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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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GHCL announces cessation of nominee director
Jan 27,2017

GHCL has paid the final installment of loan taken from IDBI Bank vide Loan agreement dated 06 July 2010. Accordingly, IDBI Bank has withdrawn the nomination of Padma Vinod Betai with effect from 25 January 2017 as a Nominee Director from the Board of the Company.

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Maruti Suzuki India increases prices across models
Jan 27,2017

Maruti Suzuki India announces a price increase ranging from Rs 1500 to Rs 8014 (ex-showroom -Delhi) across models. This new prices are effect from 27 January 2017. The hike in car prices is because of increase in commodity, transportation and administrative costs.

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Engineers India signs contract with Sonatrach, SPA
Jan 27,2017

Engineers India has signed a contract with SONATRACH, SPA for carrying out studies and providing PMC Services for Rehabilitation of Ethylene Unit at Skikda Petrochemical Complex. The project schedule is 23 Months and the estimated contract value is Euro 7,007,740/- and Algerian Dinar 20,645,416/- (equivalent to Rs 50 crore).

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Maruti Suzuki India launches VXi+ variant for WagonR
Jan 27,2017

Maruti Suzuki India announced the launch of an all-new VXi+ variant for WagonR. The latest addition to the WagonR is available in both automatic and manual transmission trims.

WagonR VXi+ offers a wide array of new features including Projector headlamps, stylish front grill, alloy wheels and side skirts. The piano black finish adds style to the dual tone interior colour scheme. The WagonR Vxi+ comes with Dual Airbags, Anti-Lock braking System with Electronic brake - force distribution system, as optional.

Prices of WagonR VXi+ start from Rs 4,69,840 (ex-showroom Delhi price)for the Manual variant.

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Joonktolle Tea & Industries announces demise of director
Jan 27,2017

Joonktolle Tea & Industries announced that the Companys Independent Director, B.R. Bhansali has left for his heavenly abode on 26 January 2017.

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Board of ITD Cementation India approves change in company secretary
Jan 27,2017

ITD Cementation India announced that the Board of Directors, at its meeting held on 27 January 2017, has appointed Rahul Neogi as the Company Secretary and Compliance Officer of the Company with effect from 01 February 2017 in place of R.C. Daga whose tenure of service as the Company Secretary and Compliance officer of the Company is expiring at the close of office hours on 31 January 2017.

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Prakash Industries secures coal linkages for sponge iron production
Jan 27,2017

Prakash Industries announced that in the recent Coal linkage auction conducted by Coal India, the Company has secured coal linkages of a total quality of 649300 MT per annum for the next 5 years from various mines of South Eastern Coalfields in Chhattisgarh, for which the company is going to sign the Fuel Supply Agreement (FSA).

Securing these linkages will provide long term stability in the operations of the company, in addition to the cost saving in sponge iron production at its integrated steel plant at Champa, Chhattisgarh.

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PNC Infratech intimates of ratings revision of subsidiarys bank facilities
Jan 27,2017

PNC Infratech has received upgradation in credit ratings from Credit Analysis & Research for bank facilities of its subsidiary - PNC Raebareli Highways as follows -

Long term bank facilities (senior debt) (Rs 628 crore) - CARE A+; Stable (Revised from CARE A-)

Long term bank facilities (subordinate debt) (Rs 69.80 crore) - CARE A; Stable (Revised from CARE BBB+)

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Jubilant Life Sciences issues NCDs aggregating Rs 495 crore
Jan 27,2017

Jubilant Life Sciences has completed the issuance of its secured rated listed redeemable non convertible debentures aggregating to Rs 495 crore for cash at par on a private placement basis.

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Board of Advani Hotels & Resorts (India) declares 2nd interim dividend
Jan 27,2017

Advani Hotels & Resorts (India) announced that the Board of Directors of the Company at its meeting held on 27 January 2017, inter alia, has approved the following :

- Declared second interim dividend of 20% (40 paise per Equity Share of Rs. 2/- each) for the year ending 31 March 2017.

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Advani Hotels & Resorts (India) fixes record date for 2nd interim dividend
Jan 27,2017

Advani Hotels & Resorts (India) announced that the Company has fixed 08 February 2017 as the Record Date for the purpose of payment of Second Interim Dividend.

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Surana Telecom and Power to announce December quarter results
Jan 27,2017

Surana Telecom and Power announced that a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider the Un-Audited Financial Results of the Company for the Quarter ended 31 December 2016.

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Omaxe to consider December quarter results
Jan 27,2017

Omaxe announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 February 2017, inter alia, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter and Nine Months ended on 31 December 2016 at the recommendation of the Audit Committee which will consider and review the Financial Results in its meeting scheduled to be held on the same day, prior to the Board Meeting.

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Surana Solar to announce December quarter results
Jan 27,2017

Surana Solar announced a meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, inter alia, to consider the Un-Audited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of Gujarat Foils to consider Q3 results
Jan 27,2017

Gujarat Foils announced that a meeting of the Board of Directors of the Company will be held on 07 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the Third Quarter on 31 December 2016.

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