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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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Board of United Nilgiri Tea Estates Company recommends dividend
Apr 01,2017

United Nilgiri Tea Estates Company announced that the Board of Directors of the Company at its meeting held on 30 March 2016, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Mold-Tek Packaging recommends dividend
Apr 01,2017

Mold-Tek Packaging announced that the Board of Directors of the Company at its meeting held on 31 March 2017, inter alia, have recommended the dividend of Rs 2 per equity Share (i.e. 40%) , subject to the approval of the shareholders.

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Elantas Beck India to hold board meeting
Apr 01,2017

Elantas Beck India will hold a meeting of the Board of Directors of the Company on 10 May 2017, approval of unaudited financial results for the quarter ended 31st March 2017.

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Shree Digvijay Cement Co. to hold board meeting
Apr 01,2017

Shree Digvijay Cement Co. will hold a meeting of the Board of Directors of the Company on 21 April 2017, for Consideration Of The Audited Financial Results 2016-17.

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SASEC program of Asian Development Bank (ADB) expanding towards the East with Myanmar becoming its newest member in 2017
Apr 01,2017

South Asia Subregional Economic Cooperation (SASEC) program of Asian Development Bank (ADB) is expanding towards the East with Myanmar formally becoming the 7th member of SASEC in 2017.

Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance of India noted that Myanmar is key to realizing greater connectivity and stronger trade and economic relations between the SASEC sub-region and the countries of East and Southeast Asia and that Myanmars membership in SASEC can offer a host of opportunities for realizing synergies from economic cooperation in the sub-region.

SASEC member countries recognize that most of SASECs multimodal connectivity initiatives include Myanmar. Road corridors in Myanmar provide the key links between South Asia and Southeast Asia. Ports in Myanmar will provide additional gateways to the landlocked North Eastern region of India. Development of multi-modal connectivity between North Eastern region of India, Bangladesh and Myanmar has the potential of unleashing tremendous economic energy in the sub-region.

SASECs energy connectivity and energy trade prospects will be enhanced with the inclusion of Myanmar, involving its substantial resources of hydropower and natural gas. Moreover, developmental impacts of economic corridor in the SASEC sub-region will be maximized by exploring potential synergies with corridors in Myanmar that are linked to those in other Southeast Asian countries.

Myanmar was accorded an observer status of SASEC in 2013 when ADBs annual meeting was held in Noida, India. Myanmar has been participating in annual SASEC Nodal Officials meetings as an observer since 2014. It was invited by the participating countries of SASEC countries to become a full member in 2015.

The SASEC program was formed in 2001 in response to the request of the four countries of South Asia - Bangladesh, Bhutan, India and Nepal - from ADB to assist in facilitating economic cooperation among them. These four countries comprise the South Asia Growth Quadrangle (SAGQ), formed in 1996, as a vehicle for accelerating sustainable economic development through regional cooperation. As a project-based partnership, the SASEC program has been helping realize regional prosperity by enhancing cross-border connectivity, facilitating faster and more efficient trade and promoting cross-border power trade. Maldives and Sri Lanka joined SASEC in 2014, further expanding opportunities for enhancing economic linkages in the sub-region.

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Future Lifestyle Fashions raises Rs 250 crore for its Lee Cooper brand
Apr 01,2017

Future Lifestyle Fashions (FLF) announced the completion of Rs 250 crore fund raise in the Lee Cooper business, a leading brand in its portfolio.

FLF has moved the Lee Cooper brand business to Future Speciality Retail (FSRL), a step down subsidiary of FLF, on 29 March 2017. FSRL has issued Compulsorily Convertible Preference Shares (CCPS) aggregating Rs 250 crore to FSRL CCPS Trust. FLF has entered into an investment agreement with the CCPS subscribers, which also allows them to exit at an agreed price as per the terms of the investment agreement. The CCPS are convertible into 26% equity of FSRL on fully diluted basis on or before 48 months from the date of subscription of the CCPS. The articles of association of FSRL have been suitably amended to reflect the terms of the investment agreement.

This transaction along with the investee brands value unlocking has resulted in a combined Rs 700 crore fund raise for FLF.

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Cipla to acquire South African Pharma company- Anmarate
Apr 01,2017

Cipla announced that its wholly owned subsidiary Cipla Medpro South Africa (Pty) has signed an agreement on 30 March 2017 to acquire 100% stake in Anmarate (Pty), South Africa. The transaction is expected to be completed before 14 April 2017.

Anmarate was incorporated in 1996 in South Africa and is engaged in manufacturing and distribution of pharmaceutical products.

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Sintex Industries allots 1,20,75,346 equity shares
Apr 01,2017

Sintex Industries has allotted 1,20,75,346 Equity Shares of Re. 1/- each of Sintex Industries to Foreign Currency Convertible Bonds holder upon exercise of their conversion Right.

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Cabinet Approves changes to Motor Vehicle (Amendment) Bill 2016
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the changes to the Motor Vehicles (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.

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Golden Goenka Fincorp to hold board meeting
Apr 01,2017

Golden Goenka Fincorp will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Mcleod Russel India to hold board meeting
Apr 01,2017

Mcleod Russel India will hold a meeting of the Board of Directors of the Company on 30 March 2017.

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Indias external debt declines to US$ 456.1 billion at end December 2016
Apr 01,2017

Indias external debt stock fell by US$ 29.0 billion (6.0%) to US$ 456.1 billion, at end-December 2016 over the level at end-March 2016. The decline in external debt during the period was due to the fall in long-term external debt, particularly the fall in NRI deposits reflecting the redemption of FCNR (B) deposits and decline in commercial borrowings with fall in both commercial bank loans and securitized borrowings. On a sequential basis, total external debt at end-December 2016 declined by US$ 28.1 billion (5.8%) from the end-September 2016 level.

The maturity pattern of Indias external debt indicates dominance of long-term borrowings. At end-December 2016, long-term external debt accounted for 81.6% of Indias total external debt, while the remaining 18.4% was short-term debt.

While long-term debt at US$ 372.2 billion, declined by US$ 29.4 billion (7.3%) at end-December 2016 over the level at end-March 2016, short-term debt increased marginallyby 0.5% to US$ 83.8 billion.

The valuation gain (appreciation of the US dollar against the Indian rupee and most other major currencies) was US$ 7.3 billion. This implies that excluding the valuation effect, the decrease in external debt would have been lower at US$ 21.7 billion at end-December over end-March 2016.

The shares of Government (Sovereign) and non-Government debt in the total external debt were 19.6% and 80.4% respectively, at end-December 2016.

The share of US dollar denominated debt was 54.7% of the total external debt at end-December 2016, followed by the Indian rupee (31.1%), SDR (5.9%), Japanese yen (4.4%), Euro (2.7%), Pound Sterling (0.7%) and Others (0.5%).

Many key external debt indicators of India show improvement at end-December 2016 over end-March 2016. Besides, total external debt falling by 6.0% during this period, the foreign exchange cover for external debt increased to 78.7% from 74.3% and the ratio of concessional debt to total external debt increased to 9.2% from 9.0%. Though, the share of short-term debt (original maturity) in total debt increased to 18.4% from 17.2% during this period due to rise in trade related credits, the share of short term debt (residual maturity) in total external debt fell to 41.4% from 42.6%. While the share of short-term debt (original maturity) to foreign exchange reserves increased marginally to 23.4% from 23.1% during this period, the share of short-term debt (residual maturity) to foreign exchange reserves fell to 52.6% from 57.4%.

Cross country comparison of external debt indicates that India continues to be among the less vulnerable countries. Indias key debt indicators compare well with other indebted developing countries. Among the top twenty developing debtor countries, Indias external debt stock to gross national income (GNI) at 23.4% was the fifth lowest and in terms of the foreign exchange cover for external debt, Indias position was the sixth highest at 69.7% in 2015. Contrary to Chinas high share of short-term debt to total external debt which has been increasing in each quarter of 2016, Indias share is low and has been decreasing. In 2016 Q3 (end-September), the shares were 16.8% for India and 55.4% for China.

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Allahabad Bank receives Rs 418 crore from Govt. of India
Apr 01,2017

Allahabad Bank has remitted Rs 418 crore toward contribution of Central Government in the preferential allotment of equity shares of Bank. The amount will remain in share application money till compliance of certain terms.

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Hero MotoCorp liquidates large BS III inventory
Apr 01,2017

Hero MotoCorp announced that with a proactive preparedness towards the launch of BS IVn++]compliant vehicles, Hero MotoCorp liquidated large BS III inventory, leading upto 29 March 2017.

The Company had switched to manufacturing only BS IV compliant vehicles since 01 March 2017 and is fully prepared to sell only BS IV vehicles from 01 April 2017.

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Gillette India announces change in promoter shareholding
Apr 01,2017

Gillette India announced that promoter shareholder of the Company, viz., Procter & Gamble India Holdings B.V., the Netherlands has merged with another promoter group company, Procter & Gamble Overseas India B.V., the Netherlands effective 31 March 2017. Consequent to abovementioned merger, shareholding of Procter & Gamble India Holdings B.V. in the Company (1,30,73,465 shares constituting 40.12% of shareholding) has been transferred to Procter & Gamble Overseas India B.V.

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