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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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Arvind to hold EGM
Apr 28,2017

Arvind announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 9 June 2017 .

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G M Breweries to hold AGM
Apr 28,2017

G M Breweries announced that the Annual General Meeting (AGM) of the company will be held on 18 May 2017.

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Board of Tata Elxsi recommends final dividend
Apr 28,2017

Tata Elxsi announced that the Board of Directors of the Company at its meeting held on 27 April 2017, inter alia, have recommended the final dividend of Rs 16 per equity Share (i.e. 160%) , subject to the approval of the shareholders.

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SQS India BFSI to hold AGM
Apr 28,2017

SQS India BFSI announced that the Annual General Meeting (AGM) of the company will be held on 27 July 2017.

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Shriram Transport Finance Company to hold AGM
Apr 28,2017

Shriram Transport Finance Company announced that the Annual General Meeting (AGM) of the company will be held on 29 June 2017.

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TVS Motor Company to hold AGM
Apr 28,2017

TVS Motor Company announced that the 25th Annual General Meeting (AGM) of the company will be held on 1 August 2017.

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Board of Shriram Transport Finance Company recommends final dividend
Apr 28,2017

Shriram Transport Finance Company announced that the Board of Directors of the Company at its meeting held on 27 April 2017, inter alia, have recommended the final dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Maruti Suzuki India to pay dividend
Apr 28,2017

Maruti Suzuki India has announced Dividend payment date as 11 September 2017, subject to the approval of the shareholders in the ensuring AGM.

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New campaign gives fillip to Tourism in Rajasthan
Apr 28,2017

In the year 2016 the arrival of the number of tourists to Rajasthan seems encouraging with around 18 percent increase in the domestic tourist arrivals and around 3 percent in the foreign tourist arrivals. This statistics was quoted by Mr. NC Goel, Additional Chief Secretary, Tourism, Government of Rajasthan in his inaugural address at Great Indian Travel Bazaar (GITB) in Jaipur recently. The current trends in this year already indicate a quantum jump in the arrival of the tourists to the State. The new campaign is being credited for giving a fillip to the arrival of tourists. This marketing campaign was necessitated once it was realized that the tourist flow was stagnating owing to economic downturn, lesser variety of destinations as well as the entertainment facility in these destinations. Furthermore, the tourist destinations had become crowded, there was stiff competition from the neighbouring States and weak infrastructure in certain pockets. It was also realized that the urban Indian middle class was willing to spend on experiences. The State Tourism Department also perceived that there were changing preferences in the modes of communication with the preferred mode being the digital. The Government was also alive to the fact that road, rail and air infrastructure will have to be geared up and on these factors was designed the current creative print, electronic, digital and social media campaign of the Rajasthan Tourism.

Rajasthan, despite its strong and appealing tourism products had slipped from the top 5 States - after having been among the top 5 for several decades. The visit of the foreign tourists to the State decreased. However, following a national trend the arrival of the domestic tourists kept increasing.

The planned manner in which Rajasthan is now being presented as a tourist destination can be gauged by a major change on overall strategy, focus, centre-state relationship, increase in number of destinations as well attractions, unconventional experiences, social media boost and targeted intervention. For instance, earlier, the strategy for marketing Rajasthan was destination specific while now it is pre-dominantly theme specific. Similarly, the focus from being on heritage and legacy has now changed to a variety of tourism offering with proper segments defined and new products introduced. There is now a well coordinated and concerted action between the State and Centre agencies.

While earlier, there were 149 tourist spots across 13 destinations; there are now 25 major destinations with 30 forts, 39 palaces, 16 museums, 13 wildlife sanctuaries, 25 fairs and festivals, 8 types of adventure tourism across 11 locations and as many as 128 religious locations.

The report further reveals that Rajasthan now has umpteen unconventional experiences while there were only a handful earlier. The social media was a big zilch for marketing tourism while now it is an aggressive and integral part of the marketing plan. There is now also a well defined plan with targeted intervention while earlier it relied too much on word of mouth.

The focus of promoting Rajasthan as a tourism destination is now through new concepts, identifying and developing new destinations, strengthening the infrastructure, encouraging private investment, increasing connectivity and an aggressive marketing campaign.

The State economy, growing at a Compound Annual Growth Rate (CAGR) in excess of 12% for the period 2005-06 to 2015-16 has a considerable contribution from the tourism sector. The tertiary sector, of which tourism is a part, contributes approximately 48% to the State economy and is growing at a CAGR of 17.3% for the period under consideration, reveals the report.

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Shriram Transport Finance Company to pay final dividend
Apr 28,2017

Shriram Transport Finance Company announced that final dividend, subject to the approval of the shareholders at the AGM, will be paid on or after 04 July 2017.

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Medi Caps announces resignation of director
Apr 28,2017

Medi Caps announced that Dr. Keshav Singh Varma, Independent director of the Company, has resigned from the Board, which has been accepted on 28 April 2017.

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BHEL commissions 3 MW Solar PV Power Plant
Apr 28,2017

Bharat Heavy Electricals has commissioned a 3MW Solar PV Power Plant in Union Territory of Dadra and Nagar Haveli. BHEL has executed this project on turnkey basis for Dadra and Nagar Haveli Power Distribution Corporation at Velugam.

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Meininger Hotels and Fonciere des Regions signs fourth joint deal
Apr 28,2017

Cox & Kings owned Meininger Hotels and Fonciere des Regions, through its subsidiary Fonciere des Murs, signed an agreement for Meininger Hotel in Lyon, located on Rue Zimmermann, near city centre. The 169 room and 580 bed hotel is expected to open mid 2019. This is the fourth joint hotel deal of Meininger and Fonciere des Regions. Three further joint projects in Munich, Paris and Milan are under development.

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Vipul signs project development and construction contract with Leighton India
Apr 28,2017

Vipul announced that that it has signed a project development and construction contract with Leighton India, a leading international construction company for Phase - 1 of its project Aarohan at Golf Course Road in Gurgaon. Aarohan residences will be Leighton Indias fourth major construction project in India following Maker Maxity and TEN BKC both in Mumbai, IKEA retail outlet in Hyderabad and DLF Camelias in Delhi NCR.

AAROHAN constitutes three iconic towers with four apartments on each floor in each tower in the 1st Phase. The Total estimated area shall be 0.9 mn sq. ft. of Premium Residential space in the 1st Phase.

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EPF members now required to submit self-declaration for advance in case of illness of members/ dependents
Apr 28,2017

EPF members will now only be required to submit a self-declaration for the advance in case of illness of members/ dependents. Differently abled members will also get advance on the basis of self-declaration. A member will no longer be required to submit any medical certificate or any other certificate or document or proforma whatsoever to avail advances under paragraph 68-J or under paragraph 68-N of EPF Scheme 1952.

Ministry of Labour & Employment has amended Paragraph 68-J and Paragraph 68-N of Employees Provident Fund Scheme, 1952 and It will come into force from the date of its publication in the official Gazette. According to it, a member would only be required to submit a self-declaration, which has already been included in the composite claim form, to avail advance under the EPF Scheme in case of illness of members/ dependent and also in case of differently abled members.

This is in continuation of initiatives taken by EPFO as part of next phase of its e-governance reforms with a view to make the services of EPFO available to its stakeholder in an efficient and transparent manner. An administrative order was issued on 20.02.2017 in the matter of Introduction of Composite Claim Forms (Aadhar and Non-Aadhar ) to replace existing Claim Forms No. 19, 10C & 31 and Forms No. 19 (UAN), 10C(UAN) & 31 (UAN). EPFO has since implemented Universal Account Number (UAN) for its subscribers. It is now possible for subscribers, who have seeded their UAN with Aadhar Number and Bank account details, to submit claim forms directly to EPFO without the attestation of employers.

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