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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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Empee Sugars & Chemicals to discuss results
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Empee Sugars & Chemicals will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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B&A Packaging India to announce Quarterly Result
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B&A Packaging India will hold a meeting of the Board of Directors of the Company on 28 August 2017.

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Remi Edelstahl Tubulars will hold a meeting of the Board of Directors of the Company on 28 August 2017.

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Bombay Cycle & Motor Agency will hold a meeting of the Board of Directors of the Company on 24 August 2017.

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Cochin Malabar Estates & Industries to table results
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Cochin Malabar Estates & Industries will hold a meeting of the Board of Directors of the Company on 28 August 2017.

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TIL to declare Q1 results
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TIL will hold a meeting of the Board of Directors of the Company on 26 August 2017.

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International Combustion (India) will hold a meeting of the Board of Directors of the Company on 1 September 2017.

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Thakral Services (India) to hold AGM
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Thakral Services (India) announced that the Annual General Meeting (AGM) of the company will be held on 28 September 2017.

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DCM Financial Services gets extension to hold AGM
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DCM Financial Services has been granted extension of two months (up to 30 November 2017) to hold its AGM by the RoC, Delhi & Haryana.

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Bank of Maharashtra announced that the United Forum of Bank Unions has given a call for one day strike on 22 August 2017.

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HDFC Life files DRHP with SEBI for proposed IPO
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Housing Development Finance Corporation announced that HDFC Standard Life Insurance Company (HDFC Life), subsidairy of the Corportion has on 18 August 2017, filed a draft red herring prospectus with the SEBI for a public offer of upto 29,98,27,818 equity shares of Rs 10 each of HDFC Life representing 14.97% of the issued and paid up equity share capital, for cash, through an offer of sale of 19,12,46,050 equity shares by the Corporation and 10,85,81,768 equity shares by Standard Life (Mauritius Holdings) 2006, representing 9.55% and 5.42% respectively.

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Tiger Logistics (India) forays into Nepal market
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Tiger Logistics (India) has started catering to Nepal market as part of service expansion program. This would include their comprehensive range of services of International Freight Forwarding, Custom Brokerage, Transportation and Logistical advisory to other businesses in Nepal.

Currently, the shipments for Nepal trade goes through Kolkata, Visakhapatnam & Haldia ports. For Indian exports, Birgunj, Biratnagar, Bhairahawa, Kakarbhitta & Sunauli land borders are used.

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Board of Sunil Hitech Engineers approves proposal for SME listing of subsidiaries
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Sunil Hitech Engineers announced that the Board of Directors of the Company at its meeting held on 18 August 2017 has transacted the following -

Approved the proposal of VAG Buildtech, a subsidiary of the Company, for SME listing and raising of capital by way of an IPO.

Approved the proposal of Seam Industries, a subsidiary of the Company for SME listing and raising of capital by way of an IPO.

Further approved participation in the Offer for Sale that may be proposed by Seam Industries and offer 15 lakh equity shares of Seam Industries held by the Company.

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ICICI Bank revises interest rates on savings bank account
Aug 19,2017

ICICI Bank announced revision in interest rates on Savings Bank account with effect from 19 August 2017 as under -

Interest rate on deposits below Rs. 50 lakh revised to 3.5%
Interest rate on deposits of Rs. 50 lakh and above remains unchanged at 4.0%

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