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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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Bhandari Hosiery Exports to hold board meeting
Nov 04,2016

Bhandari Hosiery Exports will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider & approve Unaudited Financial Results for the Quarter/half year ended 30 September 2016.

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Soni Medicare to hold board meeting
Nov 04,2016

Soni Medicare will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record the Standalone Unaudited Financial Results of the company for the second quarter ended on 30 September 2016 along with the limited review report of the auditors.

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NRB Bearings to hold board meeting
Nov 04,2016

NRB Bearings will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider inter-alia adoption of unaudited financial results for the quarter ended 30 September 2016.

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IVP to hold board meeting
Nov 04,2016

IVP will hold a meeting of the Board of Directors of the Company on 14 November 2016.

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Arihant Capital Markets to hold board meeting
Nov 04,2016

Arihant Capital Markets will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the Standalone and Consolidated Un-Audited Financial Results of the Company for the 2nd quarter / Half year ended on 30 September 2016.

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Oriental Bank of Commerce to hold board meeting
Nov 04,2016

Oriental Bank of Commerce will hold a meeting of the Board of Directors of the Company on 9 November 2016, to approve the reviewed Financial Results of the Bank for the quarter and half year ended

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IMP Powers to hold board meeting
Nov 04,2016

IMP Powers will hold a meeting of the Board of Directors of the Company on 10 November 2016, to approve the Un-Audited Financial Results (consolidated & standalone) for the quarter ended 30 September 2016.

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Olympia Capitals to hold board meeting
Nov 04,2016

Olympia Capitals will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the Unaudited Financial Results of the Company for the Quarter and six months ended on 30 September 2016.

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Berger Paints gains after good Q2 results
Nov 04,2016

The result was announced after market hours yesterday, 3 November 2016.

Meanwhile, the S&P BSE Sensex was down 19.64 points or 0.07% at 27,410.64.

On BSE, so far 78,000 shares were traded in the counter as against average daily volume of 52,000 shares in the past two weeks. The stock hit a high of Rs 270 and a low of Rs 262 so far during the day. The stock had hit a record high of Rs 276.80 on 12 September 2016. The stock had hit a 52-week low of Rs 152.86 on 14 December 2015.

The large-cap company has equity capital of Rs 97.10 crore. Face value per share is Rs 1.

The bottom line in Q2 September 2016 was boosted by Rs 44.20 crore on account of profit from sale of business to Berger Nippon Paint Automotive Coatings, a joint venture company in which Berger Paints India holds 49% of the paid-up capital.

Berger Paints India manufactures and markets a range of decorative and industrial paint products and has operations throughout India.

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Ganon Trading & Finance Company to hold board meeting
Nov 04,2016

Ganon Trading & Finance Company will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the unaudited financial result of the company for the Quarter ended 30 September 2016.

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Ace Software Exports to hold board meeting
Nov 04,2016

Ace Software Exports will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve un-audited results of the company for the quarter/half year ended on 30 September 2016 and to consider and approve other agenda.

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Mylan and Biocons provides update on its regulatory submission for Insulin Glargine
Nov 04,2016

Mylan N.V. and Biocon announced that the European Medicines Agency (EMA) has accepted for review Mylans Marketing Authorization Application (MAA) for insulin glargine, a long-acting insulinanalog used to treat adults with type 2 diabetes and adults and pediatric patients (children 6 years and older) with type 1 diabetes for the control of high blood sugar.

Mylan and Biocon, which have co-developed insulin glargine, look forward to offering another insulin treatment option for diabetic patients, who are often facing significant expense to manage their disease. This filing includes analytical, functional and pre-clinical data, as well as results

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Mylan and Biocons provides update on its regulatory submission for Insulin Glargine
Nov 04,2016

Mylan N.V. and Biocon announced that the European Medicines Agency (EMA) has accepted for review Mylans Marketing Authorization Application (MAA) for insulin glargine, a long-acting insulinanalog used to treat adults with type 2 diabetes and adults and pediatric patients (children 6 years and older) with type 1 diabetes for the control of high blood sugar.

Mylan and Biocon, which have co-developed insulin glargine, look forward to offering another insulin treatment option for diabetic patients, who are often facing significant expense to manage their disease. This filing includes analytical, functional and pre-clinical data, as well as results

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Parsvnath Developers incorporates subsidiary - Vasavi PDL Ventures
Nov 04,2016

Parsvnath Developers announced that the Company has, pursuant to the joint venture agreement with Vasavi Nirmaan, incorporated a subsidiary company named Vasavi PDL Ventures (n++VPVPLn++) to develop the multi-complex on the land situated at Kukatpally, Hyderabad, by subscribing to 51% of the paid up capital of VPVPL.

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Parsvnath Developers incorporates subsidiary - Vasavi PDL Ventures
Nov 04,2016

Parsvnath Developers announced that the Company has, pursuant to the joint venture agreement with Vasavi Nirmaan, incorporated a subsidiary company named Vasavi PDL Ventures (n++VPVPLn++) to develop the multi-complex on the land situated at Kukatpally, Hyderabad, by subscribing to 51% of the paid up capital of VPVPL.

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