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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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Sastasundar Ventures to convene board meeting
Jul 31,2017

Sastasundar Ventures will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider and approve the Un Audited Standalone and Consolidated Financial Results of the Company for the quarter ended 30th June, 2017

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Refex Industries to discuss results
Jul 31,2017

Refex Industries will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and take on record the Unaudited Financial Results of the Company for the Quarter ended 30th June, 2017

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PNC Infratech announces board meeting date
Jul 31,2017

PNC Infratech will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the un-audited Financial Results for the Quarter ended 30th June, 2017.

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Kewal Kiran Clothing schedules AGM
Jul 31,2017

Kewal Kiran Clothing announced that the 26th Annual General Meeting (AGM) of the company will be held on 7 September 2017.

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GVK Power & Infrastructure schedules board meeting
Jul 31,2017

GVK Power & Infrastructure will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and take on record the Un-audited Financial Results of the Company for the quarter ended 30th June,2017

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Acme Resources to convene board meeting
Jul 31,2017

Acme Resources will hold a meeting of the Board of Directors of the Company on 11 August 2017, to approve the Standalone Unaudited Financial Results of the Company for the Quarter ended on 30th June 2017

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Indian Overseas Bank announces board meeting date
Jul 31,2017

Indian Overseas Bank will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider and approve the Unaudited (Reviewed) Financial Results of the Bank for the Quarter ended 30th June 2017.

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Tulip Star Hotels to table results
Jul 31,2017

Tulip Star Hotels will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Moodys: Asia Pacific corporates to see stable rating trend in 2H 2017
Jul 31,2017

Moodys Investors Service says that the stable rating trend for non-financial corporates in Asia Pacific during 2Q 2017 (the three months ended 30 June 2017) will likely continue through 2H 2017 (the six months ending 31 December 2017).

The stable rating trend for 2H 2017 will be supported by broadly-based global growth, stronger export demand, and the recovery of commodity prices, says Clara Lau, a Moodys Group Credit Officer.

Moodys report points out that the share of ratings with negative implications for non-financial corporates in Asia (excluding Japan, Australia and New Zealand) slid to 19% at end-June 2017 from 29% at end-March 2017.

As a result, the share of ratings with stable outlooks rose to 74% at end-2Q 2017, the highest since the 75% seen at end-1Q 2015.

In Moodys Japanese portfolio for non-financial corporates, the share of ratings with negative implications dropped to 24% at end-2Q from 29% the previous quarter.

And, in Moodys Australian portfolio for non-financial corporates, the share of ratings with negative implications stayed at 12%, which was notably lower than the peak of 23% at end-2Q 2016.

Moodys report also explains that the pressure on companies in the metals & mining industry is easing, as the industry bottomed out. In Moodys Asian (excluding Japan, Australia and New Zealand) portfolio, the share of ratings with negative implications for metals & mining issuers dropped to around 27% at end-June 2017 from 60% at end-March 2017.

By contrast, companies in the retail segment are under pressure, with more than 30% of retailers carrying ratings with negative implications.

For the property sector, 23% of developers ratings show negative implications, because national sales are slowing and regulatory measures tightening.

During 2Q 2017, the share of negative rating actions (20) n++ excluding 28 sovereign-driven actions n++ slightly outpaced the 15 positive rating actions for Moodys non-financial corporates in Asia Pacific.

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Infra Industries declares Quarterly Result
Jul 31,2017

Infra Industries will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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B A G Films & Media to table results
Jul 31,2017

B A G Films & Media will hold a meeting of the Board of Directors of the Company on 9 August 2017, to consider and approve, inter alia, the Un-audited Financial Results of the Company for the quarter ended June 30, 2017.

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Gravity (India) schedules board meeting
Jul 31,2017

Gravity (India) will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Jaiprakash Associates to table results
Jul 31,2017

Jaiprakash Associates will hold a meeting of the Board of Directors of the Company on 5 August 2017, to consider and approve the Un-audited Standalone Financial Results of the Company for the quarter ended 30th June, 2017.

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Lloyd Rock Fibres schedules board meeting
Jul 31,2017

Lloyd Rock Fibres will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Un-Audited Financial Results for the Quarter ended 30th June ,2017

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Kovalam Investment & Trading Co. declares Quarterly Result
Jul 31,2017

Kovalam Investment & Trading Co. will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and take on records the Unaudited Financial Results of the Company for the quarter ended on 30.06.2017.

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