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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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Steelcast announces change in company secretary
May 23,2017

Steelcast has appointed Vishal Sondagar as Company Secretary and Compliance Officer of the Company and accepted the resignation of Neelam Ahuja as Company Secretary of the Company.

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Dwarikesh Sugar nudges higher on stock split plans
May 23,2017

The announcement was made after market hours yesterday, 22 May 2017.

The stock had dropped 7.37% in three sessions to settle at Rs 439.15 yesterday, 22 May 2017 from a close of Rs 474.10 on 17 May 2017.

Meanwhile, the S&P BSE Sensex was down 76.75 points or 0.25% to 30,494.22. The S&P BSE Small-Cap index was down 409.80 points or 2.72% to 14,644.34.

On the BSE, 5,872 shares were traded in the counter so far as against average daily volume of 64,027 shares in the past one quarter. The stock had hit high of Rs 451.30 and low of Rs 439.15 so far during the trading session. The stock had hit a record high of Rs 503.50 on 21 April 2017. The stock had hit 52-week low of Rs 178 on 24 May 2016.

The stock had underperformed the market over the past one month till 22 May 2017, falling 9.09% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market in past one quarter, rising 7.74% as against the Sensexs 5.91% rise.

The small-cap company has equity capital of Rs 18.83 crore. Face value per share is Rs 10.

Dwarikesh Sugar Industries net profit fell 11.4% to Rs 46.82 crore on 91.2% rise in net sales to Rs 440.37 crore in Q4 March 2017 over Q4 March 2016.

Dwarikesh Sugar Industries is an integrated conglomerate primarily engaged in manufacture of sugar and allied products. From a humble beginning in 1993, Dwarikesh now has a strong presence in diversified fields such as sugar manufacturing, power and ethanol/ industrial alcohol production.

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Gracious Software to hold board meeting
May 23,2017

Gracious Software will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Siddhi Vinayak Shipping Corp. to hold board meeting
May 23,2017

Siddhi Vinayak Shipping Corp. will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Esteem Bio Organic Food Processing to hold board meeting
May 23,2017

Esteem Bio Organic Food Processing will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Adarsh Mercantile to hold board meeting
May 23,2017

Adarsh Mercantile will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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IVRCL to hold board meeting
May 23,2017

IVRCL will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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C&C Constructions to hold board meeting
May 23,2017

C&C Constructions will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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The Union Minister of Finance Shri Arun Jaitley says India-Africa together can shape the future of the world
May 23,2017

The Union Minister of Finance and Corporate Affairs Shri Arun Jailtey said that the African Development Banks (AfDB) Annual Meeting organized in India this year is a new chapter in India - Africa relationship. India-Africa together can shape the future of the world, he added.

Shri Jaitley said n++our commitment is reflected in high level engagement with Africa on a scale never seen before.n++ He further added that India-Africa partnership model is unique; the cornerstone is voluntary partnership without any imposition on partner and the partner is free to decide what is best for them.n++

Talking about the High 5 Agenda of the AfDB, the Finance Minister said that the High 5 Agenda is not different from Indian policy. n++If India is a bright spot, then Africa is not very far awayn++, he added.

Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance called Africa a continent of immense opportunities and said that there are opportunities for India and Africa to revive global growth.

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Alfa Ica (India) to hold board meeting
May 23,2017

Alfa Ica (India) will hold a meeting of the Board of Directors of the Company on 27 May 2017.

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Binny Mills to hold board meeting
May 23,2017

Binny Mills will hold a meeting of the Board of Directors of the Company on 25 May 2017.

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Polson to hold board meeting
May 23,2017

Polson will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Remi Securities to hold board meeting
May 23,2017

Remi Securities will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Eco Friendly Food Processing Park to hold board meeting
May 23,2017

Eco Friendly Food Processing Park will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Spectrum Foods to hold board meeting
May 23,2017

Spectrum Foods will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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