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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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Optiemus Infracom to hold board meeting
Nov 05,2016

Optiemus Infracom will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and approve the Unaudited Financial Results for the quarter & half year ended on 30 September, 2016.

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SPML Infra to hold board meeting
Nov 05,2016

SPML Infra will hold a meeting of the Board of Directors of the Company on 11 November 2016 Unaudited Standalone Financial Results of the Company for the Quarter and half year ended 30 September, 2016.

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Intellivate Capital Ventures to hold board meeting
Nov 05,2016

Intellivate Capital Ventures will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider and approve the Unaudited Financial Results of the Company for the Quarter and Half year ended 30 September, 2016.

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GTV Engineering to hold board meeting
Nov 05,2016

GTV Engineering will hold a meeting of the Board of Directors of the Company on 12 November 2016 To consider and approve the Un-Audited Financial Results for the Quarter and half year ended 30 September, 2016.

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Som Distilleries & Breweries to hold board meeting
Nov 05,2016

Som Distilleries & Breweries will hold a meeting of the Board of Directors of the Company on 12 November 2016 to consider interalia Unaudited financial results for the quarter ended 30 September, 2016.

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Raja Bahadur International to hold board meeting
Nov 05,2016

Raja Bahadur International will hold a meeting of the Board of Directors of the Company on 11 November 2016 Un-audited Financial Results for the quarter and half year ended 30 September, 2016.

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Binayaka Tex Processors to hold board meeting
Nov 05,2016

Binayaka Tex Processors will hold a meeting of the Board of Directors of the Company on 14 November 2016 Approve Unaudited Quarterly Financial Results for the Quarterly and half yearly ended 30 September, 2016.

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Ministry of Consumer Affairs, Food and Public Distribution proposes exclusive zone for street vendors in each city
Nov 05,2016

The Ministry of Consumer Affairs, Food and Public Distribution has proposed exclusive zone for street vendors in each city. The Ministry has decided to pursue the State Governments to allocate a place and to provide sanitation facility to ensure clean and hygienic food to consumers. This was announced by Shri Ram Vilas Paswan, Union Minister of Consumer Affairs, Food and Public Distribution while addressing a press conference here today after the conclusion of Swachhta Pakhwada organized by his ministry during 16-31 Oct 2016. The Minister said that that one of the objectives of the Swachh Bharat Mission is to create a permanent mechanism through new and innovative schemes. Shri Paswan mentioned, in pursuance of this, the Department of Consumer Affairs has decided to launch two new schemes related to Swachh Bharat Mission i.e. (i) Clean Consumer Fora and (ii) Clean Market.

The Union Minster said that under the scheme Clean Consumer Foran++ financial assistance will be provided to Consumer Fora for sanitation facility while under the n++Clean Market Schemen++ the VCOs will be associated and asked to adopt a market place where they can carry out awareness activities on Swachhta and also cleanliness of the market place in association with the market association/local authorities including provision of sanitation facilities for consumers and with exclusive sanitation facilities in each market place for street vendor. Financial assistance will be provided to VCOs

During the Swachhta Pakhwada (16-31October 2016) some of the significant activities carried out by the Department of Consumer Affairs as follows.

The Union Minister of Consumer Affairs inaugurated a Consumer Mela on 20th October, 2016, during the Swachhta Pakhwada, at Central Park, Connaught Place, New Delhi with the main objective of bringing the consumers and the companies face to face so as to resolve the grievances to the extent possible and also to make the consumers aware about their responsibility towards Swachhta. During the Consumer Mela, the Minister administered Swachhta Oath to over 2000 visitors and participants and appealed to the people to keep their surroundings clean. Nukkad Nataks on consumer awareness and Swachhta and Poster making competition by School children were also organized during the event.

Consumer Awareness Week was also launched during the Consumer Mela and observed during 20-27 October, 2016, which not only focused on the rights of the consumers but also on their responsibilities, including towards cleanliness. All State Governments and stakeholders requested to observe the Consumer Awareness Week in their respective states. Activities related to Swachhta were also carried out by the field offices/organisations of the Department.

During the Pakhwada the activities carried out by Department of Food and Public Distribution are as under:

n++ The pakhwada was started with oath of swachhta being administered in all the offices of the department and its organizations.

n++ The Minister of State, Consumer Affairs, Food and Public Distribution, Shri C.R. Chaudhary participated in the cleanliness drive organized at Ghewara Depot of FCI. Message of Swacchta was delivered by the Minister of State.

n++ During the pakhwada awareness processions were carried out and cleanliness drives in public spaces were carried out.

n++ Banners & Stickers advocating swachhta were used by all the organizations of the department to create awareness in the public

n++ Running trophy/awards instituted during the last pakhwada were continued. Cleanest sections were awarded in the department as well as FCI.

n++ Weeding out and recording of old records were carried out including review of recorded files in the record room.

Other Action Taken

n++ Rs. 200 lakhs contributed towards n++Swachh Bharat Koshn++ during 2015-16 by CWC.

n++ Rs. 133.25 lakhs contributed towards Namami Ganga by CWC.

n++ 50 Rain Water Harvesting Systems have been completed at a cost of Rs. 85.60 lakhs during 2015-16 by CWC .

n++ Letters have been issued to various sugar factory and distilleries to undertake cleanliness drive in the factory & surrounding areas.

Further Action

n++ Sanitation and water supply facilities in 51 FCI Depots will be upgraded/provided.

n++ An amount of Rs. 178 lakhs has been provisioned for n++Swachh Bharat Koshn++ during 2016-17

n++ 100 Rain Water Harvesting Systems have been planned for construction by CWC in the next two years.

n++ CWC has also planned to construct toilets blocks in ten schools.

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NCC Blue Water Products to hold board meeting
Nov 05,2016

NCC Blue Water Products will hold a meeting of the Board of Directors of the Company on 14 November 2016 Un-Audited Financial results for the Second Quarter and Half year ended 30 September, 2016.

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Pokarna provides update on subdiary - Pokarna Engineered Stone
Nov 05,2016

Pokarna announced that :

1. Appointment of the Managing Director by the wholly owned subsidiary, Pokarna Engineered Stone (PESL):

Gautam Chand Jain, Chairman & Managing Director of Pokarna, has been appointed as the Managing Director of the wholly owned subsidiary, PESL, for a period of five years with effect from 07 November 2016 to 06 November 2021. He will continue to be Chairman & Managing Director of Pokarna.

2. Approval to issue of Non-convertible debentures by wholly owned subsidiary to its consortium lenders :

Pursuant to the terms of approval of CDR cell, for exit of wholly owned subsidiary, Pokarna Engineered Stone (PESL), details of which were communicated vide intimation dated 28 October 2016, to the Stock Exchanges, Board of Directors and Shareholders of PESL has approved the issue of 1,60,00,000 Non-Convertible Debentures (NCDs) by PESL to its consortium lenders (i.e. Indian Overseas Bank, Union Bank of India & Bank of India).

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Credit Analysis & Research fixes record date for interim dividend
Nov 05,2016

Credit Analysis & Research has fixed 18 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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UCO Bank raises Additional Tier 1 Capital aggregating Rs 750 cr
Nov 05,2016

UCO Bank has raised Non-Convertible, Unsecured Subordinated Fully Paid-Up Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier I Capital of Rs. 750 crore through private Placement.

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Transport Corporation of India fixes record date for interim dividend
Nov 05,2016

Transport Corporation of India has fixed record date of 12 November 2016 payment of interim dividend of Re 0.60 per share. The interim dividend will be paid on or before 12 December 2016.

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H K Trade International to hold board meeting
Nov 05,2016

H K Trade International will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and take on record the un-audited financial results for the quarter and half year ended 30 September, 2016.

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Continental Controls to hold board meeting
Nov 05,2016

Continental Controls will hold a meeting of the Board of Directors of the Company on 10 November 2016 Consider & Approve the Un-Audited financial results For Quarter ended 30 September, 2016.

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