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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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Mahalaxmi Seamless to hold board meeting
Feb 10,2017

Mahalaxmi Seamless will hold a meeting of the Board of Directors of the Company on 10 February 2017 to take on record the Unaudited/Audited Financial Results for the 3rd Quarter ended December 31, 2016.

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Jain Studios to hold board meeting
Feb 10,2017

Jain Studios will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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Sreechem Resins to hold board meeting
Feb 10,2017

Sreechem Resins will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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Bhagawati Gas to hold board meeting
Feb 10,2017

Bhagawati Gas will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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Piramal Enterprises to hold board meeting
Feb 10,2017

Piramal Enterprises will hold a meeting of the Board of Directors of the Company on 13 February 2017.

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Jupiter Infomedia appoints company secretary and compliance officer
Feb 10,2017

Jupiter Infomedia announced Priya Lohani has been appointed as the Company Secretary and Compliance Officer of the Company.

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SM Dyechem to hold board meeting
Feb 10,2017

SM Dyechem will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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Birla Shloka Edutech to hold board meeting
Feb 10,2017

Birla Shloka Edutech will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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N2N Technologies to hold board meeting
Feb 10,2017

N2N Technologies will hold a meeting of the Board of Directors of the Company on 16 February 2017.

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Neha International to hold board meeting
Feb 10,2017

Neha International will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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Jaipan Industries to hold board meeting
Feb 10,2017

Jaipan Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017.

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K.P. Energy provides update on wind power project at Mahuva site in Gujarat
Feb 10,2017

K.P. Energy announced that for establishment of Power infrastructure for wind power project at Mahuva Site at district Bhavnagar, Gujarat, as decided by the board of directors of the company at their meeting held on 28 January 2017, project specific Special purpose vehicle (SPV) in name of MAHUVA POWER INFRA LLP (LLP Identification Number: AAI-5146) has been incorporated with effect from 09 February 2017.

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Bata India slips after weak Q3 results
Feb 10,2017

The result was announced after market hours yesterday, 9 February 2017.

Meanwhile, the BSE Sensex was up 17.72 points, or 0.06%, to 28,347.42.

On the BSE, so far 74,000 shares were traded in the counter, compared with average daily volumes of 47,728 shares in the past one quarter. The stock had hit a high of Rs 513 and a low of Rs 487.60 so far during the day.

The stock hit a 52-week high of Rs 613.55 on 1 August 2016. The stock hit a 52-week low of Rs 400 on 25 November 2016.

The mid-cap company has equity capital of Rs 64.26 crore. Face value per share is Rs 5.

Bata Indias profit before exceptional item and tax rose 16% to Rs 77.90 crore on 2% increase in net sales to Rs 640.80 crore in Q3 December 2016 over Q3 December 2015.

The quarter focused on strengthening its omni-channel presence and a wider range of products for the contemporary and young consumers through its premium collections.

Bata India is the largest footwear retailer in India, offering footwear, accessories and bags across brands like Bata, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit and Bubblegummers, etc.

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ITI slumps after reverse turnaround in Q3
Feb 10,2017

The result was announced after market hours yesterday, 9 February 2017.

Meanwhile, the S&P BSE Sensex was up 24.67 points or 0.09% at 28,354.37

On BSE, so far 68,000 shares were traded in the counter as against average daily volume of 2.62 lakh shares in the past one quarter. The stock hit a high of Rs 48 and a low of Rs 46.20 so far during the day. The stock had hit a 52-week high of Rs 54.45 on 13 December 2016. The stock had hit a 52-week low of Rs 22.70 on 1 March 2016.

The small-cap company has equity capital of Rs 480 crore. Face value per share is Rs 10.

ITIs total income fell 29.5% to Rs 250.43 crore in Q3 December 2016 over Q3 December 2015.

Seperately, ITI said that the board of directors of the company has considered and approved issue and allotment of 8 crore equity shares of Rs 10 each at par amounting to Rs 80 crore to President of India. The allotment of equity shares is made pursuant to BIFR order dated 8 January 2013, sanctioning the revival scheme of the company. The announcement was made after market hours yesterday, 9 February 2017.

ITI offers a complete range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.

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Aurobindo Pharma announces change in directorate
Feb 10,2017

Aurobindo Pharma announced that the following changes in the Board of Directors of the Company:

1. Dr. D. Rajagopala Reddy has submitted his resignation as Independent Director of the Company. The Board of Directors of the Company at its meeting held on 09 February 2017 has noted and taken on record his resignation with effect from 10 February 2017.

2. The Board of Directors of the Company at its meeting held on 09 February 2017 has appointed Rangaswamy Rathakrishnan Iyer as an Additional Independent Director of the Company with effect from 09 February 2017.

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