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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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Agro Dutch Industries to hold board meeting
May 26,2017

Agro Dutch Industries will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Rishi Laser to hold board meeting
May 26,2017

Rishi Laser will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Riddhi Siddhi Gluco Biols to hold board meeting
May 26,2017

Riddhi Siddhi Gluco Biols will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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ABC Gas (Intl.) to hold board meeting
May 26,2017

ABC Gas (Intl.) will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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AF Enterprises to hold board meeting
May 26,2017

AF Enterprises will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Mahashree Trading to hold board meeting
May 26,2017

Mahashree Trading will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Ras Finance to hold board meeting
May 26,2017

Ras Finance will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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RSC International to hold board meeting
May 26,2017

RSC International will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Royale Manor Hotels & Industries to hold board meeting
May 26,2017

Royale Manor Hotels & Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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SRG Securities Finance to hold board meeting
May 26,2017

SRG Securities Finance will hold a meeting of the Board of Directors of the Company on 27 May 2017.

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Cipla drops after posting disappointing Q4 results
May 26,2017

The result was announced after market hours yesterday, 25 May 2017.

Meanwhile, the S&P BSE Sensex was up 107.49 points, or 0.35%, to 30,857.52.

The stock has dropped 13.84% in five sessions to ruling price of Rs 485.45 from a close of Rs 563.45 on 19 May 2017.

On the BSE, 2.93 lakh shares were traded in the counter so far, compared with average daily volumes of 2.16 lakh shares in the past one quarter. The stock had hit a high of Rs 504.15 and a low of Rs 479 so far during the day.

The stock had hit a 52-week high of Rs 621.90 on 6 February 2017. The stock had hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had underperformed the market over the past one month till 25 May 2017, dropping 8.82% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 14.79% as against Sensexs 6.43% rise.

The large-cap pharmaceutical company has equity capital of Rs 160.91 crore. Face value per share is Rs 2.

Ciplas revenues rose 8% to Rs 3582 crore in Q4 March 2017 over Q4 March 2016.

Ciplas board of directors recommended dividend of Rs 2 per share for the year ended 31 March 2017 (FY 2017).

Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said, the company has achieved significant progress on identified key priorities and strengthened core business through consolidation, complexity reduction and deepening presence in priority markets. The quarterly results are off the mark due to a tough operating environment and certain one-offs, he added.

The results for Q4 March 2017 include one-off charges related to impairment of a part of intangibles from US acquisition and a provision for loss on certain assets of subsidiary, Cipla BioTec Pvt. Ltd.

Cipla is a global pharmaceutical company.

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L&T Hydrocarbon Engineering signs agreement with Institute of Chemical Technology
May 26,2017

L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro has signed Memorandum of Agreement with Institute of Chemical Technology (ICT) to build Ethanol plants based on the fully indigenous technology developed by ICT for producing second generation Ethanol. This novel technology developed by ICT under the leadership Dr. Arvind Lali, Head of DBT-ICT Centre, is capable of processing a variety of feedstocks and offers one of the lowest project life cycle cost.

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Shri Bhagavati Bright Bars announces resignation of CFO
May 26,2017

Shri Bhagavati Bright Bars announced that Vipul Pathak, Chief Financial Officer of the Company has tendered his resignation from the post of Chief Financial Officer of the Company with effect from the close of business hours on 30 May 2017. Accordingly, Vipul Pathak will be ceased to be Chief Financial Officer along with Key Managerial Personnel of the Company with effect from the close of business hours on 30 May 2017.

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Va Tech Wabag allots 4666 equity shares
May 26,2017

Va Tech Wabag allots 4666 equity shares under ESOP.

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Va Tech Wabag fixes record date for dividend
May 26,2017

Va Tech Wabag has fixed 14 July 2017 as record date for payment of dividend. The payment will be credited between 28 July to 3 August, if declared at the AGM to be held on 27 July 2017.

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