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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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Seshasayee Paper & Boards to hold board meeting
Jul 11,2017

Seshasayee Paper & Boards will hold a meeting of the Board of Directors of the Company on 29 July 2017.

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Asian Paints to hold board meeting
Jul 11,2017

Asian Paints will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Hindustan Motors to hold board meeting
Jul 11,2017

Hindustan Motors will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Sundaram Finance to hold board meeting
Jul 11,2017

Sundaram Finance will hold a meeting of the Board of Directors of the Company on 18 July 2017.

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Harrisons Malayalam to hold AGM
Jul 11,2017

Harrisons Malayalam announced that the 40th Annual General Meeting (AGM) of the company will be held on 3 August 2017.

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Steelcast gets reaffirmation in ratings for bank facilities
Jul 11,2017

Steelcast has received reaffirmation in credit ratings from CARE for bank facilities of the Company -

Long term bank facilities - CARE BBB-; Positive
Short term bank facilities - CARE A3
Long term/ short term bank facilities - CARE BBB-; Positive / CARE A3

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JICA ODA loan assistance proposal for Dairying through Cooperatives-National Dairy Infrastructure Plan Project
Jul 11,2017

India ranks first among the worlds milk producing Nations since 1998 and has the largest bovine population in the World. Milk production in India during the period 1950-51 to 2014-15, has increased from 17 million tonnes to 146.31 million tonnes. The milk production during 2015-16 is 155.49 million tonnes. About 54% of the milk produced in the country is surplus for marketing in the domestic market, of which only 20.5% is procured/processed by the organised sector being equally, shared by Cooperatives and Private dairy organizations.

To meet the growing demand which is estimated to be in the range of 200 - 210 million MT by 2021-22, the country needs to upgrade its infrastructure at the village level particularly for milk procurement and production of high valued milk products. Government is mandated to double milk producers income at farm level by providing rural milk producers with greater access to the organised milk processing sector. Department of Animal Husbandry, Dairying & Fisheries has formulated a Draft National Action Plan for Dairy Development which includes creation of milk chilling facilities including bulk milk cooling, processing infrastructure, Value added products (VAP), organisation of milk collection centres/dairy cooperative societies, milk transportation facility and marketing infrastructure to meet the requirement of increased milk handling.

Government has therefore submitted a proposal for availing loan from Japan International Cooperation Agency for Dairying through Cooperatives-National Dairy Infrastructure Plan in line with the mandate of Government to double farmers income in next five years. The total outlay of the proposal is Rs 20,057 crores. The proposal primarily aims to cover additional 1.28 lakh villages, 121.83 lakh additional milk producers, setting up of 1.05 Lakh bulk milk coolers at village level creating 524.20 lakh Kg milk per day capacity of milk chilling and creation of milk & milk product processing infrastructure of 76.5 lakh Kg per day capacity. Besides, the programme will modify/expand old milk and milk product plants created 20-30 years ago under Operation Flood and also create milk & milk products plants for value added products which will benefit 160 lakh existing farmers. The fund will be routed through National Dairy Development Board for the development of dairy sector. The proposal has been forwarded by Department of Economic Affairs to Japan International Cooperation Agency (JICA).

JICA mission visited India during 27th February to 3rd March, 2017. A meeting with the delegation lead by Mr. Tatumi Kunitake was held on 26th May, 2017 to deliberate on the observations of JICA mission. As per the observations of the mission; NDDB is working on modifying the proposal with a focus on poverty alleviation. The schedule of procedures involved in the programme was discussed with JICA delegation and activity-time chart has been finalized for JICA is to initiate the appraisal process at the earliest.

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Board of Era Infra Engineering appoints CEO
Jul 11,2017

The Board of Era Infra Engineering at its meeting held on 03 July 2017 has appointed Hem Singh Bharana as CEO of the Company with effect from 03 July 2017.

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Bharti Airtel drops on profit booking
Jul 11,2017

Meanwhile, the S&P BSE Sensex was up 107.85 points or 0.34% at 31,823.49.

On the BSE, 1.51 lakh shares were traded on the counter so far as against the average daily volumes of 3.56 lakh shares in the past one quarter. The stock had hit a high of Rs 406 and a low of Rs 399.15 so far during the day. The stock had hit a 52-week high of Rs 410 on 10 July 2017 and a 52-week low of Rs 283.95 on 9 November 2016.

The stock had outperformed the market over the past one month till 10 July 2017, advancing 10.19% compared with the Sensexs 1.45% rise. The stock had also outperformed the market over the past one quarter, gaining 17.34% as against the Sensexs 7.24% rise. The scrip had, however, underperformed the market over the past one year, advancing 14.2% as against the Sensexs 16.92% rise.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Shares of Bharti Airtel had surged 7.73% in the preceding three trading sessions to settle at Rs 405.40 yesterday, 10 July 2017, from its closing of Rs 376.30 on 5 July 2017.

Meanwhile, Bharti Airtel at the fag end of market hours yesterday, 10 July 2017 announced the launch of Project Next - its digital innovation program aimed at transforming customer experience across all of its services and touch points.

Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtels massive investments towards building a future ready network under Project Leap.

Bharti Airtels consolidated net profit fell 69.2% to Rs 470.6 crore on 12.1% decline in net sales to Rs 21934.60 crore in Q4 March 2017 over Q4 March 2016.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

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Navin Fluorine International fixes record date for sub-division of equity shares
Jul 11,2017

Navin Fluorine International has fixed 20 July 2017 as record date for sub-division of equity shares in the ratio of 5 equity shares of Rs 2 each for every one equity share of Rs 10.

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Two stocks decline ex-dividend
Jul 11,2017

Meanwhile, the S&P BSE Sensex was up 93.64 points or 0.3% at 31,809.28.

Geojit Financial Services lost 2.07% to Rs 106.30 as the stock turned ex-dividend today, 11 July 2017, for dividend of Rs 1.25 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.15% based on the closing price of Rs 108.55 on BSE yesterday, 10 July 2017.

Ashok Leyland fell 1.38% to Rs 103.85 as the stock turned ex-dividend today, 11 July 2017, for dividend of Rs 1.56 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.48% based on the closing price of Rs 105.30 on BSE yesterday, 10 July 2017.

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Board of State Bank of India approves divestment its stake in SBI Life through IPO
Jul 11,2017

The Executive Committee of Central Board of State Bank of India at its meeting held on 10 July 2017 has accorded final approval for divestment of SBIs stake holding of 8 crore shares in SBI Life through Initial Public Offer.

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Lupin collaborates with The American Academy of Ophthalmology
Jul 11,2017

The American Academy of Ophthalmology and Lupin announced an agreement that would seek to expand and enhance continuing ophthalmic education in India. The effort is expected to reach 3000 ophthalmologists in the country.

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Shares of Gautam Exim get listed
Jul 11,2017

The equity shares of Gautam Exim (Scrip Code: 540613) are listed effective 11 July 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Declaration of Historic City of Ahmadabad as a UNESCOs World Heritage Property
Jul 11,2017

It is under the dynamic and visionary leadership of the Prime Minister of India that India has been successful in securing the nomination of the n++Historic City of Ahmadabadn++ on UNESCOs World Heritage list on 8th July, 2017 during the 41st Session of World Heritage Committee. This makes the walled city of Ahmedabad the first city in India and the third in Asia to be inscribed to the World Heritage List. In the past 3 years alone, India has managed to put five built heritage sites on the world heritage list of UNESCO.

India now has overall 36 World Heritage Inscriptions with 28 Cultural, 07 Natural and 01 Mixed site. While India stands second largest in number after China in terms of number of world heritage properties in ASPAC (Asia and Pacific) region, it is overall seventh in the world.

Founded in 15th century, the walled city of Ahmadabad, on the eastern bank of the Sabarmati river, presents a rich architectural heritage. Within this complex are 28 ASI Centrally Protected Monuments. The urban structures of the historic city of Ahmedabad are distinctive due to their puras (neighbourhoods), pols (residential streets), and khadki (inner entrances to pols) largely made of timber. The historic architecture reflects symbols and myths connected with its inhabitants. The urban fabric is made up of densely-packed traditional houses (pols) in gated traditional streets (puras) with characteristic features such as bird feeders, public wells and religious institutions. It is a unique example of multi-religious and multicultural coexistence.

The inscription has been done under Criteria (ii) and (v) as defined in the UNESCOs Operational Guidelines, 2016. Criterion (ii) refers to the important interchange of human values, over a span of time on development of architecture, monumental arts, town planning and landscape while Criterion (v) refers to being an outstanding example of human settlement and land use. Thus, the acceptance of the proposal highlights historic city of Ahmedabads exemplary settlement architecture and town planning. This achievement is especially remarkable in the view of the fact that the proposal had earlier been deferred. The Culture Minister Dr. Mahesh Sharma has congratulated the residents of Ahmedabad and indeed the entire country on this landmark achievement.

The international recognition to the city is a matter of pride. It will boost the local economy in a number of ways. It is expected to give a tremendous fillip to domestic and international tourism leading to increased employment generation, creation of world-class infrastructure and augmentation of sale of local handicrafts, handlooms and heritage memorabilia.

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