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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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Gujarat Poly Avx Electronics has received a fresh Certificate of Incorporation pursuant to the change of company name to Gujarat Poly Electronics Limited.

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Healthcare Global Enterprises will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider, approve and take on record the Unaudited Financial Results (both Standalone & Consolidated) of the Company for the quarter and half year ended on 30 September 2016.

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Sundaram Multi Pap will hold a meeting of the Board of Directors of the Company on 9 November 2016, to consider the Unaudited Financial Results for the Quarter and Half Year ended 30 September 2016.

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Rasi Electrodes will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and take on record the following: Un-Audited Financial Results for the quarter ended 30 September 2016.

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BDH Industries will hold a meeting of the Board of Directors of the Company on 14 November 2016, to take on record the Unaudited Financial Results for the second quarter and half year ended 30 September 2016 of the financial year 2016-17.

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Balurghat Technologies will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and take on record the unaudited financial results for the quarter ended 30 September 2016.

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Gratex Industries will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider and take on record the Un-audited results for the quarter and half year ended 30 September 2016.

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Ind-Ra: Central Bank Meetings to Keep Market Cautious
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Debt and currency markets will focus on the slew of global data and on the outcomes of major central bank policy meetings. The 10-year G-sec yield could trade at 6.75%-6.85% (6.79% at close on 28 October 2016). The rupee is likely to trade at 66.55/USD-67.25/USD (66.78/USD at close on 28 October 2016).

Central Banks to Set Tone: A host of meetings of major central banks will set the market tone and determine investors risk appetite. The Bank of Japan kept its monetary policy unchanged. Global markets now await the US Federal Open Market Committees decision on 2 November 2016. Markets are pricing in only a remote possibility of rate movement this week (implied probability from federal funds futures rate probability at around 6%). The Bank of England meets for its monetary policy decision on 3 November 2016.

Bond Markets to Remain Range-bound: In the absence of any surprises on the global developments front, the domestic bond market will trade with a consolidation bias. Domestic investors are unlikely to heavily churn their portfolio ahead of global risks and may adopt a wait-and-watch approach. Foreign investors, on the other hand, have exhibited limited appetite for local bonds.

Risk Appetite to Drive Rupee Movement: The global risk appetite along with the markets ability to tide over FCNR (foreign currency non-resident) redemptions will have a deterministic impact on the rupee trajectory going forward. The near-term outlook for the rupee, against the backdrop of global developments, indicates potential volatility as investors reassess their outlooks. A clear indication by the Fed over its imminent rate hike could rein in any major appreciating bias of the rupee against USD.

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