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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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Idea Cellular proposes to issue NCDs aggregating Rs 1000 crore
Feb 07,2017

Idea Cellular proposes to issue secured redeemable non-convertible debentures amounting to Rs 1000 crore on private placement basis. The deemed date of allotment is 08 February 2017.

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Board of Minda Industries declares interim dividend
Feb 07,2017

Minda Industries announced that the Board of Directors in their meeting dated 07 February 2017 have approved and declared the following interim dividend -

a. At the rate of Rs. 1.20 per share i.e. 60% on 79,326,780 equity shares (face value of Rs. 2 each);

b. At the rate of Rs. 0.30 per share on 3,500,000 3% cumulative redeemable preference share of Rs.10 each.

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Solar Industries India fixes record date for interim dividend
Feb 07,2017

Solar Industries India announced has fixed 20 February 2017 as the Record Date for the purpose of Payment of Interim Dividend, if approved.

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Board of Indian Metals & Ferro Alloys declares interim dividend
Feb 07,2017

Indian Metals & Ferro Alloys announced that the Board of Directors of the Company at their meeting held on 07 February 2017, inter alia, have transacted the following:

- Declared an interim dividend of Rs. 10/- per share. Payment of dividend/despatch of dividend warrants will be completed within 30 days of declaration of interim dividend.

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Fiberweb (India) bags repeat export order
Feb 07,2017

Fiberweb (India) has received a repeat export order worth Rs 14.1 crore from USA. With this, the total order book stands at Rs 101 crore.

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Ruttonsha International Rectifier gets reaffirmation of credit ratings
Feb 07,2017

Ruttonsha International Rectifier announced that ICRA have re-affirmed the Companys long term Credit rating of [ICRA]BB+ (pronounced ICRA double B plus) rating with a stable outlook to the Companys Fund based limits and a short term rating of [ICRA]A4+ (pronounced ICRA A four plus) rating to the Companys Non fund based limits.

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Tata Motors announces sales performance of Jaguar Land Rover
Feb 07,2017

Jaguar Land Rover achieved total retail sales of 47,693 units in January 2017, recording a growth of 4% over January 2016.

Jaguar Land Rovers global sales performance for January shows growth in North America (29%), China (14%), the UK (2%) but down in Europe (8%) and in other overseas markets (19%).

Jaguar sales were 13,949 units, up 76% compared to January 2016. Land Rover sales were 33,744 units in January 2017, down 11% compared to January 2016.

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Cerebra Integrated Technologies inaugurates E-Waste Recycling facility
Feb 07,2017

Cerebra Integrated Technologies inaugurated its E-Waste RecyclingFacility at Narasapura KIADB Industrial Area, Kolar District which spans over an area of 12 acres of prime industrial land and with built up area of more than 40000 sft.

The current capacity of the facility is 36000 tons per annum and Cerebra will expand further in the near future to add PGM refining.

The services offered include Collection, Segregation (Re-usable & Non-Reusable) Repair, Recondition, Refurbish for Reuse, Re-marketing, Data Wiping, Data Destruction & Data Recovery Process. Recovery Services that will now be offered will be Recycling & Separation of Metals, Plastics& Glass Recovery.

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Carborundum Universal fixes record date for interim dividend
Feb 07,2017

Carborundum Universal has fixed 15 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Dilip Buildcon ties up with IBM for Digital Transformation
Feb 07,2017

Dilip Buildcon has tied up with IBM for strategic and transformational journey to address business needs. IBM will do the process standardization, operational excellence and ERP -SAP S4 HANA on Cloud, implementation to leverage role based access to critical data, applications, analytical tools, effectively manage and utilize, the largest fleet of more than 8000 vehicles and machineries. It will streamline DBLs processes across procurement, projects, asset management, finance and HR, improve stakeholder collaborations.

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Intense Technologies recognised for Customer Management Software
Feb 07,2017

Intense Technologies announced that it has been positioned as a Niche Player in Gartner, Inc.s Magic Quadrant for Customer Communications Management (CCM) Software Report, published on 26 January 2017.

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Lakshmi Machine Works slips after poor Q3 result
Feb 07,2017

The result was announced after market hours yesterday, 6 February 2017.

Meanwhile, the BSE Sensex was down 51.33 points, or 0.18%, to 28,387.95

On BSE, so far 310 shares were traded in the counter, compared with average daily volume of 1,548 shares in the past one quarter. The stock hit a high of Rs 3,874.40 and a low of Rs 3,824 so far during the day. The stock hit a record high of Rs 4,698.50 on 6 October 2016. The stock hit a 52-week low of Rs 3,050 on 26 February 2016.

The mid-cap company has equity capital of Rs 10.96 crore. Face value per share is Rs 10.

Lakshmi Machine Works manufacturers entire range of textile spinning machinery from blow room to ring spinning.

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Indo Rama Synthetics (India) intimates of conversion of GDRs into equity shares
Feb 07,2017

Indo Rama Synthetics (India) announced that Brookgrange Investments , a Promoter Group Company, has converted 9,01,000 (Nine Lakh One Thousand) Global Depository Receipts (GDRs) into 72,08,000 (Seventy Two Lakh Eight Thousand ) Equity Shares of Rs.10/- each of the Company on 07 February 2017.

After conversion, the outstanding GDRs are 3,85,320 (Three Lakh Eighty Five Thousand Three Hundred Twenty) convertible into 30,82,560 (Thirty Lakh Eighty Two Thousand Five Hundred Sixty) Equity Shares of Rs.10/- each.

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Board of Rajsanket Realty approves private placemen of NCDs aggregating Rs 60 crore
Feb 07,2017

Rajsanket Realty announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has approved issue of secured, unlisted, redeemable, non-convertible debentures of the company aggregating up to Rs 60 crore on private placement basis.

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Board of Rajsanket Realty approves private placement of NCDs aggregating Rs 60 crore
Feb 07,2017

Rajsanket Realty announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has approved issue of secured, unlisted, redeemable, non-convertible debentures of the company aggregating up to Rs 60 crore on private placement basis.

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