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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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Texmaco Rail & Engineering incorporates subsidiary - Belur Engineering
Feb 21,2017

Texmaco Rail & Engineering has incorporated a wholly owned subsidiary named - Belur Engineering on 20 February 2017.

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HCL Technologies allots 22,000 equity shares
Feb 21,2017

HCL Technologies announced that the Employees Stock Option Allotment Committee of the Company has on 20 February 2017 allotted 22,000 Equity Shares of Rs. 2/- each, under the 2004 Stock Option Plan of the Company. Consequent to the said allotment the paid-up share capital of the Company has gone up to 1,411,219,994 equity shares of Rs.2/- each aggregating to Rs. 2,822,439,988/-.

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McNally Bharat Engineering Company to hold EGM
Feb 21,2017

McNally Bharat Engineering Company announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 16 March 2017.

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K D Trend Wear to hold board meeting
Feb 21,2017

K D Trend Wear will hold a meeting of the Board of Directors of the Company on 22 February 2017, to Delist the Equity Shares of the Company from Institutional Trading Platform of BSE Limited in terms of the provisions of Chapter XC of SEBI ICDR Regulations, 2009 as amended upto date.

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CMI to hold board meeting
Feb 21,2017

CMI will hold a meeting of the Board of Directors of the Company on 22 February 2017, to consider and approve Scheme of amalgamation between CMI Energy India Private Limited (Transferor Company) and CMI Limited (Transferee Company) as per the Section 233 of Companies act, 2013.

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CHD Developers to hold board meeting
Feb 21,2017

CHD Developers will hold a meeting of the Board of Directors of the Company on 22 February 2017, to discuss and consider the proposal for the issuance of Non-Convertible Debentures through private placement .

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Power Grid Corporation of India announces appointment of directors
Feb 21,2017

Power Grid Corporation of India announced that Ministry of Power has vide Order dt. 16 February 2017 conveyed the appointment of Tse Ten Dorji and Jyotika Kalra as part-time non-official Directors on the Board of POWERGRID for a period of three years from the date of notification of their appointment, or until further orders, whichever is earlier.

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State Bank of Travancore intimates of bank strike
Feb 21,2017

State Bank of Travancore announced that the United Forum of Bank Unions (UFBU) has called for an All India Bank Strike on 28 February 2017 raising various issues. In the event of the strike taking place, the normal Banking operations in our Bank may get affected on 28 February 2017.

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Tech Mahindra allots 255484 equity shares
Feb 21,2017

Tech Mahindra announced that the resolution passed by the Securities Allotment Committee of the Board of Directors of the Company on 20 February 2017 for issue and allotment of a total of 255484 equity shares of Rs. 5/- each under various ESOPs.

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Ambuja Cements drops in early trade
Feb 21,2017

Meanwhile, the S&P BSE Sensex was up 14.56 points or 0.05% at 28,676.14.

On the BSE, 70,000 shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past one quarter. The stock had hit a high of Rs 238.50 and a low of Rs 232.25 so far during the day.

The stock had hit a 52-week high of Rs 282 on 31 August 2016 and a 52-week low of Rs 185 on 29 February 2016. The stock had outperformed the market over the past one month till 20 February 2017, surging 10.07% compared with the Sensexs 6.02% rise. The scrip had also outperformed the market over the past one quarter, gaining 20.33% as against the Sensexs 9.6% rise.

The large-cap company has equity capital of Rs 397.13 crore. Face value per share is Rs 2.

Ambuja Cements consolidated net profit surged 85.24% to Rs 205.70 crore on 102.41% growth in total income to Rs 4993.30 crore in Q4 December 2016 over Q4 December 2015.

The companys consolidated net profit rose 38.77% to Rs 1121.13 crore on 112.12% growth in total income to Rs 20861.97 crore in the year ended December 2016 over the year ended December 2015.

In its outlook, the company said that it expects good cement growth in 2017, supported by the governments continued focus on housing and infrastructure development and anticipate volume effects from demonetisation to be reduced by the end of Q1 March 2017. The announcement of interest subsidy schemes and an interest rate cut, the recent announcement in the Union Budget for infrastructure development, including the award of infrastructure status to affordable housing and the increased budget allocation for roads, railways and irrigation will be key drivers for cement demand, it added.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports. The company sells cement under the Ambuja Cement brand.

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Vishal Fabrics fixes record date for rights issue
Feb 21,2017

Vishal Fabrics has fixed 03 March 2017 as the Record Date for the purpose of Rights Issue.

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Firstobject Technologies receives order from Andhra Pradesh Residential Educational Institutions Society
Feb 21,2017

Firstobject Technologies received an order from Andhra Pradesh Residential Educational Institutions Society (APREIS) to implement A.P. State Board content in its 50 Institutions. Firstobject has to implement A. P. State Board English Medium digital content for classes V -X in its Institutions.

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RBL Bank announces appointment of Executive Director
Feb 21,2017

RBL Bank announced that the Bank has received the approval from Reserve Bank of India (RBI) for appointment of Rajeev Ahuja, Head - Strategy, Retail, Transaction Banking and Financial Inclusion as Executive Director (ED) of the Bank for a period of three years from the date of his taking charge as ED.

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NDMA to conduct mock exercises on earthquake preparedness in Uttarakhand
Feb 21,2017

The National Disaster Management Authority (NDMA) will conduct two mock exercises on earthquake preparedness in this week covering all districts of Uttarakhand. The exercises, to be conducted in collaboration with the State Government, will assess the readiness of various stakeholder departments in the event of a high-intensity earthquake.

The first exercise will be held today (21 February) and cover Dehradun, Tehri Garhwal, Haridwar, Uttarkashi, Chamoli, Pauri Garhwal and Rudraprayag districts. In this connection, a coordination conference and a table-top exercise were held today through video-conferencing. Senior officials from all stakeholder departments such as NDRF, Health, Police, Education, Firefighting, Civil Defense, Public Relations, Transport, etc. attended these preparatory meetings.

Yet another round of a coordination conference and a table-top exercise will be held on Wednesday. This will be followed by the second mock exercise on Thursday covering Pithoragarh, Bageshwar, Champawat, Almora, Nainital and Udham Singh Nagar districts.

These exercises will deal with simulated scenarios of earthquakes wherein the participants will be trained on key aspects of Disaster Management such as the formation of Incident Response Teams and Emergency Operation Centres (EOC), coordination among various participating agencies, evacuation and medical preparedness.

Aimed at enhancing the preparedness and response mechanism of key stakeholders, these exercises will also help to highlight areas that need improvements. NDMA expert Major General V.K. Datta (Retd.), who will lead the exercises, said, Mock exercises help in filling gaps and ensuring better communication thus improving coordination among various agencies in real-life situations. He further emphasised on the need for regularly conducting such exercises in Uttarakhand as the entire hill State falls either in the Seismic Zone V or IV and has experienced many high-intensity earthquakes in the past.

After the drills, post-exercise analyses will also be carried out to discuss the shortcomings, challenges and ways to improve them.

NDMA regularly conducts such mock exercises across the country in its efforts to improve preparedness and response mechanisms for various disasters. NDMA has conducted more than 500 mock exercises in different States and Union Territories. Next month, it will conduct a mock exercise on flood and tsunami preparedness in Puducherry.

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Datamatics Global Services provides update on Datamatics Global Services FZ-LLC
Feb 21,2017

Datamatics Global Services announced that Datamatics Global Services FZ-LLC, wholly owned subsidiary Company has incorporated a new entity namely, Datamatics Global Services Corp. in Philippines.

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