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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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Kreon Finnancial Services to hold AGM
Aug 14,2017

Kreon Finnancial Services announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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ITL Industries to conduct AGM
Aug 14,2017

ITL Industries announced that the Annual General Meeting (AGM) of the company will be held on 28 September 2017.

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Ind Bank Housing schedules AGM
Aug 14,2017

Ind Bank Housing announced that the Annual General Meeting (AGM) of the bank will be held on 16 September 2017.

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Hindustan Tin Works AGM scheduled
Aug 14,2017

Hindustan Tin Works announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Ind-Agiv Commerce to hold AGM
Aug 14,2017

Ind-Agiv Commerce announced that the Annual General Meeting (AGM) of the company will be held on 7 September 2017.

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Jumbo Bag AGM scheduled
Aug 14,2017

Jumbo Bag announced that the Annual General Meeting (AGM) of the company will be held on 8 September 2017.

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JK Lakshmi Cement to convene AGM
Aug 14,2017

JK Lakshmi Cement announced that the Annual General Meeting (AGM) of the company will be held on 7 September 2017.

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IVP to convene AGM
Aug 14,2017

IVP announced that the Annual General Meeting (AGM) of the company will be held on 10 August 2017.

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Borax Morarji to convene board meeting
Aug 14,2017

Borax Morarji will hold a meeting of the Board of Directors of the Company on 29 August 2017, to consider, approve and take on record, the Unaudited Financial Results for the first quarter (i.e. April to June, 2017).

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Rajvir Industries to conduct board meeting
Aug 14,2017

Rajvir Industries will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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S Chand & Company to declare Quarterly Result
Aug 14,2017

S Chand & Company will hold a meeting of the Board of Directors of the Company on 21 August 2017, to consider and approve the Unaudited Standalone Financial Results for the quarter ended June 30, 2017.

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Precision Camshafts fixes record date for Final Dividend
Aug 14,2017

Precision Camshafts has fixed 20th September 2017 as the Record Date for the purpose of payment of Final Dividend.

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Orient Abrasives fixes record date for dividend
Aug 14,2017

Orient Abrasives has fixed 09th September 2017 as the Record Date for the purpose of payment of Dividend.

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Housing Development & Infrastructure updates on Subsidiary
Aug 14,2017

The Board of Housing Development & Infrastructure on 11th August 2017 in line with its earlier decision has announced that the Company had transferred the Equity Shares of H. C. Infracity Private Limited, pursuant to which the said Company ceases to be a subsidiary of Housing Development & Infrastructure.

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Moodys: Asian high-yield corporates to record low default rate at end-2017
Aug 14,2017

Moodys Investors Service says that the default rate for Asian high-yield non-financial corporates will remain low, registering 2.9% at end-2017.

The low projected default rate reflects broad-based global growth, the recovery of commodity prices, and our expectation of cautious monetary tightening in major economies, including the US, China and EU, says Clara Lau, a Moodys Group Credit Officer.

And, the gradual normalization of monetary policy in these major economies will support near-term market liquidity, adds Lau. Meanwhile, a buoyant bond market since the start of 2017 has allowed many Asian companies to raise funds to meet their refinancing and capital needs; thereby easing liquidity pressure and lowering default risks.

On metals & mining companies which were major default contributors in the past two years , Moodys report says that easing pressure on such businesses because of the bottoming out of commodity sectors and recovery in commodity prices will help keep the overall default rate low.

Moodys points out that the Asian trailing 12-month non-financial high-yield corporate default rate was at 1.5% at end-June 2017. This result was lower than the 4.9% at end-June 2016, and in line with the default trend in Moodys global and US portfolios.

Moodys global and US speculative-grade default rates fell to 3.2% and 3.8% at end-June 2017 from 4.7% and 5.5% at end-June 2016.

In Europe, the default rate stayed flat at 2.7% at end-June 2017 versus 2.6% the year before.

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