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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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Videocon Industries extends recent losses
Jun 05,2017

Meanwhile, the S&P BSE Sensex was up 49.83 points, or 0.16% to 31,323.12.

On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 35,577 shares in the past one quarter. The stock opened with an downward gap of 5% at Rs 34.95 and remained stuck at that level so far, which is also its 52-week low level. The stock hit a 52-week high of Rs 114.90 on 6 October 2016.

The stock had underperformed the market over the past one month till 2 June 2017, falling 64.41% compared with 3.81% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 64.49% as against Sensexs 8.47% rise. The scrip had also underperformed the market in past one year, falling 64.32% as against Sensexs 16.50% rise.

The small-cap company has equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Shares of Videocon Industries have fallen 65.21% in the preceding 11 trading sessions from its close of Rs 100.45 on 19 May 2017.

The recent sell-off in the stock has been triggered by media reports of escalating debt woes of the company. As per reports, Central Bank of India declared the company as a non-performing asset (NPA) in Q1 June 2017. Central Bank of India has one of the highest exposures to Videocon at Rs 2700 crore, reports added. Other banks are likely to soon follow suit in declaring the account as a bad loan or an NPA.

Dena Bank had recently announced that it had classified Videocons loan amounting to Rs 520 crore as a NPA. This has resulted into some negative publicity of the company and, accordingly, impacted its stock price, the company recently clarified to the bourses on 23 May 2017.

Videocon Industries reported net loss of Rs 547.73 crore in Q4 March 2017 as against net loss of Rs 189.59 crore in Q4 March 2016. Net sales declined 28.26% to Rs 1985.85 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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Board of Asian Granito India recommends final dividend
Jun 05,2017

Asian Granito India announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.8 per equity Share (i.e. 8%) , subject to the approval of the shareholders.

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Board of Appu Marketing & Manufacturing recommends final dividend
Jun 05,2017

Appu Marketing & Manufacturing announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Board of Ashirwad Capital recommends final dividend
Jun 05,2017

Ashirwad Capital announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.04 per equity Share (i.e. 4%) , subject to the approval of the shareholders.

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Board of Bannari Amman Spinning Mills recommends final dividend
Jun 05,2017

Bannari Amman Spinning Mills announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1.8 per equity Share (i.e. 18%) , subject to the approval of the shareholders.

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Board of Bal Pharma recommends final dividend
Jun 05,2017

Bal Pharma announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Pricol recommends final dividend
Jun 05,2017

Pricol announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Board of Hisar Metal Industries recommends final dividend
Jun 05,2017

Hisar Metal Industries announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Integrated Financial Services recommends final dividend
Jun 05,2017

Integrated Financial Services announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1.2 per equity Share (i.e. 12%) , subject to the approval of the shareholders.

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Board of Gitanjali Gems recommends final dividend
Jun 05,2017

Gitanjali Gems announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.8 per equity Share (i.e. 8%) , subject to the approval of the shareholders.

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Board of BFL Developers recommends final dividend
Jun 05,2017

BFL Developers announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Board of Chamanlal Setia Exports recommends final dividend
Jun 05,2017

Chamanlal Setia Exports announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.4 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Board of Fairdeal Filaments recommends final dividend
Jun 05,2017

Fairdeal Filaments announced that the Board of Directors of the Company at its meeting held on 30 May 2017, inter alia, have recommended the final dividend of Rs 1.25 per equity Share (i.e. 12.5%) , subject to the approval of the shareholders.

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Board of Cox & Kings recommends final dividend
Jun 05,2017

Cox & Kings announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Ashirwad Capital to hold AGM
Jun 05,2017

Ashirwad Capital announced that the 31th Annual General Meeting(AGM) of the company on 29 September 2017.

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