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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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Dena Bank intimates of bank strike
Feb 23,2017

Dena Bank announced that The Indian Banks Association, vide their letter dated 13 February 2017 informed that the members of all the constituent unions of United Forum of Bank Unions (UFBU) have give a call of one day All India strike 28 February 2017 in support of their various demands and issues.

If the strike materializes, a section of the Banks employees belonging to the above said Unions/ Associations may participate in the proposed strike on the said date, in which case, the normal functioning of the branches / offices of the Bank may get affected during the day.

The Bank is taking all the necessary steps in terms of the existing guidelines for smooth functioning of Banks branches / offices to deal with the strike.

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Gayatri Projects completes construction of 1320 MW thermal Power plant
Feb 23,2017

Gayatri Projects has announced that Sembcorp Gayatri Power, its second thermal power plant has completed construction of its second 660-megawatt unit, marking the creation of 2,640 MW power complex.

The first unit of the 660 megawatts was completed in November 2016. The power plant, located in Krishnapatnam in Andhra Pradeshs SPSR Nellore District, India, utilises supercritical technology that allows for enhanced efficiency and reduced emissions.

Sembcorp Gayatri Power is a joint venture between Sembcorp Utilities a subsidiary of SembCorp Industries and NCC Infrastructure Holdings, which is promoted by NCC and Gayatri Energy Ventures a wholly-owned subsidiary of Gayatri Projects.

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Shreyas Shipping & Logistics provides business update
Feb 23,2017

Shreyas Shipping & Logistics announced that the Company has on 23 February 2017 taken the delivery of the vessel M. V. SSL DELHI (2500 Teus).

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Mold-Tek Technologies allots 2,86,232 equity shares
Feb 23,2017

Mold-Tek Technologies announced that the Board of Directors of the Company has on 23 February 2017, allotted 2,86,232 equity shares of Rs. 2/- each pursuant to exercise of options.

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Dick Enterprises becomes subsidiary of Mercantile Ventures
Feb 23,2017

Mercantile Ventures announced that Dick Enterprises (Formerly known as Dick Financial Services) has become the Companys subsidiary with effect from 22 February 2017 consequent to allotment of equity shares.

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State Bank of Travancore to amalgamate with State Bank of India
Feb 23,2017

State Bank of Travancore announced that the Government of India has issued the following Order dated 22 February 2017, under sub-section (2) of Section 35 of the State Bank of India Act, 1955.

1. Acquisition of State Bank of Travancore Order, 2017

In terms of the said Order, the entire undertaking of State Bank of Travancore shall stand transferred to and vested in State Bank of India from 01 April 2017.

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Quick Heal Technologies collaborates with India Computer Emergency Response Team
Feb 23,2017

Quick Heal Technologies will be collaborating with Indian Computer Emergency Response Team, also referred as CERT-In for its Cyber Swachhta Kendra. CERT-In will be providing Quick Heals Bot Removal tool for cost to its users. The indigenously developed tool will continuously monitor the threat landscape for new bots and prevent them from damaging the users device by creating an antidote for every bot.

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Mindtree provides update on Magnet 360
Feb 23,2017

Magnet 360, a Mindtree company announced it was included in Gartners Market Guide for Salesforce Service Providers. Gartner identified Mindtrees Magnet 360 division as a representative provider for Customer Analytics, Sales Cloud, Service Cloud, Marketing Cloud and App Cloud.

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Board of Amtek Auto approves preferential issue of shares to Promoters
Feb 23,2017

Amtek Auto announced that the Board of Directors of the Company at its meeting held on 23 February 2017 has approved the issuance of equity shares to promoters of the Company on conversion of their unsecured loans by way of preferential issue.

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Trent receives credit rating for proposed commercial paper issue
Feb 23,2017

Trent has been assigned credit rating of CARE A1+ for proposed commercial paper issue for a limit of Rs 100 crore by Credit Analysis & Research.

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Rain Industries to hold AGM
Feb 23,2017

Rain Industries announced that the Annual General Meeting (AGM) of the company will be held on 5 May 2017.

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Board of Stovec Industries recommends final dividend
Feb 23,2017

Stovec Industries announced that the Board of Directors of the Company at its meeting held on 23 February 2017, inter alia, have recommended the final dividend of Rs 31 per equity Share (i.e. 310%) , subject to the approval of the shareholders.

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Tata Power Company provides update on Tata Power Renewable Energy
Feb 23,2017

Tata Power Company announced that its subsidiary, Tata Power Renewable Energy, has synchronised its 15 MW solar plant at Belampally in Telangana, thereby starting its commercial operations. The project has been won by TRPEL in phase 1 bidding process in Telangana. With this development, Tata Powers total installed operating capacity has crossed 10,500 MW mark.

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Akme Star Housing Finance fixes record date for bonus issue
Feb 23,2017

Akme Star Housing Finance has fixed 08 March 2017 as the record date for the issuance of Bonus Shares by capitalizing the Securities Premium Account, to the extent that the holder of 1 Equity Share of the Company shall be entitled to 1 Bonus Equity Share (i.e. in the ratio of 1:1).

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Indiabulls Ventures allots 8,90,518 equity shares
Feb 23,2017

Indiabulls Ventures announced that on 23 February 2017, Indiabulls Ventures (formerly Indiabulls Securities) (n++the Companyn++), has issued and allotted 8,90,518 (Eight Lac Ninety Thousand Five Hundred Eighteen) Equity shares of face value Rs. 2/- each, to eligible employees upon exercise of options vested in their favour under -Indiabulls Ventures Limited Employees Stock Option Scheme - 2008.

Consequent to the said allotment, the paid-up Equity share capital of the Company stands increased to Rs. 58,86,13,840/- divided into 29,43,06,920 Equity shares of face value Rs. 2/- each.

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