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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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MOIL announces proposed Employee Offer By Government Of India
Jul 18,2017

MOIL announced that in terms of Cabinet Committee of Economic Affairs (CCEA) decision dated 16 January 2015, it has been decided by Government of India to offer upto 6,65,939 equity shares of face value of Rs. 10/- each of MOIL (MOIL) to the Eligible Employees of MOIL (Offer) at a discounted price of Rs. 346.75 (this price is at 5% discount to the cut off price of Rs. 365 discovered in the Offer for Sale of shares of MOIL carried out by Government of India on 24 & 25 January 2017).

The minimum and maximum number of equity shares which can be applied for by eligible employees is 10 and 576 equity shares, respectively.

The offer shall be open from 19 July 2017 to 27 July 2017 (both days inclusive)

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TCS recognised as Leader in IT Infrastructure Services Automation
Jul 18,2017

Tata Consultancy Services has been recognised as a Leader in Everest Groups report, IT Infrastructure Automation - Market Update and PEAK Matrix Assessment for Solutions.

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Ordinance has been promulgated authorising RBI to issue directions to any banking co. to initiate insolvency resolution process in respect of default
Jul 18,2017

An Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorising RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It also enables the Reserve Bank to issue directions with respect to stressed assets and specify one or more authorities or committees with such members as the Bank may appoint or approve for appointment to advise banking companies on resolution of stressed assets.

The Overseeing Committee (OC) has been brought under the aegis of the Reserve Bank and the membership of the same has been enlarged to five. The reconstituted OC has been mandated to review resolution of cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs.500 crore.

An Internal Advisory Committee (IAC) was constituted by Reserve Bank of India, which arrived at an objective, non-discretionary criterion for referring accounts for resolution under IBC. In particular, the IAC recommended for IBC reference of all accounts with fund and non-fund based outstanding amount greater than Rs.5000 crore, with 60% or more classified as non-performing by banks as of March 31, 2016. Accordingly, Reserve Bank of India has issued directions to certain banks for referring 12 accounts, qualifying under the aforesaid criteria, to initiate insolvency process under the Insolvency and Bankruptcy Code, 2016. As regards the other non-performing accounts which do not qualify under the above criteria, the IAC recommended that banks should finalize a resolution plan within six months. In cases where a viable resolution plan is not agreed upon within six months, banks should be required to file for insolvency proceedings under the IBC.

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KDDL provides update on subsidiary - Ethos
Jul 18,2017

KDDL announced that the Companys subsidiary - Ethos has launched a new store (EMSW) with effect from 25 June 2017 at Navi Mumbai, Mumbai. The total number of stores as on date is 36 only.

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A total of 25 Gÿ50-beddedG hospitals with an outlay of Rs. 145 cr. approved in the year 2016-17
Jul 18,2017

Under Centrally Sponsored Scheme of National AYUSH Mission (NAM), there is a provision for setting up of upto 50 bedded integrated AYUSH Hospital in the  States/UTs and they may avail eligible financial assistance by projecting the proposal through State Annual Action Plan (SAAP) as per NAM guidelines.

The details of last three years of Grant-in-aid provided to the State/UT Governments along with location for setting up of upto 50 bedded integrated AYUSH Hospital underNational AYUSH Mission (NAM) are furnished below:

Status of 50 bedded integrated AYUSH Hospital approved under National AYUSH Mission (NAM) during 2014-15, 2015-16 & 2016-17

  (Rs. In lakhs)

 

Units Approved during 2014-15

Amount Approved during 2014-15

Units Approved during 2015-16

Amount Approved during 2015-16

Units Approved during 2016-17

Amount Approved during 2016-17

Total

2

330.00

14

2014.57

25

14556.30

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Availability of Fertilizers far exceeds the requirement in the country: Shri Mansukh Lal Mandaviya
Jul 18,2017

Union Minister of State for Chemicals and Fertilizers, Shipping, Road Transport & Highways, Shri Mansukh L. Mandaviya, said that the availability of fertilizers far exceeds their requirementin the country. Nowadays, scarcity of fertilizers has become a thing of the past in the country which has been possible due to the visionary policies of Prime Minister Shri Narendra Modi, the Minister added. 

While giving detailed information about the demand and supply of various chemicals fertilizers, Shri Mandaviya gave the figures of cumulative requirement/ sales and availabilityof Urea, DAP and NPK fertilizersfor April -June 2017, which are as given below: 

(all figures in LMT)

FertilizersRequirement/ salesAvailabilityUrea63.640080.2800DAP18.356325.3385NPK13.848324.3049TOTAL95.8446129.9234

Further, Shri Mandaviya also informed the House that the supply of Urea has been more than the requirement in the last 3 years, including the current year. The figures of cumulative requirement and availability of Urea for the last 3 years are given below:

(all figures in LMT)

YearRequirementAvailability2014-15306.71310.422015-16313.35329.002016-17289.09309.082017-18 (up to June17)63.6480.28

Describing the steps taken by the Government to prevent black marketing of fertilizers and transfer maximum benefit to the farmer, Shri Mandaviya said that Government has declared Fertilizer as an essential commodity under the Essential Commodities Act, 1955 and notified Fertilizer Control Order, 1985 and Fertilizer (Movement Control) Order, 1973.

Further, State Governments, under the extant provisions of the Fertilizer Control Order (FCO), 1985 have been adequately empowered to take preventive/ punitive actions against offenders who indulge in black marketing of fertilizers. Department of Fertilizers has also advised/ sensitized the State Governments for gearing up enforcements agencies under their jurisdiction for taking appropriate action against the offenders, if any. The experiment of Neem coating of Urea has played a significant role to stop diversion of Urea for industrial use which, in turn, has put a check on its black marketing to a great extent and huge amount of subsidy has been saved, the Minister informed.

Shri Mandaviya said thatas a result of sustainable and long term policy initiatives and its effective implementation by the Government,the days are over now when farmers had to be in long queues for fertilizers in the country.

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Ashok Leyland forms strategic alliance with SUN Mobility
Jul 18,2017

Ashok Leyland has formed a strategic alliance with SUN Mobility, promoted by Chetan Maini, founder of Reva and Uday Khemka, Vice Chairman of SUN Group. This global partnership between Ashok Leyland and SUN Mobility will leverage Indias innovation and engineering potential to develop truly world class electric mobility solutions.

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Transformers & Rectifiers India to hold board meeting
Jul 18,2017

Transformers & Rectifiers India will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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Blue Pearl Texspin to hold board meeting
Jul 18,2017

Blue Pearl Texspin will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Spenta International to hold board meeting
Jul 18,2017

Spenta International will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Peoples Investment to hold board meeting
Jul 18,2017

Peoples Investment will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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Orient Cement to hold board meeting
Jul 18,2017

Orient Cement will hold a meeting of the Board of Directors of the Company on 26 July 2017 Accounts

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Galada Finance to hold board meeting
Jul 18,2017

Galada Finance will hold a meeting of the Board of Directors of the Company on 29 July 2017, to consider, approve and take on record the Unaudited Financial Results for the quarter and year ended 30th June, 2017.

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PNB Gilts to hold board meeting
Jul 18,2017

PNB Gilts will hold a meeting of the Board of Directors of the Company on 26 July 2017, to consider and approve the unaudited financial results of the Company for the quarter ended June 30, 2017

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Apcotex Industries to hold AGM
Jul 18,2017

Apcotex Industries announced that the 31st Annual General Meeting (AGM) of the company will be held on 17 August 2017.

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