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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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Prakash Industries to hold AGM
Jul 03,2017

Prakash Industries announced that the 36th Annual General Meeting(AGM) of the company on 25 July 2017.

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Rashtriya Chemicals & Fertilizers (RCFL) OFS oversubscribed 2.82 times
Jul 03,2017

The retail portion of Rashtriya Chemicals & Fertilizers Ltd (RCFL) OFS got thumbs-up from retail investors. Against the 20% portion amounting to Rs 40.96 cr reserved for retail investors, the total bids of Rs 237.28 crore has been received, thus the retail portion got oversubscribed approximately by 5.62 times.

The Non Retail portion of the OFS opened on 29th June, 2017. Total subscription of Rs 350.62 crore has been received against shares for value of Rs 163.85 crore at floor price and oversubscribed by 2.14 times.

Overall, RCFL OFS for 5% divestment for equity shares of 27,584,405 amounting to Rs 204.81 crore at the floor price of Rs.74.25 per share, received a total demand for 7,82,00,420 equity shares amounting to Rs 587.9 crore. Therefore, the OFS of RCFL over-subscribed by 2.83 times.

This is the 2nd CPSE OFS in the current financial year, and Government is likely to get Rs 203 crore approximately. The Government shareholding in RCFL after this OFS will come down to 75%.

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86% timely wage payment under MGNREGS in 2017-18
Jul 03,2017

Under MGNREGS, April to June, 2017 has seen a significant demand for wage labour specially for water conservation works. Nearly 75 Crore person days of work has already been created and more is expected by 15th July, 2017. This means that nearly 80 lakhs to 1 crore workers are coming everyday for work in different parts of the country under MGNREGS. Over 86% of them are paid within 15 days. This is a remarkable improvement compared to earlier years. 99% payments are on the electronic Financial Management System (e-FMS). The Central Government has ensured timely release of funds and States have responded by strengthening the implementation machinery to provide timely payments.

The thrust on agriculture and allied activities, is showing at the field level with 74% expenditure on these works. 2,264 water stressed blocks have received special attention for Natural Resource Management, Water Harvesting and Water Conservation. 2.62 lakh water conservation works have been completed in the Current Financial Year including 1,31,789 Farm Ponds across the country. MGNREGS has created over 91 lakh hectares irrigation potential in the last 2 years which is currently being evaluated by the Institute of Economic Growth (IEG), New Delhi. The report is expected by 30th September, 2017.

1.45 crore assets of MGNREGS have been geo-tagged so far and are in the public domain. 5.2 crore workers are already on the Aadhar-based Payment System (ABPS) and over 9 crore workers have seeded their Aadhar details with consent in NREGA Soft MIS. 87% job cards have been verified and 1.1 crore job cards have been deleted so far after giving reasons. There has been a registration of 89 lakh new job cards to ensure that deprived households get work.

24 States have set up independent Social Audit Units and 3100 State Resource Persons have been trained to conduct social audit as per auditing standards. Large scale training of Self-Help Group women as Village Resource Persons for social audit is being undertaken. 5,245 Bare Foot Technicians (BFT) have been trained so far in 19 States to provide technical support at field level. Stress has been laid on public information and Citizen Information Boards at all work sites is being ensured. Record maintenance has been simplified and over 90% Gram Panchayats have already adopted the simplified seven Registers.

Concerted efforts to move MGNREGS workers on the skilling ladder through placement-based wage employment under DDUGKY and self-employment with Bank linkage through Rural Self-Employment Training Institutes (RESTIs) have also been going on effectively across the States. Diversification of livelihoods through women Self-Help Groups is the core thrust of MGNREGS for sustainable economic well-being of the poor households.

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Agro Tech Foods to hold board meeting
Jul 03,2017

Agro Tech Foods will hold a meeting of the Board of Directors of the Company on 26 July 2017 for Unaudited Financial Results

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TRF to hold AGM
Jul 03,2017

TRF announced that the 54th Annual General Meeting(AGM) of the company on 27 July 2017.

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Balmer Lawrie & Company to hold board meeting
Jul 03,2017

Balmer Lawrie & Company will hold a meeting of the Board of Directors of the Company on 21 July 2017 to fix the date of the 100th Annual General Meeting of the Company and date for Closure of Register of Members/ cut-off date for the purpose of distribution of dividend for Financial Year 2016-17 if declared at the said Annual General Meeting.

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RLDA and NBCC sign an MoU regarding redevelopment of identified railway stations on Indian Railways
Jul 03,2017

An MoU was signed on 30th June,2017 between Rail Land Development Authority (RLDA), an institution under Ministry of Railways and National Building Construction Corporation (NBCC), a PSU of Ministry of Urban Development for implementation of station redevelopment projects for 10 identified stations in partnership with respective Smart Cities.

Shri Venkaiah Naidu, Minister of Urban Development, Minister of Housing & Poverty Alleviation and Minister of Information & Broadcasting said that the people of the country are looking for new facilities and new changes, they expect transformations to be done expeditiously in all spheres of life. It is a very good idea to develop smart stations along with the smart cities. He said that the PSUs of his ministry will undertake stations redevelopment in a professional way.

Shri Suresh Prabhakar Prabhu, Minister of Railways said that Indian Railways has taken up this ambitious program of station redevelopment in a big way and have adopted multi pronged strategy to accomplish this mammoth task. He said we have chosen PPP model and are roping in varied agencies to execute the project namely Railways own PSUs, other Central Government PSUs, foreign countries through Government to Government cooperation and state governments. He said that once the stations are redeveloped, the passengers will get facilities of world standard. He said that NBCC has now been given 10 stations in first phase for redevelopment and more stations would be given to them in subsequent phases.

RLDA and NBCC shall form a SPV in the form of a JV Company to execute the station redevelopment project. The JV shall redevelop the stations on a self-financing model. NBCC shall use its expertise in preparing DPR of the Project and business model. RLDA shall extend necessary help to NBCC in arranging all requisite data pertaining to the stations and get the vacant land entrusted from Ministry of Railway as per approved master plan of the station. The JV of NBCC and RLDA shall also enter into city support agreement with the respective Smart City Authorities and local bodies to obtain support relating to development of approach infrastructure and favorable Development Control Norms for the project.

Background

Earlier in October 2016, the MoU was entered into between Ministry of Railways and Ministry of Urban Development for mutual cooperation between the two Ministries for integrated planning of redevelopment of railway stations in the cities included in the SMART Cities and AMRUT schemes. The proposal was to plan the redevelopment of stations in partnership with the smart city SPVs and Urban Local Bodies so that the planning and redevelopment of the station and the city areas near the station is done in an integrated manner. This MoU between Ministry of Railways and Ministry of Urban Development provided for formation of a JV company between NBCC and RLDA to take up the station redevelopment projects as NBCC has very wide and varied business experience in and expertise in the field of construction & real estate development and RLDA has expertise in monetization of Railway land by way of long term leasing of land.

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Hubtown to hold board meeting
Jul 03,2017

Hubtown will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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Mishtann Foods to hold board meeting
Jul 03,2017

Mishtann Foods will hold a meeting of the Board of Directors of the Company on 7 July 2017.

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Syngene International to hold board meeting
Jul 03,2017

Syngene International will hold a meeting of the Board of Directors of the Company on 27 July 2017 to approve and take on record the un-audited financial results for the quarter ended June 30, 2017.

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Vimal Oil and Foods to hold board meeting
Jul 03,2017

Vimal Oil and Foods will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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India and Thailand sign MoU on Cooperation in Controlling Narcotic Drugs, Psychotropic Substances, their Precursors and Chemicals and Drug Abuse
Jul 03,2017

A Memorandum of Understanding (MoU) between India and Thailand was signed in the presence of Minister of State for Home Affairs, Shri Hansraj Gangaram Ahir and Minister of Justice of Thailand, Mr. Suwaphan Tanyuvardhana, on Cooperation in Controlling Narcotic Drugs, Psychotropic Substances, their Precursors and Chemicals and Drug Abuse. The MoU was signed by Dr. Rina Mitra, Special Secretary, MHA & DG, Narcotics Control Bureau and Mr. Sirinya Sitdhichai, Secretary General, Office of Narcotics Control Board, Thailand.

The MoU will enhance the mutual cooperation between India and Thailand in regulation of narcotic drugs and psychotropic substances and combating drug trafficking. It will facilitate the exchange of information of new trends and modus operandi of drug traffickers, sharing the list of smugglers/syndicates in operation, sharing of best practices in the field of supply and demand reduction and help to provide mutual assistance & cooperation in investigation of drug offences.

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NBCC (India) to construct SMDC Headquarters in New Delhi
Jul 03,2017

NBCC (India) has signed a MoU with South Delhi Municipal Corporation, Govt. of NCT, Delhi for Planning, Designing and Construction of office building / SMDC Headquarters Near Pragati Maidan at I.P. Estate, New Delhi amounting to Rs 525 crore.

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Ashok Leyland achieves total sales of 12330 units
Jul 03,2017

Ashok Leyland has achieved total sales of 12330 units in month of June 2017 compared to 11,108 units in June 2016, recording a growth of 11%.

For the period April - June 2017, total sales stood at 28495 units, recording a decline of 9% compared to corresponding period of previous year.

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Tata Power completes construction of 187 MW Shuakhevi Hydro Power Project
Jul 03,2017

Tata Power Company announced that the Company through Adjaristsqali Georgia LLC its joint venture with Norways Clean Energy Invest AS Norway (Clean Energy) and IFC InfraVentures, a member of the World Bank Group, has completed the construction of its 187 MW Shuakhevi Hydro Power Project in Georgia.

The Shuakhevi HPP is the largest hydropower plant to be built in Geogia over the past fifty years, and its project investment cost exceeded USD 420 million.

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