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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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China Stocks end up, resource, insurance firms leap
Jul 06,2017

The Mainland China equity market finished session higher after recouping early losses on Thursday, 06 July 2017, as strong gains in resource firms and insurers were more than offset by losses in consumer and health care firms. But market gain was capped as Chinas central bank skipped open market operations for the 10th day in a row on Thursday, citing relatively high liquidity levels in the banking system. The blue-chip CSI300 index was unchanged at 3,660.10, while the Shanghai Composite Index added 0.2% to 3,212.44 points. On the Shenzhen Stock Exchange, the Shenzhen Composite Index and the ChiNext index both finished up 0.1%, at 1,914.59 and 1,839.99 respectively.

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Nikkei closes below 20K level on profit-taking, geopolitical concerns
Jul 06,2017

The Japan share market finished session down on Thursday, 06 July 2017, as profit taking triggered on tracking negative lead from Wall Street overnight, with a dour market mood compounded by ongoing geopolitical concerns centered on the Korean Peninsula. Oil and coal product, mining and rubber product-linked issues comprised those that declined the most by the close of play. The 225-issue Nikkei Stock Average dropped 87.57 points, or 0.44%, to 19,994.06, marking the first closing below the psychologically important 20,000 line since June 16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 3.10 points, or 0.19%, to finish the day at 1,615.53.

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RPP Infra Projects secures order worth Rs 19.1 crore
Jul 06,2017

RPP Infra Projects has bagged order from TNSAMB (Tamilnadu State Agriculture Marketing Board) for Establishment of Primary Processing Centre for Supply Chain Management at Pochampalli in Krishnagiri District of Tamilnadu worth of Rs. 19.1 crore.

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Australia Market ends softer
Jul 06,2017

Australian equity market finished session edge lower on Thursday, 06 July 2017, as losses in the big banks and resource stocks offset gains in defensive sectors. The benchmark S&P/ASX 200 index slipped 0.1% to 5758.8 points.

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Amrit Corp. to hold board meeting
Jul 06,2017

Amrit Corp. will hold a meeting of the Board of Directors of the Company on 17 July 2017 to consider, examine and approve the un-audited financial results for the quarter ended 30.06.2017.

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Coromandel International to hold AGM
Jul 06,2017

Coromandel International announced that the 55th Annual General Meeting(AGM) of the company on 28 July 2017.

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Emami to hold board meeting
Jul 06,2017

Emami will hold a meeting of the Board of Directors of the Company on 2 August 2017 to consider, approve and take on record unaudited financial results of the company for the first quarter ended 30th June, 2017.

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Nalin Lease Finance to hold AGM
Jul 06,2017

Nalin Lease Finance announced that the th Annual General Meeting(AGM) of the company on 11 August 2017.

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Aditya Vision opens its 23rd showroom at Nawada, Bihar
Jul 06,2017

Aditya Vision has opened its 23rd showroom at Nawada, Bihar on 06 July 2017.

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MSR India secures order from ISRO
Jul 06,2017

MSR India has secured a Rs 23 lakh worth order from ISRO, Department of Space, Vikram Sarabhai Space Centre (Govt. of India).

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Godrej Properties announces new project in Gurgaon
Jul 06,2017

Godrej Properties has acquired a land parcel measuring approximately 14.8 acres in Sector 106, Gurgaon. The Company plans to develop a high end residential housing project of approximately 139,000 square meters. This project will be developed in partnership with Godrej Residential Investment Program II. This is the fourth project under GRIP II, the USD 275 million fund which was announced in March 2016.

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T & I Global appoints company secretary and compliance officer
Jul 06,2017

T & I Global announced that Sourav Banerjee has been appointed as Company Secretary and Compliance Officer of the Company with effect from 05 July 2017.

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Emkay Global Financial Services allots 56,600 equity shares
Jul 06,2017

Emkay Global Financial Services allots 56,600 Equity Shares of Rs. 10/- each under ESOP 2007 to the eligible employees.

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PFRDA is observing NPS Service Fortnight from 27 June to 11 July 2017
Jul 06,2017

With a view to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers, Pension Fund Regulatory and Development Authority (PFRDA) is observing NPS Service Fortnight from 27th June, 2017 to 11th July 2017. During this period all the nodal offices, Pay and Account Offices and DDOs under the Central and State Governments, Points of Presence/ banks/ aggregators/ banking correspondents etc. involved with the acquisition and servicing of NPS subscribers across the country are required to provide all necessary assistance to the subscribers/ prospective subscribers, create awareness about the National Pension System, attend to their services requests, etc in a proactive manner.

It has been observed that the subscribers/employees in the Central Government and State Government are not fully aware of various functionalities/facilities available under the NPS. A large number of the queries/grievances received from these subscribers, pertain to elementary issues like non-receipt of Statement of Transaction, I-PIN,T-PIN etc. However, it is seen that majority of these information gaps are on account of non-availability of the latest contact details of the subscribers in the respective documents/PRANs etc.

In order to promote awareness regarding importance of updation of latest contact details in PRANs and to provide basic facilities on the spot, the NPS Service fortnight is being organised. On this occasion, besides sharing information on the range of functionalities and services now available under the NPS, the subscribers need to be apprised about the need for constant updation of data/information under various fields to enable the system to operate at its optimum service level and enable the subscribers to make the best use of the functionalities available under NPS.

The following activities need to be given focused attention during the NPS Service fortnight:

n++ Distribution of the NPS brochure to the subscribers

n++ Updation of subscriber details like email, mobile number, address, etc through S-2 form

n++ Conversion of non IRA to IRA compliant status by submission of physical subscriber registration forms

n++ Advising subscribers regarding benefits associated with PRAN being IRA compliant and updation of contact details

n++ Printing of Transaction Statement for the subscribers and distributing the same on the specific request of the subscriber

n++ Updation of nomination details

n++ Resolving pending grievances and exit cases

PFRDA has also advised separately the Central Recordkeeping Agency (CRA/NSDL) and all the nodal offices/ PAOs/ DDOs/PoPs/ Banks etc in this matter for actively assisting the subscribers during this campaign.

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Salem Erode Investments to hold board meeting
Jul 06,2017

Salem Erode Investments will hold a meeting of the Board of Directors of the Company on 17 July 2017 to consider and approve the Financial results for the quarter ended June 30, 2017

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