were also present in the workshop, who made detailed presentation on GST.

It may be noted that earlier Department of Commerce had announced to align the mid-term review of Foreign Trade Policy with roll out of GST for the convenience of exporters and industry.

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Gajanan Securities Services appoints director
Jun 12,2017

Gajanan Securities Services has appointed Chirag Tekriwal (Din: - 07828255) as Additional Director (Independent Director) w.e.f. 30 May 2017.

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Gajanan Securities Services appoints company secretary and compliance officer
Jun 12,2017

Gajanan Securities Services has appointed Riddhi Kanodia bearing Membership No (ACS 33590) as company Secretary and compliance officer w.e.f. 30 May 2017.

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Zydus Nesher Pharmaceutical gets approval for Nystatin Topical Powder
Jun 12,2017

Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA has received final approval from the USFDA to market Nystatin Topical Powder USP, 100000 units per gram. The drug will be produced at the Nesher Pharmaceuticals manufacturing facility located at St. Louis, USA. Nystatin Topic Powder is an antifungal antibiotic used to treat skin infections caused by yeast.

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Board of Viji Finance recommends bonus issue in ratio of 1:10
Jun 12,2017

Viji Finance announced that the Board of Directors of the Company at its meeting held on 10 June 2016, inter alia, has recommend issue of Bonus Shares in ratio of 1:10 i.e. 1 (One) bonus equity share having face value of Rs. 1/- each for every 10 (Ten) existing Fully paid up equity share having face value of Rs. 1/- each, to the shareholder of the Companywho held shares as on the Record Date, subject to the Approval of member in the ensuing 23rd Annual general Meeting of the Company.

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Mawana Sugars surges after reporting good Q4 earnings
Jun 12,2017

The result was announced after market hours on Friday, 9 June 2017.

Meanwhile, the S&P BSE Sensex was down 153.10 points, 0.49% at 31,108.96. The S&P BSE Small-Cap index was down 38.33 points, 0.25% at 15,510.84.

On the BSE, 91,000 shares were traded on the counter so far as against the average daily volumes of 68,431 shares in the past one quarter. The stock had hit a high of Rs 85.50 and a low of Rs 81.35 so far during the day. The stock had hit a 52-week high of Rs 99 on 23 May 2017 and hit a 52-week low of Rs 34.65 on 17 November 2016.

The stock had underperformed the market over the past one month till 9 June 2017, declining 13.84% compared with the Sensexs 4.44% rise. The scrip had also underperformed the market over the past one quarter declining 11.26% as against the Sensexs 8.06% rise. The scrip had, however, outperformed the market over the past one year advancing 38.35% as against the Sensexs 16.81% rise.

The small-cap company has equity capital of Rs 39.12 crore. Face value per share is Rs 10.

Mawana Sugars in engaged in the manufacturing of some of the finest sugars in the country.

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Board of Amtek Auto approves preferential issue of equity shares
Jun 12,2017

The Board of Directors of Amtek Auto at its meeting held on 10 June 2017 has approved the issuance of 268,33,876 Equity shares on Preferential basis to Assets Care & Reconstruction Enterprise at issue price of Rs 35.50 per share upon conversion of its unsecured loan.

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Arcotech fixed record date for stock split
Jun 12,2017

The Board of Directors of Arcotech has fixed 23 June 2017 as the record date for the purpose of ascertaining the eligibility of the shareholders entitled for equity shares of the face value of Rs. 2/- each in lieu of the equity shares of the face value of Rs. 10/- each after the sub-division of the face value of the same as approved by the shareholders of the Company in the Extraordinary General Meeting held on 10 June 2017.

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Atlas Jewellery India appoints director
Jun 12,2017

Atlas Jewellery India announced the appointment of Mandira Mutum, Executive Director- Quality & HR as Whole Time Director (KMP) of the Company w.e.f. 10 June 2017.

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Amtek Auto drops after weak Q4 results
Jun 12,2017

The result was announced on Saturday, 10 June 2017.

Meanwhile, the S&P BSE Sensex was down 128.71 points or 0.41% at 31,133.35. The S&P BSE Small-Cap index declined 25.91 points or 0.17% at 15,523.26.

On the BSE, 47,000 shares were traded on the counter so far as against the average daily volumes of 5.81 lakh shares in the past one quarter. The stock had hit a high of Rs 35 and a low of Rs 34.25 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and a 52-week low of Rs 30.60 on 27 December 2016.

The stock had underperformed the market over the past one month till 9 June 2017, sliding 10.94% compared with the Sensexs 4.44% rise. The stock had also underperformed the market over the past one quarter, declining 1.96% as against the Sensexs 8.06% rise. The stock had also underperformed the market over the past one year, gaining 0.57% as against the Sensexs 16.81% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Autos total revenue declined 31.08% to Rs 448.45 crore in Q4 March 2017 over Q4 March 2016.

Amtek Auto is one of the leading integrated auto component manufacturers.

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Mylan and Biocon present clinical data on Insulin Glargine
Jun 12,2017

Mylan and Biocon announced the presentation of new data from the insulin glargine clinical program, including the INSTRIDE studies at the American Diabetes Associations 77th Scientific Sessions in San Diego. The studies confirmed the efficacy, safety and immunogenicity of MYL-1501D, insulin glargine, in comparision to Lantus in patients with Type 1 and Type 2 diabetes. Data demonstrating pharmacokinetic and pharmacodynamic equivalence was also presented.

Insulin glargine is a long acting insulin used to treat adults with Type 2 diabetes, as well as adults and paediatric patients with Type 1 diabetes, for the control of high blood sugar.

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Tata Motors slips after weak global wholesales in May
Jun 12,2017

The announcement was made after market hours on Friday, 9 June 2017.

Meanwhile, the S&P BSE Sensex was down 111.44 points, or 0.36% to 31,150.62.

On the BSE, 50,000 shares were traded in the counter so far, compared with average daily volumes of 5.58 lakh shares in the past one quarter. The stock had hit a high of Rs 467 and a low of Rs 459.65 so far during the day. The stock hit a 52-week high of Rs 598.60 on 7 September 2016. The stock hit a 52-week low of Rs 417.10 on 8 May 2017.

The stock had outperformed the market over the past one month till 9 June 2017, rising 9.31% compared with 3.34% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.37% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, rising 2.19% as against Sensexs 17.37% rise.

The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

On a consolidated basis, net profit of Tata Motors declined 16.79% to Rs 4336.43 crore on 2.88% decline in net sales to Rs 77217.19 crore in Q4 March 2017 over Q4 March 2016.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Bank stocks drop in early trade
Jun 12,2017

The S&P BSE Sensex was down 102.17 points or 0.33% at 31,159.89. The S&P BSE Bankex index declined 112.45 points or 0.42% at 26,707.83.

Among public sector banks, Punjab National Bank (down 0.95%), Bank of India (down 0.84%), Union Bank of India (down 0.82%), State Bank of India (down 0.73%), IDBI Bank (down 0.42%), Bank of Baroda (down 0.37%) and Indian Bank (down 0.57%) edged lower. Indian Overseas Bank (up 1.57%) and Corporation Bank (up 0.68%) edged higher.

Among private sector banks, RBL Bank (down 0.8%), Yes Bank (down 0.69%), ICICI Bank (down 0.56%), IndusInd Bank (down 0.47%), Axis Bank (down 0.15%) and HDFC Bank (down 0.08%) edged lower. Kotak Mahindra Bank (up 0.47%) edged higher.

Finance Minister Arun Jaitley will meet heads of public sector banks (PSU banks) today, 12 June 2017 to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans. Major issues on the agenda of the meeting include issues and solutions relating to NPAs of the PSU banks, status of MSE Credit, Stand-up India and Mudra Yojana among others.

Oriental Bank of Commerce (OBC) was down 0.53%. The bank said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The banks MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017.

The S&P BSE Bankex index had underperformed the market over the past one month till 9 June 2017, advancing 3.83% compared with the Sensexs 4.44% rise. The index had, however, outperformed the market over the past one quarter, gaining 13.51% as against the Sensexs 8.06% rise. The index had also outperformed the market over the past one year, gaining 30.81% as against the Sensexs 16.81% rise.

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IT, ITeS reach plateau in job creation; real estate, retail may drive employment: ASSOCHAM
Jun 12,2017

The IT and ITeS has almost reached a plateau in new job creation and may add, at best one million jobs in the next five years, whereas the real employment opportunities lie in less fancy areas of building, construction and real estate, followed by skill based and daily user- oriented sectors like beauty and wellness, according to an ASSOCHAM- Thought Arbitrage Research Institute (TARI) Paper.

Another sector with high employment potential listed by the study is the organised retail while transportation and logistics too holds a good potential.

The IT and ITeS which is under pressure at present, in any case, was to expand at lesser pace in the job creation. On the employment base of 3.3 million in 2013, the much-touted sector had an incremental human resource requirement of 2.2 million by 2022, of which about one million have been added in the last three-four years.

So, net-net, the potential for new jobs in the sector is about one million, that too over a period of next five years. In any case, the IT and ITeS is going through fresh challenges of technology upgradation, automation, visa restrictions in the US and increasing skill gaps. Thus, as a country which requires at least 15-20 million jobs a year, we need to look quite broader and at those areas which expand not only in the export market but also within the country, said ASSOCHAM Secretary General Mr D S Rawat.

Mapping the job potential, the Paper found that on the employment base of 45.4 million in 2013, the building, construction and real estate (including infrastructure) would require 31.1 million incremental human resources. As the sector has been going through challenging times in the last two-three years, not much of job addition would have taken place. Thus, this is one sector of the economy which can revive the sentiment and the job scenario, if given some support.

The sector has been the worst hit because multiple factors including high level debts and non-performing assets, delays in delivery of housing projects, and environmental and regulatory hurdles. We need to get these issues out of the way and refine and re-align it in a manner that it becomes a robust and an engine of job creation and economic growth, the chamber Secretary General said.

Likewise, with still a low level of organised retail, the sector which contributes maximum to the economy, it is dominated by the unorganised players who suffer from several operational inefficiencies. The sector, again, can create incremental level of at least 10-12 million new jobs in the next five years.

Textiles and clothing can also be a potential area of job creation, the paper said, underscoring the need for skill upgradation in all those sectors of the economy which are largely focussed on domestic demand.

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Strides Shasun receives approval for Amantadine Hydrochloride Tablets
Jun 12,2017

Strides Shasun has received approval from USFDA for Amantadine Hydrochloride Tablets 100 mg. The product received approval in 15 months under the new GDUFA regime. The product will be launched immediately.

The Company also recently received USFDA approval for Amantadine Hydrochloride Capsules and the combined market size of Tablets and Capsules is approximately USD 47 million.

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