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TOP CORPORATE NEWS- 09 OCT 2017

Corporate News

Reliance Capital stock gains 3.5% as general insurance arm files for IPO

Reliance Capital stock surged 3.5% after its general insurance arm, Reliance General Insurance Co, filed draft initial public offering papers with Securities and Exchange Board of India today.

The offer involves a fresh equity issue by Reliance General Insurance Co of 16.76 mn shares and an offer for sale by Reliance Capital of 50.3 mn shares.

Proceeds from the offer will be utilized for augmenting the solvency margin and consequently increasing solvency ratio, and to meet future capital requirements that are expected to arise out of growth, the general insurance company said.

Jewellery stocks gains after govt cancels PMLA notification

Jewellery stocks gained on Monday after the government exempted jewelers from asking customers to produce their Income Tax PAN for all purchases above Rs 50,000.

Finance Minister Arun Jaitley on Friday said that people buying jewelry above Rs 50,000 will not be required to mention their PAN or Aadhaar details.

On October 6, the government revoked August 23, PMLA notification that required dealers in precious metals, stones and other high-value goods, to maintain a record of all transaction of value exceeding Rs 10 lakh, all cross-border wire transfers of more than Rs 5 lakh and all purchase and sale of immovable property of Rs 50 lakh or more.

Marksans get EIR for USFDA for Goa facility; Stock spurts 6%

Marksans Pharma gets clearance from US FDA for Goa unit. The stock is currently trading at Rs 50.8, up by Rs 3 or 6.28% from its previous closing of Rs 47.8 on the BSE.

The scrip opened at Rs 48 and has touched a high and low of Rs 51.7 and Rs 45.65 respectively. The stock is currently trading above its 200 DMA.

Marksans Pharma, a manufacturer and marketer of OTC and Rx formulations, earns ~83% revenue from US and UK (FY17). Company manufactures generic pharmaceutical formulations and offers R&D and CRM services to global pharma companies.

Reliance Money signs Rs 300 crore agreement with IREDA

Reliance Money, a brand by Reliance Commercial Finance Limited (RCFL), a subsidiary of Reliance Capital Limited today announced that it has signed an agreement with Indian Renewable Energy Development Agency Limited (IREDA) to receive funding of Rs 300 crore.

This loan assistance offered by IREDA will be utilized by Reliance Commercial  Finance Limited for lending to its renewable energy and energy efficiency projects.

“Reliance Commercial Finance Limited is already a strong known name in the renewable energy funding space, especially related to solar & wind energy. Our partnership with IREDA opens new opportunities for us to create solutions for renewable power sector” said Devang Mody, Executive Director and CEO, Reliance Commercial Finance Limited.

JSPL surges 4% after it divests Oxygen Plant assets

Jindal  Steel and  Power  Limited  (JSPL), India’s leading steel and power major, has consummated the sale of oxygen plant assets at Rs 1121 crore with SREI Equipment Finance Limited.

Under the transaction, JSPL has divested its Oxygen Plant Assets at its integrated steel plant at Raigarh (Chhattisgarh) and Angul (Odisha) and received a total consideration (inclusive of taxes) of Rs 1121 Crore.

JSPL and SREI Equipment Finance Ltd. have also entered into a Lease Back agreement of the Oxygen Plant Assets for continued operations by JSPL for manufacturing of steel at the respective plants.

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