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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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EMA India announces demise of Managing Director
Feb 24,2017

EMA India announced the sad demise of Companys Managing Director Mradip Kumar Bhargava on 21 February 2017 who led the company for the last more than 30 years.

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Yes Bank allots equity shares
Feb 24,2017

Yes Bank has allotted 2,86,470 (Two Lakhs Eighty Six Thousand Four Hundred and Seventy) equity shares of face value of Rs. 10/- each on 24 February 2017 under the JESOP IV, JESOP V, PESOP I, PESOP II and PESOP II - 2010.

The paid up share capital of the Bank has accordingly been increased from Rs. 423,35,70,430/- consisting of 42,33,57,043 equity shares of Rs. 10/- each to Rs. 423,64,35,130/- consisting of 42,36,43,513 equity shares of Rs. 10/- each.

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Board of Arfin India allots 50000 equity shares on conversion of warrants
Feb 24,2017

Arfin India announced that the Board of Directors of the Company at its meeting held on 24 February 2017 has allotted 50,000 equity shared of Rs 10 each at a premium of Rs 165 per share on conversion of 50,000 warrants.

Consequent to conversion of warrants into equity shares, the paid up capital of the Company stands increased to Rs 4,05,11,570 dividend into 40,51,157 equity shares of face value of Rs 10 each.

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Tayo Rolls to allot 1lakh preference shares to Promoter - Tata Steel
Feb 24,2017

Tayo Rolls announced that the Committee of the Board at their meeting held on 24 February 2017 have decided to allot 1,00,000 (one lakh only) 7.17% Non-cumulative Redeemable Preference Shares of Rs. 100/- (Rupees one hundred only) each aggregating to Rs. 1,00,00,000/- (Rupees one crore only) to Tata Steel, the Promoter on Preferential basis.

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Pil Italica Lifestyle to hold board meeting
Feb 24,2017

Pil Italica Lifestyle will hold a meeting of the Board of Directors of the Company on 11 March 2017, To consider allotment of Equity Shares on conversion of warrants to Promoter and Non Promoters.

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India Lease Development to hold board meeting
Feb 24,2017

India Lease Development will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider appointment of Secretarial Auditors for the Financial Year 2016-2017, Review the performance of the Independent Directors.

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Zydus Cadila to launch Indias first Tetravalent Inactivated Influenza vaccine - VaxiFlue-4
Feb 24,2017

Zydus Cadila has received approval from the Drug Controller General of India, Central Drugs Standard Control Organisation and the Central Drug Laboratory to market the Tetravalent Inactivated Influenza vaccine for seasonal flu, VaxiFlu -4. With this, Zydus Cadila will become the first Indian pharma company and second in the world to launch a Tetravalent Inactivated Influenza vaccine.

The vaccine provides protection from four influenza viruses - H1N1, H3N2, Type 3 (Brisbane) and Type B (Phuket).

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Cadila Healthcare to hold EGM
Feb 24,2017

Cadila Healthcare announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 30 March 2017.

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Motor & General Finance to hold board meeting
Feb 24,2017

Motor & General Finance will hold a meeting of the Board of Directors of the Company on 9 March 2017, to approve the appointment of Secretarial Auditors for the Financial Year 2016-17, Appointment of Internal Auditors for the Financial year 2016-17.

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Grandeur Products to hold board meeting
Feb 24,2017

Grandeur Products will hold a meeting of the Board of Directors of the Company on 1 March 2017, EGM & to consider Issue of Shares under Employee Stock Purchase Scheme to the eligible employees through trust as per SEBI (Share Based Employee Benefits) Regulations, 2014

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Proaim Enterprises to hold board meeting
Feb 24,2017

Proaim Enterprises will hold a meeting of the Board of Directors of the Company on 27 February 2017, to consider Resignation of Chief Financial Officer of the Company w.e.f. February 27, 2017.

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For India, Strong Growth Persists Despite New Challenges
Feb 24,2017

Indias overall outlook remains positive, although growth will slow temporarily as a result of disruptions to consumption and business activity from the recent withdrawal of high-denomination banknotes from circulation.

But the nations expansion will pick up again as economic reforms kick in, said the IMF in its latest assessment. Growth is expected at 6.6 percent in this fiscal year and at 7.2 percent in the following year.

IMF mission chief for India Paul Cashin said, The Indian economy is growing strongly and remains a bright spot in the global landscape. The halving of global oil prices that began in late 2014 boosted economic activity in India, further improved the external current account and fiscal positions, and helped lower inflation. In addition, continued fiscal consolidation, by reducing government deficits and debt accumulation, and an anti-inflationary monetary policy stance have helped cement macroeconomic stability.

The government has made significant progress on important economic reforms, which will support strong and sustainable growth going forward. In particular, the upcoming implementation of the goods and services tax, which has been in the making for over a decade, will help raise Indias medium-term growth to above 8 percent, as it will enhance the efficiency of production and movement of goods and services across Indian states.

Challenges remain, however, and there is little scope for complacency. A key concern for us is the health of the banking system, which is still dealing with a large amount of bad loans, and also heightened corporate vulnerabilities in several key sectors of the economy.

And, over the past few months, the economy has been hit by cash shortages, and accordingly we reduced our growth forecasts to 6.6 percent for fiscal year 2016/17 and to 7.2 percent in 2017/18.

Paul further said,The initiative affected notes with a total value of about 15 trillion rupees, which amounted to 86 percent of all cash in circulation. Because payment transactions in India are primarily cash-based and electronic payments infrastructure is limited, the shortage of cash has disrupted economic activity, with smaller businesses and rural regions being particularly badly affected.

Fortunately, these effects are expected to gradually dissipate by March 2017 as cash shortages ease. It also appears that measures taken to alleviate payment disruptions, such as temporarily allowing use of old banknotes for purchases of fuel and agricultural inputs, have helped mitigate the negative impact. So we expect the slowdown to be limited and relatively short-lived and the financial system to come through unscathed. Of course, potential loan repayment risks should be monitored carefully, particularly given an already elevated level of non-performing loans.

The demonetization initiative presents an opportunity to increase the size of the formal economy and broaden financial intermediation in the longer term. It can also support a widening of the tax base, help reduce the fiscal deficit, enhance bank liquidity, and give a fillip to the governments efforts to promote greater financial inclusion.

Sound economic policymaking underpinned by strong institutions is critical for sustainable growth. A recent example of a positive change in India is the implementation of flexible inflation targeting and creation of the Monetary Policy Committee, which have strengthened the credibility of monetary policy and helped maintain price stability in an increasingly complex economy.

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Jagran Prakashan provides update on IPO of subsidiary - MBL
Feb 24,2017

Jagran Prakashan announced that that the red herring prospectus filed by its subsidiary, Music Broadcast (MBL) with Registrar of Companies, Mumbai has been approved on 23 February 2017.

The Offer will be open for subscription to public on Monday, 06 March 2017 and shall close on Wednesday, 08 March 2017.

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Jagran Prakashan provides update on IPO of subsidiary - Music Broadcast
Feb 24,2017

Jagran Prakashan announced that that the red herring prospectus filed by its subsidiary, Music Broadcast (MBL) with Registrar of Companies, Mumbai has been approved on 23 February 2017.

The Offer will be open for subscription to public on Monday, 06 March 2017 and shall close on Wednesday, 08 March 2017.

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NDMA prepares States to deal with Heat Wave 2017
Feb 24,2017

The two-day national workshop on Preparation of Heat Wave Action Plan in Hyderabad ended on a high note today with all stakeholders resolving to work towards mitigating the adverse impact of the imminent heat wave this year. The workshop was organised by National Disaster Management Authority (NDMA) in collaboration with the Government of Telangana.

Addressing the workshop, Shri R.K. Jain, Member, NDMA said the focus of all our efforts should be on reducing the number of deaths. We should work towards translating available data and research into specific actions to reduce the impact of heat waves, he added.

At the technical session on Effective Governance Tools for Increased Resilience to Heat Wave, the need to bring about some fundamental changes in our built environment to augment heat wave preparedness was underlined.

The session on Monitoring, Review and Updation of Heat Action Plan was chaired by Shri Kamal Kishore, Member, NDMA. The session discussed the importance of coordination amongst all agencies and regular monitoring of the heat wave situation. It highlighted the significance of reviewing and updating Heat Action Plans to suit the changes in an environment.

Discussing the need for spreading awareness on heat wave, its ill effects, symptoms and simple mitigation measures, Shri Jain emphasised on the need to extensively use IEC (Information, Education and Communication) campaigns to reach out to the masses, especially to weaker sections of society as they form the most vulnerable segment of population. He reiterated that efforts towards heat wave preparedness would mean something only if our collaborative efforts are able to save lives.

Dr. D.N. Sharma, Member, NDMA, underlined the need to fine-tune Heat Action Plans right up to the village level so that traditional knowledge and indigenous practices are integrated in their plans to enhance the efficacy of their mitigation measures.

Heat waves often lead to dehydration, heat exhaustion, stress and even a fatal heat stroke. With advance planning and preparedness, heat wave induced deaths and illnesses can be brought down. In 2016, with NDMAs Guidelines for Preparation of Action Plan - Prevention and Management of Heat-Wave and the pro-active approach of some of the most vulnerable States, the number of deaths in the country came down significantly.

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