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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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Winsome Textile Industries AGM scheduled
Aug 01,2017

Winsome Textile Industries announced that the 36th Annual General Meeting (AGM) of the company will be held on 4 September 2017.

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Polylink Polymers (India) to hold board meeting
Aug 01,2017

Polylink Polymers (India) will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Unaudited Financial Results of the Company for the Quarter ended as on 30th June 2017 and other business.

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Board of Hexaware Technologies recommends dividend
Aug 01,2017

Hexaware Technologies announced that the Board of Directors of the Company at its meeting held on 31 July 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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Shiva Cement to hold board meeting
Aug 01,2017

Shiva Cement will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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Cosmo Films announces board meeting date
Aug 01,2017

Cosmo Films will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Universal Starch Chem Allied to announce Quarterly Result
Aug 01,2017

Universal Starch Chem Allied will hold a meeting of the Board of Directors of the Company on 8 August 2017, to consider and approve the Un-audited Financial Results of the Company for the Quarter ended 30th June, 2017

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IFCI schedules board meeting
Aug 01,2017

IFCI will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider and approve the financial results of the Company for the quarter ended June 30, 2017

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Ador Welding to announce Quarterly Result
Aug 01,2017

Ador Welding will hold a meeting of the Board of Directors of the Company on 30 August 2017, to consider and approve the Unaudited Financial Results (Provisional-Standalone) of the Company, along with Segmentwise Revenue, Results & Capital Employed for the First Quarter (three months) ended 30th June, 2017 and as of 30th June 2017, respectively

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Lakshmi Vilas Bank revises MCLR rates
Aug 01,2017

Lakshmi Vilas Bank has revised the Marginal Cost of Funds based Lending Rates with effect from 01 August 2017 as under -

Overnight - 9.50%
One month - 9.50%
Three month -9.50%
Six month - 9.45%
One year - 9.45%

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Ashok Leyland records 14% growth in total sales in July 2017
Aug 01,2017

Ashok Leyland has achieved total sales of 11981 units in month of July 2017, a growth of 14% over sales of 10492 units in July 2016.

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Capital First invests Rs 99.99 crore in subsidiary - Capital First Home Finance
Aug 01,2017

Capital First has made an investment of Rs 99.99 crore in Capital First Home Finance, a wholly owned subsidiary by way of subscription to rights issue of equity shares of CFHF which have been allotted on 31 July 2017. The said funds will be utilised for growth of operations of CFHF.

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Maruti Suzuki gains after good July sales
Aug 01,2017

The announcement was made during trading hours today, 01 August 2017.

Meanwhile, the S&P BSE Sensex was up 5.74 points, or 0.02% to 32,520.68.

On the BSE, 41,000 shares were traded in the counter so far, compared with average daily volumes of 50,696 shares in the past one quarter. The stock had hit a high of Rs 7,920 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 7,729.05 so far during the day. The stock hit a 52-week low of Rs 4,769.65 on 21 November 2016.

The stock had outperformed the market over the past one month till 31 July 2017, rising 6.79% compared with 5.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.95% as against Sensexs 8.67% rise. The scrip had also outperformed the market in past one year, rising 58.28% as against Sensexs 16.11% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki Indias domestic sales grew by 22.4% to 1.54 lakh units in July 2017 over July 2016. Export sales rose 0.01% to 11,345 units in July 2017 over July 2016.

Maruti Suzuki Indias net profit rose 4.4% to Rs 1556.40 crore on 16.7% rise in net sales to Rs 17132.40 crore in Q1 June 2017 over Q1 June 2016.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 June 2017).

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Zydus receives final approval for Temozolomide Capsules
Aug 01,2017

Zydus Cadila has received final approval from USFDA to market Temozolomide Capsules in strengths of 5 mg, 20 mg, 100 mg, 140 mg, 180 mg and 250 mg. Temozolomide capsule is a chemotheraphy drug used in the management of brain tumors.

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Union Bank of India gets levy of penalty by RBI
Aug 01,2017

Union Bank of India announced that the Reserve Bank of India has imposed a penalty of Rs. 1 crore on the Bank for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms in a case of huge cash withdrawals in certain accounts maintained with the Bank.

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Polyplex (Thailand) to set up greenfield PET film line project in Indonesia
Aug 01,2017

Polyplex Corporation announced that the Board of Directors of Polyplex (Thailand), a subsidiary of the Company in which the Company has 51% stake in equity share capital, have decided to set up a greenfield PET Film Line project of a capacity of 44,000 TPA alongwith upstream resin line and downstream coating plant, in Indonesia at an estimated cost of USD 95 Million (including Working Capital of USD 15 Million).

Above project would be implemented in a subsidiary/ step down subsidiary of PTL.

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