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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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Firms must step up focus & spending on strengthening IT systems to thwart cyber attacks: Study
Aug 02,2017

The focus and spending on information technology (IT) systems by business organisations in India needs to be complemented with similar efforts in operational technology (OT) and consumer technology (CT) systems to combat myriad cyber attacks, suggested a recent ASSOCHAM-PwC study.

n++Currently, such initiatives are not taking place, thereby leading to a rise in attacks by cybercriminals,n++ said the study titled, Protecting interconnected systems in the cyber era, jointly conducted by ASSOCHAM and PricewaterhouseCoopers (PwC).

OT and CT systems have long been used in industrial and end-user products to monitor and control physical processes. Traditionally, these technologies have been air-gapped, in that they are segregated from the IT network. However, OT and CT systems are becoming increasingly interconnected and integrated with other IT systems.

n++Economic challenges, resource constraints, business requirements and technology standardisation have made it impractical to continue completely segregating OT and CT networks from IT networks,n++ noted the ASSOCHAM-PwC study.

With an increase in the usage of information and OT and CT in critical infrastructure, overall effectiveness has increased. However, these elements have also become the target of choice for attackers since they recognise the impact of disrupting the routine way of life.

Thus, considering that organisations today are more reliant on OT and CT networks to control their operations and infrastructure, they should build a forward-looking cyber security programme that is based on the right balance of technologies, processes and people skillsn++all supplemented with an ample measure of innovation.

n++With these components in place, organisations are likely to be better prepared for the future of cyber security,n++ said the ASSOCHAM-PwC study.

Attackers can gain control of vital systems such as nuclear plants, railways, transportation or hospitals that can subsequently lead to dire consequences such as power failures, water pollution or floods, disruption of transportation systems and loss of life.

n++By identifying cyber security flaws and issues, decision makers will be better placed to implement appropriate security controls, design additional secure architectures, monitor targeted attacks and maintain effective cyber resilience for their IT, OT and CT networks,n++ said the ASSOCHAM-PwC study.

It also highlighted certain cyber security gaps in OT and CT systems amid organisations in India - lack of accountability about ownership to secure OT and CT infrastructure; poor maintenance of basic security hygiene (missing security updates, poor password practices, insecure encryption and authentication, lack of segregation within networks); limited understanding of security risks and vulnerabilities amid stakeholders; poor monitoring for security purposes; missing security plans thereby increasing potential impact of incident.

Maintaining a secure and resilient OT and CT environment requires a comprehensive strategy that covers security governance and process, implementation of the right technology and employing people with the right skills.

n++A national strategy to secure critical infrastructures requires collaborative efforts through timely information sharing across critical sectors. Timely information on events and incidents to critical infrastructure stakeholders, for potential cross-sectoral impacts, would help in appropriate response mechanism. National-level cross-sector forums could be established to institutionalise the cooperation between various critical sectors.n++

Besides, a clear understanding of cyber risks and adequate cooperation between relevant business, IT, OT and CT teams is required.

The study also impressed upon the need for setting up sector-specific nodal body for designing plan, advisories and guidelines to manage and govern overall cyber security aspect for the sector and enhance public-private partnerships.

Further, it suggested for an emergency warning network regarding cyber vulnerabilities, threats and incidents is crucial to proactively analyse and respond to damage or attacks on such infrastructures.

n++With regard to security incidents in critical infrastructure, organised efforts are required to reduce the potential cascading impact and response time,n++ the report recommended.

Incident response for critical infrastructures requires a partnership between public and private organisations to perform analysis, issue early warnings and coordinate response efforts, it added.

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