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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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Florence Investech to convene board meeting
Jul 29,2017

Florence Investech will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider and approve the Unaudited Financial Results of the Company for the first quarter ended 30th June, 2017.

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Board of Abirami Financial Services (India) recommends final dividend
Jul 29,2017

Abirami Financial Services (India) announced that the Board of Directors of the Company at its meeting held on 28 July 2017, inter alia, have recommended the final dividend of Rs 0.3 per equity Share (i.e. 3%), subject to the approval of the shareholders.

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South India Projects to declare Quarterly Result
Jul 29,2017

South India Projects will hold a meeting of the Board of Directors of the Company on 7 August 2017, to take on record the Un-audited Financial Results for Quarter ended 30th June, 2017

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OTCO International to hold board meeting
Jul 29,2017

OTCO International will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Abirami Financial Services (India) to hold AGM
Jul 29,2017

Abirami Financial Services (India) announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Kohinoor Foods to convene board meeting
Jul 29,2017

Kohinoor Foods will hold a meeting of the Board of Directors of the Company on 10 August 2017, to take on record the Un-audited Financial Results for the Quarter ended on 30th June, 2017.

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BGR Energy Systems announces board meeting date
Jul 29,2017

BGR Energy Systems will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Unaudited Financial Results for the quarter ended June 30, 2017 (Q1).

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Bal Pharma to conduct board meeting
Jul 29,2017

Bal Pharma will hold a meeting of the Board of Directors of the Company on 10 August 2017, to approve the 30th Annual General Meeting Notice (AGM), Directors Report and Corporate Governance reports of the Company, for the financial year ended 31.03.2017.

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Ushakiran Finance declares Quarterly Result
Jul 29,2017

Ushakiran Finance will hold a meeting of the Board of Directors of the Company on 14 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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India to have 600 million broadband connections by 2020
Jul 29,2017

The Minister for Communications Shri Manoj Sinha said that as per information provided by Telecom Regulatory Authority of India (TRAI), there were 422.19 million broadband subscribers and the internet penetration (internet subscriber per 100 populations) was 32.86% in the country as on 31st March 2017. He said that the National Telecom Policy-2012 envisages 600 million broadband connections by the year 2020.

He further informed that the Government has planned the BharatNet project to provide 100 Mbps broadband connectivity to all Gram Panchayats (approx. 2.5 lakh) in the country. Under first phase of the project, 1 lakh Gram Panchayats (GPs) are to be connected by laying underground Optical Fibre Cable(OFC) which is under implementation. Under Phase-II, targeted to be completed by March 2019, connectivity will be provided to remaining 1.5 lakh GPs in the country using an optimal mix of underground fibre, fibre over power lines, radio and satellite media.

The Minister said that the provision of last mile access to the network and broadband service provisioning shall be through Wi-Fi or any other broadband access technologies in all 2,50,000 GPs in the country. As on 23.07.2017, the status of implementation of BharatNet is as under:-

No. of GPs where OFC laying is completed : 100,299 GPs

Optical Fibre Cable laid : 221,925 Kms

Broadband Connectivity provided in GPs : 25,426 GPs

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Kharif Crop Sowing Crosses 791 Lakh Hectare Area
Jul 29,2017

The total sown area as on 28th July 2017, as per reports received from States, stands at 791.34 lakh hectare as compared to 765.79 lakh hectare at this time last year. 

It is reported that rice has been sown/transplanted in 216.23 lakh ha, pulses in 114.88 lakh ha, coarse cereals in 150.19 lakh ha, sugarcane in 49.15 lakh hectare and cotton in 111.55 lakh ha.

The details of the area covered so far and that covered during this time last year are given below:

                                                                                                                                Lakh hectare 

CropArea sown in 2017-18Area sown in 2016-17Rice216.23211.20Pulses114.88107.44Coarse Cereals150.19145.40Oilseeds142.31156.65Sugarcane49.1545.22Jute & Mesta7.037.55Cotton111.5592.33Total791.34765.79

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DQ Entertainment International to announce Quarterly Result
Jul 29,2017

DQ Entertainment International will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Shantai Industries announces board meeting date
Jul 29,2017

Shantai Industries will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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Kashiram Jain & Company to table results
Jul 29,2017

Kashiram Jain & Company will hold a meeting of the Board of Directors of the Company on 14 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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Divinus Fabrics to conduct board meeting
Jul 29,2017

Divinus Fabrics will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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