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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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Aroni Commercials to hold board meeting
Oct 27,2016

Aroni Commercials will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider and approve the Unaudited Financial Results for the quarter and half year ended September 30, 2016.

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Pitti Laminations to hold board meeting
Oct 27,2016

Pitti Laminations will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider the un-audited financial results (provisional) for the quarter and half-year ended September 30, 2016.

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DCM Shriram Industries to hold board meeting
Oct 27,2016

DCM Shriram Industries will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider un-audited Financial Results for the half year and quarter ended September 30, 2016

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Ganesha Ecosphere to hold board meeting
Oct 27,2016

Ganesha Ecosphere will hold a meeting of the Board of Directors of the Company on 12 November 2016 to consider and approve the Unaudited Financial Results (Provisional) of the Company for the quarter & half year ended September 30, 2016.

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Meenakshi Steel Industries to hold board meeting
Oct 27,2016

Meenakshi Steel Industries will hold a meeting of the Board of Directors of the Company on 10 November 2016 to consider and approve the unaudited financial results of the Company for the quarter and half year ended September 30, 2016.

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Borax Morarji to hold board meeting
Oct 27,2016

Borax Morarji will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider, approve and take on record, the Unaudited Financial Results Reviewed by the Auditors for the quarter / half year ended September 30, 2016.

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Tamil Nadu Petro Products to hold board meeting
Oct 27,2016

Tamil Nadu Petro Products will hold a meeting of the Board of Directors of the Company on 7 November 2016 Tamilnadu Petroproducts Ltd has informed BSE that a Meeting of the Board of Directors of the Company is scheduled to be held on November 07, 2016, inter alia, to consider and approve, the Un-audited Financial Results of the Company for the quarter and half year ended September 30, 2016.

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Winro Commercial (India) to hold board meeting
Oct 27,2016

Winro Commercial (India) will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider and approve the Unaudited Financial Results for the quarter and half year ended on September 30, 2016.

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PPAP Automotive fixes record date for interim dividend
Oct 27,2016

PPAP Automotive has fixed 11 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Gulshan Polyols fixes record date for interim dividend
Oct 27,2016

Gulshan Polyols has fixed 12 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Sterlite Technologies fixes record date for interim dividend
Oct 27,2016

Sterlite Technologies has fixed 11 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Board of JSW Steel approves sub-division of shares and raising of funds
Oct 27,2016

JSW Steel announced that the Board of Directors of the Company at its meeting held on 27 October 2016,

1. Sub-division of equity shares of the Company.

The Board has approved the sub-division of each of the Equity Shares of the Company having a face value of Rs.10/- (Rupees Ten only) into 10 (Ten) Equity Shares having a face value of Re. 1/- (Rupee One only) each.

The sub-division of equity shares is subject to approval of shareholders, which will be sought by way of a postal ballot, and any other statutory and regulatory approvals. Accordingly, the record date for sub-division of the equity shares will be announced in due course.

2. Raising of Long Term Funds through Issuance of Redeemable Non-Convertible Debentures either by way of a Public Issue or by way of a Private Placement (NCD):

The Board has approved the raising of funds not exceeding Rs. 2,000 crore in the aggregate, through the issuance of Redeemable Non-Convertible Debentures either by way of a Public Issue or by way of a Private Placement and has authorised a sub-committee of Directors to decide on all matters relating to the proposed issuance of the Debentures including finalisation and approval of the detailed terms of issue.

The issue proceeds would be majorly used for refinancing of expensive debt, to meet long term working capital requirements, to meet requirements for Normal Capital Expenditure and for General Corporate purposes.

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Granules India fixes record date for 2nd interim dividend
Oct 27,2016

Granules India has fixed 05 November 2016 as the Record Date for the purpose of Payment of Second Interim Dividend.

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Cabinet approves one time relaxation in the cost norms and guidelines of MIDH
Oct 27,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for one time relaxation of Mission for Integrated Development of Horticulture (MIDH) cost norms for implementation of PMs Special package for Jammu & Kashmir towards restoration of damaged horticulture areas and development of horticulture in State. CCEA approved the following:

a. Import of planting material at the maximum rate of Rs.460 per plant for 329 hectares of new apple orchards and restoration of 3900 hectares of old damaged apple orchards. The rate of financial assistance shall be 90% i.e 90% shall be borne by the Government and 10% by the beneficiary farmer.

b. Import of 4 wire trellis system at the rate of Rs.9.8 lakh per ha for 329 ha of new apple orchards. The rate of financial assistance shall be 50% i.e. 50% shall be borne by the Government and 50% by the beneficiary farmer.

c. Applicability of MIDH cost norms for the interventions approved for implementation of PMs Package in J&K till financial year 2018-19.

d. Additional fund requirement of Rs. 111.89 crore, Rs. 171.66 crore, and 166.48 crore amounting to Rs. 450 crore in FY 2016-17, 2017-18 and 2018-19 respectively as 90% Government of India share in the overall package of Rs.500 crore.

PMs special package for J&K included Rs.500 crore towards restoration of damaged horticulture areas and development of horticulture in the State.

One time relaxation in MIDH cost norms was approved for import of special varieties of plants for better survival, early flowering and enhanced fruiting apple planting materials and four wire trellies system which may increase the productivity 3-4 times.

It will benefit about 21,000 orchardists located in more than 491 villages where horticulture areas of more than 5200 ha. was severely damaged by floods/landslides in September 2014.

CCEA approval would help in setting up of 329 ha of new apple orchards and restoration of 3900 ha of damaged orchards over a period of 3 years with overall financial implication of Rs. 500 crores with Rs. 450 crores as central share.

High and medium density apple plantation would generate round the year employment for 3300 and 18,000-20,000 people respectively. These initiatives will also result in employment in allied sectors such as grading/packing units. CA/Cold storage units and transportation sector etc. As the high density plantation involves technology and regular up keep of orchards, therefore, it will also result in wage enhancement n overall horticulture sector due to the increase in the farmers income as a result of the increase productivity.

It may be recalled that in 2014, the State had suffered due to the devastating floods of September, 2014. The infrastructure was destroyed due to floods. After the floods, the Prime Minister visited Kashmir on 23rd October, 2014 to spend time with those who were affected by floods and understand their problems and status of their relief and rehabilitation work. He met many delegations, from political parties, from trade representatives, from NGOs and citizens groups.

During his visit he talked about improving road connectivity and overall development of the State. He also announced to provide Rs.570 Cr. under Prime Ministers National Relief Fund (PMNRF) for providing assistance for construction of houses of the affected families. An amount of Rs. 565 Cr. has been already provided to 2.18 lakh affected families directly through their bank accounts.

The Government of India has been working on post flood long term reconstruction measures to improve the infrastructure in the State. The Government has been proposing to work towards development of key infrastructure in thrust sectors like Power, Health, Roads and Highways, Tourism, Textile, Food processing, HRD and Water resources etc.

Considering above, and the commitment for development of the State of J&K, the Honble PM on his visit to J&K State on 07.11.2015 announced Prime Ministers Development Package for the State of J&K with financial assistance of over Rs.80,000 Cr.

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AksharChem (India) to shut down plant at Mehsana
Oct 27,2016

AksharChem (India) announced that the plant of the Company at Village Indrad, Dist: Mehsana will remain shut down for 15 days from 29 October 2016 due to Diwali holidays as well as some breakdown maintenance. The shutdown is expected to last up to 12 November 2016.

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