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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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Mangalore Refinery And Petrochemicals standalone net profit declines 67.43% in the June 2017 quarter
Jul 22,2017

Net profit of Mangalore Refinery And Petrochemicals declined 67.43% to Rs 234.01 crore in the quarter ended June 2017 as against Rs 718.49 crore during the previous quarter ended June 2016. Sales rose 21.75% to Rs 10262.41 crore in the quarter ended June 2017 as against Rs 8428.82 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales10262.418428.82 22 OPM %5.6814.48 - PBDT495.711304.21 -62 PBT331.981133.96 -71 NP234.01718.49 -67

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DIC India reports standalone net loss of Rs 5.24 crore in the June 2017 quarter
Jul 22,2017

Net loss of DIC India reported to Rs 5.24 crore in the quarter ended June 2017 as against net profit of Rs 6.85 crore during the previous quarter ended June 2016. Sales rose 0.91% to Rs 182.59 crore in the quarter ended June 2017 as against Rs 180.95 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales182.59180.95 1 OPM %0.287.06 - PBDT0.9114.01 -94 PBT-2.9910.23 PL NP-5.246.85 PL

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Ferro Alloys Corporation appoints CFO & KMP
Jul 22,2017

Ferro Alloys Corporation has appointed Yashpal Mehta as the CFO & KMP with effect from 01 July 2017.

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SE Investments appoints director
Jul 22,2017

SE Investments has appointed Gauri Shankar, as an Additional Non Executive Independent Director effective from 22 July 2017 and shall hold office till the forthcoming Annual General Meeting (AGM) and shall be eligible for appointment at the AGM.

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Reliance Industries announces cessation of director
Jul 22,2017

Reliance Industries announced the cessation of Dr D V Kapur as Director of the Company effective 21 July 2017 on expiry of his present term of office.

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Reliance Industries appoints director
Jul 22,2017

Reliance Industries has appointed Dr Shumeet Banerjee as independent director of the Company on 22 July 2017.

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Board of Avenue Supermarts approves issue of NCDs upto Rs 1000 crore
Jul 22,2017

The Board of Avenue Supermarts at its meeting held on 22 July 2017 has approved the offer and issue of secured, rated, non-convertible, cumulative, redeemable debentures upto Rs 1000 crore subject to approval of shareholders at its ensuing AGM.

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Info Edge (India) appoints director
Jul 22,2017

Info Edge (India) announced that the Board of directors of the Company at its meeting held on 21 July 2017 has approved the appointment of Ashish Gupta as an Additional Director with immediate effect.

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Board of Divis Laboratories appoints director
Jul 22,2017

Divis Laboratories announced that the Board of Directors of the Company at its meeting held on 22 July 2017 has appointed Dr. S. Ganapaty as an Additional (Independent) Director w.e.f. 22 July, 2017.

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Torrent Pharmaceuticals announces resignation of director
Jul 22,2017

Torrent Pharmaceuticals announced that Prof. Ashish Nanda, Independent Director, has resigned from the Board of Directors of the Company with effect from 21 July, 2017 on account of his proposed relocation to USA.

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Ashok Leyland announces resignation of directors
Jul 22,2017

Ashok Leyland announced that Shardul S Shroff has stepped down from the Board of Directors of the Company as an Independent Non-Executive Director of the Company after the conclusion of the sixty eighth Annual General Meeting of the Company held on 21 July 2017, due to his pre-occupation with other professional engagements in his firm.

A K Das has stepped down from the Board of Directors of the Company as Non-Independent Non-Executive Director of the Company after the conclusion of the sixty eighth Annual General Meeting of the Company held on 21 July 2017, due to his pre-occupation with Hinduja Group Limited.

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Carborundum Universal allots 9232 equity shares
Jul 22,2017

Carborundum Universal has allotted 9232 shares of Re.1/- each arising out of the exercise of stock options, granted to the option grantees of the Company under the Employees Stock Option Scheme 2007 on 21 July 2017.

With this allotment the number of equity shares outstanding is 188,675,322 and the paid-up equity share capital is Rs.188,675,322/-.

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Parag Milk Foods ranks No. 1 in Fortune India The Next 500
Jul 22,2017

Parag Milk Foods has been ranked No. 1 in Fortune India The Next 500 Indias Top Midsize Companies for 2017 from being ranked 67 last year.

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Disa India fixes record date for dividend
Jul 22,2017

Disa India has fixed 02 August 2017 as record date for dividend.

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India Infraspace director resigns
Jul 22,2017

India Infraspace announced the resignation of Kintu M. Raichura, Non Executive, Independent Director from the directorship of the Company with effect from 21 July 2017.

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