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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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Mipco Seamless Rings (Gujarat) to hold board meeting
Mar 02,2017

Mipco Seamless Rings (Gujarat) will hold a meeting of the Board of Directors of the Company on 15 March 2017, to consider the resignation of Mr. Siva Prasad Chukka as Chief Financial Officer of the company.

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Vikas Granaries to hold board meeting
Mar 02,2017

Vikas Granaries will hold a meeting of the Board of Directors of the Company on 9 March 2017.

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ISF to hold board meeting
Mar 02,2017

ISF will hold a meeting of the Board of Directors of the Company on 7 March 2017, to approve the allotment of Equity Warrant to person other than Promoters.

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Board of National Aluminium Company recommends dividend
Mar 02,2017

National Aluminium Company announced that the Board of Directors of the Company at its meeting held on 2 March 2017, inter alia, have recommended the dividend of Rs 2.8 per equity Share (i.e. 56%) , subject to the approval of the shareholders.

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Board of Dharmsi Morarji Chemical Co approves scheme of amalgamation
Mar 02,2017

Dharmsi Morarji Chemical Co announced that the Board of Directors of the Company at its meeting held on 02 March 2017 has considered and approved the scheme of arrangement/ amalgamation of Borax Morarji with The Dharmsi Morarji Chemical Co, subject to requisite approvals.

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Board of Borax Morarji approves scheme of amalgamation
Mar 02,2017

Borax Morarji announced that the Board of Directors of the Company at its meeting held on 02 March 2017 has considered and approved the scheme of arrangement/ amalgamation of Borax Morarji with The Dharmsi Morarji Chemical Company, subject to requisite approvals.

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Board of Tata Motors approves private placement of NCDs aggregating Rs 500 cr
Mar 02,2017

Tata Motors announced that at the Committee meeting held on 02 March 2017, the Board approved private placement of 5000 Rated, Listed, Unsecured, 7.71% Coupon, Redeemable, Non Convertible Debentures of face value of Rs 10 lakh each, at par, aggregating Rs 500 crore.

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National Aluminium Company fixes record date for interim dividend
Mar 02,2017

National Aluminium Company announced that interim dividend will be paid on 23 March 2017 to all eligible shareholders, whose names appear in the Register of Members as on Record Date i.e. 10 March 2017.

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B.L.Kashyap & Sons provides business update
Mar 02,2017

B.L.Kashyap & Sons announced that secured orders worth Rs 431 crore.

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Cadila Healthcare gets ratings assigned for ST debt programme
Mar 02,2017

Cadila Healthcare announced that CRISIL has assigned rating of CRISIL A1+ to the Companys short term debt programme (including commercial paper) aggregating Rs 250 crore.

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Ruchi Soya Industries signs agreements with Patanjali Ayurveda
Mar 02,2017

Ruchi Soya Industries announced that the Company has signed agreements with Patanjali Ayurveda for physical refining and packaging of edible oils. Under the agreements, Ruchi Soya would process the crude edible oil provided by Patanjali and pack the refined oil as per their specifications at its plant in Madhya Pradesh and Gujarat along with Rajasthan.

The Company is also exploring opportunities of utilising its unutilised capacities of crushing, refining and packing at other locations across the country with various parties including Patanjali.

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Cadila Healthcare provides update on USFDA inspection of facility at Baddi
Mar 02,2017

Cadila Healthcare announced that the USFDA inspected its formulations manufacturing facility at Baddi from 20 February 2017 to 1 March 2017. At the end of the inspection, there were 3 observations given under form 483. All these three observations are related to Pre-Approval Inspection (PAI) for a specific product filed. This product is yet to be manufactured or marketed in the US. The company is already in the process of responding to the PAI observations. Apart from above product related observations, there are no observations related to cGMP practices.

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Surya Roshni to acquire Him Furnitech Engineering
Mar 02,2017

Surya Roshni announced that the Company Board has approved the acquisition of the business named HFL belongs to Him Furnitech Engineering engaged in the business of manufacturing, distribution and sale of LED lamps, tube lights, Street lights, HID lamps, decorative light & furniture items etc. including manufacturing unit situated at Khasra No. 816 & 817 MIN, Mahuakheraganj, Kashipur, District U.S. Nagar, Uttarakhand, having exemption of Excise, Income Tax and partial CST, as per the terms stated in the Business Transfer Agreement between the parties on slump sale basis at a lump-sum consideration of Rs. 4.35 crore.

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UFO Moviez India announces resignation of director
Mar 02,2017

UFO Moviez India announced that Biswajit Anna Subramanian, Non-Executive & Non-Independent Director has tendered his resignation from the Board of Directors of the Company with effect from 02 March 2017 due to other professional commitment.

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NMCG Signs MoU with Rotary India for the Success of Namami Gange
Mar 02,2017

In its effort to make Namami Gange programme a mass movement with the involvement of more and more voluntary organisations, National Mission for Clean Ganga under Ministry of Water Resources, River Development and Ganga Rejuvenation signed an MoU with Rotary India.

Rotary India will support clean Ganga mission through their WASH in Schools program in various schools. The program includes the implementation of Water, Sanitation and Hygiene services in the targeted government schools and sensitizing all the stakeholders including school children, teachers, school management communities and communities etc. on practicing positive health behaviors for improving awareness on sanitation. This will be achieved through an integrated learning environment and enabling children to serve as agents of change for their siblings and communities at large. Rotary India has planned to undertake WASH in Schools programme in 20,000 Government Schools.

It may be recalled that Union Minister for Water Resources, River Development and Ganga Rejuvenation Sushri Uma Bharti has been advocating the involvement of voluntary organization and NGOs into the Namami Gange programme to make it a mass movement.

The MoU will pave the way for integrating the theme of Ganga Rejuvenation with Rotarys program of WASH which is to be undertaken in government schools and communities located along the river Ganga in the states of Bihar, Jharkhand and Nadia District of West Bengal and other states where Rotary has a strong presence. It will undertake activities and campaigns to create awareness in schools and communities about Ganga rejuvenation and thereby reducing the pollution flowing into the river. The emphasis will be on public outreach and community participation. The MoU shall remain in force for two years. The collaboration between NMCG and Rotary is a significant step in involving various stake holders and communities in Ganga Rejuvenation. The collaboration would initially focus on synergizing the strength of Rotary International for Ganga Rejuvenation without any additional financial commitment from NMCG.

The MoU was signed by Director General, National Mission for Clean Ganga Shri UP Singh and Vice Chairman of Rotary India Shri PT Prabhakar.

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