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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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Gravita India defies gravity after starting production at Jamaica plant
Jul 21,2017

The announcement was made after market hours yesterday, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 128.92 points, or 0.4%, to 32,033.32. The S&P BSE Small-Cap index was up 49.56 points, or 0.31%, to 16,049.44.

On the BSE, 22,710 shares were traded on the counter so far as against the average daily volumes of 73,261 shares in the past one quarter. The stock had hit a high of Rs 87.45 and a low of Rs 84.30 so far during the day. The stock had hit a 52-week high of Rs 89.50 on 12 July 2017. The stock had hit a 52-week low of Rs 25 on 29 July 2016.

The stock had outperformed the market over the past one month till 20 July 2017, gaining 3.42% compared with Sensexs 1.94% rise. The scrip had also outperformed the market in past one quarter, gaining 37.04% as against Sensexs 8.44% rise. The scrip had, also outperformed the market in past one year, surging 208.33% as against Sensexs 14.29% rise.

The small-cap company has equity capital of Rs 13.70 crore. Face value per share is Rs 2.

Gravita India said that Gravita Jamaica, a step down subsidiary of the company, located in Jamaica, Central America has started recycling and commercial production of PET flakes (polyethylene Terephthalate) by installing an ultra-modern PET Hot Wash Line with an annual capacity of 4,000 metric tonnes per annum.

Gravita Group has made investments of Rs 6.5 crore for procuring and commissioning of this plant which is funded from the internal accruals of the company. The plant is expected to generate revenue of Rs 10 crore coupled with a gross margin of 37% in its initial year.

The installation of the plant is a step forward for the companys growth momentum and to further achieve its vision in the lead recycling industry.

Gravita India is engaged in the business of manufacturing of lead metal by recycling & smelting process.

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Board of RIL approves investment in technology incubator in Israel
Jul 21,2017

The Board of Directors of Reliance Industries at its meeting held on 20 July 2017 has approved to set up and invest in a technology incubator by the name of Jerusalem Innovation Incubator (JII), licensed by Israel Innovation Authority, Ministry of Economy, Israel under competitive bidding process.

The investment in JII shall be done in partnership with OurCloud, Motorola Solutions and Yissum. JII will be in the form of a limited liability partnership with the Company holding 20% interest.

JII shall invest in early stage start ups per year over the license period of 8 years. JIIs primary area of focus will include big date; analytics; artificial intelligence; fintech storage; internet of things; and computer vision - most of these domains align with out business and strategic interests.

The Company proposes to invest up to USD 25 million in JII and in frontier technology start-ups in tranches over a period of 8 years.

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Era Infra Engineering appoints CFO
Jul 21,2017

Era Infra Engineering announced that Kabi Mazumder has been appointed as Chief Financial Offer of the Company with effect from 20 July 2017.

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Kwality gets revision in rating outlook for various credit facilities
Jul 21,2017

Kwality has received revision in rating outlook from Brickwork Ratings as under -

Fund based long term - BWR A+ (Outlook Positive)
Non fund based short term - BWR A1
Non Convertible Debentures - BWR A+ (Outlook Positive)

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SQS India BFSI to conduct board meeting
Jul 21,2017

SQS India BFSI will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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JSW Holdings to table results
Jul 21,2017

JSW Holdings will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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eClerx Services to discuss results
Jul 21,2017

eClerx Services will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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NG Industries to declare Quarterly Result
Jul 21,2017

NG Industries will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Sical Logistics to convene board meeting
Jul 21,2017

Sical Logistics will hold a meeting of the Board of Directors of the Company on 2 August 2017.

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Nitta Gelatin India to conduct board meeting
Jul 21,2017

Nitta Gelatin India will hold a meeting of the Board of Directors of the Company on 29 July 2017.

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Kilitch Drugs (India) to hold board meeting
Jul 21,2017

Kilitch Drugs (India) will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Pincon Spirit to announce Quarterly Result
Jul 21,2017

Pincon Spirit will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Deepak Fertilizers & Petrochem. Corp to table results
Jul 21,2017

Deepak Fertilizers & Petrochem. Corp will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Bhagyashree Leasing & Finance to declare Quarterly Result
Jul 21,2017

Bhagyashree Leasing & Finance will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Brady & Morris Engineering Company to discuss results
Jul 21,2017

Brady & Morris Engineering Company will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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