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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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TCS bags multiple awards at Asian Banker Technology Innovation Awards 2017
Jul 04,2017

Tata Consultancy Services announced that IDFC Bank, India and KBZSC Myanmar won the Best Core Banking Implementation and Best Securities Trading Implementation awards at the just concluded Asian Banker Technology Innovation Awards 2017 in Singapore. TCS also won a Silver Award and was named among the three winners in the Best Vendor Satisfaction category that represented the lenders in the Asian Pacific region.

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Wockhardt gets revision in credit ratings
Jul 04,2017

Wockhardt announced that Credit Analysis & Research has has re-affirmed the Companys Rating for Short Term Bank Facilities (Non Fund Based Working Capital limit) as CARE A1+ and revised the Companys Long - Term Bank Facilities (Fund Based Working Capital limit) as CARE AA- from CARE AA.

Further, CARE Ratings has also revised rating for the proposed issue of NCDs of Rs. 250 crore of the Company as CARE AA- from CARE AA.

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Infosys Finacle partners with Singapore based Active.AI
Jul 04,2017

Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys announced a partnership with Active.AI, a Singapore based FinTech that offers an Enterprise AI platform for banks globally. The Active AI Platform, integrated with Finacle, will help financial institutions offer conversational banking services through chat and voice based interfaces across their digital channels. Banks can leverage the joint solution to harness artificial intelligence to automate and enhance their customer experience.

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Laurus Labs gets revision in credit ratings
Jul 04,2017

Laurus Labs announced that CARE Ratings has revised the credit ratings as under -

Long Term Bank Facilities -CARE AA-; Stable; Revised from CARE A+; Positive

Short Term Bank Facilities -CARE A1+; Reaffirmed

Commercial Paper Issue -CAREA1+; Reaffirmed

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Indian Acrylics announces change in nominee director
Jul 04,2017

Indian Acrylics announced the appointment of Sanjeev Bajaj as Nominee Director of the Company in place of Satish Kumar Dua with effect from 30 May 2017.

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BFL Developers allots 51 lakh shares
Jul 04,2017

BFL Developers has allotted 51,00,000 equity shares of the Company having face value of Rs. 10/- each to promoter group and non promoter group on preferential basis at Rs. 11/- per share (including Premium).

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Rolta India appoints CFO and Chief Compliance Officer
Jul 04,2017

Rolta India has appointed V L Ganesh as Chief Financial Officer & Chief Compliance Officer of the Company w.e.f. 04 July 2017.

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Record inflation augurs perfectly well for GST launch: ASSOCHAM
Jul 04,2017

With retail prices growing by the slowest pace in the last four years by mere 2.18 per cent, it is the perfect time for the launch of the Goods and Services Tax (GST), from inflation point of view, as this particular macro fundamental is placed at an ideal position for the roll out of the countrys most ambitious tax reform, the ASSOCHAM has said.

n++The retail inflation, measured by the Consumer Price Index (CPI) was at a four year low of 2.18 per cent in May, 2017. Likewise, the Whole Price Index measured inflation was mere 2.17 per cent for the latest month, providing an ideal platform for the GST. With Monsoon showing a good spell in its initial phase, the prices should further ease for a large number of items. While the weighted average of net tax incidence would be lower post-GST, consumer prices in any case have seen a drastic fall in the last one year from 5.76 per cent in May 2016 to the 2.18 per cent in May this year. For consumer food prices, the drop in inflation on CPI scale has been even sharper from 7.47 per cent to 1.05 per year -on-yearn++, ASSOCHAM Secretary General Mr D S Rawat said.

Thus, ASSOCHAM said while the GST may face some initial hiccups, the broad and the most important macro matrix is n++perfectly placedn++. n++So, even if there is some increase in some of the items because of shuffling of tax incidence, abundant supply side would ensure prices ruling easyn++.

There are several consumer related items which are witnessing a subdued inflation between 1-3 per cent and the situation is not going to change in any significant way in the months to come. n++So, it all boils down to implementation. If we can make it smooth, hand holding the traders and increasing awareness at the consumer end, the dramatic shift in Indias taxation should be a happy experience for the industry, trade and consumern++.

Even the global crude oil prices are trading below USD 50 per barrel and the outlook does not seem to be that of an upturn, thus helping Indias macro picture , that should aid the GST roll out without any price pressure on the consumers.

n++Besides, in the backdrop of subdued consumer demand, there is no reason for the industry not to pass on any benefit accruing from the GST. The top priority for the industry today is to step up its capacity utilization by increasing production, helped by consumer demand. The current situation, in any case, does not support any extra gains to the producers, who would like to see the volume increase. Any incidence of tax cut should only help the demand and volume growthn++, the chamber said.

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Pioneer Distilleries to hold AGM
Jul 04,2017

Pioneer Distilleries announced that the 24th Annual General Meeting(AGM) of the company on 28 July 2017.

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Jul 04,2017

SRS Real Infrastructure will hold a meeting of the Board of Directors of the Company on 12 July 2017 AGM

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Kaya to hold AGM
Jul 04,2017

Kaya announced that the 14th Annual General Meeting(AGM) of the company on 2 August 2017.

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Maximus International to hold board meeting
Jul 04,2017

Maximus International will hold a meeting of the Board of Directors of the Company on 11 July 2017.

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Vinyl Chemicals (I) to hold board meeting
Jul 04,2017

Vinyl Chemicals (I) will hold a meeting of the Board of Directors of the Company on 24 July 2017 Quarterly Results

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Nalin Lease Finance to hold board meeting
Jul 04,2017

Nalin Lease Finance will hold a meeting of the Board of Directors of the Company on 14 July 2017 to Consider and take on Record the Unaudited Financial Results for the Quarter ended on 30th June, 2017.

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Ruchi Soya Industries to hold AGM
Jul 04,2017

Ruchi Soya Industries announced that the th Annual General Meeting(AGM) of the company on 3 July 2017.

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