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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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Firstsource Solutions allots 442,500 equity shares
Mar 03,2017

Firstsource Solutions has allotted 442,500 Equity shares of Rs.10/- each on 24 February 2017, under Employee Stock Option Scheme 2003 of the Company. Consequent to the said allotment, the paid up capital of the Company has increased to Rs. 6,800,366,370 consisting of 680,036,637 Equity shares of Rs.10/- each.

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Raj Packaging Industries to hold board meeting
Mar 03,2017

Raj Packaging Industries will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider appointment of Ms. Khushboo Joshi as Whole time Company Secretary of the Company, Authorization for E-Trade Facility - Online with bank and any other business with the permission of the Chair.

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Sun TV Network to hold board meeting
Mar 03,2017

Sun TV Network will hold a meeting of the Board of Directors of the Company on 10 March 2017, to consider inter alia, declaration and payment of Interim Dividend if any, for the financial year 2016-17.

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Machino Plastics to hold board meeting
Mar 03,2017

Machino Plastics will hold a meeting of the Board of Directors of the Company on 11 March 2017.

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Shri Gang Inds. & Allied Products to hold EGM
Mar 03,2017

Shri Gang Inds. & Allied Products announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 25 March 2017.

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Bharti Airtel and Millicom enter into agreement
Mar 03,2017

Bharti Airtel and Millicom International Cellular S.A. announced that they have, through their respective subsidiaries, entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity.

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Board of Harita Seating Systems recommends dividend
Mar 03,2017

Harita Seating Systems announced that the Board of Directors of the Company at its meeting held on 3 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Vista Pharmaceuticals to hold board meeting
Mar 03,2017

Vista Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 7 March 2017, to consider Proposal for raising of funds by way of issue of equity/warrants or debt.,Any other business with the permission of the Chair.

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IndusInd Bank strengthens presence in Gurgaon
Mar 03,2017

IndusInd Bank has recently inaugurated a branch in Gurgaon. The new branch is located at F-1 to F-4, Qutub Plaza, DLF Phase-1, Gurgaon, Haryana. With the inauguration of this branch, the Bank now has 29 branches in Gurgaon City.

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IndusInd Bank strengthens presence in Gurgaon
Mar 03,2017

IndusInd Bank has recently inaugurated a branch in Gurgaon. The new branch is located at F-1 to F-4, Qutub Plaza, DLF Phase-1, Gurgaon, Haryana. With the inauguration of this branch, the Bank now has 29 branches in Gurgaon City.

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Goa Carbon resumes operations at Bilaspur Unit
Mar 03,2017

Goa Carbon announced that its Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chattisgarh), has resumed operations from 02 March 2017.

There would not be any financial impact due to the temporary shutdown of the Companys Bilaspur Unit as there was sufficient inventory of finished material.

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Goa Carbon resumes operations at Bilaspur Unit
Mar 03,2017

Goa Carbon announced that its Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chattisgarh), has resumed operations from 02 March 2017.

There would not be any financial impact due to the temporary shutdown of the Companys Bilaspur Unit as there was sufficient inventory of finished material.

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Pidilite Industries allots 7,400 equity shares
Mar 03,2017

Pidilite Industries has allotted on 03 March 2017, 7400 equity shares of face value of Re.1/- each in the share capital of the Company for cash at par to the eligible employees of the Company who exercised their stock option under ESOS-2012. These shares shall rank pari passu, in all respects with the existing equity shares of the Company.

After allotment of aforesaid equity shares, the share capital of the Company stands increased from 51,26,75,330 to 51,26,82,730.

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Pidilite Industries allots 7,400 equity shares
Mar 03,2017

Pidilite Industries has allotted on 03 March 2017, 7400 equity shares of face value of Re.1/- each in the share capital of the Company for cash at par to the eligible employees of the Company who exercised their stock option under ESOS-2012. These shares shall rank pari passu, in all respects with the existing equity shares of the Company.

After allotment of aforesaid equity shares, the share capital of the Company stands increased from 51,26,75,330 to 51,26,82,730.

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MSTC supports the Promotion of Agri-Forest Produce of the North Eastern Region
Mar 03,2017

The Minister of State (Steel) Shri Vishnu Deo Sai said that the North-East Region is endowed with a climate for rich agri and forest produce but the growers do not have any market access for their produce and are compelled to be exploited by middle men leading to a very pitiable situation for them. The situation is also aggravated due to the lack of proper logistic supports in the region.

The Minister appreciated MSTCs vision towards developing an eco system bringing all the enabling partners such as North-Eastern Regional Agriculture and Marketing Corporation (NERAMAC), Central Railside Warehousing Corporation (CRWC), Packaging Company and Inland Waterways Authority (IWA).

The above ecosystem will not only improve the financial status of the growers but also prevent the crops from colossal wastage and make niche products available to the rest of the country. This collaborative effort may play an important role as envisaged in the Government Policy for the development of the north-east region.

In order to provide direct market access to the growers of the North-East region and also effective co-ordination and required services amongst the above agencies, MSTC has recently opened an office at Guwahati, which will be a nodal point to cater to the needs of all the sister states of the North-East.

MSTC, a PSU under Ministry of Steel has also been rendering services to the oil marketing companies and paramilitary forces including defence in this region since long. In addition, MSTC is eying on all the State Government Departments of North-East states to provide e-Commerce services.

To increase its presence and services in the North East Region, the Minister of State for Steel has advised MSTC to waive off the registration fees charged to the new buyers in the North East Region to increase its buyer base and help the region in reaping the benefits of the e-commerce services.

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