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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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NBCC (India) secured new orders worth Rs 187.49 crore
Feb 06,2017

NBCC (India) has secured orders worth Rs 187.49 crore in the month of January 2017.

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Vedanta shifts registered office
Feb 06,2017

Vedanta announced that its registered office is shifted from State of Goa to State of Maharashtra with effect from 04 February 2017.

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Trade Wings appoints company secretary and compliance officer
Feb 06,2017

Trade Wings announced that Zurica Pinto has been appointed as the Whole time Company Secretary and Compliance Officer of the Company w.e.f. 06 February 2017 at the Board Meeting held on 06 February 2017.

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Axis Bank allots 142310 equity shares
Feb 06,2017

Axis Bank announced that the Bank has allotted 1,42,310 equity shares of Rs. 2/- each on 06 February 2007, pursuant to exercise of options under its ESOP Scheme.

The paid up share, capital of the Bank of the accordingly increase from Rs. 478,32,66,346 (239,16,33,173 equity shares of Rs. 2/- each) to Rs. 478,35,50,966 (239,17,75,483 equity shares of Rs. 2/- each).

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Titagarh Wagons receives order worth Rs 100 crore for two costal research vessels
Feb 06,2017

Titagarh Wagons has received Letter of Intent dated 30 January 2017 from the National Institute of Ocean Technology under the Ministry of Earth Sciences, Government of India for design, construction and delivery of two Coastal Research Vessels valued at about Rs.100 crore.

The above order is in consolidation of the order book position of the Shipbuilding vertical of the Company.

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Ashok Leyland gets revision in credit ratings
Feb 06,2017

Ashok Leyland has received revision in credit ratings from CARE as under -

Long term / short term bank facilities - CARE AA; Stable/ CARE A1+ (Revised from CARE AA-/ CARE A1+)

Commercial Paper - CARE A1+ (Reaffirmed)

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TCS wins award for Best Supplier -IT Services for year 2015-16
Feb 06,2017

Tata Consultancy Services has been awarded the Best Supplier - IT Services for the year 2015 -16 by Infineon Technologies AG, a world leader in semiconductor solutions. The accolade was made in recognition of outstanding service delivery in supply chain and customer software development.

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Bharti Airtel cross two million home broadband customers mark
Feb 06,2017

Bharti Airtel rolled out Airtel Surprises for its home broadband customers offering them additional data and content benefits within their existing plans. This is a special gesture by the Company to mark the two million home broadband subscriber milestone.

All existing Airtel home broadband customers will get free additional monthly data top-up with their existing broadband at no extra cost.

To avail the offer of Airtel Surprises, customers will have to log on to www.airtel.in/broadbandsurprises and unlock their surprise.

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Mangalam Timber Products announce demise of director
Feb 06,2017

Mangalam Timber Products announced about the sad demise of Prabir Chakravarti, Independent, Non-Executive Director of the Company, on 05 February 2017.

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REC enters into MoUs with Karnatatka Power Corporation & Bangalore Electricity Supply Company
Feb 06,2017

Rural Electrification Corporation announced that the Company has entered into Memorandums of Understanding (MoUs) with Karnataka Power Corporation (KPCL) and Bangalore Electricity Supply Company (BESCOM) for extending financial assistance to the tune of Rs. 39,121 crore for the next five years (i.e. till March, 2022); i.e. financial assistance upto Rs. 27,121 crore to KPCL and upto Rs. 12,000 crore to BESCOM.

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Oil & Natural Gas Corpn appoints directors
Feb 06,2017

Oil & Natural Gas Corpn announced the appointment of Deepak Sethi, Vivek Mallya and Sumit Bose as Additional Directors on the Board of the Company with effect from 31 January 2017.

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Canara Bank announces revision in MCLR rates
Feb 06,2017

Canara Bank announced the revision in tenor based MCLR rates with effect from 07 February 2017 as under -

Overnight - 8.20%
One month - 8.25%
Three month - 8.30%
Six months - 8.40%
One year - 8.45%

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Vippy Spinpro receives resignation of director
Feb 06,2017

Vippy Spinpro has received the resignation letter from Deepa Sudhir Mekal, wherein she has resigned from the Director of the Company w.e.f. 15 February 2017.

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Shirpur Gold Refinery provides update on its overseas subsidiary
Feb 06,2017

Shirpur Gold Refinery announced Rajat Ginodia has stepped down from the post of Executive Director of Precious Metals Mining and Refining , Papua New Guiana, overseas subsidiary of the Company, with effect from 05 February 2017. However, he will continue as Non Executive Director of the above step down subsidiary of the Company.

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Tirupati Tyres announces change in CFO
Feb 06,2017

Tirupati Tyres announced Shamseerhussain Khan has tendered his resignation from the office of director and as Chief Financial Officer of the Company with immediate effect due to preoccupation and Company has appointed Jitendra Ramjeet Yadav, Executive Director of the Company as Chief Financial Officer of the Company in place of Shamseerhussain Khan.

Jitendra Ramjeet Yadav is not related to any other Directors of the Company and does not hold any shares in the Company.

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