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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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Tata Motors may drop after posting weak Q4 results
May 24,2017

Tata Motors consolidated net profit fell 16.79% to Rs 4336 crore on 2.86% fall in revenues to Rs 77272 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017. Consolidated profit was lower due to translation impact from Pound to Indian Rupee.

Adani Ports & Special Economic Zone and Lupin will announce Q4 results today, 24 May 2017.

Karnataka Bank has entered into a distribution agreement to sell the mutual fund products of HDFC Capital Asset Management (HDFCAML). Mahabaleswara MS, Managing Director and Chief Executive Officer of Karnataka Bank said that investment in mutual funds will provide an opportunity to those customers who are uncomfortable in investing directly in stock markets. The announcement was made after market hours yesterday, 23 May 2017.

JB Chemicals & Pharmaceuticals net profit fell 16.6% to Rs 42.14 crore on 1.17% fall in total income to Rs 319.02 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017.

Meanwhile, JB Chemicals & Pharmaceuticals board of directors has approved the buy-back of up to 12.50 lakh shares at Rs 400 per share for a total consideration not exceeding Rs 50 crore, through the tender offer route on a proportionate basis.

NCC reported 26.11% fall in net profit to Rs 63.71 crore on 13.54% rise in total income to Rs 2186.50 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017. The result was declared after market hours yesterday, 23 May 2017.

Sunteck Realty announced that a meeting of the board of directors of the company will be held on 8 June 2017, to consider stock split. The announcement was made before market hours today, 24 May 2017.

Himatsingka Seides net profit rose 31.91% to Rs 43.57 crore on 55.67% rise in net total revenue to Rs 404.05 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017.

Redington India said that Redington Gulf FZE (RGF), a step down subsidiary of the company acquired additional 10% stake from shareholder of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus) for a consideration of $0.99 million. With this the total stake of RGF in Link plus is 90%.

Redington India had earlier announced that Redington Gulf FZE (RGF), acquired 70% and subsequently 10% stake in Linkplus. The announcement was made after market hours yesterday, 23 May 2017.

Cupids net profit rose 7% to Rs 4.92 crore on 1% rise in total operating income to Rs 18.5 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 23 May 2017.

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JHS Svendgaard Laboratories allots 4.40 lakh equity shares
May 23,2017

JHS Svendgaard Laboratories has allotted 4.40 lakh equity shares on conversion of equivalent convertible warrants on 23 May 2017.

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Bombay Burmah Trading Corporation allots NCDs aggregating Rs 150 crore
May 23,2017

Bombay Burmah Trading Corporation has allotted 1500 secured, redeemable, Non Convertible Debentures of face value of Rs 10 lakh each aggregating Rs 150 crore on private placement basis on 23 May 2017.

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Voltas appoints director
May 23,2017

The Directors of Voltas have at the Board Meeting held on 23 May 2017, approved the appointment of Hemant Bhargava as Additional Director of the Company representing Life Insurance Corporation of India with effect from 23 May 2017.

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Board of Voltas approves proposal for JV with Arcelik
May 23,2017

The Board of Directors of Voltas at its meeting held on 23 May 2017 has approved a proposal to enter into joint venture arrangement with Arcelik A.S, a company incorporated in Istanbul, Turkey, for establishing a joint venture company, to tap the fast growing consumer durables market in India. The proposed JVC to be incorporated would be engaged in the business of refrigerators, washing machines, microwaves and other white goods/ domestic appliances in India.

The JVC will have an equity capital of USD 100 million, and Tata Investment Corporation (TICL) and Kon++ Holding (KOn++) will also hold 1% equity stake each, in the new Joint Venture.

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Outcome of board meeting of Frontier Informatics
May 23,2017

The Board of Directors of Frontier Informatics at its meeting held on 23 May 2017 transacted the following -

In the matter of Reduction of capital, the Benepose Reports as of 15th May, 2017, the record date, and detailed workings relating to allotment of shares in accordance with the Scheme for Reduction of Capital approved by Honble High Cort of Teleangana and Andhra Pradesh, are placed before the Board and the Board have approved the list of share holders, who will be issued with new shares as per the said scheme.

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Indo-Global Enterprises appoints company secretary
May 23,2017

Indo-Global Enterprises has appointed CS Khushboo, as a Company Secretary and Key Managerial Person and further as a Compliance Officer of the company at the Board Meeting held on 22 May 2017.

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Clariant Chemicals (India) to pay final dividend
May 23,2017

Clariant Chemicals (India) announced that Final Dividend, if approved at the ensuing Annual General Meeting, shall be paid on or after 17 August 2017.

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Outcome of board meeting of JHS Svendgaard Laboratories
May 23,2017

JHS Svendgaard Laboratories announced that the Board of Directors of the Company at its meeting held on 23 May 2017 has transacted the following -

Taken note of change in name of subsidiary company from JHS Svendgaard Dental Care to JHS Svendgaard Brands.

The Board also reviewed capital expenditure on capacity creation. The Company is investing Rs 30 crore in capital equipment(s) and is investing towards setting up additional manufacturing unit.

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Tube Investments of India allots 9000 equity shares
May 23,2017

Tube Investments of India has allotted 9000 equity shares under ESOP.

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Cerebra Integrated Technologies to start operations of its E-Waste recycling plant
May 23,2017

Cerebra Integrated Technologies announced that Karnataka State Pollution Control Board has issued its consent to the Company to start production for its E-Waste recycling plant setup on a 12 acre land at Narsapura Industrial Area, Old Madras Road; its operations will include dismantling and segregation of E-Waste for recovery of precious metals like Gold, Silver, Platinum, Palladium and Rhodium.

Further, the Company has received all the necessary approvals and will be commencing operations with immediate effect. This integrated E-Waste recovery facility will facilitate complete recovery of the E-Waste, Data Wiping and Destruction Services, Repair, Refurbishing and Re-Marketing Services as also full-fledged Asset management services.

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National Fertilizer appoints director
May 23,2017

National Fertilizer announced that Dr. Kalpana Saini has been appointed as Part-time Non-official Independent Director on the Board of the Company w.e.f. 18 May 2017.

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DLF allots 18,483 equity shares
May 23,2017

DLF has allotted 18,483 equity shares under ESOP on 23 May 2017.

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Insecticides India gets reaffirmation of ratings for bank facilities
May 23,2017

Insecticides India announced that CRISIL has reaffirmed the credit rating for bank facilities as under -

Long term ratings - CRISIL A/Stable
Short term ratings - CRISIL A1

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Phoenix Mills hike stake in Offbeat Developers
May 23,2017

Phoenix Mills has acquired 1,691,270 equity shares of Offbeat Developers (ODPL) held by HBS Realtors representing 5.36% of total equity shareholding for a total consideration of Rs. 29.28 crore on 22 May 2017. Consequent upon the aforesaid acquisition, the shareholding of the Company in ODPL has increased from 83.59% to 88.95%.

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