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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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GHCL extinguishes 253,255 equity shares
Jun 21,2017

GHCL announced that pursuant to buyback of shares on 20 June 2017 for extinguishment of 253,255 equity shares of Rs. 10/- each, the paid-up and issued share capital of GHCL stands reduced to Rs. 977,107,860 /- consisting of 97,710,786 equity shares.

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Tube Investments of India allots 26,376 equity shares
Jun 21,2017

Tube Investments of India has allotted 26,376 Equity Shares of Rs 2 each under ESOP. Post this allotment, the number of outstanding equity shares has increased to 187,483,247 and paid up equity share capital to Rs 37.49 crore.

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FPIs step up selling
Jun 21,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 294.87 crore into the secondary equity markets on 20 June 2017, higher than net outflow of Rs 172.76 crore on 19 June 2017. On that day, the Sensex fell 14.04 points or 0.04% to settle at 31,297.53, its lowest closing level since 16 June 2017.

The net outflow of Rs 294.87 crore on 20 June 2017 was a result of gross purchases of Rs 4312.03 crore and gross sales of Rs 4606.90 crore.

There was an inflow of Rs 0.16 crore into the category primary market & others on 20 June 2017.

FPIs have purchased stocks worth a net Rs 1247.35 crore from the secondary equity markets in June 2017 so far (till 20 June 2017). FPIs had bought stocks worth a net Rs 2807.24 crore in May 2017.

FPIs have purchased shares worth a net Rs 38896.74 crore from the secondary equity markets in calendar year 2017 so far (till 20 June 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 1614.87 crore from the category primary market & others in June 2017 so far (till 20 June 2017). FPIs had purchased stocks worth a net Rs 4904.17 crore from the category primary market & others in May 2017.

FPIs have purchased shares worth a net Rs 13702.96 crore from the category primary markets & others in calendar year 2017 so far (till 20 June 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Board of OnMobile Global appoints director
Jun 21,2017

The Board of OnMobile Global at its meeting held on 21 June 2017 have approved the appointment of Sanjay Kapoor as an Additional Director on the Board with effect from 21 June 2017.

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Electrex India to hold board meeting
Jun 21,2017

Electrex India will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Rupee sags
Jun 21,2017

Rupee closed lower at 64.5825/5875 per dollar on Wednesday (21 June 2017), versus its previous close of 64.5700/5725 per dollar.

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L&T nudges higher on reports of Govts stake sale
Jun 21,2017

Meanwhile, the S&P BSE Sensex was down 16.55 points or 0.05% at 31,280.98.

On the BSE, 2.39 crore shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past one quarter. The stock had hit a high of Rs 1,781.40 and a low of Rs 1,751.55 so far during the day. The stock had hit a 52-week high of Rs 1,834 on 30 May 2017 and a 52-week low of Rs 1,295.30 on 9 November 2016.

The stock had underperformed the market over the past one month till 20 June 2017, gaining 1.54% compared with the Sensexs 2.73% rise. The stock had, however, outperformed the market over the past one quarter, advancing 13.8% as against the Sensexs 6.03% rise. The scrip had underperformed the market over the past one year, gaining 16.27% as against the Sensexs 16.49% rise.

The large-cap company has equity capital of Rs 186.68 crore. Face value per share is Rs 2.

As per reports, the Government of India (GoI), through the state-owned Specified Undertaking of Unit Trust of India (SUUTI) sold about 2.5% stake in L&T through block deals on the stock exchanges today, 21 June 2017.

SUUTI owned a 6.55% stake in L&T end March 2017.

Meanwhile, media reports suggested that ABB India is in discussions with L&T to acquire the latters electrical and automation division. According to reports, ABB has offered over Rs 14000 crore for the deal and discussions are yet to arrive at a final figure.

In a separate development, NHPC announced after market hours yesterday, 20 June 2017 that it has awarded EPC contract for the development of 50 megawatts (MW) Solar Power project in Tamil Nadu to L&T for an amount of Rs 287.48 crore. The project is slated to complete in 9 months.

L&Ts consolidated net profit rose 28.1% to Rs 3180.41 crore on 12% increase in net sales to Rs 36827.99 crore in Q4 March 2017 over Q4 March 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Corporation Bank gets reaffirmation in ratings for debt instruments
Jun 21,2017

Corporation Bank announced that Brickwork Ratings has reviewed the credit ratings of the Banks Debt Instrument as below -

Upper Tier II Bonds (Rs 500 crore) - BWR AA+; Negative (Reaffirmed)
Perpetual Tier I Bonds (Rs 300 crore) - BWR AA+; Negative (Reaffirmed)

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Tribhovandas Bhimji Zaveri gets revision in credit ratings
Jun 21,2017

Tribhovandas Bhimji Zaveri announced that CRISIL has reviewed its ratings on long term bank facilities of the Company.

Total Bank Loan Facilities - Rs 735 crore

Long term ratings - CRISIL BBB+/Stable (Reaffirmed)

CRISIL has reaffirmed its ratings on the bank facilities of the Company at CRISIL BBB+/ Stable.

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Alora Trading Company announces change in registered office
Jun 21,2017

Alora Trading Company has shifted its registered office from State of West Bengal to State of Maharashtra. The New Address of the Company is - Shop No. 37, Rock Avenue, E Plot, Hindustan Naka, Kandivali (W), Mumbai - 400 067.

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Trent issues Commercial Paper aggregating Rs 100 crore
Jun 21,2017

Trent has issued and allotted Commercial Paper of an amount of Rs. 100 crore. The proceeds will be primarily used to refinance the upcoming repayments.

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BLS International Services receives contract from Embassy of Afganistan
Jun 21,2017

BLS International Services has been awarded the Contract from Embassy of Afghanistan in U.A.E. for Five Gulf Countries - i.e., UAE, Kuwait, Oman, Bahrain and Qatar.

The Company shall open nearly 8 Visa Application Centers to support the Embassy of Afghanistan & Consulates General of Afghanistan of the Ministry of Foreign Affairs - Islamic Republic of Afghanistan.

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GIC Housing Finance to pay dividend
Jun 21,2017

GIC Housing Finance announced that dividend will be paid, if approved in the 27 AGM on or after 03 August 2017.

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Keynote Corporate Services to hold AGM
Jun 21,2017

Keynote Corporate Services announced that the Annual General Meeting (AGM) of the company will be held on 23 August 2017.

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Thirumalai Chemicals to hold AGM
Jun 21,2017

Thirumalai Chemicals announced that the Annual General Meeting (AGM) of the company will be held on 22 July 2017.

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