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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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Unique Organics announces resignation of director
Dec 23,2016

Unique Organics announced that the Company received a resignation letter dated 23 December 2016 from Dilip Kumar Joshi from the office of Independent Director of the Company due to their personal issues and short of time.

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Board of Apar Industries to consider buyback of shares
Dec 23,2016

Apar Industries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 06 January 2017, inter alia, to consider matters related to buyback of the fully paid-up equity shares of the Company including matters related / incidental thereto and any other matter as the Board of Directors may decide during the course of the meeting.

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Board of Lakshmi Precision Screws to appoint director
Dec 23,2016

Lakshmi Precision Screws announced that a meeting of the Board of Directors of the Company, which is scheduled to be held on 30 December 2016 to consider and approve the appointment of an Independent Director of the Company.

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Board of Banas Finance to consider change in directorate
Dec 23,2016

Banas Finance announced that the meeting of the Board of Directors of the Company will be held on 30 December 2016, inter alia, to consider and approve the following:

1. To appoint Suresh Kharat as a CFO and Director of the Company.

2. To appoint Manish Raul as an Additional Director of the Company in the category of Non Executive Independent Director.

3. To appoint Aarti Gavnang as an Additional Director of the Company in the category of Non Executive Independent Director.

4. To accept the resignation of Ashwin Shah, Director of the Company.

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Godrej Consumer Products to consider Q3 results and interim dividend
Dec 23,2016

Godrej Consumer Products announced that a meeting of the Board of Directors of the Company is scheduled to be held on 30 January 2017, inter alia, for the following items:

1. to take on record the unaudited financial results for the quarter ended 31 December 2016 (Q3);

2. to consider declaration of interim dividend for the financial year 2016-17;

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Board of JK Tyre & Industries to consider fund raising
Dec 23,2016

JK Tyre & Industries announced that a meeting of the Board of Directors of the Company will be held on 28 December 2016 for considering raising of funds by issue of securities, convertible/non-convertible, with or without warrant by way of public and/or private offerings and/or qualified institutions placement or any combination thereof, subject to such approvals as may be required, in supersession of the resolutions of the Board of Directors for raising of funds by issue of Non-convertible Debentures as informed to the Stock Exchanges vide Companys Letter dated 09 November 2016. The approval of the members is proposed to be obtained by way of a Postal Ballot.

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Board of Automotive Stampings & Assemblies to consider Q3 and 9M results
Dec 23,2016

Automotive Stampings & Assemblies announced that a meeting of the Board of Directors of the Company is scheduled to be held on 24 January 2017 to consider and approve the unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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Trent gets upgradation in rating of NCDs
Dec 23,2016

Trent announced that Brickwork Ratings has upgraded the rating for the Non-Convertible Debentures amounting to Rs. 75 crore issued by the Company which have been listed on National Stock Exchange of India , from BWR AA (Pronounced BWR Double A) (Outlook: Stable) to BWR AA+ (Pronounced BWR Double A Plus) (Outlook: Stable).

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Thomas Scott India announces resignation of CFO
Dec 23,2016

Thomas Scott India announced that Abhay Kumar Singh, Chief Financial officer (KMP) of the company has resigned from his duties w.e.f. 10 December 2016 wherein the company has received his resignation letter on 23 December 2016.

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Tata Metaliks gets High Court approval for scheme of amalgamation
Dec 23,2016

Tata Metaliks announced that Honble High Court, Calcutta has sanctioned the Scheme of amalgamation between Tata Metaliks DI Pipes and Tata Metaliks on 07 November 2016.

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ARSS Infrastructure Projects wins road project worth Rs 164 crore
Dec 23,2016

ARSS Infrastructure Projects announced that a work order amounting to Rs.164.00 crore namely Widening of existing two lane to two lane with 1.5 mt wide paved shoulder from KM 50/0 to 140/9 of NH 57 on EPC Mode has been awarded in favour of the Company by Office of Chief Engineer, National Highways, Odisha, Bhubaneswar on 22 December 2016.

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ARSS Infrastructure Projects secures road project in State of Odisha
Dec 23,2016

ARSS Infrastructure Projects announced that the Company has secured a work order amounting to Rs.164.50 crore namely Widening of existing 2 lane to 2 lane with 1.5 mt wide paved shoulder from KM 0/0 to 81/0 and Km. 83/0 to 119/0 of NH 157 in the State of Odisha on EPC Mode is awarded in favour of the Company by Office of Chief Engineer, National Highways, Odisha, Bhubaneswar on 22 December 2016.

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Syncom Healthcare MD resigns
Dec 23,2016

Syncom Healthcare announced that Pratik Bankda, Managing Director and a Board Member of the Company has resigned with effect from 23 December 2016.

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Cipla received final approval for Sereflon++
Dec 23,2016

Cipla has yielded a final approval for its lead MDI product Fluticasone + Salmeterol (Sereflon++) from UK MHRA for its partner in the UK.

Sereflon++, 25 mcg/125 mcg & 25 mcg/250 mcg are generic equivalent to GlaxoSmithKlines Seretiden++ Inhalers and are indicated for Asthma treatment.

Seretiden++ Inhaler, for the aforementioned strengths, had UK sales of approximately $278M for the 12 month period ending June 2016, according to IMS Health. Ciplas Sereflon++ will be launched in theUK through a partner in the coming weeks.

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Supra Pacific Management Consultancy appoints directors
Dec 23,2016

Supra Pacific Management Consultancy announced that the Board of Directors of the Company have appointed Sharad Laxman Kulkarni and Nitin Sharad Phadke as Directors of the Company w.e.f. 23 December 2016.

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