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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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Havells India announced that the Board of Directors of the Company at its meeting held on 11 May 2017, inter alia, have recommended the final dividend of Rs 3.5 per equity Share (i.e. 350%) , subject to the approval of the shareholders.

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Enterprise International to hold board meeting
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Enterprise International will hold a meeting of the Board of Directors of the Company on 29 May 2017, to approve the Audited Financial Results for the Year ended on March 31, 2017.

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Deepak Spinners will hold a meeting of the Board of Directors of the Company on 22 May 2017.

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Triochem Products will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Garware Polyester will hold a meeting of the Board of Directors of the Company on 25 May 2017, to approve the audited Financial Results of the Company for the fourth quarter and year ended 31 March 2017 and to recommend dividend on equity shares of the Company.

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AVI Photochem to hold board meeting
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AVI Photochem will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Board of Makers Laboratories recommends final dividend
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Board of Phoenix Mills recommends final dividend
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Phoenix Mills announced that the Board of Directors of the Company at its meeting held on 10 May 2017, inter alia, have recommended the final dividend of Rs 2.4 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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Rane Holdings to hold board meeting
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Rane Holdings will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and if thought fit, to recommend final dividend for the financial year 2016-17 and to fix record date thereof.

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GMR Infra gains on divestment of Indonesian coal mining entities
May 15,2017

The announcement was made after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 124.02 points, or 0.41% to 30,312.17.

On the BSE, 3.64 lakh shares were traded in the counter so far, compared with average daily volumes of 23.54 lakh shares in the past one quarter. The stock had hit a high of Rs 17.05 and a low of Rs 16.70 so far during the day. The stock hit a 52-week high of Rs 18.60 on 24 April 2017. The stock hit a 52-week low of Rs 10.25 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 6.75% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.93% as against Sensexs 6.54% rise.

The large-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

GMR Energy Netherlands BV, and GMR Infrastructure Overseas, subsidiaries of GMR Infrastructure, entered into conditional share purchase agreement (CSPA) with PT Golden Energy Mines Tbk, Indonesia for selling 100% equity shareholding. The company will also sell mandatorily convertible bonds (MCBs) in PT Dwikarya Sejati Utama (PT DSO), PT Duta Surana Internusa (PT DSI), PT Unsoco (PT UNS) and PT Barasentosa Lestari (PT BSL). This agreement is subject to the parties securing various statutory approvals.

GMR Infrastructure reported net loss of Rs 381.93 crore in Q3 December 2016 as against net profit of Rs 40.01 crore in Q3 December 2015. Net sales rose 250.45% to Rs 85.58 crore in Q3 December 2016 over Q3 December 2015.

GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

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