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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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Energy Development Company to hold board meeting
Nov 02,2016

Energy Development Company will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider and approve the Un-audited Financial Results for the quarter ended on 30 September 2016.

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KJMC Corporate Advisors (India) to hold board meeting
Nov 02,2016

KJMC Corporate Advisors (India) will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider Unaudited Financial Results of the Company for the quarter and half year ended 30 September 2016

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Svaraj Trading & Agencies to hold board meeting
Nov 02,2016

Svaraj Trading & Agencies will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve the unaudited Financial Results of the Company for the quarter and half year ended 30 September 2016.

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Maxwell Industries to hold board meeting
Nov 02,2016

Maxwell Industries will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve and take on record the un-audited financial results of the Company for the 2nd quarter and half year ended on 30 September 2016, as per Regulation 29 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Oracle Financial Services Software to hold board meeting
Nov 02,2016

Oracle Financial Services Software will hold a meeting of the Board of Directors of the Company on 9 November 2016, to consider, approval of unaudited standalone and consolidated lnd-AS financial results for the quarter and half year ended 30 September 2016 (Q2).

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Nitco to hold board meeting
Nov 02,2016

Nitco will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve the Unaudited Financial Results for the quarter ended 30 September 2016.

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Chartered Logistics to hold board meeting
Nov 02,2016

Chartered Logistics will hold a meeting of the Board of Directors of the Company on 9 November 2016, to consider and approve the unaudited Financial Results of the Company for the Quarter ended 30 September 2016.

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IndiaNivesh to hold board meeting
Nov 02,2016

IndiaNivesh will hold a meeting of the Board of Directors of the Company on 11 November 2016, to approve the Unaudited Stand Alone Financial Results for the quarter ended 30 September 2016.

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Gontermann Peiper (India) to hold board meeting
Nov 02,2016

Gontermann Peiper (India) will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record the Un-Audited Financial Results of the Company for the quarter and half year ended on 30 September 2016,

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Trinetra Cement to hold board meeting
Nov 02,2016

Trinetra Cement will hold a meeting of the Board of Directors of the Company on 19 November 2016, to consider unaudited financial results (subjected to a n++limited reviewn++ by the statutory auditors of our Company) for the quarter and half-year ended 30 September 2016.

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Valson Industries leases land from MIDC
Nov 02,2016

Valson Industries has acquired the leasehold land from MIDC situated at Plot No. T-14, Addl. Amravati Indl. Area (Textile Park), MIDC, Amravari.

Mr. Varun S. MutrejaDirector-CFo, Mr. Kunal S. Mutreja-CEo and Mr. Pritesh Shah-Vice President were authorized to execute the lease deed and any other documents with MIDC.

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Indian Hume Pipe Company fixes record date
Nov 02,2016

Indian Hume Pipe Company has fixed 13th December 2016 as the record date for the purpose of bonus shares.

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Bodhtree Consulting director resigns
Nov 02,2016

Mr. Nimmagadda Sriram has resigned from the directorship of Bodhtree Consulting with immediate effect from 02nd November 2016.

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Bodhtree Consulting director resigns
Nov 02,2016

Mr. Nimmagadda Sriram has resigned from the directorship of Bodhtree Consulting with immediate effect from 02nd November 2016.

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Ministry of Shipping sponsors safety training progarmme for ship recycling workers under Sagarmala
Nov 02,2016

As part of its Coastal Community Development Programme under Sagarmala, the Ministry of Shipping has sanctioned Rupees 10 Crore as part of the first instalment to the Gujarat Maritime Board for capacity building and safety training of 20,000 workers involved in the ship recycling activities at Alanag- Sosiya recycling yard in Bhavnagar district in Gujarat. The total project cost is estimated to be Rupees 30 Crore over a period of 3 years.

The initiative has been identified in the National Perspective Plan (NPP) of Sagarmala for the upliftment of the coastal community and aims to provide health and safety training to the skilled and semi-skilled workers which is required while performing their work at ship recycling yards. Due to the accident prone nature of the ship breaking activity, Gujarat Maritime Board has been running an indigenous Safety Training and Labour Welfare Institute at Alang and has trained about 1.10 lakh labors over the last 12 years. However, with the increased volume of ship recycling over last decade and to bring the training standards at par with the international regulations like UN Body -International Maritime Organization, it is imperative to enhance the capacity build-up and upgrade the existing training standards.

The safety training programme under Sagarmala has been specifically designed and conforms to the Common Norms for Skill Development Schemes under National Skill Qualification Framework notified by the Ministry of Skill Development & Entrepreneurship in Gazette Notification dated 8th August, 2015. A new module has been proposed which would impart comprehensive training to workers about Occupational Safety & Hazards at workplaces that are likely to cause injuries, death or chronic occupational diseases.

In India, ship recycling has emerged as an activity of sizeable volume, supplying raw material to steel industry for both re-rolling and re-melting. The Alang Sosiya Recycling yard is the largest ship-recycling yard in Asia, which employs an average 15000,-25000 labourers at a time and generates about 35 lakh LDT (Light displacement) per annum. On an average 350 numbers of ships are recycled every year in which more than 3 million MT of steel is generated through recycling route.

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