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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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Manipal Finance Corporation to consider December quarter results
Feb 01,2017

Manipal Finance Corporation announced that a meeting of the Board of Directors of the Company will be held on 14 February 2017 to consider inter-alia the Un-audited Financial Results for the quarter ended 31 December 2016.

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Board of Gujarat Borosil to consider Q3 and 9M results
Feb 01,2017

Gujarat Borosil announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 February 2017, inter alia, to consider and approve the Unaudited Financial Results for the quarter and nine months ended 31 December 2016.

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State Bank of India to announce Q3 results
Feb 01,2017

State Bank of India announced that a meeting of the Central Board of the Bank will be held on 10 February 2017 to discuss and approve the working financial results of the Bank for the Quarter/Nine months ended 31 December 2016 (Q3).

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Board of SJVN to consider Q3 results and interim dividend
Feb 01,2017

SJVN announced that a Meeting of the Board of Directors is scheduled to be held on 13 February 2017 to, inter alia, consider and approve the unaudited Financial Results of the Company for the Third Quarter/Nine Months ending 31 December 2016 (Q3) and Interim Dividend for the FY 2016-17, if any.

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Punjab & Sind Bank announces cessation of Executive Director
Feb 01,2017

Punjab & Sind Bank announced that as per Notification dated 15 December 2015, Arvind Kumar Jain was appointed as Executive of Director of Punjab & Sind Bank.

Arvind Kumar Jain has demitted the charge of Executive Director of the Bank, on superannuation on 31 January 2017.

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Bank of Baroda to announce Q3 results
Feb 01,2017

Bank of Baroda announced that a meeting of Board of Directors of the Bank will be held on 10 February 2017, inter alia:

- To consider & approve the Un-audited (Reviewed) Standalone Financial Results of the Bank together with relevant segment reporting, for the quarter / nine months ended 31 December 2016 (Q3).

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Bank of Baroda to announce Q3 results
Feb 01,2017

Bank of Baroda announced that a meeting of Board of Directors of the Bank will be held on 10 February 2017, inter alia:

- To consider & approve the Un-audited (Reviewed) Standalone Financial Results of the Bank together with relevant segment reporting, for the quarter / nine months ended 31 December 2016 (Q3).

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Maruti hits record high after strong January sales
Feb 01,2017

The announcement was made during market hours today, 1 February 2017.

Meanwhile, the S&P BSE Sensex was up 6.25 points or 0.02% at 27,662.21.

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 68,837 shares in the past one quarter. The stock had hit a high of Rs 5,999.90 so far during the day, which is a record high. The stock hit a low of Rs 3,202.10 so far during the day. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

The companys total domestic sales rose 25.9% to 1.33 lakh units in January 2017 over January 2016. Total export sales surged 44.8% to 10,462 units in January 2017 over January 2016.

Maruti Suzuki Indias net profit rose 47.5% to Rs 1744.50 crore on 12.4% growth in net sales to Rs 16623.60 crore in Q3 December 2016 over Q3 December 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 31 December 2016).

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Board of Super Bakers (India) to consider December quarter results
Feb 01,2017

Super Bakers (India) announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Board of Super Bakers (India) to consider December quarter results
Feb 01,2017

Super Bakers (India) announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Promact Plastics to consider December quarter results
Feb 01,2017

Promact Plastics announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Swaraj Automotives to consider Q3 and 9M results
Feb 01,2017

Swaraj Automotives announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for quarter and nine months ended 31 December 2016.

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Govind Poy Oxygen to consider December quarter results
Feb 01,2017

Govind Poy Oxygen announced the Board of Directors of the Company will meet on 07 February 2017, to consider the unaudited financial results for the quarter ended on 31 December 2016.

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Board of Standard Batteries to consider December quarter results
Feb 01,2017

Standard Batteries announced that the Meeting of the Audit Committee and Board of Directors of the Company will be held on 10 February 2017, to consider the Un-Audited Financial Results for the Quarter ended 31 December 2016.

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Gujarat Industries Power Co signs PPA for 27.3 MW wind power project at Kuchhdi Site
Feb 01,2017

Gujarat Industries Power Co announced that GIPCL has signed Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) for the balance 27.3 MW (2.1 MW x 13 WTGs), out of the 50.4 (2.1MW x 24 WTGs) Wind Power Project at the Kuchhdi Site under the Letter of Intent dated 12 February 2016 issued to Suzlon Energy.

With the above, execution of PPA with GUVNL for the entire 50.4 MW Kuchhdi Wind Farm has been completed.

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