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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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Ruia Aquaculture Farms announced that the th Annual General Meeting(AGM) of the company on 12 August 2017.

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Zensar Technologies will hold a meeting of the Board of Directors of the Company on 20 July 2017 to consider and approve unaudited financial results of the Company for the quarter ended June 30, 2017.

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Jul 12,2017

Benares Hotels will hold a meeting of the Board of Directors of the Company on 24 July 2017 Audited Financial Results for the quarter ended 30th June, 2017

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JK Tyre & Industries to hold AGM
Jul 12,2017

JK Tyre & Industries announced that the 64th Annual General Meeting(AGM) of the company on 4 August 2017.

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Kothari World Finance to hold board meeting
Jul 12,2017

Kothari World Finance will hold a meeting of the Board of Directors of the Company on 18 July 2017 Quarterly Results

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Integra Engineering India to hold board meeting
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Integra Engineering India will hold a meeting of the Board of Directors of the Company on 19 July 2017 to inter alia consider and approve standalone unaudited financial results for the quarter ended on 30th of June, 2017 and other business matters as well

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Mahindra & Mahindra to hold board meeting
Jul 12,2017

Mahindra & Mahindra will hold a meeting of the Board of Directors of the Company on 4 August 2017 Unaudited Standalone Financial Results of the Company for the First Quarter ended 30th June, 2017.

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Ion Exchange (India) to hold board meeting
Jul 12,2017

Ion Exchange (India) will hold a meeting of the Board of Directors of the Company on 26 July 2017 Unaudited Financial Results for the Quarter ended 30th June, 2017.

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Mindteck (India) to hold board meeting
Jul 12,2017

Mindteck (India) will hold a meeting of the Board of Directors of the Company on 10 August 2017 Unaudited Financial Results of the Company for the Quarter ended June 30, 2017.

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Speciality Restaurants enters into franchise agreement with Resolute Restaurant Management
Jul 12,2017

Speciality Restaurants has entered into a franchise agreement on 11 July 2017 with Resolute Restaurant Management LLC (the Franchisee and such agreement, the Franchise Agreement), granting right to the Franchisee to open three franchise restaurants under its brand Mainland China Asia Kitchen in United Arab Emirates within the time stipulated in the Franchise Agreement.

First Franchise restaurant will be opened at BurJuman Mall, New Wing, in Dubai, United Arab Emirates. The Company will manage the day to day operations of restaurant and charge Franchise Fees and Management Fees, in accordance with the terms of the Franchise Agreement.

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ITPO Signs MoU 2017-18 With DoC
Jul 12,2017

A Memorandum of Understanding (MoU) 2017-18 between India Trade Promotion Organisation (ITPO) and Department of Commerce (DoC), Government of India was signed by Shri L.C. Goyal, CMD, India Trade Promotion Organisation and Smt. Rita Teaotia, Secretary, Commerce, Govt. of India on 07 July 2017.

On this occasion, Shri L.C. Goyal, CMD, ITPO mentioned that, for the year 2016-17, ITPO is expecting to achieve n++Excellentn++ rating as per the self evaluation of MoU targets in which against the MoU target of Rs. 250 crore, the turnover is expected to be Rs. 263 crore. For the year 2017-18, the Excellent financial target for Revenue from operations (Gross Sales) has been fixed at Rs. 228 crore. He observed that, in view of the Redevelopment Project (IECC) at ITPO, achieving various Financial/ Non-Financial targets this year will be difficult. ITPO will, however make all efforts to achieve n++Excellentn++ rating as per the targets given by DPE for the year 2017-18 and ensure delivery of better services to all the stakeholders.

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Tata Motors announces global wholesale figures
Jul 12,2017

The Tata Motors Group global wholesales in June 2017, including Jaguar Land Rover, were at 90,966 nos., lower by 2%, over June 2016.

Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in June 2017 were at 30,241 nos., lower by 8%, over June 2016. Global wholesales of all passenger vehicles in June 2017 were at 60,725 nos., higher by 1%, compared to June 2016.

Global wholesales for Jaguar Land Rover were 49,422 vehicles. Jaguar wholesales for the month were 12,463 vehicles, while Land Roverwholesales for the month were 36,959 vehicles.

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Usher Agro announces resignation of director
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Usher Agro announced that Vijay Ranchan, Non Executive Independent Director has resigned from the Board of Directors and respective committees thereon of the company with effect from the 11 July 2017.

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Golkonda Aluminium Extrusions announces resignation of director
Jul 12,2017

Golkonda Aluminium Extrusions announced the resignation of Ashish Kumar Gupta, Independent Director, form directorship of the Company.

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Poddar Housing & Development to pay dividend
Jul 12,2017

Poddar Housing & Development announced that dividend shall be paid on or after 24 August 2017, subject to approval of shareholders in the AGM.

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