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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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C & C Constructions enters pact to sell stake in two road SPVs
Jul 17,2017

C & C Constructions has executed a definite term sheet for sale of its entire stake in two of its road SPVs.

The sale process is likely to be completed in around three months.

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Zee Media Corporation incorporates subsidiary - Ez-Mall Online
Jul 17,2017

Zee Media Corporation announced that the Company has established a wholly owned subsidiary in the name and style of Ez-Mall Online (CIN - U74999MH2017PLC296408) and has subscribed to 700 Equity Shares of Re. 1 each therein. This wholly owned subsidiary shall engage in web-based e-commerce business, to complement TV-based e-commerce business currently housed under Companys 49% Associate entities viz., Today Merchandise and Today Retail Network.

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Sharda Motor Industries fixes record date for final dividend
Jul 17,2017

Sharda Motor Industries has fixed 23 August 2017 as record date for payment of final dividend.

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Board of Anik Industries appoints director
Jul 17,2017

The Board of Directors of Anik Industries at its meeting held on 17 July 2017 has approved the appointment of Shivam Asthana as whole-time Director of the Company for a period of 3 years w.e.f. 18 July 2017 subject to approval of the members in next general meeting.

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Relic Technologies to hold board meeting
Jul 17,2017

Relic Technologies will hold a meeting of the Board of Directors of the Company on 1 August 2017 Quarterly Results

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Indoco Remedies to hold board meeting
Jul 17,2017

Indoco Remedies will hold a meeting of the Board of Directors of the Company on 9 August 2017 Quarterly Results

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Sylph Education Solutions to hold AGM
Jul 17,2017

Sylph Education Solutions announced that the 7th Annual General Meeting(AGM) of the company on 11 August 2017.

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Sylph Education Solutions to hold board meeting
Jul 17,2017

Sylph Education Solutions will hold a meeting of the Board of Directors of the Company on 17 July 2017.

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Anti-Dumping Duty on Steel Imports
Jul 17,2017

The Government had imposed anti-dumping duty ranging from 4.58% to 57.39% of landed value on Cold Rolled Flat Products of Stainless Steel from China, Korea, European Union, South Africa, Taiwan, Thailand and USA on 17 April 2014.

Anti-dumping duty on the above items were further extended by five more years as per Government notification dated 11.12.2015. After a sunset review, it was found that:-

(i) there is continued dumping of these goods from above mentioned countries/territories though the volume of imports has declined;


(ii) the performance of the domestic industry has deteriorated in the current injury period due to the impact of the dumped imports from these countries; and


(iii) the dumping is likely to continue and the performance of the domestic industry is likely to deteriorate, if the anti-dumping duty is revoked.

Anti-dumping duty is imposed on the basis of margin of dumping which can vary across countries, producers or exporters. Accordingly, there are variable rates of anti-dumping duty on different exporting countries, producers or exporters. Details of country-wise duty imposed are given below-

S. No.CountryADD as % of landed value

1

Peoples Republic of China

57.39%

2

Korea RP

5.39% to 13.44%

3

Chinese Taipei

15.93%

4

South Africa

12.34% to 36.91%

5

Thailand

4.58% to 5.39%

6

USA

9.47%

7

European Union

29.41% to 52.56%

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The Government has accorded in-principle approval for strategic disinvestment of three units of Steel Authority of India
Jul 17,2017

The Government has accorded in-principle approval for strategic disinvestment of three units of Steel Authority of India (SAIL) viz, Visveswaraya Iron and Steel Plant, Bhadravati, Salem Steel Plant, Tamil Nadu and Alloy Steel Plant, Durgapur. These three units of SAIL have been consistently making losses.

The details of the significant steps taken by SAIL to improve the financial performance of the three plants are as under:-

(i) Capital investment to improve the facilities;

(ii) Reduction in consumption level of raw materials;

(iii) Production optimization and product-mix improvement;

(iv) Improvement in techno-economic parameters;

(v) Waste management;

(vi) Strict control on demurrage expenses;

(vii) Reduction in inventory of finished/semi-finished products, stores & spares and raw materials, etc;

(viii) Reduction in logistic cost for transportation of Raw Materials and Finished Steel; and

(ix) Reduction in specific power and water consumption.

The entire process of the strategic disinvestment is to be carried out with the help of Transaction Adviser (TA), Legal Adviser (LA) and Asset Valuer (AV) who would advise on appropriate mechanism of disinvestment.

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Total Hospitality announces resignation of company secretary and compliance officer
Jul 17,2017

Total Hospitality announced that Garima Munjal has resigned from the post of Company Secretary and Compliance Officer with effect from 17 July 2017.

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Tata Consultancy Services partners with Zions Bancorporation
Jul 17,2017

Tata Consultancy Services announced that Zions Bancorporation has gone live on TCS BaNCS for core banking with successful transition of Zion Bancorporations consumer lending business over to the TCS BaNCS platform.

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Allsec Technologies to hold AGM
Jul 17,2017

Allsec Technologies announced that the 18th Annual General Meeting(AGM) of the company on 10 August 2017.

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Greenply Industries to hold board meeting
Jul 17,2017

Greenply Industries will hold a meeting of the Board of Directors of the Company on 2 August 2017 to consider, approve and take on record the Un-audited financial results of the Company for the quarter ended on 30th June, 2017.

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Suryo Foods & Industries to hold board meeting
Jul 17,2017

Suryo Foods & Industries will hold a meeting of the Board of Directors of the Company on 28 July 2017 Unaudited Financial Results of the Company for the Quarter ended 30th June,2017

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