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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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Anubhav Infrastructure to hold EGM
Feb 15,2017

Anubhav Infrastructure announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 31 March 2017 .

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Prabhat Telecoms (India) to hold board meeting
Feb 15,2017

Prabhat Telecoms (India) will hold a meeting of the Board of Directors of the Company on 18 February 2017.

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Board of Natco Pharma recommends dividend
Feb 15,2017

Natco Pharma announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 6 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

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Board of Eldeco Housing & Industries recommends dividend
Feb 15,2017

Eldeco Housing & Industries announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 12.5 per equity Share (i.e. 125%) , subject to the approval of the shareholders.

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Board of Fag Bearings India recommends dividend
Feb 15,2017

Fag Bearings India announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 12 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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Adhiraj Distributors to hold EGM
Feb 15,2017

Adhiraj Distributors announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 March 2017 .

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Oceanaa Biotek Industries to hold EGM
Feb 15,2017

Oceanaa Biotek Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 16 March 2017 .

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Diamond Power Infrastructure to hold EGM
Feb 15,2017

Diamond Power Infrastructure announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 8 March 2017 .

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Dhabriya Polywood to hold board meeting
Feb 15,2017

Dhabriya Polywood will hold a meeting of the Board of Directors of the Company on 21 February 2017 to consider & approve to fix the date, time and place of holding Extra-Ordinary General Meeting for issue of Equity Shares on preferential basis and to pass necessary resolution under Companies Act, 2013.

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Board of Solar Industries India recommends dividend
Feb 15,2017

Solar Industries India announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 2 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Board of Kothari Petrochemicals recommends dividend
Feb 15,2017

Kothari Petrochemicals announced that the Board of Directors of the Company at its meeting held on 13 February 2017, inter alia, have recommended the dividend of Rs 0.25 per equity Share (i.e. 2.5%) , subject to the approval of the shareholders.

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Sun Pharma slips about 5% in two sessions
Feb 15,2017

Meanwhile, the BSE Sensex was down 142.15 points, or 0.50%, to 28,197.16.

On the BSE, so far 7.69 lakh shares were traded in the counter, compared with average daily volumes of 4.51 lakh shares in the past one quarter. The stock had hit a high of Rs 654 and a low of Rs 622.40 so far during the day.

The stock hit a 52-week high of Rs 898 on 23 February 2016. The stock hit a 52-week low of Rs 572.40 on 9 November 2016.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Re 1.

On a consolidated basis, Sun Pharmaceuticals Industries (Sun Pharma) net profit declined 11.23% to Rs 1721.85 crore on 8.41% rise in net sales to Rs 7683.24 crore in Q3 December 2016 over Q3 December 2015. The result was announced during trading hours yesterday, 14 February 2017.

Shares of Sun Pharma fell 0.73% to settle at Rs 650.15 yesterday, 14 February 2017. The stock has fallen 4.85% in two trading session from its close of Rs 654.95 on 13 February 2017.

India sales rose 5% to Rs 1969 crore in Q3 December 2016 over Q3 December 2015.

US finished dosage sales rose 4% to $507 million in Q3 December 2016 over Q3 December 2015. US sales include the benefit of the authorized generic sales of Olmesartan and its combinations.

Emerging Markets sales rose 14% to $172 million in Q3 December 2016 over Q3 December 2015. Rest of World sales rose 33% to $113 million in Q3 December 2016 over Q3 December 2015.

Sun Pharmaceuticals Industries is the worlds fifth largest specialty generic pharmaceutical company and Indias top pharmaceutical company.

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NILE provides update on increase in capacity of its Choutuppal Lead recycling plant
Feb 15,2017

NILE announced that the Company added some equipment at its Choutuppal Lead recycling plant, and increased the capacity from 22,000 tons per annum to 32,000 tons per annum. The Company received, on 14 February 2017, n++Consent For Operationn++ from Telangana State Pollution Control Board to operate the plant at this increased capacity. The expansion was funded from internal accruals of the Company.

The total Lead recycling capacity of NILE is now 82,000 tons per annum (50,000 tons at Gajulamandyam and 32,000 tons at Choutuppal).

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NILE provides update on increase in capacity of its Choutuppal Lead recycling plant
Feb 15,2017

NILE announced that the Company added some equipment at its Choutuppal Lead recycling plant, and increased the capacity from 22,000 tons per annum to 32,000 tons per annum. The Company received, on 14 February 2017, n++Consent For Operationn++ from Telangana State Pollution Control Board to operate the plant at this increased capacity. The expansion was funded from internal accruals of the Company.

The total Lead recycling capacity of NILE is now 82,000 tons per annum (50,000 tons at Gajulamandyam and 32,000 tons at Choutuppal).

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Board of Morgan Ventures appoints CFO
Feb 15,2017

Morgan Ventures announced that the Board of Directors of the Company in their meeting held on 14 February 2017, appointed Dharam Kumar as the Chief Financial Officer (CFO) of the Company with immediate effect.

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