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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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Tapping value added to finance urban infra projects through innovative Value Capture Financing
Nov 08,2016

In the context of growing demand for resources to finance ongoing urban infrastructure expansion, the Ministry of Urban Development will soon come out with a policy framework for an innovative resource mobilization through Value Capture Financing (VCF). This seeks to enable States and city governments raise resources by tapping a share of increase in value of land and other properties like buildings resulting from public investments and policy initiatives, in the identified area of influence.

The Ministry will soon have inter-ministerial consultations on Value Capture Financing based on the feedback from the States. Shri Rajiv Gauba, Secretary (Urban Development) held final round of consultations with States in this regard last week.

The Ministry is keen about integrating VCF into project feasibility assessment for systematic and large scale adoption of capturing a part of potential increase in the value of land and other properties resulting from the proposed investment. The Ministry has identified ten ways of VCF out of which only a couple are being currently used for project financing by some States.

The proposed VCF policy framework that works as a guide to State and city governments will assist in assessing the scope of resource mobilization, identifying the area of influence of proposed projects and optimizing resource mobilization.

The different instruments of VCF are ; Land Value Tax, Fee for changing land use, Betterment levy, Development charges, Transfer of Development Rights, Premium on relaxation of Floor Space Index and Floor Area Ratio, Vacant Land Tax, Tax Increment Financing, Zoning relaxation for land acquisition and Land Pooling System.

While Betterment levy and Development charges are being currently used to some extent in States, the other instruments also have substantial scope for resource mobilization.

Traditional resource mobilization through direct sale of land, the most fundamental asset owned and managed by States and Urban Local Bodies is an inefficient form of resource mobilization and the Ministry is keen about land monetization more effectively though value capture. This innovative mechanism could also be used by central Ministries investing heavily in building national highways, railway projects, power generation and port infrastructure development.

Some cases of current use of VCF tools are:

The Mumbai Metropolitan Region Development Authority (MMRDA) and City and Industrial Development Corporation Limited (CIDCO) have used different Value Capture methods including Betterment levy to finance infrastructure development in the urbanizing areas. Tamil Nadu and Maharashtra have made Land Value Tax applicable to urban areas too under which increase in land value is tapped through increased revenue tax. West Bengal has formulated a system to capture gains from land use conversion. Area based Development charges are being resorted to in Andhra Pradesh, Gujarat, Maharashtra, Tamil Nadu and Madhya Pradesh. Karnataka, Gujarat and Maharashtra have made enabling provisions for enabling Transfer of Development Rights to buy additional FSI/FAR. Tax Increment Financing (TIF) enables realization of investments through increased taxes in the area of influence of a project and has been proposed by some cities under Smart City Plans.

Andhra Pradesh Government has resorted to Land Pooling for acquiring land for its Amaravati Capital Project under which farmers have given land in return for developed land parcels. Gujarat and Haryana also used this tool for some projects.

Ministry of Urban Development is working to develop a comprehensive VCF framework so that it can be used efficiently and optimally across the country as a method of financing infrastructure and enhancing the finances of urban local bodies.

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ICICI Bank may drop on muted growth in profitability in Q2
Nov 08,2016

ICICI Banks net profit rose 2.38% to Rs 3102.27 crore on 41.31% rise in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016.

Bharat Heavy Electricals (Bhel) announces Q2 results today, 8 November 2016.

State Bank of India (SBI) announced before market hours today, 8 November 2016, that a meeting of executive committee of the Central board of the bank is scheduled to be held on 10 November to examine and decide for issuance of long term bonds of Rs 5000 crore in domestic and overseas markets for financing of infrastructure and affordable housing (Infra bonds) during the year ending 31 March 2017 (FY 2017) on private placement in tranches at appropriate time.

Wipro announced after market hours yesterday, 7 November 2016, launch of its Open Banking API (Application Programming Interface) platform. The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs. Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry - driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2), is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.

EID Parry India reported consolidated net profit of Rs 126.15 crore in Q2 September 2016 compared with consolidated net loss of Rs 4 crore in Q2 September 2015. Total income rose 6.66% to Rs 4757.26 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 7 November 2016.

Sanofi Indias net profit rose 11.17% to Rs 80.60 crore on 7.36% rise in total income to Rs 639 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours yesterday, 7 November 2016.

GlaxoSmithkline Consumer Healthcares net profit fell 16.62% to Rs 183.72 crore on 5.69% rise in total income to Rs 1138.09 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016.

Ceats consolidated net profit rose 1.56% to Rs 106.92 crore on 5.3% rise in total income to Rs 1431.47 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016.

Varun Beverages makes its debut on the bourses today, 8 November 2016. The initial public offer (IPO) of Varun Beverages had seen moderate response from investors. The issue received bids for 3.27 crore shares compared with 1.76 crore shares on offer. The IPO was subscribed 1.86 times. The issue price is fixed at Rs 445 per share, the top end of the Rs 440 to Rs 445 per share price band for the IPO. Promoted by Ravi Kant Jaipuria, Varun Beverages is one of the largest franchisee in the world (outside USA) of carbonated soft drinks (CSD) and noncarbonated beverages (NCB) sold under trademarks owned by PepsiCo. It produces and distributes a wide range of CSD as well as a large selection of NCB including packaged drinking water.

Vijaya Bank announced after market hours yesterday, 7 November 2016, that the bank intends to raise tier 1 Capital through private placement of Basel III complaint additional tier 1 bonds of 10 lakh each at par aggregating to Rs 750 crore.

Britannia Industries consolidated net profit rose 5.79% to Rs 233.95 crore on 11.64% rise in total income to Rs 2497.27 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016

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Optiemus Infracom announces partnership with BlackBerry
Nov 07,2016

Optiemus Infracom announced that BlackBerry, a Global software leader in securing, connecting and mobilizing enterprises, announced a Partnership with the Company Optiemus Infracom for distribution of its class leading Mobile Handsets in India, on 07 November 2016.

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Control Print announces resignation of company secretary
Nov 07,2016

Control Print announced that Shama Pawar has tendered her resignation from the post of Company Secretary and Compliance Officer of the Company w.e.f. 05 November 2016.

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GTL Infrastructure to consider allotment of shares on conversion of FCCBs
Nov 07,2016

GTL Infrastructure announced that a Meeting of the Committee will be held on 08 November 2016, to consider allotment of Equity Shares consequent to conversion notices received for conversion of FCCBs at a conversion price of Rs. 10 per share, in terms of the Offering Circular dated 17 October 2012.

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ITI announces change in directorate
Nov 07,2016

ITI announced that Lt General A. R. Prasad, VSM, ADC, Signal Officer in-chief, Ministry of Defence, is appointed as Government Director on the Board of the Company in place of Lt General Nitin Kohli, VSM, SO-in-C (since retired) vide Government of India order dated 07 November 2016 with immediate effect.

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Dhar Textile Mills announces resignation of director
Nov 07,2016

Dhar Textile Mills announced that Pankaj Sinahal, an Independent Director of the Company has vide his letter dated 05 November 2016 has resigned from the Company w.e.f. 05 November 2016 due to his pre-occupation.

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Visa Steel director resigns
Nov 07,2016

Visa Steel announced that Shiv Dayal Kapoor has resigned as an Independent Director of the Company w.e.f. 04 November 2016.

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Proposed Regulation on Criteria for Leasing of Foreign Registered Aircraft by Indian Operators for Operation by Indian Crew
Nov 07,2016

To boost the growth of the civil aviation sector and in particular the regional air connectivity scheme, DGCA has proposed a new regulation on criteria for leasing of foreign registered aircraft by Indian operators for operation by Indian crew. This regulation will enable operators to import foreign registered aircrafts and operate them on foreign registration with Indian crew. This will also make the aircraft leasing environment user friendly.

The proposed regulations lay emphasis on airworthiness, training, operation and safety oversight aspects. Before such arrangement would be permitted, both the State of Operator and the State of Registry would have to sign a Memorandum of Understanding on oversight responsibility. This proposal is at a draft stage and is being put up for public consultation. It is likely to be finalized by the second week of Dec 2016.

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Canara Bank gets ratings assigned for proposed issue of Tier I Bonds
Nov 07,2016

Canara Bank has received ratings from the following Credit Rating Agencies for the proposed issue of Basel III Compliant Tier I Bonds aggregating Rs 2500 crore:

CRISIL : has assigned a CRISIL AA/Negative (pronounced CRISIL Double A rating with Negative outlook).

India Ratings & Research : has assigned the IND AA rating with Stable Outlook.

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Canara Bank gets ratings assigned for proposed issue of Tier I Bonds
Nov 07,2016

Canara Bank has received ratings from the following Credit Rating Agencies for the proposed issue of Basel III Compliant Tier I Bonds aggregating Rs 2500 crore:

CRISIL : has assigned a CRISIL AA/Negative (pronounced CRISIL Double A rating with Negative outlook).

India Ratings & Research : has assigned the IND AA rating with Stable Outlook.

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Amrutanjan Health Care to consider September quarter results and interim dividend
Nov 07,2016

Amrutanjan Health Care announced that a meeting of the Board of Directors is scheduled to be held on 10 November 2016, inter alia, to consider and approve the following:

1. Unaudited Standalone Financial Results together with Limited Review Report of the Auditors for the quarter/half yearly ending 30 September 2016;

2. Declaration of Interim Dividend on quarterly basis & approval of 1st Interim Dividend for the year 2016-17.

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Amrutanjan Health Care to consider September quarter results and interim dividend
Nov 07,2016

Amrutanjan Health Care announced that a meeting of the Board of Directors is scheduled to be held on 10 November 2016, inter alia, to consider and approve the following:

1. Unaudited Standalone Financial Results together with Limited Review Report of the Auditors for the quarter/half yearly ending 30 September 2016;

2. Declaration of Interim Dividend on quarterly basis & approval of 1st Interim Dividend for the year 2016-17.

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Amrutanjan Health Care fixes record date for 1st interim dividend
Nov 07,2016

Amrutanjan Health Care has fixed 18 November 2016 as the Record Date for the purpose of Payment of First Interim Dividend, if approved.

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Board of Gujarat Metallic Coal & Coke to consider September quarter results
Nov 07,2016

Gujarat Metallic Coal & Coke announced that a meeting of the Board of Directors of the Company would be held on 14 November 2016, inter alia, to consider and take on record un-audited financial result of the Company for the quarter ended 30 September 2016.

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