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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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Board of Amrutanjan Health Care to consider Q3 results and 2nd interim dividend
Feb 01,2017

Amrutanjan Health Care announced that a meeting of the Board of Directors is scheduled to be held on 09 February 2017, inter alia, to consider and approve the following:

1. Un-audited Standalone Financial Results along with the Limited Review Report for the quarter and nine months ended 31 December 2016.

2. Declaration of 2nd interim dividend for the financial year 2016-17.

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Suven Life Sciences to pay interim dividend
Feb 01,2017

Suven Life Sciences announced that interim dividend will be paid on and from 16 February 2017.

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Board of Suven Life Sciences declares interim dividend
Feb 01,2017

Suven Life Sciences announced that the Board of Directors of the Company, at its meeting held on 01 February 2017, has approved the following matters:

1. The Board declared an interim dividend of Rs. 1/- per equity share of face value Rs 1/- each for the year 2016-2017.

2. The above said dividend will be paid on and from 16 February 2017.

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Amrutanjan Health Care fixes record date for interim dividend
Feb 01,2017

Amrutanjan Health Care has fixed 17 February 2017 as the Record Date for the purpose of Payment of Interim Dividend, if approved.

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Atul Auto announces sales figures
Feb 01,2017

Atul Auto reported total sales of 2349 units in January 2017, a decline of 36.65% compared to 3708 units in January 2016. For the period April- January, total sales stood 11.65% lower at 32759 units compared to corresponding period of previous year.

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Fertilizer stocks gain on FMs impetus to agri sector in Budget 2017-18
Feb 01,2017

National Fertilizers (up 5.72%), Coromandel International (up 4.19%), Deepak Fertilisers & Petrochemicals Corporation (up 4.07%), Fertilizers & Chemicals Travancore (up 3.85%), Gujarat Narmada Valley Fertilizers & Chemicals (up 1.34%) and Gujarat State Fertlizers & Chemicals (up 0.74%) edged higher. Chambal Fertilisers & Chemicals (down 3.22%) and Rashtriya Chemicals & Fertilizers (down 0.09%) edged lower.

Meanwhile, the S&P BSE Sensex was up 415.36 points or 1.5% at 28,071.32.

Among a slew of measures, the Finance Minister raised agriculture credit to farmers to a record Rs 10 lakh crore for FY 2018. This is against the governments agriculture credit target of Rs 9 lakh crore for the ongoing financial year (FY 2017). The finance minister said that the agriculture sector will grow at 4.1% in FY 2017, adding that the total area sown under Rabi and Kharif season is more than last year.

Jaitley said that the coverage under Pradhan Mantri Fasal Bima Yojana will be increased from 30% to 40% in 2017-18 and 50% in 2018-19.

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SRF provides update on its greenfield packaging film line project in Indore
Feb 01,2017

SRF announced that trial production of BOPET film has started in a new greenfield packaging film line project in the Domestic Tariff Area, Indore.

The project is likely to be commissioned, capitalized and start commercial production in next few days, which will be communicated separately.

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Yash Papers provides production update
Feb 01,2017

Yash Papers announced that Unit - 2 of the Company has recorded highest ever monthly production of paper i.e. 814 MT in January, 2017.

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Cabinet approves Extension of tenure of loans under the Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri AwasYojana (PMAY) from 15 to 20 years
Feb 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the proposals for

(i) Extension of tenure of loans under the Credit Linked Subsidy Scheme (CLSS) vertical of Pradhan MantriAwasYojana (Urban) Mission from 15 to 20 years (to be renamed as CLSS for EWS/LIG. It will be named as CLSS for economically weaker sections of society / Lower Income Group;

(ii) Introduction of a new Credit-Linked Subsidy Scheme for MIGn++ for targeting the MIG category;

(iii) Allowing the Primary Lending Institutions (PLIs) that have signed MoU with the Central Nodal Agencies (CNAs), under the CLSS vertical of PMAY(Urban) (now CLSS for EWS/LIG), the option to extend the mandate of their MoU to CLSS for MIG with appropriate changes as applicable;

(iv) For rationalizing/introducing the processing fees payable to the PLIs for the loans sanctioned under these schemes;

(v) Allocation of Rs. 1000 crore initially in the budget for 2017-18 at the BE stage for the proposed CLSS for MIG and

(vi) Issue of the operational guidelines for CLSS for MIG with approval of the Minister-in-charge.

Objectives

a. Increase the off-take in EWS and LIG segments under existing Pradhan Mantri Awas Yojana (Urban) - Housing for All Mission;

b. Outreach to the Middle Income Group (MIG);

c. Make procedures easy for the Primary Lending Institutions (PLIs);

d. Provide an incentive to PLIs for increased participation in the housing and urban development sector;

e. Make available funds through necessary funds through Budgetary provisions and

f. Clearly define the procedure /implementation of programmes.

The outreach of the schemes will ensure greater participation amongst the EWS, LIG and MIG segment of the society to provide Housing for All by 2022, thereby ensuring equity and inclusiveness.

The interest subsidy to be disbursed to the beneficiaries will be credited to their home loan accounts after the PLIs have satisfied the eligibility criteria through their due diligence processes.

The proposed interest subsidy scheme for the MIG is an innovative approach to address the needs of housing of this category.

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NTPC declares commercial operations for 1st unit of 660 MW Mouda Super Thermal Power Station
Feb 01,2017

NTPC announced that 1st Unit of 660 MW of Mouda Super Thermal Power Station Stage-II (2 X 660 MW) is declared on commercial operation w.e.f 00:00 Hrs of 01 February 2017.

With this, the commercial capacity of Mouda Super Thermal Power Station, NTPC and NTPC group has become 1660 MW, 40262 MW and 46838 MW respectively.

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RBI mandates Kotak Mahindra Bank to bring down promoter shareholding
Feb 01,2017

Kotak Mahindra Bank has received a communication from the Reserve Bank of India to bring down its promoter shareholding to 30% by 30 June 2017, 20% by 31 December 2018 and 15% by 31 March 2020.

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TCPL Packaging commences commercial production at FPU unit in Silvassa
Feb 01,2017

TCPL Packaging announced that the commercial production of the Companys Flexible Packaging Unit (FPU) situated at village Dapada, Silvassa in the Union Territory of Dadra and Nagar Haveli, has commenced from 01 February 2017.

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Eicher Motors announces sales figures
Feb 01,2017

Eicher Motors has announced total sales of 59676 units in January 2017 compared to 47710 units in January 2016, recording a growth of 25%. Total sales for the period April - January 2017 stood higher by 34% at 547938 units compared to corresponding period of previous year.

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Cabinet approves Introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament
Feb 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament.

The amendment Bill provides for inclusion of Indian Institute of Information Technology Design and Manufacturing (IIITDM), Kurnool along with the other IITs in the Principal Act. Subsequently, IITDM Kurnool will be declared as an institute of National Importance with the power to award degrees to students

The expenditure for the operationalization of IITDM Kurnool is incurred from the Plan funds of the Ministry of Human Resource Development.

The emerging needs of the industry and the economy, as a whole for skilled technical manpower is expected to be met from the talent pool of trained personnel of the Institute. The Institute shall be open to all persons irrespective of gender, caste, creed, disability, domicile, ethnicity, social or economic background.

Background

The Indian Institutes of Information Technology Act, 2014 confers the status of Institutions of National Importance on the IIITs and also provides for matters connected with administering these IIITs. Subsequently, the Government has approved creation of a new NIT at Kurnool in Andhra Pradesh as embodied in the Andhra Pradesh Reorganization Act, 2014. Due to addition of a new IIIT, amendment has to be made in the IIIT Act, 2014. With this, IIITDM. Kurnool will be the fifth Member as a Centrally Funded IIIT.

Academic session has commenced in IITDM Kurnool in two branches of study in 2015-16.

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Dhanuka Commercial shifts registered office
Feb 01,2017

Dhanuka Commercial announced that the Registered office of the Company with effect from 23 January 2017 has been shifted to 255, 2nd Floor, Aggarwal City Plaza, Manglam Place, Sector-3, Rohini, near M2K, Delhi-110085.

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