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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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Axis Capital Markets (India) to consider Q3 and 9M results
Jan 18,2017

Axis Capital Markets (India) announced that the Board of Directors of the Company is scheduled to meet on 03 February 2017 to consider and approve un-audited financial results (standalone and consolidated) for the quarter and nine months ended 31 December 2016.

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Cabinet approves MoU between India and the United Arab Emirates on Bilateral Cooperation in the Road Transport and Highways sector
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between India and the United Arab Emirates on Bilateral Cooperation in the Road Transport and Highways Sector to be signed between the Ministry of Road Transport and Highways, India and the Federal Transport Authority - Land and Maritime, U.A.E.

The proposed MoU envisages increased cooperation, exchange and collaboration between India and the UAE, and will contribute to increased investment in infrastructure development and enhance logistics efficiency. This will help in promoting safe, economical, efficient and environmentally sound road transport in the country and will further help both the countries in creating an institutional mechanism for cooperation in the field. Salient features of the MoU are:

a. Exchange and sharing of knowledge and cooperation in the area of transportation technologies and transport policies, for passenger and freight movement by roads;

b. Planning, administration and management of road infrastructure, technology and standards for roads/highways construction and maintenance;

c. Sharing of information and best practices for developing road safety plans and road safety intervention strategies, and outreach activities aimed at reducing deaths and injuries resulting from road accidents through:

d. Sharing of knowledge and best practices in user-free (toll)-related issues; including modern systems, technologies and methods of levying of user-free and collection including Electronic Toll Collection System;

e. Sharing of information areas of improved technologies and materials in road and bridge construction, including joint research; and

f. Sharing of information and cooperation for mobilizing investments for setting up of Logistics Parks, freight logistics, transportation warehousing and value added services (VAS) as an enabler and as a catalyst of economic growth and seamless freight movement.

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Apollo Tyres to consider Q3 and 9M results
Jan 18,2017

Apollo Tyres announced that the meeting of the Board of Directors of the Company will be held on 01 February 2017, inter alia, for consideration of Unaudited Financial Results for the quarter & nine months period ended 31 December 2016 (Q3).

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Nicco Parks & Resorts to consider Q3 and 9M results
Jan 18,2017

Nicco Parks & Resorts announced that a meeting of the Board of Directors of the Company is scheduled to be held on 11 February 2017, inter alia, to consider, approve and take on record, the Standalone Audited Financial Results of the Company for the quarter & nine months ended on 31 December 2016.

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Techno Electric & Engineering Company to consider Q3 and 9M results
Jan 18,2017

Techno Electric & Engineering Company announced that a Meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider and take on record the Unaudited Standalone and Consolidated Financial Results of the Company for the Quarter and Nine months ended 31 December 2016.

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Board of Balgopal Commercial to consider Q3 and 9M results
Jan 18,2017

Balgopal Commercial announced that the meeting of the Board of Directors of the Company will be held on 27 January 2017, inter alia, to consider:

- The unaudited financial results of the company for the quarter and nine months ended 31 December 2016.

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Board of Pennar Engineered Building Systems to consider December quarter results
Jan 18,2017

Pennar Engineered Building Systems announced that a meeting of Board of Directors of the Company will be held on 03 February 2017, inter alia, to consider and approve the Unaudited Financial Results (Standalone) of the Company for the quarter ended 31 December 2016.

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TTK Healthcare to announce Q3 results
Jan 18,2017

TTK Healthcare announced that a meeting of the Board of Directors of the Company is scheduled to be held on 03 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the Third Quarter ended 31 December 2016.

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Board of Cochin Minerals & Rutile to consider December quarter results
Jan 18,2017

Cochin Minerals & Rutile announced that the meeting of the Board of Directors of the Company which will inter alia, consider the Unaudited Financial Results for the quarter ended 31 December 2016 will be held on 09 February 2017.

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AD Manum Finance to consider December quarter results
Jan 18,2017

AD Manum Finance announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, to approve the Unaudited Financial Results for the quarter ended on 31 December 2016.

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Board of Polyspin Exports to consider December quarter results
Jan 18,2017

Polyspin Exports announced that the meeting of the Board of Directors of the Company will be held on 28 January 2017, to consider the Unaudited financial results for the quarter ended 31 December 2016.

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Board of Healthy Investments to consider Q3 results
Jan 18,2017

Healthy Investments announced the meeting of Audit Committee and Board of Directors of the Company scheduled to be held on 30 January 2017, inter alia, to consider and approve the un-audited Financial Results of the Company for the 3rd Quarter ended 31 December 2016.

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Cabinet approves MoU on cooperation on Youth matters between India and Russia
Jan 18,2017

Exchange programmes in the field of Youth Affairs between India and Russia will help in promoting exchange of ideas, values and culture amongst Youth through establishment of people-to-people contacts and in consolidating friendly relations between the two countries.

The selections for participation in exchange programmes shall be done in an objective and transparent manner and the outcomes of the programmes under the MoU shall be open for public scrutiny.

Exchange programmes will help in developing international perspective among the Youth and expanding their knowledge and expertise in the areas of Youth Affairs.

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Cabinet approves Indias Membership in the International Vaccine Institute (IVI), South Korea
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal for Indias taking full membership of the International Vaccine Institute (IVI) Governing Council. The move involves payment of annual contribution of US $ 5,00,000 to the International Vaccine Institute (IVI), Seoul, South Korea.

Background

International Vaccine Institute (IVI), Seoul, South Korea, established in 1997 on the initiatives of the UNDP, is an international organization devoted to developing and introducing new and improved vaccines to protect the people, especially children, against deadly infectious diseases. In the year 2007, with the approval of Cabinet, India joined IVI. India is a long-term collaborator and stake-holder of IVI. In December, 2012 the Board of Trustees (BOT) of IVI approved the formation of its new governance structure. As per the new governance structure of IVI, a member State has to contribute to the IVI by paying a portion of its core budget. Since India is classified in Group-I, it has to pay an annual contribution of US $ 50,000.

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Cabinet approves MoU between India and Serbia for cooperation in the field of Information Technology and Electronics
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Serbia for promoting cooperation in the field of Information Technology and Electronics.

The MoU aims to promote cooperation between India and Serbia in the field of IT and Electronics, and to foster active cooperation and exchanges between the private entities, capacity building institutions, the Governments and other public and private organizations of the two countries in IT & Electronics.

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