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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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Keerthi Industries to hold board meeting
Mar 15,2017

Keerthi Industries will hold a meeting of the Board of Directors of the Company on 25 March 2017, to approve following business: i.review the performance of non-independent directors and the Board as a whole. ii.review the performance of the Chairperson of the company. iii.assess the quality, quantity and timeliness of flow of information between the company management and the Board. iv.Other matter as per the agenda of the meeting.

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Indiabulls Ventures to hold board meeting
Mar 15,2017

Indiabulls Ventures will hold a meeting of the Board of Directors of the Company on 17 March 2017.

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MphasiS fixes buyback price and record date for buyback of shares
Mar 15,2017

MphasiS announced that the Buyback Committee of the Company at its meeting held on 14 March 2017 approved the following -

Rs 635 per equity share, as the price for buyback of equity shares of the Company.

31 March 2017 as Record date for buyback of equity shares.

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Board of Bajaj Auto approves change in directorate
Mar 15,2017

Bajaj Auto announced that the Board of Directors of the Company at its meeting held on 15 March 2017 approved the following changes in the directorate -

Change in status of Madhur Bajaj from Whole Time Director to Non Executive Director.

Board has accepted the resignation of Kantikumar Podar as Director of the Company with effect from 15 March 2017.

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MoU signed between FTII and Canon to promote short courses in Film & Television
Mar 15,2017

Minister of State for Information & Broadcasting, Col. Rajyavardhan Rathore has said that Technology has played a critical role in defining the contours of professional photography and art of film making. The exposure of budding young talent to the nuances of technology has a positive impact on their learning curve. This initiative would ensure the perfect blend of technology and young talent through the platform of FTII. The Minister stated this on the occasion of signing of an MoU between Film and Television Institute of India, Pune and Canon India.

The MoU between Film and Television Institute of India, Pune and Canon India Private Limited would promote film education through short-term courses across several towns and cities in the country. Under FTIIs unique initiative SKIFT (Skilling India in Film and Television) several short courses, mostly of skill-oriented nature have been proposed to be held in collaboration with State Governments, Universities and Educational institutions.

FTII Pune, one of Asias leading and Indias foremost institute in film and television education has been preparing to break new grounds by pushing to democratise cinematic education by offering quality and affordable training to general public and practitioners alike at locations where there is a demand for such courses. FTII is also in the process of aligning some of the short courses with Pradhan Mantri Kaushal Vikas Yojana (PMKVY) under National Skill Development Council.

While speaking on the occasion Mr. Kazutada Kobayashi said that Film & Television Institute of India (FTII) was one of the most reputed institution across the world and Canon was proud to announce the partnership for SKIFT which has been designed to spread the art of cinematography and film making, across the length and breadth of the country. As a technology partner for this initiative, Canon India was delighted to add value to the program endeavored to scale skill development in film and television to greater heights.

Canon, an international brand in digital imaging, as Technology Partner of SKIFT would be providing high-end cameras and accessories free of cost for the courses. This support would be a major contributing factor in keeping the course fees affordable while offering an opportunity to course participants to use cutting-edge equipment.

The courses are proposed to be held in non-metros such as Guwahati, Jaipur, Vishakhapatnam, Raipur, Chandigarh, Raipur, Bhopal, Leh and Andaman & Nicobar Islands to begin with. Initially SKIFT would conduct courses such as Digital Cinematography, Documentary Film Making, Screenplay Writing, Acting, Film Criticism & Journalism and Film Appreciation.

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Board of eClerx Services approves appointment of director
Mar 15,2017

eClerx Services announced that the Board of Directors of the Company at its meeting held on 15 March 2017 approved the appointment of Shailesh Kekre as an Additional Director of the Company, with effect from 15 March 2017, who joins the Board as a Non Executive Independent Director.

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Board of Beardsell approves stock split and bonus issue
Mar 15,2017

Beardsell announced that the Board of Directors at its meeting held on 15 March 2017 has approved the following -

Sub-division of equity shares of Rs 10 each into five equity shares of Rs 2 each and consequent amendment of MoA and AoA of the Company.

Issue of bonus shares in the ratio of 1:5 (Post stock split), subject to approval of shareholders.

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Board of Jhaveri Credits & Capital appoints company secretary
Mar 15,2017

Jhaveri Credits & Capital announced that the Board of Directors in their meeting held on 15 March 2017 has appointed Agnivesh M. Sathe as Company Secretary (key managerial personnel) and Compliance officer of the Company with effect from 15 March 2017.

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Container Corporation Of India fixes record date for bonus issue
Mar 15,2017

Container Corporation Of India has fixed 06 April 2017 as record date for issuance of bonus shares in the ratio of 1:4.

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UCO Bank announces new insurance tie-up
Mar 15,2017

UCO Bank signed corporate agency tie up agreements with Future General India Insurance Company and Liberty Videocon General Insurance Company, General Insurance Companies, for distribution of General Insurance Products at its branches all over the country for Bancassurance Business. These companies will be partners, in addition to the existing partner of the Bank for General Insurance business, Reliance General Insurance Co.

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Shivkrupa Machineries & Engineering Services allots 88,49,500 equity shares
Mar 15,2017

Shivkrupa Machineries & Engineering Services has allotted 88,49,500 Equity Shares comprising of 75,06,465 Equity Shares for consideration other than cash and 13,43,035 Equity shares for cash at face value of Rs. 10/- per Equity share at a price of Rs 37.40/- per Equity Share (Rs 27.40/- being the premium) to the proposed allottees who are Non Promoters.

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Godrej Properties announces new residential housing project
Mar 15,2017

Godrej Properties announced that it will develop a 7.5 acre land parcel in Bellary road (NH-7) in North Bangalore. Godrej Properties plans to develop a residential housing project of approximately 75000 square metres (800000 square feet).

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Godrej Properties announces new residential housing project
Mar 15,2017

Godrej Properties announced that it will develop a 7.5 acre land parcel in Bellary road (NH-7) in North Bangalore. Godrej Properties plans to develop a residential housing project of approximately 75000 square metres (800000 square feet).

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Tata Power Solar expands and modernises its manufacturing facility
Mar 15,2017

Tata Power Solar Systems announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two stage expansion doubled the companys module capacity to 400 MW from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

Tata Power Solar, as part of this process, modernised and fully automated its entire manufacturing facility. The Company was also able to ramp up to full capacity in record time, significantly better than global benchmarks, owning to its highly skilled and trained team and also improve efficiency of its modules.

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Tata Power Solar expands and modernises its manufacturing facility
Mar 15,2017

Tata Power Solar Systems announced a significant expansion and modernisation of its cell and module manufacturing facility in Bengaluru. The two stage expansion doubled the companys module capacity to 400 MW from 200 MW, and increased its cell manufacturing capacity by 65% from 180 MW to 300 MW.

Tata Power Solar, as part of this process, modernised and fully automated its entire manufacturing facility. The Company was also able to ramp up to full capacity in record time, significantly better than global benchmarks, owning to its highly skilled and trained team and also improve efficiency of its modules.

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