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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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Board of Mega Fin (India) appoints directors
Mar 10,2017

Mega Fin (India) announced that the Board of Directors of the Company at its meeting held on 10 March 2017 has appointed Vinod Parekh and Pramod Raghavan, as an Independent Directors of the Company with immediate effect i.e. 10 March 2017

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ADCC Infocad allots 38,745 equity shares
Mar 10,2017

ADCC Infocad has allotted 38,745 equity shares pursuant to ADCC ESOP 2014 at the board meeting held on 10 March 2017. Consequently, the paid up equity shares has increased to 91,38,220 shares of Rs 10 each.

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Board of Mudunuru decides to sell non-core assets
Mar 10,2017

Mudunuru announced that the Board of Directors of the Company at its meeting held on 10 March 2017 examined the business of the Company and has decided to sell its non critical assets and to sell its stake in the below mentioned subsidiary companies and authorize the Whole-Time Director to take all necessary steps as may be required in this regard:- 1. Mudunuru Dreams 2. Mudunuru Software.

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Board of Infronics Systems decides to acquire three entities
Mar 10,2017

Infronics Systems announced that the Board of Directors of the Company at its meeting held on 10 March 2017 has reviewed the existing business and has decided to acquire small time Companies namely Mudunuru Software, Zoraly Solutions and Biomorf Systems which are engaged in the Information Technology related business in order to achieve in organic growth

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Roll out of GST-1st July 2017
Mar 10,2017

The GST Council in its 9th Meeting held on 16 January 2017 took note of the work to be completed for the rollout of GST and after deliberations, agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017. Steps taken to ensure rollout of GST by 1st July 2017 include approval of the Draft GST Compensation Law by the GST Council in its 10th Meeting on 18 February 2017 held in Udaipur, Rajasthan. Subsequently, the Draft CGST Law and Draft IGST Law were approved in the 11th Council Meeting held on 4 March 2017 at New Delhi. The issues of dual control and cross empowerment were resolved in the 9th Meeting of the GST Council held on 16 January 2017 in which a broad agreement was reached on the issue of cross-empowerment to achieve single interface of taxpayer with the tax administration in the GST regime.

All the decisions taken by the GST Council so far have been based on consensus among the Centre and the States.

At the Central level, the following taxes are being subsumed in GST:

n++ Central Excise Duty,

n++ Additional Excise Duty,

n++ Service Tax,

n++ Additional Customs Duty commonly known as Countervailing Duty, and

n++ Special Additional Duty of Customs.

n++ Cesses and surcharges (Except Clean Energy Cess)

At the State level, the following taxes are being subsumed in GST:

n++ State Value Added Tax/Sales Tax,

n++ Central Sales Tax (levied by the Centre and collected by the States),

n++ Entertainment Tax (other than the tax levied by the local bodies),

n++ Octroi and Entry tax,

n++ Purchase Tax,

n++ Luxury tax, and

n++ Taxes on lottery, betting and gambling.

n++ State cesses and surcharges in so far as they relate to supply of goods and services.

GST will simplify and harmonise the indirect tax regime in the country. It is expected to reduce cost of production, thereby making the Indian trade industry more competitive, domestically as well as internationally. It is also expected that introduction of GST will foster a common or seamless Indian market and contribute significantly to the growth of the economy. Further, GST will broaden the tax base, and result in better tax compliance due to robust IT infrastructure.

GST Council is presently deliberating on various issues entrusted to it. All the decisions taken by the Council so far have been based on consensus. GST is going to be implemented soon in the country, therefore, simultaneous and concert efforts are also being made by the government in the form of IT readiness, rigorous consultations, workshops and training sessions for the industry and traders, and all other stake holders involved etc.

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Shilpi Cable Technologies allots NCDs aggregating Rs 10.8 crore
Mar 10,2017

Shilpi Cable Technologies announced that the Board of Directors of the company vide a resolution passed by circulation on 10 March 2017 have allotted 1080 Unlisted, Unsecured, Redeemable Non-Convertible Debentures of Rs. 100,000 each aggregating to Rs 10.8 crore on private placement basis.

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Simplex Mills Company director resigns
Mar 10,2017

Simplex Mills Company announced that Pradeep S Chonkar, Non-Executive Director of Company vide his letter 10 March 2017 tendered his resignation from the Board of the Company.

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Oxides & Specialities to hold board meeting
Mar 10,2017

Oxides & Specialities will hold a meeting of the Board of Directors of the Company on 17 March 2017, to consider and adopt un-audited Financial Results for the quarter ended 31 December 2016.

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Gayatri BioOrganics to hold board meeting
Mar 10,2017

Gayatri BioOrganics will hold a meeting of the Board of Directors of the Company on 16 March 2017, to consider inter alia the Unaudited Financial Results for the third quarter ended 31 December 2016.

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Chambal Breweries & Distilleries to hold board meeting
Mar 10,2017

Chambal Breweries & Distilleries will hold a meeting of the Board of Directors of the Company on 20 March 2017, to consider and appoint Women Director as an additional Director of the company

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Maharashtra Polybutenes to hold board meeting
Mar 10,2017

Maharashtra Polybutenes will hold a meeting of the Board of Directors of the Company on 17 March 2017, to consider and adopt un-audited Financial Results for the quarter ended 31 December 2016.

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Millitoons Entertainment to hold board meeting
Mar 10,2017

Millitoons Entertainment will hold a meeting of the Board of Directors of the Company on 15 March 2017, to consider allotment of equity shares pursuant to bonus issue in the ratio of 1:1 to the shareholders of the Company whose names appear in the register of members of the Company as on the record date. i.e., March 14, 2017.

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Polaris Consulting & Services to hold board meeting
Mar 10,2017

Polaris Consulting & Services will hold a meeting of the Board of Directors of the Company on 15 May 2017.

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Centre creating a dynamic buffer of upto 2 million tonnes of Pulses
Mar 10,2017

Government is creating a dynamic buffer of upto 2 million tonnes of pulses. As on 6.3.2017, around 14.25 lakh tonnes of pulses has been procured / contracted for imports for the buffer. During 2015-16, around 5.88 million tonnes pulses were imported.

The measures taken by the Government to improve the domestic availability, inter alia, include zero import duty on pulses, export ban on pulses with certain exemptions, regular enhancement of MSP for pulses, and implementation on National Food Security Mission (NFSM).

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Rupee edges up further
Mar 10,2017

Rupee closed higher at 66.7275/7300 per dollar on Friday (10 March 2017), versus its previous close of 66.8600/8650 per dollar.

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