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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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RBI All-India House Price Index (HPI) up 8.1% yoy in Q2FY17
Dec 23,2016

The Reserve Bank of India today released the quarterly House Price Index (HPI) for Q2FY17 for All-India and 10 major cities (Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi).

All-India HPI (base 2010-11=100) has sequentially increased by 2.0% to 235.8 in Q2FY17 from 231.1 in Q1FY17.

Annual increase in All-India HPI stood at 8.1% in Q2FY17 which remained lower than 13.0% growth recorded a year ago. However, it recorded a slightly higher growth compared to Q1FY17.

On an annual basis, Chennai witnessed maximum increase of 18.0% in Q2FY17; whereas Jaipur witnessed maximum contraction (-6.3%).

On a sequential basis (i.e., Q2FY17 over Q1FY17), Delhi recorded highest HPI increase of 4.5%; whereas Kanpur recorded the maximum contraction of -4.6%.

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Jyoti Resins and Adhesives director resigns
Dec 23,2016

Jyoti Resins and Adhesives has received a resignation letter dated 23 December 2016 from Kalpesh Rasikbhai Patel a Non Executive Independent Director resigning from the directorship of the Company with effect from 23 December 2016 due to unavoidable circumstances.

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Pan India Corporation announces change in registered office
Dec 23,2016

Pan India Corporation announced that the registered office of the Company shifted from 1111, 11th Floor, New Delhi House 27, Barakhamba Road, New Delhi-110001 to 711, 7th Floor, New Delhi House 27, Barakhamba Road; New Delhi-110001.

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Jyoti Resins and Adhesives announces resignation of director
Dec 23,2016

Jyoti Resins and Adhesives announced that the Company has received a resignation letter dated 23 December 2016 from Harshad Govindbhai Patel a Non Executive Independent Director resigning from the directorship of the Company with effect from 23 December 2016 due to unavoidable circumstances.

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Board of Mold-Tek Technologies approves merger of subsidiaries
Dec 23,2016

Mold-Tek Technologies announced that the Board of Directors of the Company at its meeting held on 23 December 2016 approved the merger of two wholly owned subsidiaries RMM Global Inc. (surviving entity) and Crossroad Detailing Inc.

Post merger, RMM Global shall be renamed Mold-Tek Technologies, Inc.

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Board of BLB to consider restructuring of company and subsidiaries
Dec 23,2016

BLB announced that the Meeting of Board of Directors of the Company is scheduled to be held on 27 December 2016, inter alia, to discuss, consider and approve the following:

1. Withdrawal of the Scheme of Merger and Amalgamation of Manu Properties with the Company.

2. Withdrawal of Voluntary Delisting application from BSE.

3. The proposal to appoint Consultant for the purpose of Restructuring of the Company and its subsidiaries.

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Board of Apis India decides to invest in JV company in Dubai
Dec 23,2016

Apis India announced that the Board of Directors of the Company at its meeting held on 23 December 2016 has taken the following decisions -

To invest an amount not exceeding Rs 30 crore in Dubai, UAE.

To invest in JV company namely - Apis Pure Company for Food Stuff Trading situated at Dubai, UAE.

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Dhanuka Commercial announces resignation of CFO
Dec 23,2016

Dhanuka Commercial announced that Vinod Kumar Aggarwal, Chief Financial Officer (CFO) of the Company has tendered his resignation from the Post of Chief Financial Officer (CFO) of the Company with effect from closure of Business hours of 26 December 2016.

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TCS recognised as Leader & Star Performer for Healthcare Player IT Services
Dec 23,2016

Tata Consultancy Services has been recognised as Leader and Star Performer for Healthcare Player IT Services by Everest Group, in its report - Healthcare Payer IT Services - Service Provider Landscape with PEAK Matrix - Assessment 2016.

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Housing Development Finance Corporation allots equity shares
Dec 23,2016

Housing Development Finance Corporation announced that the Corporation on 23 December 2016 allotted 1,82,925 equity shares of Rs. 2 each pursuant to exercise of stock options by certain employees / directors.

Post the above allotment, the paid-up equity share capital of the Corporation would stand at Rs. 317,01,77,850 consisting of 158,50,88,925 equity shares of Rs. 2 each.

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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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