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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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Viceroy Hotels announces demise of director
Dec 15,2016

Viceroy Hotels announced that A. Purnachandra Rao, Non-Executive Independent Director of the Company passed away on 14 December 2016.

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Zee Media Corporation appoints CFO
Dec 15,2016

Zee Media Corporation announced that Sumit Kapoor has been appointed as the Chief Financial Officer of the Company with effect from 16 December 2016, in place of Dinesh Garg.

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Somany Ceramics launches new Sanitaryware Product Series
Dec 15,2016

Somany Ceramics has launched a new Sanitaryware Product Series - French Collection by Somany on 14 December 2016. With this innovativecollection, Somany Ceramics entered the smart and intelligent toilet market offering contemporary trendy designs, superior technology and flawless performance.

The price range for the French collection varies according to the series and the products, starting from INR 7,990 for the Quest Art Basin to INR 1,65,000 for the Ace Automatic Toilet. The new collection is available across India at Somany Exclusive Stores and Experience Centres.

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Jagran Prakashan provides update on subsidiary Music Broadcast
Dec 15,2016

Jagran Prakashan announced that Music Broadcast, subsidiary of the Company has commenced broadcast from its Radio Station at Patiala (which was acquired under Phase III auctions held last financial year).

The frequency for Patiala location is 91.1 F.M.

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Jagran Prakashan provides update on subsidiary Music Broadcast
Dec 15,2016

Jagran Prakashan announced that Music Broadcast, subsidiary of the Company has commenced broadcast from its Radio Station at Patiala (which was acquired under Phase III auctions held last financial year).

The frequency for Patiala location is 91.1 F.M.

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Dilip Buildcon wins Rs 260.10 crore road project
Dec 15,2016

Dilip Buildcon announced that the Company has been declared as successful bidder by the Ministry of Road Transport and Highways, Government of India for the project of rehabilitation and upgradation of Machilipatnam to Avinigadda section of NH-214A to two lane with paved shoulder in the State of Andhra Pradesh under NHDP -IV through EPC basis at a project cost of Rs 260.10 crore having length 34.400 km and completion period of 24 months.

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Kaveri Seed Company reports standalone net profit of Rs 7.74 crore in the September 2016 quarter
Dec 15,2016

Net profit of Kaveri Seed Company reported to Rs 7.74 crore in the quarter ended September 2016 as against net loss of Rs 48.18 crore during the previous quarter ended September 2015. Sales rose 2.20% to Rs 67.76 crore in the quarter ended September 2016 as against Rs 66.30 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales67.7666.30 2 OPM %4.97-67.30 - PBDT20.40-41.77 LP PBT13.15-47.04 LP NP7.74-48.18 LP

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Titagarh Wagons reports consolidated net profit of Rs 8.14 crore in the September 2016 quarter
Dec 15,2016

Net profit of Titagarh Wagons reported to Rs 8.14 crore in the quarter ended September 2016 as against net loss of Rs 9.60 crore during the previous quarter ended September 2015. Sales rose 102.58% to Rs 402.49 crore in the quarter ended September 2016 as against Rs 198.68 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales402.49198.68 103 OPM %8.070.04 - PBDT32.214.23 661 PBT19.89-6.13 LP NP8.14-9.60 LP

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Ram Info secures new order
Dec 15,2016

Ram Info has received an Order from a MAHARATNA PSU, New Delhi, for Procurement and Implementation of CPM and Ash board software package for a total value of Rs. 7.87 crore (exclusive of taxes).

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Board of Brigade Enterprises approves scheme of arrangement
Dec 15,2016

Brigade Enterprises announced that the Board of Directors of the Company at its meeting held on 15 December 2016 approved the scheme of arrangement whereby three of the business undertakings of the Company, namely, the hotels business undertaking integrated clubs and convention centres business undertaking and Augusta Club business undertaking of the Company, will be transferred, on a going concern basis to Brigade Hotel Ventures, Brigade Hospitality Services and Augusta Club, respectively. All the three transferee companies are wholly owned subsidiaries of the Company. The Appointed Date for the transfer is 01 October 2016.

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Board of Saboo Sodium Chloro approves preferential issue of equity shares
Dec 15,2016

Saboo Sodium Chloro announced that the Board of Directors of the Company at its meeting held on 15 December 2015 has approved issue and allotment of 50 lakh equity shares on preferential basis to promoters of the Company and public.

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Rishiroop to consider conversion of preference shares under scheme of amalgamation
Dec 15,2016

Rishiroop announced that a meeting of the Securities Issue Committee of the Board of Directors of the Company is scheduled to be held on 12 January 2017, interalia, to consider and approve the allotment of equity shares to the holders of 1% Optionally Convertible Preference Shares (OCRS) who have tendered their OCPS for conversion to equity shares as per the terms of the Scheme of Amalgamation with Rishiroop Rubber (International) approved by the High Court.

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Narayana Hrudayalaya to consider issue of NCDs
Dec 15,2016

Narayana Hrudayalaya announced that a Meeting of the Board of Directors of the Company will be held on 22 December 2016, inter alia, to consider the notice of the Postal Ballot for seeking shareholders approval by way of Special Resolution to issue Non-Convertible Debentures and appointment of Scrutinizer.

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Board of Pil Italica Lifestyle approves allotment of convertible warrants
Dec 15,2016

Pil Italica Lifestyle announced that the Board of Directors of the Company at its meeting held on 15 December 2016 has approved and allotted 2.50 crore warrants convertible into equity shares at a consideration of Rs 15 per warrant to promoters and non-promoters.

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Outcome of board meeting of Zee Media Corporation
Dec 15,2016

Zee Media Corporation announced that while reviewing various funding options for the Radio business being acquired by the Company, the Board of Directors of the Company at the meeting held on 15 December 2016 had granted in-principle approval for availing Secured Loan of upto Rs. 500 crore from Arm Infra & Utilities, one of the Promoters of the Company.

Further, at the said meeting held on 15 December 2016, the Board had also approved a Notice seeking Shareholders approval for certain proposals by way of Postal Ballot / E-voting.

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