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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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Wisec Global reports standalone net loss of Rs 0.03 crore in the December 2016 quarter
Jan 10,2017

Net Loss of Wisec Global reported to Rs 0.03 crore in the quarter ended December 2016 as against net loss of Rs 0.18 crore during the previous quarter ended December 2015. Sales declined 94.12% to Rs 0.02 crore in the quarter ended December 2016 as against Rs 0.34 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.020.34 -94 OPM %-150.00-50.00 - PBDT-0.03-0.17 82 PBT-0.03-0.18 83 NP-0.03-0.18 83

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Nutraplus India fixes record date for bonus issue
Jan 10,2017

Nutraplus India announced the Board of Directors of the Company has through circular resolution fixed 20 January 2017 as the record date for the purpose of ascertaining the eligibility of shareholders entitled for the Bonus Shares in the ratio of 1:10 i.e. 1 (one) new Bonus Equity Share of Rs. 10/- each for every 10 (ten) existing Equity Share of Rs. 10/- each held as approved by shareholders at the Annual General Meeting held on 15 September 2016.

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Rupee gains marginally
Jan 10,2017

Rupee closed marginally higher at 68.1779/1930 per dollar on Tuesday (10 January 2017), versus its previous close of 68.20/21 per dollar.

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Wipro fixes record date for interim dividend
Jan 10,2017

Wipro has fixed 03 February 2017 as the Record Date for the purpose of payment of Interim Dividend.

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Pudumjee Industries announces cessation of CFO
Jan 10,2017

Pudumjee Industries announced that S. V. Duppaliwar has ceased to be a Chief Financial Officer of the Company.

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Bhel secured Rs 96 crore order for augmentation of EHV substations
Jan 10,2017

Bharat Heavy Electricals has bagged an order from Power Grid Corporation of India for the augmentation of three Extra High Voltage substations in the state of Karnataka, on turnkey basis. The order is valued at Rs 96 crore. The augmentation of 400/220 kV substation facilities is linked with the transmission system being set up for evacuation of solar power and shall play a key role for transfer of Renewable Energy power from Indias largest Ultra Mega Solar Power Park (2000 MW) Phase-II (Part A) to be set up at Tumkur (Pavagada) district on 10,000 acres of land.

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Board of Jay Energy & S Energies appoints directors
Jan 10,2017

Jay Energy & S Energies announced that the Board of Directors in their meeting held on 09 January 2016 has appointed Jitendrasingh H. Rathod and Silaben Lalluram Sharma as an additional Director of the Company.

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Plans for 24x7 Power For All in true spirit of Cooperative Federalism-Piyush Goyal
Jan 10,2017

The Ministry of Power, Government of India signed the MoU for Ujwal DISCOM Assurance Yojana (UDAY) with Tamil Nadu in New Delhi, on 9th January, 2017. Also, with the signing of the 24x7 Power For All (PFA) roadmap document with the State, the roadmap for all the 28 States, except one, and all the 7 Union Territories in the country have now been finalized and is under implementation. It is the most significant milestone in this initiative founded on the principles of cooperative federalism.

Providing access to reliable and quality power supply to all citizens/ establishments by 2019 is at the core of the Prime Minister of India, Shri Narendra Modis vision for the nation and the Ministry of Powers 24x7 PFA

The Program has been instrumental in mainstreaming the Ministrys focus on energy efficiency and Demand Side Management interventions and has resulted in increased participation with speedy rollout of the UJALA/ DELP and other EESL led schemes. It is important to note that UJALA has emerged as the worlds largest and most successful LED bulbs program.

Increased role of central sector agencies, such as NTPC, in addressing sectors operational viability in the case of proposed acquisition of state owned generation assets in Rajasthan and in fast-tracking capacity addition in the case of Patratu project in Jharkhand are outcomes of the comprehensive approach adopted under 24x7 PFA Program to resolve state specific problems.

Besides development of segment wise coordinated physical rollout plans and rigorous analysis on financial viability of state utilities under the 24x7 PFA program in two States of Rajasthan and Andhra Pradesh, the plans for which were made in first 100 days of coming of this Government, led to the formulation of the UDAY. Looking at the balance sheets of these states, it was found that unless the states are taken out of the debt trap in which they were in and made financially sustainable, all plans of 24x7 would remain unfulfilled.

The PFA Program has also benefited several states in addressing funding gap for the investments required to ensure 24x7 power access to all. The funding gap analysis conducted as part of the exercise enabled the Ministry to assist states through innovative means of financing including mechanisms such as additional funding under ongoing programs (like DDUGJY, IPDS), multilateral funding, additional support from FIs and PPPs etc.

Electricity being a concurrent subject and given the focus of the Government on pursuing cooperative federalism, the first task was to develop and agree on detailed roadmaps for each state. State specific roadmaps were prepared under the guidance of the Ministry of Power and Central Electricity Authority (CEA). 24x7 PFA initiative has provided the much needed platform for all-encompassing integrated planning. In addition to integrated planning at the level of vertically unbundled utilities and other state level agencies, the exercise also provided an opportunity for mainstreaming the efforts of all central level ministries and agencies, such as Ministry of Coal, MNRE, PGCIL, NTPC, BEE, EESL, REC, PFC etc., to ensure access to reliable and quality power to all households/ establishments in each and every state by 2019.

To further augment the effort of the states under the 24x7 PFA initiative, the Ministry is now formulating a scheme for funding of the investments required to ensure last mile connectivity to all households which are not already covered under DDUGJY and state schemes.

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Andhra Petrochemicals resumes plant operations
Jan 10,2017

Andhra Petrochemicals announced that the Plant has resumed operations from 10 January 2017.

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Padmanabh Industries subsidiary acquires leasing rights of Ahmedabad team
Jan 10,2017

Padmanabh Industries announced that the Wholly owned Subsidiary of the Company i.e. Padmanabh Sports offered to acquire the team leasing rights of Ahmedabad for Indian Volleyball League to be held in 2017 and the same proposal has been accepted by Sportz & Live Entertainment.

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FPIs continue selling
Jan 10,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 385.33 crore into the secondary equity markets on 9 January 2017, higher than their net outflow of Rs 316.62 crore during the preceding trading session on 6 January 2017. The net outflow of Rs 385.33 crore on 9 January 2017 was a result of gross purchases of Rs 2202.62 crore and gross sales of Rs 2587.95 crore. On that day, the Sensex fell 32.68 points or 0.12% to settle at 26,726.55, its lowest closing level since 4 January 2017.

There was a net outflow of Rs 0.06 crore from the category primary market & others on 9 January 2017, which was a result of gross purchases of Rs 0.06 crore and zero gross sales.

FPIs have sold stocks worth a net Rs 2854.72 crore in January 2017 so far (till 9 January 2017). They had sold stocks worth a net Rs 8960.36 crore into the secondary equity markets in December 2016. FPIs had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There has been a net outflow of Rs 153.68 crore from FPIs from the category primary market & others in January 2017 so far (till 9 January 2017). There was a net inflow of Rs 784.07 crore from FPIs into the category primary market & others in December 2016. The net inflow from FPIs into category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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ABB India secures Rs 4350 crore mega project from Power Grid Corporation of India
Jan 10,2017

ABB has teamed up Power Grid Corporation of India in a mega project worth over Rs 4350 crore for ABB to deliver a transmission link that will have the capacity to bring reliable electricity to more than 80 million people.

The Raigarh-Pugalur 800 kilovolt (kV) ultrahigh-voltage direct current (UHVDC) system will connect Raigarh in Central India to Pugalur in thesouthern state of Tamil Nadu.

The 1,830 kilometer (km) link will be among the longest in the world. With a capacity of 6,000 megawatts - the equivalent of more than six large power plants - it will be enough to meet the electricity needs of over 80 million people in India. The two-way link will integrate thermal and wind energy for transmission of power to high consumption centers located thousands of kilometers away, supporting electricity demands in the south, when wind strength is low, and transmitting clean energy to the north, when there is excess wind power.

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Somany Ceramics issues Commercial Paper aggregating Rs 15 crore
Jan 10,2017

Somany Ceramics has issued Commercial paper of Rs. 15.00 crore value dated 10 January 2017 having maturity on 24 March 2017.

The aforesaid issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing.

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J Kumar Infraprojects gets ratings assigned for CP programme
Jan 10,2017

J Kumar Infraprojects announced that India Ratings and Research has assigned rating of IND A1+ to the Rs 25 crore Commercial Paper (CP) programme.

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Hikal announces successful USFDA insepction of its API and Intermediates manufacturing facility
Jan 10,2017

Hikal announced that the Companys API and Intermediates manufacturing facility located at Jigani, Bangalore was recently inspected by the US FDA in compliance with their requirements. At the end of the successful inspection, the Company have been informed by the Investigator that n++zeron++ 483 observations were issued. This was a routine inspection by the US FDA.

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