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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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JV of ARSS Infrastructure Projects bags work order worth Rs 71.57
Jul 06,2017

ARSS Infrastructure Projects announced that its JV ARSS-SCPL has been awarded a work order by East Coast Railway on 04 July 2017. The work order amounting to Rs 71.57 crore namely Koraput - Singapur Road Doubling Project involves construction of Major Bridge No. 1 (1x18.3m Composite Girder, RUB), Br. No3 (5x30.5m composite Girder), Br.No.6 (5x30.5 Composite Girder),Br. No.12 (1x12.2m +1x30.5m+1x12.2m Composite Girder),Br. No.19 (1x12.2m +1x30.5m+1x12.2m Composite Girder),Br. No. 21A (1x36.0m Composite Girder, ROB),Br.NO.25(2x9.15m RCC Box) &,Br.NO.26(3x6.1m RCC Box) between Koraput -Damanjodi stations in connection with Doubling of Koraput - Singapur Road section of WAT Division, East Coast Railway.

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Lloyds Metals & Energy to hold board meeting
Jul 06,2017

Lloyds Metals & Energy will hold a meeting of the Board of Directors of the Company on 18 July 2017.

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Multi Commodity Exchange of India to hold board meeting
Jul 06,2017

Multi Commodity Exchange of India will hold a meeting of the Board of Directors of the Company on 13 July 2017.

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Oriental Hotels to hold board meeting
Jul 06,2017

Oriental Hotels will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Prakash Industries to hold board meeting
Jul 06,2017

Prakash Industries will hold a meeting of the Board of Directors of the Company on 17 July 2017.

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SIL Investments to hold board meeting
Jul 06,2017

SIL Investments will hold a meeting of the Board of Directors of the Company on 17 July 2017.

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Grand Foundry to hold board meeting
Jul 06,2017

Grand Foundry will hold a meeting of the Board of Directors of the Company on 13 July 2017.

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Hero MotoCorp to hold board meeting
Jul 06,2017

Hero MotoCorp will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Gujarat Narmada Valley Fert. & Chem. to hold board meeting
Jul 06,2017

Gujarat Narmada Valley Fert. & Chem. will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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Wendt India to hold board meeting
Jul 06,2017

Wendt India will hold a meeting of the Board of Directors of the Company on 24 July 2017.

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ISGEC Heavy Engineering to hold AGM
Jul 06,2017

ISGEC Heavy Engineering announced that the 84th Annual General Meeting(AGM) of the company on 29 July 2017.

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Reliance Industrial InfraStructure to hold board meeting
Jul 06,2017

Reliance Industrial InfraStructure will hold a meeting of the Board of Directors of the Company on 13 July 2017.

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GPT Infraprojects fixes record date for bonus issue
Jul 06,2017

GPT Infraprojects has fixed 15 July 2017 as record date for bonus issue in ration of 1:1.

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Mahindra & Mahindra announces production, sales & export performance
Jul 06,2017

Mahindra & Mahindra announced the production, sales and export figures for month of June 2017.

Production
June 2017 - 38872 units
June 2016 - 36199 units

Sales

June 2017 - 33861 units
June 2016 - 34989 units

Exports
June 2017 - 1855 units
June 2016 - 4020 units

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Five stocks decline ex-dividend
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 126.58 points or 0.41% at 31,372.14.

Bajaj Auto fell 1.41% to Rs 2,732.60 as the stock turned ex-dividend today, 6 July 2017, for dividend of Rs 55 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.98% based on the closing price of Rs 2,771.80 on BSE yesterday, 5 July 2017.

Karnataka Bank lost 1.38% to Rs 164.45 as the stock turned ex-dividend today, 6 July 2017, for dividend of Rs 4 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 2.4% based on the closing price of Rs 166.75 on BSE yesterday, 5 July 2017.

Axis Bank fell 0.48% to Rs 511.35 as the stock turned ex-dividend today, 6 July 2017, for final dividend of Rs 5 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.97% based on the closing price of Rs 513.80 on BSE yesterday, 5 July 2017.

Bata India lost 0.21% to Rs 568 as the stock turned ex-dividend today, 6 July 2017, for dividend of Rs 3.50 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.61% based on the closing price of Rs 569.20 on BSE yesterday, 5 July 2017.

Maharashtra Scooters fell 0.19% to Rs 1,914 as the stock turned ex-dividend today, 6 July 2017, for dividend of Rs 30 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.56% based on the closing price of Rs 1,917.55 on BSE yesterday, 5 July 2017.

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