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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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Oriental Bank of Commerce revises 1 year MCLR rate
Jul 10,2017

Oriental Bank of Commerce has revised 1 year MCLR for w.e.f. 11 July 2017. The MCLR rates for different tenors are mentioned below -

Overnight - 8.10%
One month - 8.20%
Three month - 8.25%
Six month - 8.35%
One year - 8.45%

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Bajaj Holdings & Investment announce demise of director
Jul 10,2017

Bajaj Holdings & Investment announced the sad demise of Naresh Chandra, Independent Director of the Company on 09 July 2017.

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FM launches a new tax payer service module Aaykar Setu
Jul 10,2017

A new tax payer service module Aaykar Setu, was launched here today by the Union Finance Minister, Shri Arun Jaitley. To enhance mobile access experience, a mobile responsive android version was also released along with the desktop version. Shri Jaitley stressed on the Governments commitment towards continuously upgrading tax payer services. He said that this e-initiative would help in reducing physical interface between assesses and tax assessing authorities and thereby minimizing the chances of any tax harassment.

The new step is an effort by the Income Tax Department (ITD) to directly communicate with the taxpayers, on a range of multiple informative and useful tax services aimed at providing tax information at their fingertips. The module compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module. The tax payers will also be able to receive regular updates regarding important tax dates, forms and notifications on mobile numbers registered with the ITD.

All taxpayers who wish to receive such SMS alerts are advised to register their mobile numbers in the Aaykar Setu module.

The Central Board of Direct Taxes (CBDT) constantly endeavours to provide better taxpayer services and reduce taxpayer grievances. New schemes and e-initiatives to educate the taxpayers and deliver tax payer services in an effective manner are key to this effort.

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Bajaj Finserve announces demise of director
Jul 10,2017

Bajaj Finserve announced the sad demise of Naresh Chandra, an Independent Director on 09 July 2017.

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Synergy Bizcon announces resignation of director
Jul 10,2017

Synergy Bizcon announced that Rameshkumar Mehta and Mukesh Patel, Independent Directors (Non-Executive) of the Company have submitted their resignation from the post of Directorship.

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Synergy Bizcon appoints directors
Jul 10,2017

Synergy Bizcon announced that Hitesh Patel and Jayeshkumar Pandav has been appointed as Additional Directors of the Company, in the capacity of Independent Director (Non-Executive) on the Board w.e.f. 11 July, 2017.

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Shahi Shipping to hold AGM
Jul 10,2017

Shahi Shipping announced that the 27th Annual General Meeting (AGM) of the company will be held on 12 August 2017.

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Tata Metaliks to hold board meeting
Jul 10,2017

Tata Metaliks will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Khemani Distributors & Marketing to hold board meeting
Jul 10,2017

Khemani Distributors & Marketing will hold a meeting of the Board of Directors of the Company on 15 July 2017.

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Indo Cotspin to hold board meeting
Jul 10,2017

Indo Cotspin will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Bharat Seats to hold board meeting
Jul 10,2017

Bharat Seats will hold a meeting of the Board of Directors of the Company on 18 July 2017, to approve the Unaudited Financial Results of the Company for the quarter ended 30th June 2017.

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Gujarat State Fertilizers & Chemicals provides operations update
Jul 10,2017

Gujarat State Fertilizers & Chemicals announced that an emergency shutdown of Ammonia-IV plant was taken on 06 July 2017 due to detection of leakage of high pressure process gas from hot header of reformer box. Urea-II plant also shutdown due to non-availability of CO2 gas which is by product of Ammonia-IV plant. All other plants of GSFC are operational with supply of Ammonia from Ammonia Storage Tanks. Efforts are being put to rectify the problem and put back the plant on regular operation.

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Hong Kong Market follows Wall Street rally
Jul 10,2017

The Hong Kong stock market ended higher on Monday, 10 July 2017, as upbeat US and Chinese data buoyed investor sentiment. Sentiment was also aided by a surge in COSCO Shippings and Hong Kongs Orient Overseas International (OOIL) shares after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday. The Hang Seng index rose 0.6%, to 25,500.06 points, while the China Enterprises Index lost 0.4%, to 10,214.58 points. Turnover increased to HK$80.2 billion from HK$70 billion on Friday.

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China Stocks end softer
Jul 10,2017

The Mainland China equity market finished session lower on Monday, 10 July 2017, amid worries over market liquidity after the securities regulator approved more initial public offerings (IPOs) over the weekend. Markets shrugged off Chinas June inflation data, which were in line with expectations but did little to alter the view that economic growth is cooling after a solid first quarter. Sector performance was mixed on Monday, with energy and coal shares dropping, while consumer shares rose following last weeks correction. The blue-chip CSI300 index fell 0.1%, to 3,653.69 points, while the Shanghai Composite Index slipped 0.2% to 3,212.63 points and the Shenzhen Composite declined 0.66% to end at 1,905.36.

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Nikkei regains 20K level
Jul 10,2017

The Japan share market finished session up on Monday, 10 July 2017, helped by positive lead from the Wall Street on Friday and yen depreciation against greenback on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Tokyos benchmark Nikkei 225 index rose 0.76%, or 151.89 points, to close at 20,080.98, while the Topix index of all first-section issues was up 0.52%, or 8.42 points, to end the day at 1,615.48.

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