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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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IT stocks slide as Trump administration drafts executive order on H1B visas
Jan 31,2017

TCS (down 2.71%), HCL Technologies (down 2.29%), Wipro (down 1.6%), Infosys (down 1.4%), Persistent Systems (down 1.31%) and Oracle Financial Services Software (down 0.75%) edged lower.

Meanwhile, the S&P BSE IT index was down 1.79%. It underperformed the Sensex which was down 147.46 points or 0.53% at 27,702.10.

The BSE IT index had underperformed the market over the past one month till 30 January 2017, sliding 2.92% compared with the Sensexs 4.59% rise. The index had also underperformed the market over the past one quarter, declining 1.53% as against the Sensexs 0.29% fall.

According to reports, Donald Trumps administration has drafted an executive order to restrict work visas, H1B and L1 issued to professionals working in the US for a short period of time, as part of a larger immigration reform. The H1B visa is a non-immigrant visa that allows US companies to employ skilled foreign workers and are mostly used by Indian IT professionals. The latest move comes after Trump issued a sweeping executive order banning foreign nationals from seven Muslim-majority countries from entering the US.

US is the biggest outsourcing market for Indian IT firms.

Tech Mahindra lost 1.21%. The companys consolidated net profit rose 32.77% to Rs 856 crore on 5.4% growth in revenue to Rs 7558 crore in Q3 December 2016 over Q2 September 2016. The result was announced at the fag end of the trading session yesterday, 30 January 2017. The stock had risen 0.27% to settle at Rs 466.75 yesterday, 30 January 2017.

Tech Mahindras consolidated profit after tax rose 30.8% to $126.3 million on 4.1% growth in revenue at $1116.1 million in Q3 December 2016 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 9.2% to $175 million in Q3 December 2016 over Q2 September 2016. Cash and cash equivalent stood at Rs 4951 crore as of 31 December 2016.

Vineet Nayyar, Vice Chairman, Tech Mahindra said that the strong deal wins and business momentum during the quarter reaffirm that the company is on the right track to capitalize on the opportunities from the global digital transformation, and see measurable benefits from that.

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Board of Pil Italica Lifestyle to consider Q3 results and conversion of warrants
Jan 31,2017

Pil Italica Lifestyle announced that the meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, inter alia, to transact the following businesses;

1. To consider and approve the Unaudited Financial Results of the Company for the Third Quarter and Nine Months ended 31 December 2016.

2. To issue and allot equity shares on conversion of share warrants to Promoter and Non Promoters.

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Board of Kuantum Papers to consider Q3 and 9M results
Jan 31,2017

Kuantum Papers announced that the meeting of Board of Directors and Audit Committee of the Company will be held on 11 February 2017, inter alia, to review and approve the Unaudited Financial Results for the quarter and nine months period ended 31 December 2016.

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Board of Andrew Yule & Company to consider Q3 and 9M results
Jan 31,2017

Andrew Yule & Company announced that the meeting of the Board of Directors of the Company will be held on 09 February 2017, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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NTPC to consider Q3 results
Jan 31,2017

NTPC announced that a meeting of the Board of Directors of the Company is scheduled to be held on 08 February 2017, inter alia, to approve and take on record the unaudited Financial Results for the quarter and nine months period ended on 31 December 2016 (Q3) as reviewed by the Audit Committee and also to consider declaration of interim dividend for the financial year 2016-17.

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Surana Industries to consider Q3 results
Jan 31,2017

Surana Industries 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 and approve the Unaudited financial results for the 3rd Quarter and Nine Months ended 31 December 2016.

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HMT to announce Q3 results
Jan 31,2017

HMT announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, to consider and approve the Unaudited Financial Results of the Company for the Third Quarter 31 December 2016.

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HMT to announce Q3 results
Jan 31,2017

HMT announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, to consider and approve the Unaudited Financial Results of the Company for the Third Quarter 31 December 2016.

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Board of GAIL (India) to consider Q3 results
Jan 31,2017

GAIL (India) 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 unaudited financial results for the quarter ended on 31 December 2016 (Q3).

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Board of GAIL (India) to consider Q3 results
Jan 31,2017

GAIL (India) 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 unaudited financial results for the quarter ended on 31 December 2016 (Q3).

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Board of Regency Trust to consider December quarter results
Jan 31,2017

Regency Trust announced that the Meeting of Board of Directors of the Company will be held on 09 February 2017, inter alia, to take on record and adopt the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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Board of Regency Trust to consider December quarter results
Jan 31,2017

Regency Trust announced that the Meeting of Board of Directors of the Company will be held on 09 February 2017, inter alia, to take on record and adopt the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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National Aluminium Company to announce Q3 results
Jan 31,2017

National Aluminium Company announced that the Meeting of Board of Directors of the Company is scheduled to be held on 13 February 2017, inter alia, to consider the unaudited financial results for the third quarter ended 31 December 2016 (Q3).

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Board of DQ Entertainment International to consider Q3 and 9M results
Jan 31,2017

DQ Entertainment International announced that the Company propose to hold the meeting of the Board of Directors of the Company on 09 February 2017, inter alia, to consider and take on record the un-audited financial results & other related matters for the quarter and nine months ended 31 December 2016.

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Shiv Kamal Impex to announce Q3 and 9M results
Jan 31,2017

Shiv Kamal Impex announced that a meeting of the Board of Directors is proposed to be held on 08 February 2017, inter alia, to consider and approve Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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