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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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Trent to hold board meeting
Jul 03,2017

Trent will hold a meeting of the Board of Directors of the Company on 31 July 2017 Unaudited Financial Results of the Company for the first quarter ended 30th June 2017.

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Inditalia Refcon to hold board meeting
Jul 03,2017

Inditalia Refcon will hold a meeting of the Board of Directors of the Company on 4 July 2017 for the Quarter ended 30th June, 2017

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Bansal Roofing Products to hold board meeting
Jul 03,2017

Bansal Roofing Products will hold a meeting of the Board of Directors of the Company on 10 July 2017 AGM, Right Issue

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Kalyani Forge to hold AGM
Jul 03,2017

Kalyani Forge announced that the 38th Annual General Meeting(AGM) of the company on 25 July 2017.

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IDFC Bank to hold AGM
Jul 03,2017

IDFC Bank announced that the 3rd Annual General Meeting(AGM) of the bank on 28 July 2017.

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HCC - URC Construction JV awarded Rs 798 crore contract
Jul 03,2017

Hindustan Construction Company announced that the Companys JV with URC Construction has been awarded a Rs 797.29 crore contract by the Bangalore Metro Rail Corporation. HCCs share in the JV is 51% (Rs 406.61 crore). The project is to be completed in 36 months.

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LGB Forge to hold AGM
Jul 03,2017

LGB Forge announced that the 11th Annual General Meeting(AGM) of the company on 27 July 2017.

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Mawana Sugars to hold AGM
Jul 03,2017

Mawana Sugars announced that the 53th Annual General Meeting(AGM) of the company on 27 July 2017.

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Shilpi Cable Technologies to hold board meeting
Jul 03,2017

Shilpi Cable Technologies will hold a meeting of the Board of Directors of the Company on 30 June 2017.

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Shree Digvijay Cement Co. to hold board meeting
Jul 03,2017

Shree Digvijay Cement Co. will hold a meeting of the Board of Directors of the Company on 17 July 2017 to consider and take on record the Unaudited Financial Statements for the first quarter ended 30th June 2017.

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Igarashi Motors India to hold AGM
Jul 03,2017

Igarashi Motors India announced that the 25th Annual General Meeting(AGM) of the company on 2 August 2017.

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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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