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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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Surya Industrial Corporation schedules board meeting
Aug 10,2017

Surya Industrial Corporation will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Garg Furnace to table results
Aug 10,2017

Garg Furnace will hold a meeting of the Board of Directors of the Company on 14 August 2017, to consider and approve the unaudited Financial Results for the Quarter ended 30/06/2017.

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Raghuvir Synthetics to hold board meeting
Aug 10,2017

Raghuvir Synthetics will hold a meeting of the Board of Directors of the Company on 17 August 2017.

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Suditi Industries to hold AGM
Aug 10,2017

Suditi Industries announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2017.

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Texplast Industries to announce Quarterly Result
Aug 10,2017

Texplast Industries will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Creative Eye to table results
Aug 10,2017

Creative Eye will hold a meeting of the Board of Directors of the Company on 21 August 2017, to consider and approve the Un- audited Financial Results of the Company for the quarter ended on June 30, 2017

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Rander Corporation schedules board meeting
Aug 10,2017

Rander Corporation will hold a meeting of the Board of Directors of the Company on 14 August 2017, to consider and take on record the Unaudited Financial Results of the Company for the Quarter ended 30th June, 2017.

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Modi Rubber to convene board meeting
Aug 10,2017

Modi Rubber will hold a meeting of the Board of Directors of the Company on 18 August 2017, for approval of Audited Consolidated Financial Results of the Company for the year ended on March 31, 2017, re-appointment of Ms. Piya Modi as Whole Time Director for a term of Five Years, & to consider and approve Notice for convening the 44th Annual General Meeting, Director Reports Etc.

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1000 Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) Kendras to be opened in Uttar Pradesh
Aug 10,2017

Union Minister of State for Road Transport and Highways, Shipping and Chemicals and Fertilizers, Shri Mansukh Lal Mandviya, presided over the Memorandum of Understanding (MoU) signing ceremony between the Union Government and the State Government of Uttar Pradesh for opening 1000 Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) Kendras in the State.

Shri Mandaviya said that according to the vision of Prime Minister Shri Narendra Modi, Governments priority under the PMBJP scheme is to provide quality medicines at affordable rates to the poor and marginalized sections of society. The Minister further said that the drugs available under this scheme meet the highest quality benchmarks and are made available by the Government at costs much less than their expensive branded counterparts. Cardiac stent costs have been reduced by almost 85%, which would benefit poor patients who could not afford them earlier, the Minister added.

Shri Mandaviya informed that under the PMBJP scheme, more than 600 medicines and 150 surgical and other medical items are being made available at affordable rates at Janaushadhi Kendras opened across the country. The number of medicines available under the scheme would soon be increased to 1000. Government of India is also giving financial assistance of up to Rs. 2,50,000 to those who open the Kendras under the scheme, the Minister added.

Shri Siddharth Nath Singh said that these 1000 stores will be opened in government hospitals and community health centres, so that more and more poor and marginalized sections of society can get benefit of this scheme. Shri Singh also informed that the Cabinet has already given its approval to open Kendras in Hospital complexes and allotment of around 400 Janaushadhi Kendras has taken place.

During the event, Shri Mandaviya also inaugurated the website of the PMBJP Scheme for the State, during the event. This website would aid the people to know more about the scheme, location of the Janaushadhi Kendras, availability of medicines and their prices in real time. Other dignitaries present on the occasion were Shri Suddhansh Pant, Joint Secretary, Department of Pharmaceuticals, Government of India, along with other senior officers of the Union and State Governments.

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Raghav Ramming Mass announces board meeting date
Aug 10,2017

Raghav Ramming Mass will hold a meeting of the Board of Directors of the Company on 16 August 2017.

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Anubhav Infrastructure to convene board meeting
Aug 10,2017

Anubhav Infrastructure will hold a meeting of the Board of Directors of the Company on 14 August 2017, to consider and take on record the Unaudited Standalone and Consolidated Financial Result along with Limited Review Report issued by the Statutory Auditors of the Company for the first quarter ended June 30, 2017.

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Jindal Steel & Power to convene AGM
Aug 10,2017

Jindal Steel & Power announced that the 38th Annual General Meeting (AGM) of the company will be held on 22 September 2017.

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Rupee retreats further
Aug 10,2017

Rupee closed lower at 64.2175/2200 per dollar on Thursday (10 August 2017), versus its previous close of 63.99/9925 per dollar.

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Maruti Suzuki India announces complete revamp of its True Value operations
Aug 10,2017

Maruti Suzuki India announced a complete revamp of its True Value operations, designed to make pre-owned cars more attractive and improved transparency.

As a part of Maruti Suzukis transformation, a network of independent True Value outlets will be set up across the country, with a larger display area for a variety of pre-owned cars of Maruti Suzuki. These outlets will be digitally integrated through a portal so that customers can access details of all the cars available at True Value outlets nation-wide. This will help customers to make their choice and visit the relevant True Value outlet for a test drive.

To ensure quality and reliability, pre-owned Maruti Suzuki cars will be carefully selected, refurbished at Maruti Suzuki workshops and offered to customers with warranty and free services.

As part of the transformation, up to 150 standalone outlets will be set up across India by March 2018.

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Dr Reddys Laboratories does not get renewal of GMP compliance certificate
Aug 10,2017

Dr Reddys Laboratories announced that its wholly owned subsidiary, betapharm Arzneimittel GmbH, Germany received a communication from the Regulatory Authority of Germany (Regierung von Oberbayern) last night, that the GMP compliance certificate in respect of the Companys Formulations Manufacturing Unit 2 plant in Bachupally, Hyderabad is not renewed consequent to the recent inspection of the plant. Pending revocation of the non-compliance notification, the plant will not be able to make any further despatch to the European Union until the next inspection, to be initiated by an invitation from betapharm.

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