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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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Jaypee Infratech Director resigns
Dec 09,2016

Jaypee Infratech announced that Dr. Ramesh Chandra Vaish, has vide his letter dated 08 December 2016 resigned as Independent Director from the Board of Directors of the Company with immediate effect, due to personal reasons.

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PVR opens 5 screen multiplex in Vadodra, Gujarat
Dec 09,2016

PVR announced that it is opening a 5 screen multiplex at Eva Mall, Vadodra in Gujarat. With this launch, PVR now operates the largest multiplex network with 562 screens at 122 properties in 48 cities pan India. PVR Cinemas also becomes the largest player in Gujarat State with 12 properties and 53 screens.

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Zensar Technologies Positioned in the 2016 Gartner Magic Quadrant
Dec 09,2016

Zensar Technologies announced that it has been positioned by Gartner Inc. in the niche players quadrant of 2016 Magic Quadrant for Managed Mobility Services, Worldwide.

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Strides Shasun to acquire Perrigos US FDA approved API facility in India
Dec 09,2016

Strides Shasun has signed definitive agreements to acquire entire shareholding in Perrigo API India for Rs 100 crore. The transaction is subject customary closing conditions and expected to be closed by 31 December 2016.

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Somany Ceramics redeems Commercial Paper aggregating Rs 25 crore
Dec 09,2016

Somany Ceramics announced that Commercial Paper of Rs. 25.00 crore issued on 29 September 2016 with maturity date of 09 December 2016 has been redeemed.

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Board of State Bank of India approves divestment of 3.9% stake in SBI Life Insurance Company
Dec 09,2016

State Bank of India announcednthat the Executive Committee of the Central Board (ECCB) of the Bank at its meeting held on 09 December 2016 has approved divestment of 3,90,00,000 equity shares constituting 3.9% stake in SBI Life Insurance Company at a price of Rs. 460 per share, subject to all regulatory approvals.

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NLC India appoints director
Dec 09,2016

NLC India announced that R. Vikraman has assumed charge as Director (Human Resource) of the Company w.e.f. 09 December 2016.

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Edelweiss Financial Services gets ratings assigned for ST debt issue
Dec 09,2016

Edelweiss Financial Services announced that CRISIL has assigned the rating of CRISIL A1+ (CRISIL A one plus) to the proposed Short Term Debt Issue of Rs. 3000 crore of the Company.

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Gujarat Mineral Development Corporation reschedules board meeting
Dec 09,2016

Gujarat Mineral Development Corporation announced that the Government of Gujarat vide Notification dated 09 December 2016 has declared 12 December 2016 as a Public Holiday on account of festival of Id-e-Milad. In view of this, the date of the 290th Board Meeting of GMDC stands rescheduled as under:

Date : 13 December 2016
Time : 3.00 PM
Venue Committee Room, Industries and Mines Department, Block No. 5, 3rd Floor, New Sachivalaya Complex, Gandhinagar.

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Tata Motors announces Group global wholesales figures
Dec 09,2016

The Tata Motors Group global wholesales in November 2016, includingJaguar Land Rover, were at 91,832 nos., higher by 1%, over November 2015. Cumulative wholesales for the fiscal were 727,726 nos., higher by 8%, over FY15-16.

Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in November 2016 were 26,970 nos., lower by 7%, compared to November 2015. Cumulative commercial vehicles wholesales for the fiscal were 253,802 nos. higher by 5%, over FY15-16.

Global wholesales of all passenger vehicles in November 2016 were at 64,862 nos., higher by 5%, compared to November 2015. Cumulative passenger vehicle wholesales for the fiscal were 473,924 vehicles, higher by 6%, over FY15-16.

Global wholesales for Jaguar Land Rover were 51,792 vehicles (Includes CJLR wholesales of 6,828 vehicles). Jaguar wholesales for the month were 17,284 vehicles, and cumulative wholesales were 110,782 vehicles, while Land Rover wholesales for the month were 34,508 vehicles, while its cumulative wholesales no. were 258,449 vehicles. Cumulative wholesales for Jaguar Land Rover for the fiscal were 369,231 vehicles.

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Lawreshwar Polymers provides operations update
Dec 09,2016

Lawreshwar Polymers announced that in massive fire accident A Unit of Company situated at SD-41, RIICO Industrial Area, Kaladera, Thesil Chomu, District Jaipur, Rajasthan was destroyed with Building, Plant & Machinery.

Now, the Company has reinstate the building, Plant & machinery of the said unit and successfully commenced its production.

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Goa Carbon temporarily shuts down Paradeep Unit
Dec 09,2016

Goa Carbon announced that the operations at the Companys Paradeep Unit located at Village Udayabata, Paradeepgarh, Dist. Jagatsinghpur, Orrisa has been temporarily shut down for regular maintenance work from 09 December 2016. There would not be any financial impact due to the temporary shutdown of the Companys Paradeep Unit on account of sufficient inventory of finished material.

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Idea Cellular plans to issue NCDs aggregating Rs 1500 crore
Dec 09,2016

Idea Cellular is proposing to issue Unsecured Redeemable Non Convertible Debentures amounting to Rs 1500 crore on private placement basis.

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Indian Metals & Ferro Alloys allots equity shares
Dec 09,2016

Indian Metals & Ferro Alloys announced that the Allotment Committee at its meeting held on 09 December 2016 has allotted 10 lakh equity shares of Rs 10 each on conversion of warrants issue and allotted on preferential basis to Promoter Group Entity.

Upon allotment of these equity shares the share capital of the Company has increased to Rs 26.97 crore comprising of 269,77,053 equity shares of face value of Rs 10 each.

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Universal Arts appoints director
Dec 09,2016

Universal Arts announced that Shilpa Girishkumar Shah has been appointed as an additional director of the Company w.e.f. 09 December 2016 in accordance with section 149 of the Companies Act, 2013 and Regulation 17 of the SEBI (LODR) of the Board of Directors of the Company at its meeting held on 09 December 2016.

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