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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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Mayur Floorings appoints company secretary cum compliance officer
Dec 01,2016

Mayur Floorings has appointed Company Secretary cum Compliance Officer w.e.f 21 November 2016.

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Reliance Jio Infocomm provides business update
Dec 01,2016

Reliance Jio Infocomm announced that it has crossed 50 million subscribers in just 83 days from commencement of services on5 September 2016. The average rate of addition of 6 lakh subscribers per day is the fastest achieved by any technology company in the world including the likes of Facebook, WhatsApp and Skype.

Jio has successfully rolled out eKYC across 2 lakh outlets in India, thereby allowing activation of SIM to get completed in under 5 minutes. More than 95% of the activations are being done in a paperless manner through eKYC. The Company is in the process of doubling the network,to 4 lakh digitally enabled outlets by March 2017.

Jio customers can benefit from the Mobile Number Portability facility such that they can retain their existing number when they migrate to Jio. Jio has also introduced Home Delivery of Jio SIMs, so that the enterprise and high-end customers can get a Jio SIM home-delivered and activated in 5 minutes through eKYC. This feature is being progressively launched acrossIndia through MyJio application and will be available in top 100 cities by 31 December 2016.

Jio also announced the launch of Jio Happy New Year Offer (n++JNOn++), which will be effective from 4 December 2016. All the Jio subscribers will be entitled to certain special benefits under the JNO, which shall comprise of Jios Data, Voice, Video and the full bouquet of Jio applications and content, absolutely free, up to 31 March 2017.

The benefits will be available to all subscribers signing up for Jio services up to 3 March 2017. The existing Jio Welcome Offer (n++JWO) users will continue to enjoy the unlimited benefits under JWO up to 31 December 2016, following which they would be automatically signed-up for the JNO as well.

Jio also announced the launch of the Jio Money Merchant Solution. This solution provides access to Jios suite of services, including customised offerings such as digital money, for a very important segment of the Indian economy. This will enable digital transactions of all types,whether they be at Mandis, small shops, restaurants, Railway ticket counters, for Bus and mass transit and even for person-to-person money transfers.

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Indo Amines announces resignation of director
Dec 01,2016

Indo Amines announced that Suresh Iyer has resigned as the Independent Director w.e.f 28 November 2016.

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Navkar Corporation announces demise of director
Dec 01,2016

Navkar Corporation announced about the sad demise of Rameshchandra Meghraj Purohit, Non-Executive Independent Director of the Company, on 30 November 2016.

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Triton Valves wins Q Award (Quality Gold Consistency Award)
Dec 01,2016

Triton Valves announced that the Company received the Q Award (Quality Gold Consistency Award) from Bajaj Auto. The Award was received by Aditya. M Gokarn - Managing Director of the Company on 30 November 2016 at the event held in Pune.

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Tinna Rubber & Infrastructure appoints company secretary
Dec 01,2016

Tinna Rubber & Infrastructure announced that K.C. Madan is being appointed as Company Secretary and Compliance officer of the Company with effect from 01 December 2016

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Murad Properties & Projects announces resignation of company secretary
Dec 01,2016

Murad Properties & Projects announced that Ankit Vinod Bansal was resigned from the post of Company Secretary of the company with effect from 30 November 2016.

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Multi Commodity Exchange of India gets SEBI approval for appointment of Chairman
Dec 01,2016

Multi Commodity Exchange of India announced that SEBI vide its letter dated 01 December 2016 has accorded its approval to the appointment of Saurabh Chandra as Chairman of the Governing Board of the Company in terms of the Clause 6.3.3 of SEBI circular dated 13 December 2012.

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Rupee marches further ahead
Dec 01,2016

Rupee closed higher at 68.34/35 per dollar on Thursday (01st December 2016), versus its previous close of 68.39/40 per dollar.

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PTL Enterprises announced change in directorate
Dec 01,2016

PTL Enterprises announced that the Company have received an order dated 02 November 2016 on 01 December 2016 from Govt, of Kerala, which states that earlier order issued (dated 04 October 2016) by the Govt. of of Kerala nominating Nazaruddin K. on the Board of Directors of the PTL Enterprises stands cancelled.

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Maharashtra Seamless announces change in direcorate
Dec 01,2016

Maharashtra Seamless announced that S P Raj has resigned as Whole Time Director of the Company and has been relieved on 30 November 2016. However, he will continue as Non Executive Director of the Company.

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Timex Group India shifts registered office
Dec 01,2016

Timex Group India announced that the registered office of the Company has been shifted to 106-107, Ambadeep, 14, Kasturba Gandhi Marg, New Delhi -110001 with effect from 01 December 2016.

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With effect from midnight of 2 December 2016, old Rs 500 bank notes will not be accepted at petrol, diesel & gas outlets & for purchase of Air Tickets
Dec 01,2016

After the cancellation of legal tender character of old Rs. 500 and Rs. 1000 denomination bank notes, the Government had exempted certain categories of transactions wherein the old high denomination bank notes were accepted. The Government had extended the exemption period for these categories from time to time. At present, exemptions are allowed on certain types of transactions wherein payment of old Rs. 500 bank notes are permitted up to a specified date.

The processes of production, dispatch and distribution of currency notes have been continuing and more cash is flowing into the system steadily. The digital transactions have also made an impressive progress and are expected to significantly improve during the coming days. Now, therefore, as digital transaction options have been increasing across different sections of the economy, it has been observed that the outlets of the oil and gas marketing companies are better equipped to accept payments through digital means. Hence, it has been decided that with effect from the midnight of 2nd December, 2016, petrol, diesel and gas outlets of Public Sector oil and gas marketing companies will be removed from the exempted category for receipt of old Rs. 500 bank notes. It may be noted that supply of LPG continues to be in the exempted category for payment through old Rs. 500 bank notes.

Similarly, purchase of air tickets at the airports was included initially in the exempted category. It is observed that air ticketing counters have facilities to accept non cash/digital payments. Further, enough time has been allowed for travelers to be prepared with legal tender and/or non cash modes of payment. It has, therefore, been decided that with effect from midnight of 2nd December, 2016, the exemption allowed for purchase of air tickets at airports through old Rs. 500 notes will be removed from the exempted category.

The other exempted categories that have earlier been notified will continue to accept old Rs. 500 notes as per the said notifications.

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Apcotex Industries provides update on scheme of amalgamation
Dec 01,2016

Apcotex Industries announced that the Scheme of Amalgamation has become effective post filing of e-Form INC-28, on 01 December 2016 with the Registrar of Companies / Ministry of Corporate Affairs.

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Bank of Maharashtra plans to issue Basel III Compliant AT1 Bonds
Dec 01,2016

Bank of Maharashtra proposes to raise funds by issue of Basel III Compliant AT1 Bonds of Rs 250 crore with Green Shoe Option of Rs 750 crore aggregating Rs 1000 crore on private placement basis.

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