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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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Samyak International to hold board meeting
Feb 07,2017

Samyak International will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve unaudited financial results of the company for the quarter and nine months ended on 31 December 2016.

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Agarwal Industrial Corporation to hold EGM
Feb 07,2017

Agarwal Industrial Corporation announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 2 March 2017 .

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Gujarat Metallic Coal & Coke to hold board meeting
Feb 07,2017

Gujarat Metallic Coal & Coke will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and take on record un-audited financial results of the Company for the Quarter ended 31 December 2016.

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Vintage Securities to hold board meeting
Feb 07,2017

Vintage Securities will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, approve and take on record the Un-Audited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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Ramky Infrastructure to hold board meeting
Feb 07,2017

Ramky Infrastructure will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and adopt the Unaudited Financial Results of the company for the Quarter ended 31 December 2016 amongst other matters.

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Dhanada Corporation to hold board meeting
Feb 07,2017

Dhanada Corporation will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the unaudited Financial Result of the Company for the Quarter ended 31 December 2016.

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Suvidha Infraestate Corporation to hold board meeting
Feb 07,2017

Suvidha Infraestate Corporation will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve the unaudited Financial Result of the Company for the Quarter ended 31 December 2016.

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RCI Industries & Technologies to hold board meeting
Feb 07,2017

RCI Industries & Technologies will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve Unaudited Standalone & Consolidated Financial Results along with Limited Review Report for the Quarter and Nine Months ended 31 December 2016.

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Value Industries to hold board meeting
Feb 07,2017

Value Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and take on record the Un-audited Financial Results for the quarter and period ended on 31 December 2016.

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Thakkers Developers to hold board meeting
Feb 07,2017

Thakkers Developers will hold a meeting of the Board of Directors of the Company on 14 February 2017, to take on record of Unaudited Financial Results for the Quarter ended 31 December 2016.

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PNB gains after strong Q3 results
Feb 07,2017

The result was announced during trading hours today, 7 February 2017.

Meanwhile, the BSE Sensex was down 154.38 points, or 0.54%, to 28,284.90.

On the BSE, so far 41.87 lakh shares were traded in the counter, compared with average daily volumes of 11.67 lakh shares in the past one quarter. The stock had hit a high of Rs 155.60 and a low of Rs 147.80 so far during the day.

The stock hit a 52-week high of Rs 164.30 on 11 November 2016. The stock hit a 52-week low of Rs 69.40 on 17 February 2016.

The large-cap state-run bank has equity capital of Rs 425.59 crore. Face value per share is Rs 2.

The Punjab National Banks gross non-performing assets (NPAs) stood at Rs 55627.51 crore as on 31 December 2016 as against Rs 56465.63 crore as on 30 September 2016 and Rs 34338.22 crore as on 31 December 2015.

The ratio of gross NPAs to gross advances stood at 13.70% as on 31 December 2016 as against 13.63% as on 30 September 2016 and 8.47% as on 31 December 2015.

The ratio of net NPAs to net advances stood at 9.09% as on 31 December 2016 as against 9.10% as on 30 September 2016 and 5.86% as on 31 December 2015.

The banks provisions and contingencies (excluding tax provisions) fell 22.24% to Rs 2935.86 crore in Q3 December 2016 over Q3 December 2015.

Provision coverage ratio of the bank was at 54.96% as on 31 December 2016.

Government of India holds 65.013% stake in Punjab National Bank (as on 31 December 2016).

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Housing Development & Infrastructure to hold board meeting
Feb 07,2017

Housing Development & Infrastructure will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve Un-audited Financial Results of the Company for the Third Quarter and Nine Months ended 31 December 2016 (Q3)

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Board of Hexaware Technologies recommends dividend
Feb 07,2017

Hexaware Technologies announced that the Board of Directors of the Company at its meeting held on 7 February 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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South Indian Bank vaults after bulk deal
Feb 07,2017

Meanwhile, the S&P BSE Sensex was down 166.88 points or 0.59% at 28,272.40

Bulk deal boosted volume on the South Indian Bank scrip. On BSE, so far 39.40 lakh shares were traded in the counter as against average daily volume of 7.82 lakh shares in the past one quarter. The stock hit a high of Rs 23.30 and low of Rs 22.40 so far during the day. The stock had hit a record high of Rs 25.55 on 7 October 2016. The stock had hit a 52-week low of Rs 16.40 on 29 February 2016.

The mid-cap private sector bank has equity capital of Rs 135.21 crore. Face value per share is Re 1.

South Indian Banks net profit rose 9.59% to Rs 111.38 crore on 11.31% rise in total income to Rs 1737.47 crore in Q3 December 2016 over Q3 December 2015.

South Indian Bank is a private sector bank in India headquartered in Thrissur, Kerala.

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Focus of the Budget is on tax compliance
Feb 07,2017

The budget this year focuses on the clarity and certainty of the tax laws, while at the same time endeavoring to make the country more tax compliant and to honour the honest taxpayers. The focus areas for the budget this year are digitalization, demonetization, expansion of tax base, and saving the genuine tax payers from any harassment from the taxmann++, said Mr Sushil Chandra, Chairman, Central Board of Direct Taxes, Ministry of Finance.

Mr Sushil Chandra further emphasized on the policy and direction of the budget, and assured the industry that the Government would come up with any clarifications that might be called for on any of the newly introduced legislations, such as GAAR and POEM.

Mr Ram Tirath, Member - Budget and GST, Central Board of Excise & Customs, Ministry of Finance mentioned that n++since the Government is committed on bringing GST with effect from 1st July, there are not many changes in the area of indirect taxes. The changes that have been incorporated in the budget are largely in the areas of digitization, ease of doing business, export promotion and anti-avoidance. The move to GST will be a smart transformation, i.e. Simple, Moral, Accountable, Responsible and Transparent, and will radically change the indirect taxation scenario of the countryn++. Mr Ram Tirath further added that the final GST law is expected to be in the public domain by the end of March.

Mr Sushil Kumar Sahai, Member - Income Tax, Central Board of Direct Taxes, Ministry of Finance addressed the concerns of the industry on issues involving tax reduction for MSME companies, MAT, APA, IndAS, GAAR and POEM. Mr Sahai stressed on the focus of the Government to save the genuine tax payers from any harassment under the newly launched Operation Clean Money. He promised to take back to the Government the concerns of the industry on the levy of surcharge on personal incomes between Rs 50 lakhs and 1 crore.

Mr Rajiv Memani, Chairman, CII National Committee on Taxation congratulated the Government on coming up with an outstanding and prudent budget, with emphasis on fiscal prudence, widening of the tax base, ease of doing business and tax compliance. Mr Memani appreciated the reduction of corporate tax rate for MSMEs, saying that it would go a long way in supporting the growth of the sector.

Mr Memani requested the Government to consider and address the concerns of the industry on various issues like MAT, APA, GAAR, long term capital gains, possible harassment to tax payers and Operation Clean money. n++The Government should reconsider the surcharge proposed on incomes between Rs 50 lakhs and 1 crore, as the move goes against the Governments intention to reward the honest taxpayers The Government should consider reducing the rate of surcharge to 5%, if not remove it altogethern++, suggested Mr Memani.

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