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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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Varun Beverages to hold board meeting
Feb 09,2017

Varun Beverages will hold a meeting of the Board of Directors of the Company on 20 February 2017, to consider and approve the Annual audited financial results, both on standalone and consolidated basis, of the Company for the Financial Year ended on 31 December 2016, Issue of Debt Securities.

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Gopala Polyplast to hold EGM
Feb 09,2017

Gopala Polyplast announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 25 March 2017.

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Padmalaya Telefilms to hold board meeting
Feb 09,2017

Padmalaya Telefilms will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, approve and authenticate the Un-Audited financial results of the Company for the Third quarter ended on 31 December 2016.

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Salguti Industries to hold board meeting
Feb 09,2017

Salguti Industries will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, approve and authenticate the Un-Audited financial results of the Company for the Third quarter ended on 31 December 2016.

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Gammon India to hold board meeting
Feb 09,2017

Gammon India will hold a meeting of the Board of Directors of the Company on 15 February 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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Blue Cloud Softech Solutions to hold board meeting
Feb 09,2017

Blue Cloud Softech Solutions will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, approve and authenticate the Un-audited financial results of the Company for the quarter ended on 31 December 2016.

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Board of Shivalik Bimetal Controls recommends dividend
Feb 09,2017

Shivalik Bimetal Controls announced that the Board of Directors of the Company at its meeting held on 8 February 2017, inter alia, have recommended the dividend of Rs 0.25 per equity Share (i.e. 12.5%) , subject to the approval of the shareholders.

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Board of Indian Hume Pipe Company recommends dividend
Feb 09,2017

Indian Hume Pipe Company announced that the Board of Directors of the Company at its meeting held on 8 February 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%), subject to the approval of the shareholders.

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ABB India to pay dividend for FY 2016
Feb 09,2017

ABB India announced that dividend of Rs 4 per share for FY 2016 will be paid on and from 11 May 2017.

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HEG slips after dismal Q3 results
Feb 09,2017

The result was announced after market hours yesterday, 8 February 2017.

Meanwhile, the S&P BSE Sensex was down 72.16 points, or 0.26%, to 28,217.76.

On the BSE, 2,787 shares were traded on the counter so far as against the average daily volumes of 3,195 shares in the past one quarter. The stock had hit a high of Rs 183.50 and a low of Rs 179 so far during the day.

The stock had hit a 52-week high of Rs 203 on 16 September 2016 and a 52-week low of Rs 116.10 on 17 February 2016.

HEGs net sales rose 24.7% to Rs 235.19 crore in Q3 December 2016 over Q3 December 2015.

The small-cap company has equity capital of Rs 39.96 crore. Face value per share is Rs 10.

HEG is the leading manufacturer and exporter of graphite electrodes in India.

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Hinduja Global Solutions fixes record date for 3rd interim dividend
Feb 09,2017

Hinduja Global Solutions has fixed 24 February 2017, as the Record Date for the purpose of Payment of Third Interim Dividend.

The said Dividend will be paid on or after 03 March 2017.

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Energy Development Company announces resignation of director
Feb 09,2017

Energy Development Company announced Chanakya Arvind Dhanda, Director of the Company has resigned from the Board of Directors of the Company w. e. f. 08 February 2017.

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Board of ABB India recommends dividend
Feb 09,2017

ABB India announced that the Board of Directors of the Company at its meeting held on 09 February 2017, inter alia, have recommended a dividend of Rs. 4.00 per equity share of face value of Rs. 2 each for the year ended on 31 December 2016.

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NMDC announces change in directorate
Feb 09,2017

NMDC announced that Government of India, Ministry of Steel vide its order dated 08 February 2017 has communicated the appointment of Saraswati Prasad, Additional Secretary and Financial Advisor (AS&FA), Ministry of Steel as Government Director on the Board of Directors of NMDC with immediate effect and until further orders vice Bharathi S. Sihag, former Special Secretary and Financial Advisor, Ministry of Steel.

Bharathi S. Sihag ceased to be Government Nominee Director on the Board of NMDC w.e.f. 08 February 2017 in terms of the said order of Government of India, Ministry of Steel.

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Surana Telecom and Power provides update on subsidiary - Aryavaan Renewable Energy
Feb 09,2017

Surana Telecom and Power announced that Aryavaan Renewable Energy, a Subsidiary of Surana Telecom and Power has successfully commissioned on 08 February 2017 its Commercial Operation of grid connected 5MW Solar Power Plant at Barhara Village, Sarila Tehsil, Hamirpur District, Uttar Pradesh at a cost of Rs. 28 crore.

For sale of power, the Company has entered into long term PPA with Uttar Pradesh Power Corporation (UPPCL).

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