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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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Metroglobal to hold board meeting
Feb 08,2017

Metroglobal will hold a meeting of the Board of Directors of the Company on 15 February 2017, to approve the Un-audited Financial Results of the Company for the Third quarter and nine months ended on 31 December 2016.

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Vallabh Steels to hold board meeting
Feb 08,2017

Vallabh Steels will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the unaudited financial results for the quarter ended 31 December 2016.

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Vardhman Industries to hold board meeting
Feb 08,2017

Vardhman Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the unaudited financial results for the quarter ended 31 December 2016.

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Aravali Securities & Finance to hold board meeting
Feb 08,2017

Aravali Securities & Finance will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider intimation for Results.

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Blue Blends (India) to hold board meeting
Feb 08,2017

Blue Blends (India) will hold a meeting of the Board of Directors of the Company on 9 February 2017, to make the allotment of 50 (Fifty) Secured OCDs bearing a face value of Rs. 10,00,000/- an aggregate amount of Rs. 5,00,00,000/- to Edelweiss Stressed & Troubled Assets Revival Fund - I.

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Jayabharat Credit to hold board meeting
Feb 08,2017

Jayabharat Credit will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider Unaudited Financial Result for quarter ended 30 June 2016.

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Board of Bharat Forge recommends dividend
Feb 08,2017

Bharat Forge announced that the Board of Directors of the Company at its meeting held on 8 February 2017, inter alia, have recommended the dividend of Rs 2.5 per equity Share (i.e. 125%) , subject to the approval of the shareholders.

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Acrysil hikes stake in UK based kitchen sinks distribution company Homestyle Products
Feb 08,2017

Acrysil and its UK subsidiary, Acrysil UK has entered into a definitive agreement for the acquisition of UK based kitchen sinks distribution company Homestyle Products for a gross enterprise value (100% stake) at Pound Sterling 2.8 million (Rs 27.3 crore) on a debt free cash free basis on completion of the acquisition. Acrysil had acquired 87% of the share capital in Homestyle Products through its wholly owned subsidiary Acrysil UK.

With the acquisition of 8% equity stake of Homestyle Products through its wholly owned subsidiary Acrysil UK, the total stake of Acrysil through Acrysil UK in Homestyle Products has increased to 95%.

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Kapashi Commercial standalone net profit rises 27.27% in the December 2016 quarter
Feb 08,2017

Net profit of Kapashi Commercial rose 27.27% to Rs 0.14 crore in the quarter ended December 2016 as against Rs 0.11 crore during the previous quarter ended December 2015. Sales rose 11.76% to Rs 0.19 crore in the quarter ended December 2016 as against Rs 0.17 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.190.17 12 OPM %84.2188.24 - PBDT0.160.15 7 PBT0.160.15 7 NP0.140.11 27

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Board of Foseco India recommends final dividend for FY 2016
Feb 08,2017

Foseco India announced that the Board of Directors of the Company at its meeting held on 08 February 2017, inter alia, has recommended payment of a final dividend of Rs. 7/- per equity share (70%) on a paid-up equity share of Rs. 10/- each, for the financial year ended 31 December 2016. The final dividend is subject to approval of the Shareholders at the forthcoming Annual General Meeting of the Company.

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Board of HealthCare Global Enterprises allots equity shares under ESOP
Feb 08,2017

The Board of Directors of HealthCare Global Enterprises at its meeting held on 08 February 2017 has decided to issue and allot 6.37 lakh equity shares of the Company under ESOS 2014 of the Company.

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Sharp India appoints CFO
Feb 08,2017

Sharp India announced that Sunil K. Sane has been appointed as the Chief Financial Officer of the Company with effect from 08 February 2017.

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Sanmit Infra announces change in CIN
Feb 08,2017

Sanmit Infra announced that Registrar of Companies pursuant to the members approval as per section 13 of the Companies Act, 2013 approved the change of Registered Office of the Company from the state of Tamil-Nadu to the state of Maharashtra for which into CIN of the company has been changed from L70109TN2000PLC044664 to L70109MH2000PLC288648.

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Outcome of board meeting of NRB Bearings
Feb 08,2017

NRB Bearings announced that the Board of Directors of the Company at its meeting held on 08 February 2017, inter alia, has transacted the following:

1. Subject to consent of the Members of the Company, Board approved a further issue of Unsecured, Listed, Redeemable, Non Convertible Debentures not exceeding Rs. 100 crores on private placement basis;

2. The Board decided to consider inter-alia interim dividend for F.Y. 2016-17 and has scheduled its meeting on Monday, 13 February 2017 at 11.00 a.m..

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Board of Viaan Industries decides to acquire YO-YO Frozen Yogurt
Feb 08,2017

The Board of Directors of Viaan Industries at its meeting held on 08 February 2017 has decided to acquire the running business of YO-YO Frozen Yogurt for the cash consideration of Rs 14 lakhs.

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