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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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Umang Dairies announces change in CFO
Mar 27,2017

Umang Dairies announced that Gaurav Jain, consequent upon his resignation has been relieved from the post of Chief Financial Officer (KMP) of the Company on the close of working hours on 27 March 2017 and; Diwan Singh, General Manager (Finance and Accounts) is the Chief Financial Officer (KMP) of the Company w.e.f. 28 March 2017.

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Great Eastern Shipping Company acquires Secondhand Suezmax Crude Carrier Jag Lakshya
Mar 27,2017

Great Eastern Shipping Company took delivery of a Secondhand Suezmax Crude Carrier Jag Lakshya (2011 Built) of about 157,000 dwt. The Company had contracted to buy the vessel in December 2016.

With this inclusion, the Companys current fleet stands at 44 vessels. Additionally, the Company has committed to purchase 1 secondhand Supramax Dry Bulk Carrier.

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Board of Mindtree accepts resignation of director
Mar 27,2017

Mindtree announced that the Board of Directors of the Company at their meeting held on 27 March 2017 have accepted and taken on record the retirement of Dr. Albert Hieronimus as Independent Director with effect from 01 April 2017 due to the completion of his tenure as Independent Director.

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Axis Bank allots 5,34,620 equity shares
Mar 27,2017

Axis Bank has allotted 5,34,620 equity shares of Rs. 2/- each on 27 March 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 478,83,83,526 (239,41,91,763 equity shares of Rs. 2/- each) to Rs. 478,94,52,766 (239,47,26,383 equity shares of Rs. 2/- each).

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Arrow Textiles announces resignation of company secretary and compliance officer
Mar 27,2017

Arrow Textiles announced that Sushama Sudhakar Vesvikar resigned from the post of Company Secretary and Compliance Officer of the Company with effect from 27 March 2017 (from the closing business hours of the Company.)

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Yes Bank receives rating for AT1 Bonds aggregating Rs 3000 crore
Mar 27,2017

Yes Bank has received rating of ICRA AA (hyb) with Stable Outlook from ICRA ratings for Rs 3000 crore of Basel III compliant AT1 Bonds. ICRA also upgraded Yes Banks Rs 280 crore issue of Basel III AT1 Bonds from ICRA A+ (hyb) to ICRA AA (hyb).

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Bank of India raises Rs 1000 crore by issue of Tier II Bonds
Mar 27,2017

Bank of India has raised Rs.1,000 crore by issue of Basel-III compliant Tier-II Bonds (Series XIV) on 27 March 2017. The Bonds have been rated as BWR AA (+) by Brickwork Ratings India and IND AA (+) by India Ratings & Research and bear coupon rate of 8% p.a.

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Dishman Pharmaceuticals and Chemicals provides update on Scheme of Arrangement and Amalgamation
Mar 27,2017

Dishman Pharmaceuticals and Chemicals announced that the scheme of Scheme of Arrangement and Amalgamation amongst Dishman Pharmaceuticals and Chemicals (DPCL), Carbogen Amcis (India) (CAIL) and Dishman Care (DCL) has become effective with effect from 17 March 2017. In terms of the Scheme, the name of Transferee Company i.e. Carbogen Amcis (India) has been changed to Dishman Carbogen Amcis w.e.f. 27 March, 2017 vide a fresh certificate of Incorporation upon change of name issued by the Office of the Registrar of Companies, Gujarat.

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Axis Bank raises Senior Notes in international markets
Mar 27,2017

Axis Bank has passed resolution approving the allotment of 3 year Senior Floating Rate Notes aggregating to USD 10,000,000 (USD Ten Million only), under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.

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Eicher Motors allots 3500 Stock Options
Mar 27,2017

Eicher Motors on 27 March 2017 has allotted 3500 Stock Options under ESOP Scheme.

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Amba Enterprises revises record date for interim dividend
Mar 27,2017

Amba Enterprises has revised the record date for interim dividend for FY 2017 from 31 March 2017 to 10 April 2017.

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Draft National Policy for Domestic workers under consideration
Mar 27,2017

A draft National Policy for Domestic workers is under consideration of the Government. The salient features of the Policy are as under:

i. Inclusion of Domestic Workers in the existing legislations

ii. Domestic workers will have the right to register as workers with the State Labour Department. Such registration will facilitate their access to rights & benefits accruing to them as workers.

iii. Right to form their own associations , trade unions

iv. Right to have minimum wages, access to social security, protection from abuse, harassment, violence

v. Right to enhance their professional skills

vi. Protection of Domestic Workers from abuse and exploitation who are recruited to work abroad

vii. Domestic Workers to have access to courts, tribunals, etc.

viii. Establishment of a mechanism for regulation of placement agencies.

In order to provide social security benefits to the workers in the unorganised sector including domestic workers, the Government has enacted the Unorganised Workers Social Security Act, 2008. The 2008 Act stipulates formulation of suitable welfare schemes for unorganised workers on matters relating to: (i) life and disability cover, (ii) health and maternity benefits, (iii) old age protection and (iv) any other benefit as may be determined by the Central Government through the National Social Security Board. Various Schemes, formulated by the Government to provide social security cover to the unorganized workers, listed in the Schedule I of the above Act are as under:

i. Indira Gandhi National Old Age Pension Scheme (Ministry of Rural Development)

ii. National Family Benefit Scheme (Ministry of Rural Development)

iii. Janani Suraksha Yojana (Ministry of Health and Family Welfare)

iv. Handloom Weavers Comprehensive Welfare Scheme (Ministry of Textiles)

v. Handicraft Artisans Comprehensive Welfare Scheme (Ministry of Textiles)

vi. Pension to Master Craft Persons (Ministry of Textiles)

vii. National Scheme for Welfare of Fishermen and Training and Extension (Department of Animal Husbandry, Dairying & Fisheries)

viii. Aam Admi Bima Yojana (Department of Financial Services)

ix. Rashtriya Swasthya Bima Yojana (Ministry of Health and Family Welfare).

Central Government has also launched the Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana for all citizens especially targeting unorganised workers to provide them comprehensive social security.

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Board of Colgate-Palmolive (India) recommends dividend
Mar 27,2017

Colgate-Palmolive (India) announced that the Board of Directors of the Company at its meeting held on 27 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

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Fortis Healthcare to hold EGM
Mar 27,2017

Fortis Healthcare announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 27 April 2017 .

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Ministry of Labour & Employment provides housing subsidy of Rs. 1,50,000/- per worker for construction of house
Mar 27,2017

Ministry of Labour & Employment has formulated Revised Integrated Housing Scheme (RIHS), 2016, which is applicable to the workers engaged in Beedi/Iron Ore Mines, Manganese Ore & Chrome Ore Mines (IOMC)/Limestone Ore Mines, Dolomite Ore Mines (LSDM) /Mica Mines and Cine Industries, registered with the Labour Welfare Organisation (LWO) in the country.

In the Revised Integrated Housing Scheme (RIHS), 2016 the housing subsidy of Rs. 1,50,000/- will be released in three installments in 25:60:15 ratio. First installment (25%) of the subsidy i.e. Rs. 37,500/- per tenement will be released as advance after proposal received from the Welfare Commissioner concerned, the second installment (60%) of the subsidy i.e. Rs. 90,000/- would be released on reaching the lintel level and the third installment (15%) i.e. Rs. 22,500/- per tenement would be released after receipt of 100% inspection conducted by the Engineers/Officers of the Labour Welfare Organisation that the construction of houses has been completed in all respect.

Ministry of Labour & Employment provides housing subsidy of Rs. 1,50,000/- per worker for construction of house.

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