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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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Shetron schedules board meeting
Aug 03,2017

Shetron will hold a meeting of the Board of Directors of the Company on 9 August 2017, to consider the un-audited Financial Results for the first quarter ended 30th June 2017.

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Viji Finance schedules board meeting
Aug 03,2017

Viji Finance will hold a meeting of the Board of Directors of the Company on 8 August 2017, to consider allotment of Bonus Equity Shares to the equity shareholders of the Company in the ratio of 1:10.

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Mangalam Timber Products to convene board meeting
Aug 03,2017

Mangalam Timber Products will hold a meeting of the Board of Directors of the Company on 19 August 2017, to consider inter alia Audited Financial Results of the company for the quarter and full year ended 31st March, 2017.

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Ratnamani Metals & Tubes to announce Quarterly Result
Aug 03,2017

Ratnamani Metals & Tubes will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Unaudited Financial Results (Standalone) for the period ended on 30th June, 2017 alongwith other business.

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Standard Batteries to hold AGM
Aug 03,2017

Standard Batteries announced that the 70th Annual General Meeting (AGM) of the company will be held on 24 August 2017.

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FPIs turn net buyers
Aug 03,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 554.73 crore from the secondary equity markets yesterday, 2 August 2017, compared with net outflow of Rs 902.23 crore on 1 August 2017. On that day, the Sensex declined 98.43 points or 0.3% to settle at 32,476.74, its lowest closing level since 28 July 2017.

The net inflow of Rs 554.73 crore on 2 August 2017 was a result of gross purchases of Rs 4093.21 crore and gross sales of Rs 3538.48 crore.

There was a net inflow of Rs 13.18 crore into the category primary market & others on 2 August 2017, which was a result of gross purchases of Rs 13.21 crore and gross sales of Rs 0.03 crore.

FPIs have sold stocks worth a net Rs 1537.59 crore into the secondary equity markets in August 2017 (till 2 August 2017). They have bought stocks worth a net Rs 4199.62 crore from the secondary equity markets in July 2017.

FPIs have purchased shares worth a net Rs 41206.02 crore from the secondary equity markets in calendar year 2017 so far (till 2 August 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have sold stocks worth a net Rs 32.16 crore into the category primary market & others in August 2017 (till 2 August 2017). They have bought stocks worth a net Rs 972.54 crore from the category primary market & others in July 2017.

FPIs have purchased shares worth a net Rs 15739.24 crore from the category primary markets & others in calendar year 2017 so far (till 2 August 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 Power Finance Corporation to consider bonus issue
Aug 03,2017

Power Finance Corporation announced that in terms of Guidelines on Capital Restructuring of Central Public Sector Enterprises (CPSE) issued by Department of Investment & Public Asset Management (DIAPM), Ministry of Finance dated 27 May 2016, the Board of Directors of Power Finance Corporation in its meeting scheduled to be held on 10 August 2017 shall inter alia deliberate on Issue of Bonus Shares.

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Medicamen Biotech fixes record date for interim dividend
Aug 03,2017

Medicamen Biotech has fixed 09 August 2017 as the Record Date for the purpose of Payment of First Interim Dividend.

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Majesco to pay special dividend
Aug 03,2017

Majesco announced that special dividend of Re 1 per share will be paid to the eligible shareholders on or before 31 August 2017.

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Majesco fixes record date for special dividend
Aug 03,2017

Majesco has fixed 18 August 2017 as record date for purpose of eligibility of special dividend.

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Decentralized Distributed Generation for Electrification of Remote/Backward Areas
Aug 03,2017

The Minister of State (IC) For Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, informed about the steps taken by the Government for electrification of villages situated in backward and remote areas of the country through new and renewable energy sources. 

The Minister stated that under the Decentralized Distributed Generation (DDG) of DeenDayalUpadhyaya Gram Jyoti Yojana (DDUGJY), electricity access is provided to all the villages/habitations where grid connectivity is either not feasible or not cost effective including those situated in backward and remote areas of the country. This includes mini grids and standalone systems. 

Shri Goyal informed that as on 30.6.2017, 4,220 projects have been sanctioned with the project cost of Rs.1354.60 crore, in various States across the country under the DDG scheme. All the remaining un-electrified villages are targeted to be electrified by May, 2018. 

Further, the Minister stated that a subsidy of Rs.246.84 crore was disbursed under DDG during the last three years. The State-wise details of capital subsidy released under DDG during the last three years 2014-15, 2015-16 and 2016-17 are as follows:

Sr. No.

Name of the State

Subsidy amount                                                    (Rs. in crore)

1

Andhra Pradesh

14.4025

2

Assam

81.6966

3

Chhattisgarh

96.1373

4

Karnataka

5.2974

5

Kerala

1.2439

6

Madhya Pradesh

10.5729

7

Rajasthan

24.6835

8

Uttarakhand

1.4834

9

Uttar Pradesh

11.3187

 

Grand Total

246.8363

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Decentralized Distributed Generation for Electrification of Remote/Backward Areas-
Aug 03,2017

The Minister of State (IC) For Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, informed about the steps taken by the Government for electrification of villages situated in backward and remote areas of the country through new and renewable energy sources. 

The Minister stated that under the Decentralized Distributed Generation (DDG) of DeenDayalUpadhyaya Gram Jyoti Yojana (DDUGJY), electricity access is provided to all the villages/habitations where grid connectivity is either not feasible or not cost effective including those situated in backward and remote areas of the country. This includes mini grids and standalone systems. 

Shri Goyal informed that as on 30.6.2017, 4,220 projects have been sanctioned with the project cost of Rs.1354.60 crore, in various States across the country under the DDG scheme. All the remaining un-electrified villages are targeted to be electrified by May, 2018. 

Further, the Minister stated that a subsidy of Rs.246.84 crore was disbursed under DDG during the last three years. The State-wise details of capital subsidy released under DDG during the last three years 2014-15, 2015-16 and 2016-17 are as follows: 

Sr. No.

Name of the State

Subsidy amount  (Rs. in crore)

1

Andhra Pradesh

14.4025

2

Assam

81.6966

3

Chhattisgarh

96.1373

4

Karnataka

5.2974

5

Kerala

1.2439

6

Madhya Pradesh

10.5729

7

Rajasthan

24.6835

8

Uttarakhand

1.4834

9

Uttar Pradesh

11.3187

 

Grand Total

246.8363

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States under UDAY achieve improvement of 1.07% in AT&C losses and Rs.0.13 a Unit in ACS-ARR gaps in FY 2017
Aug 03,2017

The Minister of State (IC) For Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, said that interventions under Ujwal DISCOM Assurance Yojana (UDAY) including reduction in interest costs & cost of power and efficiency gains have yielded encouraging results.

The Minister said that as per the unaudited data submitted by States, the participating States have achieved an improvement of 1.07% in Aggregate Technical & Commercial (AT&C) losses and Rs.0.13 a Unit in Average Cost of Supply (ACS) - Average Revenue Realized (ARR) gaps in FY 2017. However, different states have different trajectories since they have joined UDAY at different time.

Shri Goyal also stated that the participating states have already issued Bonds of approximately Rs.2.32 lakh crores, which addresses 86% of the debt envisaged in Memorandum of Understanding (MoU) executed under UDAY.

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Board of Transformers & Rectifiers India approves fund raising and stock split
Aug 03,2017

Transformers & Rectifiers India announced that the Board of Directors at its meeting held on 03 August 2017 transacted the following -

To obtain enabling approvals, from the shareholders for issuance of equity shares, and/or equity linked securities and/or securities convertible into equity shares through qualified institutional placement or preferential allotment for an amount not exceeding Rs 250 crore, subject to approval of members in AGM.

Sub-division of equity shares of the Company from face value of Rs 10 per share to Rs 1 per share, subject to approval of members.

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Post GST reduction of incidence of Tax on Coal Consumers
Aug 03,2017

In pre GST regime there was Excise Duty on Coal @ 6% , Stowing Excise Duty @ Rs. 10 per tonne of coal production, VAT@ 5% (on intra-state sale), Central Sales Tax @ 2% (on inter-state sale, on submission of Form C) . Post implementation of GST all the above mentioned taxes and levies have been subsumed and GST @ 5% is being charged to consumers. This was stated by Shri Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy and Mines in a written reply to a question in the Lok Sabha today.

The Minister further stated that Clean Environment Cess @ Rs 400 per tonne was payable prior to GST which has been repealed and a new levy namely GST Compensation Cess has been introduced @ 400 per tonne of coal. However, previously VAT/CST was charged on Clean Environment Cess but no such taxes are levied on GST Compensation Cess.

Following Steps have been taken by Ministry of Coal to facilitate the stakeholders in the implementation of GST:-

i. A facilitation cell, headed by JS & FA, Ministry of Coal and facilitation cells in CIL & its subsidiaries and NLCIL are functional. Toll free number has also been provided.

ii. Various meetings at the level of Minister, Secretary & Additional Secretary were held with CPSEs and various stakeholders.

iii. Help desk has been provided to the Stakeholders/ contractors for facilitating registration on GST Portal/ clarifications.

iv. The FAQs have been uploaded on the websites of CIL Subsidiaries, which were raised during the interaction.

v. Awareness program has been organized with customers and suppliers at various places to sensitize them for migrating to GST system.

vi. Training session was also conducted in association with CBEC for the officers / officials of the Ministry of Coal & its CPSEs .

vii. Around 160 training programs were organized by Coal India Limited & its subsidiaries and NLC India Limited.

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