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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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GCCL Construction & Realities to announce Q3 results
Jan 18,2017

GCCL Construction & Realities 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 3rd Quarter ended on 31 December 2016.

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Cabinet approves MoU between India and Vietnam In the field of cyber security
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) between India and Vietnam in the field of Cyber Security. It was signed between Indian Computer Emergency Response Team (CERT-In), India and the Cyber Security Department, Ministry of Public Security, Vietnam on 3rd September 2016 at Hanoi.

The MoU intends to promote closer cooperation for exchange of knowledge and experience in detection, resolution and prevention of cyber security-related incidents between India and Vietnam.

Implementation of the MoU will result in significant mutual benefits in the cyber security sector, through institutional and capacity-building in the field of cyber security in the Socialist Republic of Vietnam.

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Cabinet approves the Establishment of Indian Agricultural Research Institute, Jharkhand
Jan 18,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the 12th Plan Proposal of the DARE/ICAR Plan Scheme of the Establishment of Indian Agricultural Research Institute (lARI)-Jharkhand. It will have an estimated outlay of Rs. 200.78 crores (100% ICAR share) on 1,000 acre land provided by the Government of Jharkhand at the Gauria Karma Village in Barhi Block of Hazaribag.

lARI-Jharkhand would be a unique Institution, which would possess all the hallmark identities as that of IARI at New Delhi including all sectors of agriculture like field crops, horticultural crops, agro-forestry, animal husbandry, fisheries, poultry, piggery, silk and lac rearing, honey production etc.

IARI-Jharkhand would work on the agrarian challenges and complexities of eastern India with all existing Central and State Government R&D institutions and Private sector enterprises. It will undertake research, education, extension programmes in its mission towards developing quality human resource, generation of farmer friendly technologies to enhance productivity, quality and profitability. It will also promote agro-based industries and generate employment opportunities for holistic and sustainable development of the agriculture sector in the eastern region. It will be an off-campus of IARI, New Delhi and integrated multi-disciplinary research would be undertaken in School mode, i.e. Schools of Crop Sciences, Natural Resource Management, and Animal Sciences.

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Board of Citizen Infoline to consider December quarter results
Jan 18,2017

Citizen Infoline announced that the Board Meeting of the Company will be held on 10 February 2017, to consider and take on record the Unaudited financial result of the Company for the Quarter ended on 31 December 2016.

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Shriram City Union Finance to consider Q3 and 9M results
Jan 18,2017

Shriram City Union Finance announced that the meeting of the Board of Directors of the Company is scheduled to be held on 30 January 2017, inter alia, to consider and approve unaudited financial results for the third quarter and nine months ended 31 December 2016 (Q3) of the Company.

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Board of High Ground Enterprise decides to set up subsidiary in Singapore
Jan 18,2017

High Ground Enterprise announced that the Board of Directors of the Company at their meeting held on 18 January 2017 have decided to set up a Wholly Owned Subsidiary (WOS) in Singapore under the name and style of HGEL International.

In furtherance to the same, the Company is in process for obtaining necessary approval and formalities required by the relevant regulatory authorities.

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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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