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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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Board of Take Solutions recommends dividend
Nov 04,2016

Take Solutions announced that the Board of Directors of the Company at its meeting held on 3 November 2016, inter alia, have recommended the dividend of Rs 0.3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Pincon Spirit intimats of upward revision in MRP of its country liquor brands
Nov 04,2016

Pincon Spirit announced that Government of West Bengal vide its Notification No. 03-EXE dated 28 October 2016 has revised the rate of Excise Duty on Country Liquor w.e.f. 08 November 2016, along with instruction to all Country Liquor Manufacturers to apply immediately for label re-registration with new MRP.

The Company has made urgent initiation for upward revision in MRP of its Country Liquor Brands viz. Pincon Bangia No. 1, Bengal Tiger & Uddan.

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Malu Paper Mills to hold board meeting
Nov 04,2016

Malu Paper Mills will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, approve and take on record Unaudited Financial results of the company for the quarter ended on 30 September 2016.

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Gravita India to hold board meeting
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Gravita India will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and take on record Un-audited Financial results of the company for the quarter ended 30 September 2016.

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Jindal Poly Investment & Fin. Co. to hold board meeting
Nov 04,2016

Jindal Poly Investment & Fin. Co. will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider Un-Audited Financial results of the Company for the quarter and half year ended 30 September 2016.

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Purshottam Investofin to hold board meeting
Nov 04,2016

Purshottam Investofin will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve the Unaudited Financial Results of the Company for the Quarter and half year ended on 30 September 2016.

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Sharon Bio-Medicine to hold board meeting
Nov 04,2016

Sharon Bio-Medicine will hold a meeting of the Board of Directors of the Company on 10 November 2016, to take on record the Unaudited Financial Results for the Quarter ended 30 September 2016 along with the Limited Review Report

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Sai Baba Inv. & Commerical Entrp. to hold board meeting
Nov 04,2016

Sai Baba Inv. & Commerical Entrp. will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve unaudited financial results for the quarter ended 30 September 2016.

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Ambika Cotton Mills to hold board meeting
Nov 04,2016

Ambika Cotton Mills will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider and take on record the Unaudited Financial Results for the Quarter ended 30 September 2016.

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7Seas Entertainment to hold board meeting
Nov 04,2016

7Seas Entertainment will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the Un - Audited financial results for the quarter ended 30 September 2016.

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Global Infratech & Finance to hold board meeting
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Global Infratech & Finance will hold a meeting of the Board of Directors of the Company on 12 November 2016, to approve the Un-audited Financial Results for the Quarter and half year ended 30 September 2016.

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Sen Pet (India) to hold board meeting
Nov 04,2016

Sen Pet (India) will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider, approve and take on record the Un-audited Financial Results of the Company for the quarter and half year ended 30 September 2016.

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ICSA (India) to hold board meeting
Nov 04,2016

ICSA (India) will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve the Un-audited Financial Results for the Quarter & half year ended 30 September 2016.

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Camson Bio Technologies to hold board meeting
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Camson Bio Technologies will hold a meeting of the Board of Directors of the Company on 10 November 2016, to approve the Un-Audited Financial results of the Company for the 2nd quarter and half year ended 30 September 2016.

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Board of Sterlite Technologies recommends dividend
Nov 04,2016

Sterlite Technologies announced that the Board of Directors of the Company at its meeting held on 2 November 2016, inter alia, have recommended the dividend of Rs 0.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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