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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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Jagsonpal Finance & Leasing to convene board meeting
Aug 02,2017

Jagsonpal Finance & Leasing will hold a meeting of the Board of Directors of the Company on 12 August 2017.

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Sanblue Corp. to table results
Aug 02,2017

Sanblue Corp. will hold a meeting of the Board of Directors of the Company on 14 August 2017, to approve the unaudited financial results for the Quarter ended on 30th June, 2017

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Coastal Corporation to convene board meeting
Aug 02,2017

Coastal Corporation will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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UTL Industries to table results
Aug 02,2017

UTL Industries will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Motherson Sumi Systems schedules AGM
Aug 02,2017

Motherson Sumi Systems announced that the 30th Annual General Meeting (AGM) of the company will be held on 21 August 2017.

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Spice Mobility to announce Quarterly Result
Aug 02,2017

Spice Mobility will hold a meeting of the Board of Directors of the Company on 8 August 2017, to inter-alia consider and approve the Unaudited Financial Results for the quarter ended 30th June, 2017.

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Assambrook announces board meeting date
Aug 02,2017

Assambrook will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Un-audited Financial Result for the quarter year ended 30th June, 2017.

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Khaitan Electricals to declare Quarterly Result
Aug 02,2017

Khaitan Electricals will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider approve and take on record the Un-audited Financial Results (Provisional) for the First Quarter ended as on 30th June, 2017, to discuss, consider and approve the appointment and terms and condition of appointment of statutory Auditor, & to fix date, time venue of the Annual General Meeting

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Ballarpur Industries to hold board meeting
Aug 02,2017

Ballarpur Industries will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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RBI has issued Cyber Security Framework in Banks
Aug 02,2017

As per data reported by the Reserve Bank of India (RBI), the number of cyber crime pertaining to credit card, ATM, debit card and Internet banking shows a marginal increase of 4.4% from 13,083 in 2014-15, to 13,653 in 2016-17.

RBI has issued Cyber Security Framework in Banks, mandating banks to put in place a Board-approved cyber-security policy, which covers the risks from cyber threats and the measures to address/ mitigate these risks.

RBI has issued instructions to banks for reversal of erroneous debits arising from fraudulent or other transactions, and for Board-approved bank policy to cover customer protection, the mechanism of compensating the customer for the unauthorised electronic banking transactions, and display of the same on the banks website, along with the details of grievance-handling / escalation procedure. Under the Banking Ombudsman Scheme, if a customer does not receive any reply within a period of one month after receipt of representation by the bank or is not satisfied with the reply given, he can file a complaint before the Ombudsman, who can ask the bank to pay compensation of up to Rs. 20 lakh to the customer for loss, suffered by the customer due to an act of omission of the bank, and also compensation of up to Rs. 1 lakh for mental agony and harassment.

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Hero MotoCorp gains after decent July sales
Aug 02,2017

The announcement was made after market hours yesterday, 1 August 2017.

Meanwhile, the S&P BSE Sensex was up 37.49 points, or 0.12% to 32,612.66.

On the BSE, 2,768 shares were traded in the counter so far, compared with average daily volumes of 65,533 shares in the past one quarter. The stock had hit a high of Rs 3,820.50 and a low of Rs 3,743.45 so far during the day. The stock hit a record high of Rs 3,880.25 on 5 June 2017. The stock hit a 52-week low of Rs 2,844.40 on 17 November 2016.

The stock had underperformed the market over the past one month till 1 August 2017, falling 1.47% compared with 4.34% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 10.49% as against Sensexs 8.97% rise. The scrip had underperformed the market in past one year, rising 14.16% as against Sensexs 16.42% rise.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorp said it commenced the second quarter of the fiscal with a robust six-lakh plus sales in July, despite sluggish sales for the first few days of the month due to the transition to goods and services tax (GST). The company said it is confident of carrying forward this growth momentum into the upcoming festive season.

Net profit of Hero MotoCorp rose 3.50% to Rs 914.04 crore on 7.74% rise in net sales to Rs 7971.58 crore in Q1 June 2017 over Q1 June 2016.

Hero MotoCorp is the worlds largest manufacturer of two-wheelers.

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Board of Den Networks approves change in directorate
Aug 02,2017

The Board of Den Networks announced that the Board of Directors of the Company at its meeting held on 01 August 2017 has accepted the resignation of Dr Archana Niranjan Hingorani from the directorship of the Company. The Board has appointed Krishnakumar Gangadharan as Non Executive Director of the Company.

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Board of Vitan Agro Industries approves change in directorate
Aug 02,2017

Vitan Agro Industries announced that the Board of Directors of the Company at its meeting held on 01 August 2017 approved the following -

1. Appointment of Navin Somani Kumar (DIN: 07887499) as an Additional Director of the Company with immediate effect.

2. Appointment of Priyanka Gaur (DIN: 07775206) as an Additional cum Independent Director of the Company with immediate effect.

3. Resignation of Baskaran Sathya Prakash (DIN: 01786634), Independent Director of the Company with immediate effect.

4. Resignation of Thilagarasu Venkatasamy (DIN: 01753148), Whole time Director of the Company with immediate effect.

5. Appointment of Navin Somani Kumar (DIN: 07887499) as Managing Director of the Company w.e.f. 02 August, 2017.

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Hinduja Global Solutions fixes record date for interim dividend
Aug 02,2017

Hinduja Global Solutions has fixed 18 August 2017 as record date for interim dividend.

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Bajaj Auto sales fall 7% in July 2017
Aug 02,2017

Bajaj Auto achieved total sales of 307,727 units in July 2017 compared to 329,833 units in July 2016, recording a decline of 7%. Total sales included domestic sales of 186,497 units and exports of 121,230 units in July 2017, recording decline of 6% and 8% respectively over July 2016.

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