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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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DCW intimates of disruption of operations
Feb 04,2017

DCW announced that the workers of the Companys factory at Sahupuram, Tamil Nadu has resorted disruption of the operations of the factory without any formal notice of the strike. They have resorted to blocking of the movement of finished products out of the factory premises and also entry of vehicles carrying raw materials into the factory premises.

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Closure of Public Sector Undertakings (PSUs)
Feb 04,2017

NITI Aayog constituted a committee on Sick/Loss making/Non performing Central Public Sector Enterprises (CPSEs) on March 9th 2016. The committee noted that financial performance of 74 CPSEs has been unsatisfactory and a number of these have requested for and received periodic support from budgetary resources. Over the years, this has become a significant drain on limited resources of the government. The committee has made the recommendations of closure/winding up of 26 such CPSEs.

Under the Central Sector Scheme of DPE i.e. Counseling, Retraining & Redeployment (CRR Scheme) skill development training is providing to CPSEs employees separated under Voluntary Retirement Scheme (VRS)/Voluntary Separation Scheme (VSS) (VRS/VSS Optees) to enable them to get redeployment or to take up self-employment. The Scheme has a provision for training of the dependent also in lieu of the VRS/VSS Optees.

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Shriram City Union Finance announces resignation of director
Feb 04,2017

Shriram City Union Finance announced that Ramakrishnan Subramanian, Non-Executive, Non-Independent Director informed the Company his decision to step down from the Board of Directors and all Committees of the Company with immediate effect.

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Wheat and Pulses have register record sowing in term of area
Feb 04,2017

As per preliminary reports received from the States, the total area sown under Rabi crops as on 3rd February 2017 stands at 645.12 lakh hectares as compared to 610.44 lakh hectare this time in 2016. Wheat and pulses have register record sowing in term of area.

             Wheat has been sown/transplanted in 317.81 lakh hectares (normal area 304.05 lakh hectare), rice in 25.64 lakh hectares, pulses in 159.72 lakh hectares( normal area 140.68 lakh hectares), coarse cereals in 57.61 lakh hectares and area sown under oilseeds is 84.34 lakh hectares.

The area sown so far and that sown during last year this time is as follows:

Lakh hectare 

CropArea sown in 2016-17Area sown in 2015-16Wheat317.81297.25Rice25.6429.03Pulses159.72143.70Coarse Cereals57.6161.05Oilseeds84.3479.42Total645.12610.44

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Opening of Bank Accounts and Promotion of Digital Payments in Textile Sector
Feb 04,2017

Government has launched a special drive for opening of bank accounts and promotion of digital payments in the textiles sector, by organizing special camps. As on 20 January 2017, a total of 11,86,203 bank accounts have been opened and activated for textile workers, which includes 17,245 jute workers. For weavers and artisans of handloom and handicraft sectors, 1,912 camps were organized upto 20 January 2017; a total of 6,28,215 bank accounts have been opened/mobile apps downloaded by the participants of these camps. Banks have provided micro-ATM facilities at weaving clusters.

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Kalyanpur Cements announces cessation of BIFR nominated director
Feb 04,2017

Kalyanpur Cements announced that consequent upon winding up of BIFR as a result of notification of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 BIFR has ceased to exist and Winding Up Cell of BIFR has informed that the Special Directors appointed by BIFR would not continue on the board of the companies where they were appointed as Special Directors.

Accordingly, Ashok Kumar Dutta, appointed by BIFR as Special Director has ceased to be member of the Board of Directors of the Company.

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Dalmia Bharat allots 60000 equity shares
Feb 04,2017

Dalmia Bharat has allotted 60000 equity shares of Rs 2 each on 03 February 2017 pursuant to the Employee Stock Option Scheme.

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Marico announces resignation of director
Feb 04,2017

Marico announced that Atul Choksey Independent Director of the Company has tendered his resignation with effect from 01 April 2017 on the grounds of paucity of time, vide his letter dated 01 February 2017, which was received by the Company on 02 February 2017.

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Gulf Oil Lubricants India allots 8,526 equity shares
Feb 04,2017

Gulf Oil Lubricants India announced that on 03 February 2017 the Company has allotted 8,526 Equity Shares of Rs. 2/- each fully paid-up to the grantees on exercise of the options granted to them pursuant to the Gulf Oil Lubricants India Limited - Employee Stock Option Scheme 2015.

These Equity Shares rank pari-passu with existing Equity Shares of the Company.

In view of the above the issued and paid-up capital of the Company stands increased to Rs. 9,92,46,136/- consisting 4,96,23,068 Equity Shares of Rs. 2/- each.

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Credit Analysis & Research fixes record date for 3rd interim dividend
Feb 04,2017

Credit Analysis & Research has fixed 15 February 2017 as the Record Date for the purpose of payment of Third Interim Dividend.

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Board of Credit Analysis & Research declares 3rd interim dividend
Feb 04,2017

Credit Analysis & Research announced that the Board of Directors of the Company at its meeting held on 03 February 2017, inter alia, have declared 3rd Interim Dividend of Rs. 6/- per equity share of Rs. 10/- each for financial year 2016-17.

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Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore
Feb 04,2017

Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial year 2017-18, the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore.

As per Receipt Budget 2017-18, the Budget Estimates for direct taxes have been fixed at Rs. 9,80,000 crore, including Rs. 5,38,745 crore for Corporation Tax and Rs. 4,41,255 crore for Taxes on Income.

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Kanoria Chemicals & Industries gets revision in credit ratings for bank facilities
Feb 04,2017

Kanoria Chemicals & Industries announced that Credit Analysis & Research (CARE) has revised the credit rating for the long term bank facilities of the Company to CARE A+ (Single A Plus) from the existing rating of CARE AA- (Double A Minus).

The existing credit ratings for the short term bank facilities and Commercial Paper have been reaffirmed as CARE A1+ (A One Plus).

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Board of Orissa Sponge Iron & Steel approves change in directorate
Feb 04,2017

Orissa Sponge Iron & Steel announced that the Board of Directors of the Company at its meeting held on 02 February 2017 approved the following change in directorate -

Cessation of S K Khetan.
Appointment of Nancy Roy as Additional Independent Woman Director.
Appointment of Mukesh Bhagat as an Additional Independent Director on the Board.
Approved allotment of 15 lakh shares on conversion of equivalent share warrants.

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Board of Zee Media Corporation appoints executive director
Feb 04,2017

The Board of Directors of Zee Media Corporation at its meeting held on 03 February 2017 has approved the appointment of Jagdish Chandra as Executive Director - Regional News Channels of the Company for a period of 5 years with effect from 03 February 2017.

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