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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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Hero MotoCorp records 17% growth in July 2017
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Hero MotoCorp has sold 623,269 units of two wheelers in July 2017, registering a growth of 17.1% over 532,113 units sold in July 2016.

This is the third consecutive month of six-lakh plus sales, having clocked 624,185 units in June and 633,884 units in May.

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Gujarat State Fertilizers & Chemicals resumes production at Ammonia-IV plant
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Gujarat State Fertilizers & Chemicals has re-started Ammonia-IV plant after rectifying the problems. Ammonia production is started (at 70% capacity) since 22.00hrs, 30/07/2017. Production levels of downstream plants are being increased which were affected due to Ammonia availability. During stoppage of Ammonia production, liquid Ammonia was arranged to maximum possible extent through external supply. Operation of Urea-II plant shall also commence shortly.

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Reliance Industries allots 165,054 equity shares
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Reliance Industries has allotted 1,65,054 equity shares of Rs.10/- each, on 24 July 2017 pursuant to the Employees Stock Option Scheme.

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UltraTech Cement allots 3,113 equity shares
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UltraTech Cement has allotted 3,113 equity shares under ESOP on 01 August 2017. On allotment, the equity share capital has increased to 27,45,27,047 equity shares of Rs 10 each.

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Reduction/exemption of tax rates under GST for small businesses
Aug 01,2017

The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rates on goods have been fixed taking into consideration, inter alia, the total indirect tax incidence on goods prior to GST, which included the central excise duty rates / embedded central excise duty incidence, VAT rates or weighted average VAT rates, embedded VAT incidence, cascading of VAT over excise duty, incidence on account of CST, Octroi, entry tax, etc.

Keeping in view the interests of small business, any supplier in the State or Union territory, other than special category States, whose aggregate turnover in a financial year does not exceed Rs.20 lakh [Rs.10 lakh in the case of Special Category States] is not liable to be registered under the Central Goods and Services Tax Act, 2017.

Further, a composition scheme has been provided for the benefit of small business. An eligible registered person in the State or Union territory, other than Special Category States [other than Uttarakhand], can avail benefit of this scheme (Except those manufacturing ice-cream, pan masala and tobacco products) by paying an amount equal to 2% of turnover in the State in case of manufacturers and 1% equal to the turnover in the State in the case of trader dealers. The turnover limit for availing of composition levy initially was Rs. 50 lakhs in the preceding financial year. However, keeping in view the interests of small businesses, the same was increased to 75 lakhs [except in case of Special Category States]. The raised limit in case of Uttarakhand, however, is Rs. 75 lakhs. Thus, the interests of traders are not likely to be adversely affected in general.

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Wipro launches Silicon Valley Innovation Center
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Wipro announced the launch of a multi-million dollar Silicon Valley Innovation Center in Mountain View, California. This state-of-the-art R&D and incubation hub is designed to develop and showcase next-generation technologies and solutions for enterprises.

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Under the GST regime the applicable tax rate on passenger tickets for economy class has been reduced from 6% to 5%
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SML ISUZU records decline of 42% in sales in July 2017
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SML ISUZU achieved total sales of 788 units in July 2017 compared to 1368 units in July 2016, recording a decline of 42.4%.

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Pure Giftcarat will hold a meeting of the Board of Directors of the Company on 10 August 2017 AGM

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Jyotirgamya Enterprises to declare Quarterly Result
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Jyotirgamya Enterprises will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider, approve and take on record unaudited financial results for the quarter ended on 30th June, 2017

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Avadh Sugar & Energy to announce Quarterly Result
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Avadh Sugar & Energy will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and approve the Unaudited Financial Results for the quarter ended 30th June, 2017

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BLS International Services wins award for Best Visa Service Provider
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BLS International Services has been awarded as Best Visa Service Provider at the 11th edition of Todays Traveller Awards 2017 in New Delhi on 31 July 2017.

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Max India to hold board meeting
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Max India will hold a meeting of the Board of Directors of the Company on 11 August 2017 unaudited financial results of the Company for the quarter ended June 30, 2017.

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Alpa Laboratories announces board meeting date
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Alpa Laboratories will hold a meeting of the Board of Directors of the Company on 10 August 2017 quarter ended 30th June, 2017

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Indergiri Finance to announce Quarterly Result
Aug 01,2017

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

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