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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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Solix Technologies partners with Taadin Data Technology
Feb 25,2017

TechNVision Ventures affiliate, Solix Technologies announced a partnership with Taadin Data Technology, a data management services and solutions company serving the MENA region, to provide comprehensive data management and archiving solutions.

Taadin Data Technology will offer the Solix Big Data Suite and Solix Enterprise Data Management Suite to its customers, providing support for enterprise archiving, application retirement and advance analytics on low-cost Apache Hadoop.

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Solix Technologies partners with Taadin Data Technology
Feb 25,2017

TechNVision Ventures affiliate, Solix Technologies announced a partnership with Taadin Data Technology, a data management services and solutions company serving the MENA region, to provide comprehensive data management and archiving solutions.

Taadin Data Technology will offer the Solix Big Data Suite and Solix Enterprise Data Management Suite to its customers, providing support for enterprise archiving, application retirement and advance analytics on low-cost Apache Hadoop.

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Centrum Capital plans to raise funds upto Rs 50 crore
Feb 25,2017

Centrum Capital announced that the Fund Raising Committee in its meeting held on 25 February 2017 has approved an issuance of Secured, Unlisted, Unrated, Redeemable, Non-Convertible, Principal Protected Market Linked Debentures of upto an amount of Rs. 50 crore to be issued in one or more series by way of private placement.

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L&T Hydrocarbons Engineering bags an onshore EPC contract worth Rs 1100 cr
Feb 25,2017

L&T Hydrocarbons Engineering, a wholly owned subsidiary of Larsen & Toubro, has bagged an onshore EPC contract from Indian Oil Corporation worth around Rs 1100 crore for setting up a 0.740 MMTPA Fluidised Cracking Unit including LPG Treatment Facility at their Bongaigaon Refinery, Assam.

The process licensor for the INDMAX unit is Lummus Technology Inc. For the LPG treatment unit, the process licensor is Merichem, USA. L&T Hydrocarbons Engineering has the distinction of executing all INDMAX FCC units including Indian Oil Corporations Guwahati and Paradip Refinery.

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Inox Leisure commences commercial operation of Multiplex in Jamnagar
Feb 25,2017

Inox Leisure announced that the Company has commenced the Commercial Operations of a Multiplex Cinema Theatre, taken on Lease basis, and located at 4th Floor, Crystal Mall, Airport Road, Jamnagar, Gujarat - 361006 with effect from 24 February 2017.

The said Multiplex Cinema Theatre has 5 screens and 954 seats.

Inox is now present in 58 cities with 115 Multiplexes, 454 screens and a total seating capacity of 1,15,125 seats across India.

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Sun Pharma Advanced Research Company receives IT Demand Notice
Feb 24,2017

Sun Pharma Advanced Research Company announced that the Company is in receipt of a Demand Notice under section 156 of the Income Tax, 1961 demanding the payment by the Company of a sum of Rs.32.87 crore for the Assessment year 2013-14.

The Company is contesting the demand and would file an appropriate appeal against this order under the applicable provisions of the Income Tax Act, 1961 within the stipulated period.

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Sanathnagar Enterprises announces cessation of company secretary and compliance officer
Feb 24,2017

Sanathnagar Enterprises announced that Sharatkumar Shetty has ceased to be the Company Secretary and Compliance officer of the Company with effect from close of business hours as on 24 February 2017.

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K.P. Energy gets ratings assigned for bank facilities
Feb 24,2017

K.P. Energy announced that Credit Analysis and Research has assigned the following ratings -

Long term bank facilities (Rs 40.98 crore) - CARE BBB-
Long term bank facilities/ short term bank facilities (Rs 9 crore) - CARE BBB-/A3

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Ruby Mills commences operations at unit in Khalapur
Feb 24,2017

Ruby Mills announced that the operations of the processing unit at Village Kharsundi, Taluka Khalapur have been resumed from 24 February 2017.

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Ruby Mills commences operations at unit in Khalapur
Feb 24,2017

Ruby Mills announced that the operations of the processing unit at Village Kharsundi, Taluka Khalapur have been resumed from 24 February 2017.

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Skipper gets reaffirmation of rating for commercial paper
Feb 24,2017

Skipper announced that CARE Ratings has reaffirmed its rating for commercial paper (Rs 100 crore) of the Company at CARE A1+.

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Skipper gets reaffirmation of rating for commercial paper
Feb 24,2017

Skipper announced that CARE Ratings has reaffirmed its rating for commercial paper (Rs 100 crore) of the Company at CARE A1+.

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Tata Communications positioned as Leader in 2017 Magic Quadrant for Network Services
Feb 24,2017

Tata Communications has been positioned by Gartner as a Leader in its 2017 Magic Quadrant for Network Services. Designed by Gartnerto examine how effectively providers meet the current needs of business in terms of both completeness of vision and ability to execute, 2017 marks the fourth year in a row that Tata Communications has been positioned in the Leaders quadrant.

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Tata Communications positioned as Leader in 2017 Magic Quadrant for Network Services
Feb 24,2017

Tata Communications has been positioned by Gartner as a Leader in its 2017 Magic Quadrant for Network Services. Designed by Gartnerto examine how effectively providers meet the current needs of business in terms of both completeness of vision and ability to execute, 2017 marks the fourth year in a row that Tata Communications has been positioned in the Leaders quadrant.

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ICICI Bank allots 84,370 equity shares
Feb 24,2017

ICICI Bank has allotted 84,370 equity shares of face value of Rs. 2/- each on 24 February 2017 under the Employees Stock Option Scheme, 2000 (ESOS).

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