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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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Rishiroop to consider conversion of preference shares under scheme of amalgamation
Dec 15,2016

Rishiroop announced that a meeting of the Securities Issue Committee of the Board of Directors of the Company is scheduled to be held on 12 January 2017, interalia, to consider and approve the allotment of equity shares to the holders of 1% Optionally Convertible Preference Shares (OCRS) who have tendered their OCPS for conversion to equity shares as per the terms of the Scheme of Amalgamation with Rishiroop Rubber (International) approved by the High Court.

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Narayana Hrudayalaya to consider issue of NCDs
Dec 15,2016

Narayana Hrudayalaya announced that a Meeting of the Board of Directors of the Company will be held on 22 December 2016, inter alia, to consider the notice of the Postal Ballot for seeking shareholders approval by way of Special Resolution to issue Non-Convertible Debentures and appointment of Scrutinizer.

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Board of Pil Italica Lifestyle approves allotment of convertible warrants
Dec 15,2016

Pil Italica Lifestyle announced that the Board of Directors of the Company at its meeting held on 15 December 2016 has approved and allotted 2.50 crore warrants convertible into equity shares at a consideration of Rs 15 per warrant to promoters and non-promoters.

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Outcome of board meeting of Zee Media Corporation
Dec 15,2016

Zee Media Corporation announced that while reviewing various funding options for the Radio business being acquired by the Company, the Board of Directors of the Company at the meeting held on 15 December 2016 had granted in-principle approval for availing Secured Loan of upto Rs. 500 crore from Arm Infra & Utilities, one of the Promoters of the Company.

Further, at the said meeting held on 15 December 2016, the Board had also approved a Notice seeking Shareholders approval for certain proposals by way of Postal Ballot / E-voting.

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Board of Jainco Projects (India) accepts resignation of director
Dec 15,2016

Jainco Projects (India) announced that the meeting of Board of Directors of the Company held on 15 December 2016 has considered and approved the resignation of Sushil Kumar Bahnsali from his directorship w.e.f. 15 December 2016.

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Kayel Securities appoints company secretary
Dec 15,2016

Kayel Securities announced Bhavna B. Shah, Member of the Institute of Company Secretaries of India has been appointed as a Company Secretary and Compliance officer of the Company w.e.f. 15 December 2016, pursuant to section 203 of the Companies Act, 2013 and Regulation 6(1) of the Securities and Exchange Board of India (listing Obligations and Disclosure Requirements) Regulations, 2015.

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Suraj Industries announces demise of director
Dec 15,2016

Suraj Industries announced that Janeshwar Kumar Jain, Whole Time Director expired on 15 November 2016.

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Vakrangee and HDFC ERGO General Insurance Company enter into Corporate Agency Agreement
Dec 15,2016

Vakrangee and HDFC ERGO General Insurance Company have entered into a Corporate Agency agreement for distribution of General Insurance products.

While HDFC ERGO will be able to leverage distribution network of more than 26000 outlets of Vakrangee including areas currently not served or underserved, Vakrangee will have added range of quality product to offerthrough its vast distribution network. Following the tie-up, citizens, especially in un-served and underserved areas, shall be able to access quality General Insurance products and services offered/to beoffered by HDFC ERGO General Insurance Company.

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IndusInd Bank launches new app - IndusPay
Dec 15,2016

IndusInd Bank has launched a new app - IndusPay, on the Unified Payments Interface (UPI) platform to facilitate digital payments and money transfer.

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Williamson Magor & Company provides business update
Dec 15,2016

Williamson Magor & Company announced that the Company has been advised by McNally Bharat Engineering Company (MBECL), McNally Sayaji Engineering [MSEL] and Kilburn Engineering [KEL] of which Williamson Magor & Company are a Promoter that MBECL, KEL and MSEL have decided not to go ahead with the proposal of merger of MBECL, MSEL, EMC with KEL.

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Avantel secures patent for an invention
Dec 15,2016

Avantel has been granted a patent by the Government of India, the Paten, Office, for an invention entitled INTEGRATED ULTRA HIGH FREQUENCY SYSTEM (SATCOM & LINE OF SIGHT) FOR VOICE AND DATA COMMUNICATION TO WORK WITH INDIAN SATELLITE for a term of 20 years commencing from the 30 September 2009.

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Savant Infocomm director resigns
Dec 15,2016

Savant Infocomm announced that Haider M. Sithawalla, a Director on our Board has resigned with effect from 12 December 2016.

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China Stocks struggle after Fed raises rates
Dec 15,2016

Mainland China stock market closed at one-month lows on Thursday, 15 December 2016, after the U.S. Federal Reserve raised interest rates and signaled a faster pace of interest-rate increases than expected in 2017. Strength in small-caps was offset by a tumble in banking shares, triggered by a dramatic sell-off in bond markets that raised the spectre of liquidity crunch in the banking system. The Shanghai Composite Index fell 0.73% to 3,117.68, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.67% to 1,972.91. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 0.65% to close at 1,975.85 points.

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Sonata Software spurts after securing a product patent
Dec 15,2016

The announcement was made during market hours today, 15 December 2016.

Meanwhile, the S&P BSE Sensex was down 88.02 points or 0.33% at 26,514.82.

On the BSE, 4.95 lakh shares were traded on the counter so far as against the average daily volumes of 68,000 shares in the past two weeks. The stock had hit a high of Rs 188.60 and a low of Rs 171.50 so far during the day.

Sonata Software announced that its unified enterprise mobility platform Halosys had been granted a patent for its innovation on rule based notifications. The patent was granted for a key technology innovation in the Halosys platform that enables users to be notified across web, SMS, email and inn++app push notifications based on events matching a pre-configured set of filters including the users location, time of day, along with the data from the events object graph.

This patent has farn++reaching implications beyond web and mobile, to automated systems that can trigger responses based on events in enterprise systems like ERP, CRM, enabling more intelligent and automated apps and bots applications to be deployed for digital business innovation.

Halosys is a unified enterprise mobility platform that enables enterprises to build, secure, deploy and manage a portfolio of mobile business applications, leveraging existing enterprise systems and data, from a single mobility technology platform. Halosys is also built to emerging Internet of Things (IoT) standards.

Sonata acquired Halosys head quartered in California in August 2015 and has increased its investment in developing the Halosys platform to be a world class enterprise mobility platform.

Sonata Software is a global IT solutions firm focused on catalyzing business transformation initiatives of its clients through deep domain knowledge, technology expertise and customer commitment.

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Black Rose Industries secured approval for expansion of Acrylamide Plant
Dec 15,2016

Black Rose Industries has received Provisional Consent to Establish dated 14 December 2016 from Gujarat Pollution Control Board, for expansion of Companys Acrylamide Plant from 10,000 MT to 20,000 MT per annum.

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