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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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Scheme for IPR Awareness - Creative India; Innovative India launched
Jul 07,2017

Taking forward the National Intellectual Property Rights (IPR) Policy 2016, a Scheme for IPR Awareness - Creative India; Innovative India has been launched by Cell for IPR Promotion and Management (CIPAM) under the aegis of the Department of Industrial Policy and Promotion.

The Scheme aims at raising IPR awareness amongst students, youth, authors, artists, budding inventors and professionals to inspire them to create, innovate and protect their creations and inventions across India including Tier 1, Tier 2, Tier 3 cities as well as rural areas in the next 3 years.

The Scheme for IPR Awareness aims to conduct over 4000 IPR awareness workshops/seminars in academic institutions (schools and colleges) and the industry ,including MSMEs and Startups, as also IP training and sensitization programmes for enforcement agencies and the judiciary.

Workshops will cover all vital IP topics including international filing procedures, promotion of Geographical Indications and highlighting the ill effects of piracy and counterfeiting.

The Scheme for IPR Awareness would be implemented through partner organizations to promote innovation and entrepreneurship.

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Godrej Consumer Products fixes record date for interim dividend
Jul 07,2017

Godrej Consumer Products has fixed 08 August 2017 as the Record Date for the purpose of Payment of Interim Dividend.

The said interim dividend, if declared, will be paid on 22 August 2017.

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Superhouse to hold board meeting
Jul 07,2017

Superhouse will hold a meeting of the Board of Directors of the Company on 29 July 2017 to consider Annual Financial Statement including Consolidated Annual Financial Statement and annexure thereof for the year ended 31st March, 2017, To decided book closure for payment of dividend

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There is no change made in any subject relating to education in the GST era, except to reduce tax rate on certain items of education such as school ba
Jul 07,2017

The Central Government denies all such reports that education will become expensive under GST. It states that such reports are completely unsubstantiated. In fact, there is no change made in any subject relating to education in the GST era, except to reduce tax rate on certain items of education such as school bags etc.

It may be mentioned that services provided by an educational institution to students, faculty and staff are exempt:

(i) pre-school education and education up to higher secondary school or equivalent;

(ii) education as a part of a curriculum for obtaining a qualification recognised by any law for the time being in force;

(iii) education as a part of an approved vocational education course.

Transportation of students, faculty and staff services provided to an educational institution (providing pre-school education and education up to higher secondary school or equivalent) are exempt from GST. Similarly, catering, including any mid-day meals scheme sponsored by the Central Government, State Government or Union territory, to an educational institution providing education upto higher secondary school or equivalent, are also exempt from GST. Further, security or cleaning or housekeeping services performed in such educational institutions are also exempt from GST. Finally, services relating to admission to, or conducting of examination by, such institutions, upto higher secondary, too are exempt from GST.

Thus, education up to Higher Secondary School level does not suffer GST on output services and also on most of the important input services. Some of the input services like transport, canteen etc. provided by private players to educational institutions were subject to service tax in pre-GST era and the same is continued in GST regime.

Furthermore, services by an entity registered under section 12AA of the Income-tax Act by way of charitable activities relating to advancement of educational programmes or skill development for

(a) abandoned, orphaned or homeless children

(b) physically or mentally abused and traumatized persons

(c) prisoners

(d) persons over the age of 65 years residing in a rural area are also exempt from GST.

Hence, there has been no change in taxability of educational and other services on account of GST.

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GE Power India to hold AGM
Jul 07,2017

GE Power India announced that the 25th Annual General Meeting(AGM) of the company on 31 July 2017.

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Mayur Floorings to hold board meeting
Jul 07,2017

Mayur Floorings will hold a meeting of the Board of Directors of the Company on 29 July 2017 Quarterly Results

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Mangalya Soft-Tech to hold board meeting
Jul 07,2017

Mangalya Soft-Tech will hold a meeting of the Board of Directors of the Company on 28 July 2017 AGM

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Hindustan Foods hits the roof after bagging orders
Jul 07,2017

The announcement was made during trading hours today, 7 July 2017.

Meanwhile, the S&P BSE Sensex was up 26.44 points, or 0.08% to 31,395.78.

On the BSE, 2,556 shares were traded in the counter so far, compared with average daily volumes of 799 shares in the past one quarter. The stock had hit a low of Rs 173 in intraday trade. The stock hit a record high of Rs 228.80 on 6 February 2017. The stock hit a 52-week low of Rs 91.40 on 8 July 2016.

The stock had outperformed the market over the past one month till 6 July 2017, rising 12.37% compared with 0.31% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 1.11% as against Sensexs 5.60% rise. The scrip had outperformed the market in past one year, rising 66.81% as against Sensexs 15.32% rise.

The small-cap company has equity capital of Rs 12.99 crore. Face value per share is Rs 10.

Hindustan Foods received the orders from Reliance Brands (under Steve Madden brand) and Arvind Lifestyle Brands (under US Polo & Arrow brands).

In December 2016, Hindustan Foods had acquired certain moveable and immovable assets of Ponds Export, a subsidiary of Hindustan Unilever. Post this acquisition, the company started manufacturing leather shoe uppers and accessories at Puducherry. The company has been able to integrate the operations and has managed the transition without any disruption of supplies to the European Customers.

Net profit of Hindustan Foods declined 55.23% to Rs 0.77 crore on 277.88% rise in net sales to Rs 17.08 crore in Q4 March 2017 over Q4 March 2016.

Hindustan Foods manufactures cereal-based food products and a range of instant mixes, baby foods, instant porridges, breakfast cereals and health drinks.

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Ipca Laboratories to pay dividend
Jul 07,2017

Ipca Laboratories announced that dividend, if sanctioned will be paid on or before 30 August 2017.

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ICICI Bank to hold board meeting
Jul 07,2017

ICICI Bank will hold a meeting of the Board of Directors of the Company on 27 July 2017 consider the approval of audited accounts for the quarter ended 30 June, 2017

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Sundaram Brake Linings to hold board meeting
Jul 07,2017

Sundaram Brake Linings will hold a meeting of the Board of Directors of the Company on 4 August 2017 For Approval Of Unaudited Financial Results For The Quarter / Three Months Ended 30th June 2017

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Soma Papers & Industries to hold board meeting
Jul 07,2017

Soma Papers & Industries will hold a meeting of the Board of Directors of the Company on 29 July 2017 Quarterly Results

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Sundaram Clayton to hold board meeting
Jul 07,2017

Sundaram Clayton will hold a meeting of the Board of Directors of the Company on 8 August 2017 Quarterly Results

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DHP India to hold board meeting
Jul 07,2017

DHP India will hold a meeting of the Board of Directors of the Company on 10 August 2017 Quarterly Results

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Ashok Leyland to hold board meeting
Jul 07,2017

Ashok Leyland will hold a meeting of the Board of Directors of the Company on 21 July 2017 to inter alia consider and approve the standalone unaudited financial results of the Company for the quarter and three months ended June 30, 2017.

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