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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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Sterlite Technologies allots 1,93,613 equity shares
Apr 11,2017

Sterlite Technologies has allotted 1,93,613 equity shares under ESOP-2010 on 10 April 2017. Consequently, the paid up equity share capital has increased to 39,84,69,156 equity shares.

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Rs. 23,443 crores released for MGNREGS for Mission Water Conservation Rs. 23,443 crores released for MGNREGS for Mission Water Conservation
Apr 11,2017

The Ministry of Rural Development has released Rs. 23,443.09 crore to the States today as first tranche for Financial Year 2017-18 under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). The amount released includes all pending liabilities as on 31st March, 2017. It is also to ensure priority work on water conservation measures.

The Government is laying considerable emphasis on Water Conservation and Water Management works under MGNREGS. All States have been advised to ensure that such works are taken up wherever required with appropriate technical and scientific scrutiny. In collaboration with the Ministry of Water Resources, Mission Water Conservation Guidelines have been developed and shared with the States. A list of 2264 water-stressed Blocks, as ascertained from the Ministry of Water Resources, has been prepared. These Blocks are located in 324 districts of 21 States. In a recent communication to the States, the Ministry has advised the States to ensure not less than 65% expenditure on Natural Resource Management (NRM) Activities. There are 155 kind of works permissible under MGNREGS. Of these, 100 works are NRM related.

In a communication to the Chief Secretaries, Secretary, Rural Development has requested them to accord top most priority to Water Conservation works under MGNREGS. Special thrust has to be ensured in drought prone regions and in districts/Blocks receiving inadequate rainfall.

Apart from focusing on execution of works related to Water Conservation and Water Management, States have been requested to ensure work availability to poor households in poor regions on priority. A campaign to ensure a Job Card for every household that reported deprivation in SECC has been going on. No poor household will be denied work in MGNREGS.

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Outcome of board meeting of Nishtha Finance & Investment (India)
Apr 11,2017

Nishtha Finance & Investment (India) announced that the Board of Directors of the Company at its meeting held on 10 April 2017 has approved the following -

Change in name of the Company to Addin Capital or Addin Intermediaries or Addin Industries or Addin Capital Ventures or Addin Money or Addin Fincorp subject to approval of RoC.

Accepted the resignation of Lavekush Gadiya from post of CFO with immediate effect.

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Vakrangee announces appointment of CEO of Vakrangee Logistics
Apr 11,2017

Vakrangee announced the appointment of Shailendra Jindal as CEO in Vakrangee Logistics (a subsidiary of Vakrangee) with effect from 10 April 2017.

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Sobha announces resignation of director
Apr 11,2017

Sobha announced the resignation of Ramakrishna P as Deputy Managing Director and Director from the Board of Directors of the Company effective 07 April 2017.

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Suzlon in spotlight after winning repeat order
Apr 11,2017

Suzlon Energy said it has won a repeat order of 50.40 megawatts (MW) wind power project in Karnataka from a leading IPP company. The announcement was made after market hours yesterday, 10 April 2017. The project will be completed by June 2017. Suzlon will execute the entire project on a turnkey basis and will also provide operation and maintenance services.

Majesco announced that a tier two specialty insurer renewed its application management services agreement with Majesco for three years to support a number of key operational systems. The insurer is focused on specialty related insurance in the US. The agreement will provide the insurer end to end support of some of their key operational systems for three years. The application management services are part of Majescos ADM services. The insurer has been a long-term strategic client of Majesco. The announcement was made after market hours yesterday, 10 April 2017.

Indiabulls Ventures said it has allotted an aggregate of 3.36 crore fully paid up equity shares to promoter group entities of the company, upon exercise/conversion of equivalent number of warrants. The announcement was made after market hours yesterday, 10 April 2017.

Hindustan Composites said its board at a meeting held on 10 April 2017, considered a proposal for 2-for-1 stock split. The board decided to seek shareholders approval through postal ballot process for the stock split proposal. The announcement was made after market hours yesterday, 10 April 2017.

Capital First said the meeting of the debenture committee of the board of directors of the company will be held on Thursday, 13 April 2017, inter-alia, to consider the private placement of rated, listed, secured/unsecured/perpetual, redeemable, non-convertible securities in the nature of debentures to be listed on the debt market segment of National Stock Exchange of India. The announcement was made after market hours yesterday, 10 April 2017.

Redington (India) announced that its overseas step down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S sold its entire holding of 51% in its subsidiary, Adeo Bilisim Danismanlik Hizmetleri San ve Tic AS, Turkey, for $1.65 million. The announcement was made after market hours yesterday, 10 April 2017.

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Axis Bank allots 4,86,410 equity shares
Apr 10,2017

Axis Bank has allotted 4,86,410 equity shares of Rs. 2/- each on 10.04.2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 479,00,72,218 (239,50,36,109 equity shares of Rs. 2/- each) to Rs. 479,10,45,038 (239,55,22,519 equity shares of Rs. 2/- each).

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Board of Ganesh Housing Corporation approves change in CFO
Apr 10,2017

Ganesh Housing Corporation announced that the Board of Directors of the company at its meeting held on 10 April 2017 has approved appointment of Rajendra Shah as CFO of the Company with effect from 10 April 2017 in place of Nilesh Shah who has tendered his resignation from the said post.

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Majesco provides business update
Apr 10,2017

Majesco announced that a tier two specialty insurer renewed its application management services agreement with Majesco for three years to support a number of key operational systems.

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Shilpi Cable Technologies gets assigned rating for proposed NCD issue
Apr 10,2017

Shilpi Cable Technologies announced that Brickwork Ratings has assigned credit rating BWR A (SO) (Outlook : Stable) to the proposed NCD issue of Rs 100 crore by the Company.

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Board of Aarti Industries approves investment of Rs 75 crore
Apr 10,2017

Aarti Industries announced that the Board of Directors of the Company have approved an investment of Rs 75 crore to set up a world class R&D, scale up and innovation complex at Jhagadia, Gujarat spread over 50,000 sq. ft and equipped with the state of the art equipment and analytic tools.

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Cholamandalam Investment & Finance Company to allot 10,261 equity shares
Apr 10,2017

Cholamandalam Investment & Finance Company announced that the Nomination and Remuneration Committee has approved an allotment of 10,261 equity shares of Rs.10/- each to the option grantees who have exercised their options. The Company will be applying for the final listing of the above shares on NSE and BSE to complete the rest of the issue formalities

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Elecon Engineering Company secures order from IFFCO
Apr 10,2017

Elecon Engineering Company has been awarded a prestigious order from Indian Farmers Fertiliser Cooperative (IFFCO) for Bagging facilities expansion on turnkey basis at its Kandla Unit, Gujarat aggregating worth of Rs. 59 crore.

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NHPC achieves mechanical spinning of unit 2 of Prabati HE Project
Apr 10,2017

NHPC announced that Mechanical Spinning of Unit #2 of Prabati HE Project (4x200 MW), State II in Kullu, Himachal Pradesh has been successfully achieved on 09 April 2017.

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Tamil Nadu Petro Products announces appointment of director
Apr 10,2017

Tamil Nadu Petro Products announced that Atulya Misra [DIN: 02210369], IAS, Principal Secretary, Industries Department, Government of Tamilnadu, has been appointed as an Additional Director representing Tamil Nadu Industrial Development Corporation (TIDCO), and also as the Chairman of the Board of the Company. The appointment is effective from 10 April 2017.

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