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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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Naisargik Agritech (India) standalone net profit rises 100.00% in the December 2016 quarter
Feb 21,2017

Net profit of Naisargik Agritech (India) rose 100.00% to Rs 0.02 crore in the quarter ended December 2016 as against Rs 0.01 crore during the previous quarter ended December 2015. Sales rose 120.00% to Rs 0.22 crore in the quarter ended December 2016 as against Rs 0.10 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.220.10 120 OPM %9.0910.00 - PBDT0.020.01 100 PBT0.020.01 100 NP0.020.01 100

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Board of ITD Cementation India recommends final dividend
Feb 21,2017

ITD Cementation India announced that the Board of Directors of the Company at its meeting held on 21 February 2017, inter alia, have recommended the final dividend of Rs 0.3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Quasar India to hold board meeting
Feb 21,2017

Quasar India will hold a meeting of the Board of Directors of the Company on 1 March 2017, to appoint Mr. Dinesh Kumar Maurya as a Company Secretary (KMP) and Compliance Officer of the Company & To appoint Mr. Avinash Sharma and Mr. Hitesh Rai Makhija as Additional (Independent) Directors of the Company

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Seasons Furnishings announces change in registered office
Feb 21,2017

Seasons Furnishings announced that the Registered Office of the Company has been shifted from D-29 (Ground Floor), Defence Colony, New Delhi - 110024 to D-5, Defence Colony, New Delhi: 110 024.

Further the Company has informed that, thereafter Email ID and contact information will be as follows:

Email: cs@seasonsfurnishings.com
Tel : 011-41582040, 0120-4898000

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Seasons Textiles announces change in registered office
Feb 21,2017

Seasons Textiles announced that the Registered Office of the Company has been shifted from D-29 (Ground Floor), Defence Colony, New Delhi - 110024 to 26, Feroze Gandhi Road, (Lower Ground Floor), Lajpat Nagar - III, New Delhi - 110024.

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Maestros Electronics & Telecommunications Systems direct resigns
Feb 21,2017

Maestros Electronics & Telecommunications Systems announced that the Company has received a letter from Muralidharan Karathedathuraman Nair, Independent Director of the Company stating that due to his pre-occupation, he resigns from the Directorship of the Company. He ceased to be the Director of the Company w.e.f. 21 February 2017.

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Maestros Electronics & Telecommunications Systems director resigns
Feb 21,2017

Maestros Electronics & Telecommunications Systems announced that the Company has received a letter from Muralidharan Karathedathuraman Nair, Independent Director of the Company stating that due to his pre-occupation, he resigns from the Directorship of the Company. He ceased to be the Director of the Company w.e.f. 21 February 2017.

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Future of real estate sector is in affordable housing, says Shri M.Venkaiah Naidu
Feb 21,2017

Minister of Housing & Urban Poverty Alleviation Shri M. Venkaiah Naidu urged real estate developers to take up affordable housing projects in a big way while stressing that therein lies the future of the real estate sector. Elaborating on his statement, the Minister said that n++ The Governments focus on ensuring Housing for All including the Middle Income Groups offered immense opportunities both at the bottom and the middle of the pyramid which needs to be seized by the developers who have seen ups and downs in recent yearn++. He spoke at a Conference on n++Real Estate Sector-Post Remonetisation and RERAn++ organized by PHD Chambers.

Shri Venkaiah Naidu further said that the Government has paid more attention to the real sector than any other sector by announcing more than 20 supporting measures to revive real estate sector over the last two years including announcing the long awaited infrastructure status for affordable housing besides several tax concessions and exemptions. He further said that under Prime Ministers Awas Yojana (Urban), people belonging to Economically Weaker Sections, Low Income Groups and Middle Income Groups with incomes up to Rs.18 lakh per year have been made eligible for central assistance up to Rs.2.35 lakh per each beneficiary. n++Low cost long term financing under infrastructure status, tax concessions and central assistance under PMAY and the scale of housing needs of these sections make affordable housing the best investment opportunity and developers are left with no further excuses for not seizing this opportunityn++ Shri Naidu stressed.

Shri Naidu said that various initiatives of the Government including the Real Estate (Regulation and Development) Act, 2016, the Benami Properties Act and note withdrawal have enabled a new real estate eco-system based on 4 Cs viz., Character, Credibility, Confidence and Cash that would help revive the sector. He said that while the Real Estate Act removes the taint restoring the character of the sector leading to credibility and enhanced confidence of buyers, central assistance, reduced interest rates and tax concessions keep more cash in the hands of buyers.

Stating that the Ministry of HUPA has so far approved construction of over 16 lakh affordable houses for urban poor with an investment of about Rs.90,000 cr and central assistance of about Rs.25,000 cr, Shri Naidu expressed concern over private developers not taking up any projects so far. He urged them to change their mindsets and outlook and take up affordable housing projects given the business logic that goes with it in the changing context.

Shri Naidu said that his Ministry would soon convene a Round Table with real estate bodies and representatives of banks and Housing Financing Companies and others concerned to deliberate on the road ahead for promoting affordable housing so that the target of ensuring Housing for All by 2022 would be met.

On the effects of note withdrawal, the Minister noted that it was only a temporary interlude and the process of remonetisation is almost completed. Shri Naidu noted that n++For various reasons, real estate sector over the years has come to be seen as the villain in the theatre of corruption and note withdrawal was expected to address flow of unaccounted for money in to the sector by about 20% to 30% which in turn would bring down prices substantiallyn++.

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Info Edge (India) allots 1 lakh equity shares
Feb 21,2017

Info Edge (India) announced that pursuant to the authorization given by the Board, the Committee of Executive Directors at its meeting held on 21 February 2017 has approved the allotment of 1,00,000 equity shares of face value of Rs.10/- each to the Info Edge Employee Stock Option Plan Trust at Rs. 100/-per share which includes Rs. 90/- per share as premium. These shares shall rank pari passu with the existing equity shares of the Company, in all respects.

With this allotment, the paid up capital of the Company will accordingly increase from Rs. 1,211,161,590 (121,116,159 equity shares of Rs. 10/- each) to Rs. 1,212,161,590 (121,216,159 equity shares of Rs. 10/- each).

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Coromandel International allots 28000 equity shares
Feb 21,2017

Coromandel International announced that on 21 February 2017, the Stakeholders Relationship Committee of the Company has allotted 28,000 Equity Shares of Re. 1/- each fully paid up to the option grantees under the Employee Stock Option Scheme 2007.

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Coal India to hold board meeting
Feb 21,2017

Coal India will hold a meeting of the Board of Directors of the Company on 6 March 2017, to consider payment of Interim Dividend, if any, for the year 2016-17.

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Choksi Laboratories to hold board meeting
Feb 21,2017

Choksi Laboratories will hold a meeting of the Board of Directors of the Company on 1 March 2017, to appoint Ms. Himika Choksi as Additional Director of the Company.

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Shreejal Info Hubs to hold board meeting
Feb 21,2017

Shreejal Info Hubs will hold a meeting of the Board of Directors of the Company on 28 February 2017, to consider the resignation of Priti Vora as the Director of the Company. She has already sent the resignation dated February 07, 2017.

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Disa India provides update on parent company, Norican Global A/S, Denmark
Feb 21,2017

Disa Indias parent company, Norican Global A/S, Denmark have entered into an agreement with Auctus Fund III GmbH & Co. KG to purchase 100% of Auctuss shares in Light Metal Casting Solutions Group (LMCS).

LMCS is a group of leading capital equipment manufacturers and services providers for the light metal casting industry, processing aluminium, magnesium and zinc alloys with major operations in Germany, Italy, Poland, China and the US.

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Flex Foods announces resignation of director
Feb 21,2017

Flex Foods announced that Shefali Dubey, Director of the Company has resigned due to personal reasons from the Board w.e.f. 21 February 2017.

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