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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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Central Provinces Railways Company postpones board meeting
Jan 02,2017

Central Provinces Railways Company announced that the Company would be holding a meeting of its Board of Directors on 04 January 2017. However, due to certain business exigencies the said meeting is postponed to 05 January 2017 at 6.00 pm.

Agenda for matters to be discussed in the Board Meeting remains unchanged.

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Sanathnagar Enterprises announces resignation of director
Jan 02,2017

Sanathnagar Enterprises announced Umashankar K Hegde has resigned as an Independent Director of the Company with effect from close of business hours as on 02 January 2017.

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Laurus Labs announces resignation of director
Jan 02,2017

Laurus Labs announced that pursuant to the exit of entire equity investments by Aptuit (Asia) (n++Aptuitn++) in the just concluded Initial Public Offer of the Company, Conner Town Mulvee, the Nominee Director of Aptuit, has tendered his resignation from the Board of the Company with immediate effect.

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Balrampur Chini Mills fixes record date for buyback of shares
Jan 02,2017

Balrampur Chini Mills announced that the Executive Committee of the Board of Directors, at its meeting held on 02 January 2017 has approved 13 January 2017 as the Record Date for the Buyback to determine:

1. The entitlement of equity shareholders in the Buyback; and

2. The shareholders who would be eligible to participate in the Buyback; and

3. The shareholders to whom the Letter of Offer and Tender Offer Form will be dispatched in relation to the Buyback.

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Board of Banco Products (India) to consider interim dividend for FY 2017
Jan 02,2017

Banco Products (India) announced that the Meeting of the Board of Directors is scheduled to be held on 11 January 2017, inter alia, to consider the following:

1. Consideration of Interim Dividend for the Current Financial Year ending on 31 March 2017.

2. Consideration of the Record Date for the purpose of Interim Dividend for the Current Financial Year ending on 31 March 2017, in case of the declaration of aforesaid Interim Dividend.

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Axis Bank allots equity shares
Jan 02,2017

Axis Bank has allotted 1,02,630 equity shares of Rs. 2/- each on 02 January 2017, pursuant to exercise of options under its ESOP Scheme.

The paid up share capital of the Bank will accordingly increase from Rs. 478,27,67,686 (239,13,83,843 equity shares of Rs. 2/- each) to Rs. 478,29,72,946 (239,14,86,473 equity shares of Rs. 2/-each).

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Power Finance Corporation announces change in directorate
Jan 02,2017

Power Finance Corporation announced the cessation of A K Agarwal as Director (Projects) with effect from 31 December 2016. The Company announced the appointment of Chinmoy Gangopadhyay as Director (Projects) with effect from 01 January 2017.

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Tata Teleservices (Maharashtra) gets revision in credit ratings for NCDs
Jan 02,2017

Tata Teleservices (Maharashtra) announced that India Ratings & Research has downgraded the Companys long term issuer rating and the rating on its Rs 750 crore Non Convertible Debentures (NCDs) to IND A from IND A+. The Outlook is Negative.

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TVS Motor Company announces sales figures
Jan 02,2017

TVS Motor Company clocked sales of 184,901 units during the month ofDecember 2016, as against 202,021 units registered in the month of December 2015.

Total two-wheelers recorded sales of 179,508 units in December 2016 as against 194,001 units in December 2015. Domestic two-wheeler registered sales of 153,413 units in December 2016 as against 168,160 units in December 2015.

Scooters registered sales of 55,536 units in the month of December 2016 as against 65,025 units in December 2015. Motorcycles recorded sales of 58,189 units in December 2016 as against 71,435 units registered in the month of December 2015.

Three-wheeler of the Company registered sales of 5,393 units in December 2016 as against 8,020 units in December 2015.

The Companys total exports registered sales of 30,694 units in the month of December 2016 as against 32,706 units recorded in the month of December 2015. Two-wheeler exports registered sales of 26,095units in December 2016 as against 25,841 units in December 2015.

During the third quarter of the current financial year, two-wheeler sales grew by 3.9% increasing from 6.76 lakh units in the third quarter of the previous year to 7.02 lakh units in the third quarter of the current year. Three-wheeler sales of the Company was at 0.16 lakh units in the third quarter of the current year as against 0.26 lakh units in the third quarter of the previous year.

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Pricol shifts plant to new location in Pune
Jan 02,2017

Pricol has shifted its Plant in Pune to new location with effect from end December 2016 as mentioned below -

Pricol, Global - Raisoni Industrial Park, Gat No. 180-187, Phulgaon, Haveli Taluka, Pune - 412216.

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Power Grid Corporation of India transfers POSOCO to Govt. of India
Jan 02,2017

Power Grid Corporation of India announced that in terms of Government of India communication dt. 23 September 2016, on receipt of purchase consideration of Rs. 81.21 crore, POWERGRID has transferred 3,06,40,000 equity shares of Rs. 10/- each of Power System Operation Corporation (POSOCO) to Government of India.

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Aban Offshore provides business update
Jan 02,2017

Aban Offshore announced the completion of sale of 59 % equity shares held by Aban Offshore in Aban Green Power and Radhapuram Wintech - subsidiaries of Aban Offshore. The Company also completed the transaction for acquisition of 49 % equity shares in Aban Drilling Services.

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Board of IndusInd Bank to consider Q3 results
Jan 02,2017

IndusInd Bank announced that a meeting of the Board of Directors of the Bank will be held on 10 January 2017, inter alia, to consider and take on record, the Unaudited Financial Results for the quarter and nine-month ended 31 December 2016 (Q3).

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Mphasis to consider Q3 results
Jan 02,2017

Mphasis announced that a meeting of Board of Directors of the Company is being scheduled on 31 January 2017, inter alia, to consider and approve the audited financial results of Mphasis and Group for the quarter and nine months period ended 31 December 2016 (Q3).

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Cipla allots equity shares
Jan 02,2017

Cipla announced that the Nomination and Remuneration Committee of the Company on 02 January 2017 allotted 18,542 equity shares of Rs. 2/- each pursuant to exercise of the stock options by the option grantees under Employee Stock Option Scheme 2013-A.

Consequently, the issued share capital of the Company stands increased to Rs. 1,61,08,32,634 comprising of 80,54,16,317 equity shares of face value Rs. 2/- each. The paid-up & subscribed share capital of the Company stands increased to Rs. 1,60,88,25,844 comprising of 80,44,12,922 equity shares of face value Rs. 2/- each.

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