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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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Indias current account deficit spikes to 1.4% of GDP in Q3 of FY2017
Mar 23,2017

Indias current account deficit (CAD) at US$ 7.9 billion (1.4% of GDP) in Q3 of 2016-17 was higher than US$ 7.1 billion (1.4% of GDP) in Q3 of 2015-16 and US$ 3.4 billion (0.6% of GDP) in the preceding quarter.

Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisibles receipts. Net services receipts moderated on a y-o-y basis, primarily owing to the fall in earnings from software, financial services and charges for intellectual property rights.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 15.2 billion, having declined by 3.8% from their level a year ago.

In the financial account, net foreign direct investment at US$ 9.8 billion in Q3 of 2016-17 was marginally lower than its level a year ago.

There has been net outflow of portfolio investment to the tune of US$ 11.3 billion as against net inflow of US$ 0.6 billion in Q3 of last year; portfolio outflows occurred in both equity and debt segments.

Reflecting the redemption of FCNR (B) deposits, non-resident Indian (NRI) deposits declined by US$ 18.5 billion in Q3 of 2016-17 as against an inflow of US$ 1.6 billion a year ago.

In Q3 of 2016-17, foreign exchange reserves (on BoP basis) declined by US$ 1.2 billion as against an increase of US$ 4.1 billion in Q3 of last year.

BoP during April-December 2016

On a cumulative basis, the CAD narrowed to 0.7% of GDP in April-December 2016 from 1.4% in the corresponding period of 2015-16 on the back of the contraction in the trade deficit.

Indias trade deficit narrowed to US$ 82.8 billion in April-December 2016 from US$ 105.3 billion in April-December 2015.

Net invisible receipts were lower, mainly due to moderation in software exports and net private transfers and higher outgo on account of primary income (profit, interest and dividends).

Net FDI inflows during April-December 2016 (US$ 30.6 billion) rose by 12.3% over the level during the corresponding period of 2015-16.

Portfolio investment recorded a net outflow of US$ 3.2 billion during April-December 2016 as compared with US$ 3.0 billion a year ago.

In April-December 2016, there was an accretion of US$ 14.2 billion to the foreign exchange reserves.

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Zuari Agro Chemicals acquires 3,22,67,741 equity shares of Nagarjuna Fertilizers & Chemicals
Mar 23,2017

Zuari Agro Chemicals has acquired 3,22,67,741 equity shares of Nagarjuna Fertilizers & Chemicals from Zuari Global for Rs 16.10 per share aggregating Rs 51.95 crore.

The proposed acquisition of shares was approved by the Board of Directors of the Company at its meeting held on 30 July 2014.

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Siemens wins an order worth Rs 187.4 crore
Mar 23,2017

Siemens announced that it has won an order worth approximately Rs. 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet.

BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREBs efforts to upgrade the countrys rural electricity distribution system and will contribute to accomplishingthe Government of Bangladeshs Vision of n++Electricity for All by 2021n++.

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Coal India announces change in directorate
Mar 23,2017

Coal India announced the appointment of Vinod Jain, Independent Director, Coal India on the Board of South Eastern Coalfields (SECL) Material Subsidiary Company as Independent Director.

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GRUH Finance allots 147740 equity shares
Mar 23,2017

GRUH Finance has allotted 147740 equity shares under ESOS. Post the allotment of shares, the paid up share capital of the company has increased to 36,45,64,484 equity shares of Rs 2 each aggregating Rs 72.91 crore.

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Rashtriya Chemicals & Fertilizers issues commercial paper worth Rs 150 crore
Mar 23,2017

Rashtriya Chemicals & Fertilizers has issued Commercial Paper for Rs.150 crore on 23 March 2017, in favour of State Bank of India, having maturity date as 21 June 2017. Further, the Commercial Paper issued by the Company on 23 December 2016 for Rs.150 crore has been redeemed on 23 March 2017.

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NFHS-4 indicates reduction in percentage of underweight and stunted children in the country
Mar 23,2017

The Ministry of Women & Child Development is implementing Integrated Child Development Services (ICDS) Scheme, Scheme for Adolescent Girls (AGs) and Maternity Benefit Programme (MBP) as direct targeted interventions to address the problem of malnutrition in the country.

An amount of Rs.5866.68 Crores, Rs.6711.90 Crores & Rs.8048.72 Crores released to States/UTs for Supplementary Nutrition under ICDS Scheme for the year 2013-14, 2014-15 and 2015-16 respectively. Similarly, Rs.575.36, Rs.610.32 Crores, Rs. 470.40 Crores was released to States/UTs under Scheme for Adolescent Girls for the year 2013-14, 2014-15 and 2015-16 respectively. An amount of Rs 232.05 Crores for the year 2013-14, Rs. 343.13 Crores for the year 2014-15 and Rs.233.46 Crores for the year 2015-16 was also released to States/UTs under Maternity Benefit Programme.

Under the ICDS scheme, there is a provision of Supplementary Nutritious Food to the beneficiaries. Take Home Ration is given to Pregnant Women & Lactating Mothers, children (6 months - 3 years) and severely malnourished children and Hot Cooked Meals are provided to children (3 - 6 years). ICDS is a universal and a self-selecting scheme. Those who visit Anganwadi Centers and enroll themselves can avail these services.

As per the recent report of National Family Health Survey (NFHS) - 4, 2015-16, 35.7% children under 5 years of age are underweight and 38.4% are stunted indicating a reduction from the previous data captured in NFHS - 3, 2005-06, which reported 42.5% children under 5 years of age as underweight and 48% stunted.

Malnutrition is not a direct cause of death but contributes to mortality and morbidity by reducing resistance to infections. As per the Sample Registration Report (SRS), 2010-13 of Registrar General of India, the major causes of deaths of children are - Prematurity & low birth weight (29.8%); Pneumonia (17.1%); Diarrhoeal disease (8.6%); Other Non-Communicable Diseases (8.3%); Birth asphyxia & birth trauma (8.2%); Injuries (4.6%); Congenital anomalies (4.4%); Ill-defined or cause unknown (4.4%); Acute bacterial sepsis and severe infections (3.6%); Fever of unknown origin (2.5%) and all other remaining causes (8.4%). However, the data regarding death of children and women due to malnutrition is not maintained by this Ministry.

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Board of Bharat Petroleum Corporation recommends dividend
Mar 23,2017

Bharat Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 23 March 2017, inter alia, have recommended the dividend of Rs 12 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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Bharti Airtel to acquire 4G business of Tikona
Mar 23,2017

Bharti Airtel announced that it will acquire the 4G business of Tikona along with the BWA Spectrum in the 2300 MHz band in UP (East), UP (West) and Rajasthan through its subsidiary Bharti Hexacom, thereby achieving pan India footprint in the 2300 MHz band. This acquisition will significantly bolster Airtels current spectrum holding in all the 5 circles and specifically in Gujarat and Himachal Pradesh to 30 MHz in that band. The cost of acquisition in approximately 1600 crore.

Post the completion of transaction, Airtel will have 30 MHz in the 2300 MHz band in 13 circles giving it tremendous advantage to cater to the surging data demand.

Trikonas WIBRO business shall be held by the shareholders of Trikona.

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Board of Indian Oil Corporation recommends dividend
Mar 23,2017

Indian Oil Corporation announced that the Board of Directors of the Company at its meeting held on 23 March 2017, inter alia, have recommended the dividend of Rs 4.5 per equity Share (i.e. 45%) , subject to the approval of the shareholders.

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Board of Hindustan Petroleum Corporation recommends dividend
Mar 23,2017

Hindustan Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 23 March 2017, inter alia, have recommended the dividend of Rs 6.4 per equity Share (i.e. 64%) , subject to the approval of the shareholders.

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Mangal Credit & Fincorp to hold board meeting
Mar 23,2017

Mangal Credit & Fincorp will hold a meeting of the Board of Directors of the Company on 28 March 2017 Stock Split

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Zee Media Corporation to hold EGM
Mar 23,2017

Zee Media Corporation announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 27 March 2017 .

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Delta Corp to hold EGM
Mar 23,2017

Delta Corp announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 18 April 2017 .

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Board of Amba Enterprises recommends dividend
Mar 23,2017

Amba Enterprises announced that the Board of Directors of the Company at its meeting held on 22 March 2017, inter alia, have recommended the dividend of Rs 0.15 per equity Share (i.e. 3%) , subject to the approval of the shareholders.

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