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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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National Fertilizer announces cessation of director
Jan 02,2017

National Fertilizer announced M. Sagar Mathews, Director (Technical), National Fertilizer has been relieved from the services of the Company on 30 December 2016 on completion of his tenure.

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ITI announces change in directorate
Jan 02,2017

ITI announced that P K Gupta, Director (Marketing) /additional charge Chairman and Managing Director has retired from services of the Company w.e.f afternoon of 31 December 2016 consequent to attaining age of superannuation.

Pursuant to Government of India order dated 30 December 2016, K Alagesan Director-Production is entrusted with additional charge as Director Marketing for a period of three months beyond 31 December 2016.

Accordingly, K Alagesan Director-Production assumed additional charge as Director Marketing w.e.f after noon 31 December 2016.

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Rachana Capital & Securities announces resignation of director
Jan 02,2017

Rachana Capital & Securities announced Grishma Ajayrao Shewale resigned as Company Secretary & Compliance Officer of the Company with effect from 02 January 2017 (after closure of the office hours).

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International Travel House announces resignation of director
Jan 02,2017

International Travel House announced that Anil Baijal Non-Executive Independent Director of the Company has intimated his resignation from the Board effective 30 December 2016 consequent to his appointment as the Lt. Governor of Delhi.

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Asahi Songwon Colors gets revision in credit ratings
Jan 02,2017

Asahi Songwon Colors has received revision in credit ratings from CARE Ratings for bank facilities of the Company.

Long term bank facilities - CARE AA-; Stable (Revised)

Short term bank facilities - CARE A1+ (Reaffirmed)

Long term/ short term bank facilities - CARE AA-; Stable/ CARE A1+ (Revised)

Proposed Commercial Paper Issue - CARE A1+ (Reaffirmed)

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Punjab Communications announces cessation of director
Jan 02,2017

Punjab Communications announced that A K Pathak has relinquished the charge of directorship in the capacity of Executive Director of the Company on 16 December 2016.

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Andhra Bank revises MCLR rates
Jan 02,2017

Andhra Bank has revised the MCLR rates with effect from 03 January 2017.

Overnight - 8.45%
One month - 8.50%
Three month - 8.55%
Six month - 8.60%
One year - 8.65%

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Transpek Industry announces cessation of CFO
Jan 02,2017

Transpek Industry announced that Ashok P. Shah, Vice President & Chief Financial Officer of the Company has retired from his services w.e.f. 31 December 2016.

He had attained the age of superannuation on December 31, 2014 and looking to his significant contributions to the Company, he had been given extension for the period from 01 January 2015 to 31 December 2016.

He ceases to be the Chief Financial Officer of the Company from 01 January 2017.

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Insilco provides operations update
Jan 02,2017

Insilco announced that its plant will continue to remain shut down due to high inventory & low sales volume and restart in the evening of 04 January 2017.

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Great Eastern Shipping Company contracts to buy 2 Suezmax Crude Carriers
Jan 02,2017

Great Eastern Shipping Company has signed contracts to buy 2 Suezmax Crude Carriers of about 157,000 dwt each. The 2010 & 2011 built vessels are expected to join the companys fleet in Q4 FY 2017.

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SML ISUZU announces sales figures
Jan 02,2017

SML ISUZU achieved sales of 1021 units in December 2016 compared to 877 units in December 2015, recording a growth of 16.4%. For the period April- December 2016, total sales stood at 10943 units, growth of 19% over the corresponding period of previous year.

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Trash Skimmers to be Introduced In Six New Cities for Surface Cleaning Of Ganga
Jan 02,2017

National Mission for Clean Ganga (NMCG) will introduce trash skimmers for surface cleaning of Ganga in six more cities in the first week of this month. The cities are Rishikesh, Haridwar, Garh Mukhteshwar, Sahibganj, Kolkata and Navdweep. Urban Local Bodies will be the nodal agency to monitor this work. State Programme Management Groups (SPMGs) and Collectorate office will be supervising these works under the aegis of NMCG at State and district level respectively.

River Surface Cleaning (RSC) work was introduce last year in Allahabad, Kanpur, Varanasi, Mathura-Vrindavan in Uttar Pradesh and Patna in Bihar. Trash skimmers were deployed at the foregoing locations and tonnes of floating waste was collected and disposed off in a proper manner. This task was performed under the CSR head and proved to be extremely effective. In the coming days, more towns will be identified for carrying out similar activities.

Namami Gange programme was launched as a mission to achieve the target of cleaning river Ganga in an effective manner with the unceasing involvement of all stakeholders, especially five major Ganga basin States - Uttarakhand, Uttar Pradesh, Jharkhand, Bihar and West Bengal.

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Rupee opens the years trade on a sad note
Jan 02,2017

Rupee closed lower at 68.2225/2325 per dollar on Monday (02 January 2017), versus its previous close of 67.8998/9330 per dollar.

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Eight core infrastructure sector output rises 4.9% in November 2016
Jan 02,2017

The output of eight core infrastructure industries, comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP), rose 4.9% in November 2016 over November 2015. Its cumulative growth also stood at 4.9% in April to November 2016-17.

Coal production (weight: 4.38%) increased by 6.4% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 increased by 1.6% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) declined by 5.4% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 declined by 3.5% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) declined by 1.7% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 declined by 3.7% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) increased by 2.0% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 increased by 8.0% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) increased by 2.4% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 increased by 4.5% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 5.6% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 increased by 8.2% over the corresponding period of previous year.

Cement production (weight: 2.41%) increased by 0.5% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 increased by 4.3% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 10.2% in November, 2016 over November, 2015. Its cumulative index during April to November, 2016-17 increased by 5.4% over the corresponding period of previous year.

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Zicom SaaS launches Managed Security Services in Hyderabad City
Jan 02,2017

Zicom Electronic Security Systems announced that Zicom SaaS, a wholly owned subsidiary of the Company, has launched Managed Security Services in the City of Hyderabad under Make Hyderabad Safe Initiative.

Under this initiative, Zicom SaaS offers holistic 3 layered security services to Make Hyderabad Safe. SaaS will offer (a) Home Security Products (b)CCTV surveillance services with Zero investment, Zero management of the equipment and (c) Out-of-Home (OOH) ZIMAN subscription based Personal Safety Services.

Zicom SaaS, which is in the business of Internet of Things, is targeting over 2,000 users for 2017-18. The USP of the service being 24x7 remote system health check of the CCTV Surveillance System through state-of-the-art Zicom Command Centre eliminating Users burden of monitoring and ensuring the CCTV surveillance system functioning.

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