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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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Cabinet approves setting up of a Commission to examine the Sub-Categorization within OBCs
Aug 23,2017

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved a proposal for setting up of a Commission under article 340 of the Constitution to examine the issue of sub-categorization of the Other Backward Classes (OBCs).

The Commission shall submit its report within 12 weeks from the date of appointment of the Chairperson of the Commission. The Commission shall be known as the Commission to examine the sub-categorization of Other Backward Classes.

The proposed terms of references of the Commission are as follows:

(i) To examine the extent of inequitable distribution of benefits of reservation among the castes/ communities included in the broad category of OBCs, with reference to the OBCs included in the Central list.

(ii) To work out the mechanism, criteria, norms and parameters, in a scientific approach, for sub-categorization within such OBCs, and,

(iii) To take up the exercise of identifying the respective castes/communities/ sub-castes/ synonyms in the Central List of OBCs and classifying them into their respective sub-categories.

The Supreme Court in its order dated 16.11.1992 in WP(C) No. 930/1990 (Indra Sawhney and others vs. Union of India) observed that there is no Constitutional or legal bar to a State categorizing backward classes as backward or more backward and had further observed that if a State chooses to do it (sub-categorization), it is not impermissible in law.

Nine States of the country viz., Andhra Pradesh, Telangana, Puducherry, Karnataka, Haryana, Jharkhand, West Bengal, Bihar, Maharashtra and Tamil Nadu have already carried out sub-categorization of Other Backward Classes.

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Autoline Industries plans to develop township project in Chakan, Pune
Aug 23,2017

Autoline Industries announced that Autoline Industrial Parks, a Subsidiary of Autoline Industries, has executed a Memorandum of Understanding (MOU) with Poddar Habitat (subsidiary of Poddar housing and Development) on 22 August 2017 to discuss modalities for developing a Township Project, on approved Special Township Scheme at its 104 Acre land located at Chakan, Pune (Maharashtra).

The Company earlier had entered with potential developer into a non-binding Memorandum of Understanding for having without prejudice discussions with respect to jointly develop the said township project. Since the parties could not reach mutually acceptable terms and no satisfactory agreement was arrived at, the Company decided to discontinue the without prejudice discussions with said developer.

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Cabinet gives in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism (AM)
Aug 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism (AM). The decision would facilitate consolidation among the Nationalised Banks to create strong and competitive banks.

Salient features:

The salient features of the approval Framework for Consolidation of Public Sector Banks are as follows:

n++ The decision regarding creating strong and competitive banks would be solely based on commercial considerations.

n++ The proposal must start from the Boards of Banks.

n++ The proposals received from Banks for in-principle approval to formulate schemes of amalgamation shall be placed before the Alternative Mechanism (AM).

n++ After in-principle approval, the Banks will take steps in accordance with law and SEBIs requirements.

n++ The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.

Background:

In 1991, it was suggested that India should have fewer but stronger Public Sector Banks. However, it was only in May 2016 that effective action to consolidate public sector banks began to be taken by announcing amalgamation of six banks into the State bank of India. The merger was completed in record time, unlike earlier mergers of State Banks of Indore and Saurashtra.

SBI is now a single bank with about 24000 branches, over 59000 ATMs, 6 lakh POS machines and over 50,000 business correspondents, which serve all parts of the country, including far flung areas. Indeed 70% of SBIs network lies in rural and semi urban areas. In that sense, the bank serves to unite India through a uniform banking culture. It also has a significant international presence, and is one of the largest global banks. Its size, financial strength and outreach have made it possible for customers to access a worldwide network of branches across all time zones, as well as to a very wide variety of banking products and superior technology. Loans to the small business man or woman and to the Krishak have become cheaper as SBI offers the lowest lending rates. More than 8.6 lakh merchants have been on board on BHIM Aadhaar, Bharat QR and POS, increasing the digital banking footprint. SBI has successfully raised Rs.15,000 crore QIP.

There are now 20 PSBs other than SBI. The banking scenario has changed since 1970/80 when banks were nationalised, with an increased banking presence from Private Sector Banks, non-banking Financial Companies, Regional Rural Banks, Payment Banks and Small Finance Banks. The decision is expected to facilitate the creation of strong and competitive banks in public sector space to meet the credit needs of a growing economy, absorb shocks and have the capacity to raise resources without depending unduly on the state exchequer.

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Dynacons Systems & Solutions bags Rs 20 crore contract
Aug 23,2017

Dynacons Systems & Solutions (DSSL), announced that they have secured a Contract worth Rs 20 crore from Life Insurance Corporation of India (LIC).

The terms of the contract with LIC of India include Supply of Laptops, installation, Microsoft Office Components, data migration services, and support of the same across the lifecycle of the IT asset, as perrequirements of LIC in LICs Central Offices, Zonal Offices, Divisional Offices, Branch Offices and all other units under these offices in India. The deal covers more than 2000 locations/offices of LIC across India.

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Dynacons Systems & Solutions bags contract from LIC
Aug 23,2017

Dynacons Systems & Solutions announced that the Company has won the managed services contract from Life Insurance Corporation of India for a period of 3 years. As per the terms of the contract, DSSL will provide managed IT services for the IT infrastructure located at LICs different offices (pan India).

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Mandhana Retail Ventures schedules AGM
Aug 23,2017

Mandhana Retail Ventures announced that the Annual General Meeting (AGM) of the company will be held on 20 September 2017.

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Prerna Infrabuild schedules AGM
Aug 23,2017

Prerna Infrabuild announced that the Annual General Meeting (AGM) of the company will be held on 28 September 2017.

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Rajdarshan Industries to hold AGM
Aug 23,2017

Rajdarshan Industries announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2017.

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POCL Enterprises AGM scheduled
Aug 23,2017

POCL Enterprises announced that the Annual General Meeting (AGM) of the company will be held on 14 September 2017.

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Virgo Polymers (India) to convene AGM
Aug 23,2017

Virgo Polymers (India) announced that the Annual General Meeting (AGM) of the company will be held on 29 August 2017.

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KIFS Financial Services to convene AGM
Aug 23,2017

KIFS Financial Services announced that the Annual General Meeting (AGM) of the company will be held on 22 September 2017.

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Step Two Corporation to hold AGM
Aug 23,2017

Step Two Corporation announced that the Annual General Meeting (AGM) of the company will be held on 20 September 2017.

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Phaarmasia schedules AGM
Aug 23,2017

Phaarmasia announced that the Annual General Meeting (AGM) of the company will be held on 22 September 2017.

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Yuken India appoints directors
Aug 23,2017

Yuken India has appointed Hideharu Nagahisa as an Additional Director and Chairman of the Company and Koichi Oba as an Additional Director on 21 August 2017 through circular resolution.

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Lancor Holdings AGM scheduled
Aug 23,2017

Lancor Holdings announced that the Annual General Meeting (AGM) of the company will be held on 22 September 2017.

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