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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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IDBI Bank takes possesion of properties of Sirpur Paper Mills
Nov 22,2016

Sirpur Paper Mills announced that IDBI Bank has issued a possession notice, stating that it has taken the possession of the secured properties of the Company u/s13 (4)of the SARFAESI Act read with Rule 8(1) of the Rules.

Further, the Company has been granted extension by RoC, Hyderabad to hold the AGM up to 31 December 2016.

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Rupee sags further
Nov 22,2016

Rupee closed lower at 68.2079/2220 per dollar on Tuesday (22 November 2016), versus its previous close of 68.1550/1650 per dollar.

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Sphere Global Services incorporates new subsidiary
Nov 22,2016

Sphere Global Services announced that the Company has incorporated a wholly owned subsidiary in the Fujairah, UAE by the name of Sphere Global Services FZ LLC. The principal business activity is IT Consultancy.

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Larsen & Toubro allots equity shares
Nov 22,2016

Larsen & Toubro has allotted 3,42,722 (Three Lakh Forty Two Thousand Seven Hundred Twenty Two) shares on 22 November 2016 to those grantees who had exercised their options under the Companys Employee Stock Ownership / Option Schemes.

The said shares will rank pari-passu with the existing shares of the Company in all respects.

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Outcome of board meeting of Jindal Stainless (Hisar)
Nov 22,2016

Jindal Stainless (Hisar) announced that the Board of Directors of the Company at its meeting held on 22 November 2016 approved the following -

Acceptance of fixed deposits from public including members and directors, subject to approval of shareholders.

In terms of the court approved composite scheme of arrangement, the business undertaking of Jindal Stainless comprising of mining division but excluding the Chromite ore mine located at Odisha, has been demerged from Jindal Stainless and vest with the Company pursuant to the scheme. Since the Government of Odisha has refused to transfer the Chromite ore mine located at Odisha, the said mine will continue to vest with Jindal Stainless.

The operations of the Ferro Alloys unit at Kothavalasa in Vizianagaram district, Andhra Pradesh which has been demerged in the Company from Jindal Stainless as part of the Composite Scheme of Arrangement, were under temporary shut down effective 13 September 2015. The operations of this unit are proposed to be started from 29 November 2016 onwards.

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Forthcoming Budget will have stipulations for simplified direct and indirect taxation: MOS Finance
Nov 22,2016

Minister of State for Finance, Mr. Arjun Ram Meghwal promised that the forthcoming budget would have stipulation and provisions that would lead to further simplification of tax administration and tax dispensation of both direct and indirect taxes to enable business community to render their transaction smoothly and effectively.

In his Valedictory address at International Tax Conference : Global Tax Issues & Recent Developments under aegis of PHD PHD Chamber of Commerce and Industry, Mr. Meghwal described the demonetization move of the NDA government as a step that would severely attack the menace of cross border terrorism and its funding besides substantially reducing the threat of rising black money.

n++Tax administration and tax policies need to be further simplified to promote ease of doing business as well as its facilitation. The forthcoming budget would reflect and adequately cater to this effectn++, said Mr. Meghawal adding that the government of the day is committed to eliminate corruption and red tape.

n++The decision to demonetize the Rs.500 and Rs.1,000 notes is one such step in this direction and many more such moves would follow as Prime Minister Mr. Modi is determined to purge the system from all its ailmentsn++, said the Minister.

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FPIs on a selling drive
Nov 22,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1241.90 crore into the secondary equity markets on 21 November 2016, compared with their net outflow of Rs 934.37 crore during the preceding trading session on 18 November 2016. The net outflow of Rs 1241.90 crore on 21 November 2016 was a result of gross purchases of Rs 4355.29 crore and gross sales of Rs 5597.19 crore. On that day, the Sensex lost 385.10 points or 1.47% to settle at 25,765.14, its lowest closing level since 24 May 2016.

There was a net inflow of Rs 0.89 crore into the category primary markets & others on 21 November 2016, which was a result of gross purchases of Rs 0.89 crore and nil gross sales.

FPIs have sold stocks worth a net Rs 13841.60 crore into the secondary equity markets in this month so far (till 21 November 2016). They sold shares worth a net Rs 5258.22 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 27329.45 crore from the secondary equity markets in calendar year 2016 so far (till 21 November 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 1886.24 crore from FPIs into the category primary markets & others in this month so far (till 21 November 2016). There was a net inflow of Rs 951.96 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 7701.91 crore in calendar year 2016 so far (till 21 November 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Agenda for board meeting of Virgo Global Media
Nov 22,2016

Virgo Global Media announced a meeting of the Board of Directors of the Company will be held on 24 November 2016, inter alia, to consider the following:

1. To consider and approve Notice of 18th Annual General Meeting of the Company.

2. To consider and approve the Directors report of the Company.

3. To consider and approve Notice of Postal Ballot.

4. To consider and approve the calendar of events for postal ballot.

5. To consider and approve the calendar of events for Annual General Meeting.

6. To Consider and approve appointment of VCSR & Associates, Practicing Company Secretaries as Scrutinizer for announcement of e-voting results and polling results at ensuing Annual General Meeting and for Conducting Postal Ballot Process.

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Voltaire Leasing & Finance announces change in CFO
Nov 22,2016

Voltaire Leasing & Finance announced that on the recommendation made by the Nomination & Remuneration Committee the Board of Directors at its meeting held on 22 November 2016 which interalia; approves the appointment of Minakshi Kishor Naruka as Chief Financial Officer of the Company with effect from 22 November 2016 consequent to the resignation of Birbal Chunnilal Jangir as a Chief Financial Officer.

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Infibeam to establish Unique & Verified Digital Identity Platform
Nov 22,2016

Infibeam Incorporation has received confirmation from the Government of Sikkim to provide a Unique and Verified Digital Identity Platform (Digital Services) on .000 global top level domain (gTLD) with authorised and secured digital wallets for Indians residing in the State of Sikkim.

As part of the program, Infibeam to provide a platform for creation of digital web identity for citizens residing in State of Sikkim to enable access and digital storage of their own citizen centric records.

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Dilip Buildcon to announce September quarter results
Nov 22,2016

Dilip Buildcon announced that the meeting of Board of Directors of the company to be held on 01 December 2016 inter alia, to consider and approve the financial results for the Quarter ended on 30 September 2016.

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Yes School of Banking gets dual international certification
Nov 22,2016

Yes Banks Yes School of Banking has been awarded dual international certification in ISO 9001:2008 and ISO 29990:2010, making it the first learning and development function in the Indian Banking sector to be recognised by this highest level of quality management system.

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Mahanagar Telephone Nigam to announce September quarter results
Nov 22,2016

Mahanagar Telephone Nigam announced that a meeting of the Board of Directors will be held on 14 December 2016 to inter-alia consider and approve the Unaudited Reviewed Financial Results for the Quarter ended on 30 September 2016.

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Board of Tatia Global Vennture appoints CFO and KMP
Nov 22,2016

Tatia Global Vennture announced that the Board of Directors of the Company have approved the appointment of Namrata Parekh as the Chief Financial Officer (CFO) & Key Managerial Personnel of the Company.

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Outcome of board meetin of Ushdev International
Nov 22,2016

The Board of Ushdev International at the meeting held on 22 November 2016 approved the following -

Resignation of Anil Bansal as Independent Director of the Company.

Resignation of Ashwin Rathi as Director, Managing Director and Chief Financial Officer of the Company.

Appointment of Sucheta Jadhav as Chief Financial Officer of the Company.

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