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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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SE Investments provides update on subsidiary - Nupur Fininvest
Jul 28,2017

SE Investments announced that State Bank of India has sanctioned fund based credit facilities of Rs 50 crore to Nupur Fininvest, a wholly owned subsidiary of the Company.

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Menon Bearings fixes record date for interim dividend
Jul 28,2017

Menon Bearings has fixed 01 August 2017 as record date for interim dividend declared by the Board for FY 2017-18. The dividend will be credited to the bank account of eligible shareholders whose bank account details are available with the Company by electronic mode i.e RTGS/NEFT on 08 -09 August, 2017 & to others dividend warrants will be dispatched between 09 -10 August, 2017.

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Indo Count Industries to pay final dividend
Jul 28,2017

Indo Count Industries announced that final dividend as recommended by the Board of Directors, if declared at the AGM will be paid before 20 September 2017.

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Zuari Agro Chemicals appoints director
Jul 28,2017

Zuari Agro Chemicals announced that Sunil Sethy has been appointed as Additional Director w.e.f. 28 July 2017 & as Managing Director and Key Managerial Personnel (KMP) of the Company for a period of 2 years w.e.f. 1 August, 2017, subject to the approval of the shareholders at the ensuing Annual General Meeting.

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Memorandum of Cooperation (MOC) in respect of tax matters identifying areas of cooperation signed by the BRICS Heads of Revenue
Jul 28,2017

Indias GST reform has been hailed by the BRICS countries in a meeting of Revenue Heads in China.

Indias GST reforms were appreciated and hailed by the BRICS countries.

The leaders and representatives from BRICS countries were inquisitive about GST Reforms introduced in India and appreciated efforts of India in bringing about this major reform. During the Press Conference held after the meeting, the media also enquired about the GST reforms introduced in India. The salient features and advantages of the reform were explained to the media.

During this meeting, the BRICS Heads of Revenue and Tax Experts deliberated upon contemporary International Tax issues. A joint communiqun++ was issued at the end of the meeting. A Memorandum of Cooperation (MOC) in respect of tax matters identifying areas of cooperation, namely, coordination in International Forums, Capacity building, Experience sharing and regular interaction was also signed by the BRICS Heads of Revenue.

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Deep Diamond India to conduct board meeting
Jul 28,2017

Deep Diamond India will hold a meeting of the Board of Directors of the Company on 14 August 2017, for approval of the unaudited quarterly result for quarter ended 30th June 2017.

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Titaanium Ten Enterprise to hold board meeting
Jul 28,2017

Titaanium Ten Enterprise will hold a meeting of the Board of Directors of the Company on 4 August 2017, for appointment of Ms. Ankitaben Hamirbhai Ahir as a Company Secretary and Compliance officer, to accept the resignation of Mr. Jayesh Laxmanbhai Bhavsar as Company Secretary and Compliance Officer

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Alkali Metals to discuss results
Jul 28,2017

Alkali Metals will hold a meeting of the Board of Directors of the Company on 4 August 2017, to consider and approve the un-audited financial results for the quarter ended 30.06.2017.

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Blue Chip India to discuss results
Jul 28,2017

Blue Chip India will hold a meeting of the Board of Directors of the Company on 9 August 2017, to consider and take on record the Unaudited Financial Results of the Company for the quarter ended 30th June, 2017.

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Alkem Laboratories to table results
Jul 28,2017

Alkem Laboratories will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter ended 30th June, 2017.

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Anukaran Commercial Enterprises declares Quarterly Result
Jul 28,2017

Anukaran Commercial Enterprises will hold a meeting of the Board of Directors of the Company on 10 August 2017, to approve the Unaudited Result for the Quarter ended 30.06.2017

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Universal Prime Aluminium schedules AGM
Jul 28,2017

Universal Prime Aluminium announced that the Annual General Meeting (AGM) of the company will be held on 23 September 2017.

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Balaji Telefilms to hold board meeting
Jul 28,2017

Balaji Telefilms will hold a meeting of the Board of Directors of the Company on 10 August 2017, to approve the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2017 along with the Limited Review Report of the Auditors for the corresponding period.

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Board of Foseco India recommends dividend
Jul 28,2017

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

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DFM Foods to conduct board meeting
Jul 28,2017

DFM Foods will hold a meeting of the Board of Directors of the Company on 9 August 2017, to consider and take on record the Unaudited Financial Results of the Company for the quarter ended 30th June 2017

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