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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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Fiem Industries appoints director
Nov 14,2016

Fiem Industries announced that in the Board Meeting held on 12 November 2016, Jawahar Thakur has been appointed as Independent Director of the Company w.e.f. 12 November 2016.

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Board of Scooters India approves withdrawal of CFO
Nov 14,2016

Scooters India announced that the Board of Directors of the Company in their meeting held on 11 November 2016 have withdrawn the nomination of B N Raj, as Chief Financial Officer and Key Managerial Personnel of the Company.

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Board of Intellivate Capital Ventures approves change in compliance officer
Nov 14,2016

The Board of Intellivate Capital Ventures approved the resignation of Puja Kapat as Compliance officer with effect from 14 November 2016 and approved the appointment of Prasad Chitnis as Compliance Officer with effect from 14 November 2016.

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Facor Alloys director resigns
Nov 14,2016

Facor Alloys announced that Keshaorao Pardhey, has resigned as a Director from the Board of Directors of the Company with effect from 12 November 2016.

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Rabi Crops Sowing Crosess 146 Lakh Hactare
Nov 14,2016

As per preliminary reports received from the States, the total area sown under Rabi crops as on 11th November, 2016 stands at 146.85 lakh hectares as compared to 126.71 lakh hectare this time in 2015.

Wheat has been sown/transplanted in 25.72 lakh hectares, rice in 9.68 lakh hectares, pulses in 49.24 lakh hectares, coarse cereals in 20.17 lakh hectares and area sown under oilseeds in 42.03 lakh hectares.

The area sown so far and that sown during last year this time is as follows:

Lakh hectare 

CropArea sown in 2016-17Area sown in 2015-16Wheat25.7218.65Rice9.686.46Pulses49.2437.23Coarse Cereals20.1733.26Oilseeds42.0331.11Total146.85126.71

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Government agencies are closely monitoring receipt of fake currency notes in Banks and Post Office
Nov 14,2016

One of the primary objectives of cancellation of legal tender character of old series of Rs.500/- and Rs.1000/- notes was to check the menace of terror financing through counterfeit currency notes. The receipt of counterfeits/fake currency notes in Banks and Post Offices are, therefore, being monitored very closely. RBI has been advised by Ministry of Finance to set up a Special Cell to monitor the receipt of fake currency notes and inform such instances to the Economic Offences Wing of the State Police, Intelligence/Enforcement Agencies of the Central Government and also to the Ministry of Finance. A special watch is being kept on receipt of such fake notes in the States bordering our neighbouring countries. The Law Enforcement Agencies have also been advised to maintain close vigil over possible movement of fake currencies and take prompt action as and when such cases are detected by them as well as by RBI and Banks.

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Board of Mathew Easow Research Securities appoints CFO and CEO
Nov 14,2016

Mathew Easow Research Securities that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, considered and approved the following:

1. Appointment of Mahendra Kumar Servaiya as the Chief Financial Officer (CFC of the company with effect from 12 November 2016.

2. Appointment of Manoj Govinda Shetty as the Chief Executive Officer (CEO) c the company with effect from 12 November 2016.

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Patel Engineering & KNR Construction sign share purchase agreements to sell stake in two BOT assets
Nov 14,2016

Patel Engineering and KNR Constructions signed a share purchase agreement to sell their entire equity stake in two road BOT assets viz. Patel KNR Infrastructure and Patel KNR Heavy Infrastructure to an Essel Group Company.

Both the assets are operational annuity based BOT assets awarded by NHAI. The enterprise value of both assets put together for this transaction is Rs 850 crore. The transaction is expected to close within 2-3 months.

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Kingfa Science & Technology (India) leases land from MIDC
Nov 14,2016

Kingfa Science & Technology (India) announced that the Maharashtra Industrial Development Corporation has handed Over the possession of Plot No. F-5/5 admeasuring 120000 sq mtr of the Chakhan Industrial Area Phase -II, Village Shinde & Vasuli Tal-Khed, District - Pune to the Company, for Manufacturing Facility. The Company also has signed the lease Agreement for the said land.

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Board of Krypton Industries to consider September quarter results
Nov 14,2016

Krypton Industries announced that the Meeting of the Board of Directors of the Company is scheduled to be held on 14 November 2016, inter alia, to approve Unaudited Financial Results of the Company for the Quarter ended 30 September 2016.

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Indosolar exits CDR mechanism
Nov 14,2016

Indosolar has received the communication from Corporate Debt Restructuring CDR Cell vide letter dated 04 November 2016 received on 11 November 2016 for intimation of exit from CDR mechanism.

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Maharashtra Corporation appoints director and CFO
Nov 14,2016

Maharashtra Corporation announced that the Company had appointed Sanjay Choubisa as an Additional Director and Chief Financial Officer and Pankaj Yadav as Company Secretary and Compliance Officer w.e.f. 12 November 2016.

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the exemption given to service providers located in foreign territory but providing taxable OIDAR services
Nov 14,2016

With a view to provide a level playing field to Indian service providers providing taxable online information and database access or retrieval [OIDAR] services including electronic services in India, the exemption to such services provided in India by service providers located in foreign territory is being withdrawn with effect from 1st December 2016. Thus cross border business to consumer [B2C] OIDAR services provided by a foreign service provider to a person in India will become taxable from 1st December 2016 onwards.

The salient features of this levy are as under:

n++ A simplified online mechanism of taking registration has been prescribed and registration will be deemed to be granted online on submission of registration application.

n++ A simplified mechanism of online payment of taxes and online filing of returns is being prescribed.

A detailed Circular No. 202/12/2016-Service Tax dated 09 November 2016 has been issued by CBEC, explaining the likely issues arising from the withdrawl of this exemption.

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Board of Agio Paper & Industries approves change in directorate
Nov 14,2016

Agio Paper & Industries announced that the Board of Directors of the Company at its meeting held on 12 November 2016, have approved the appointment of Mohini Agarawal as an Additional Non-Executive Director of the company (considered as Independent Director as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) as per section 161 of the Companies Act, 2013 with effect from 12 November 2016. She will hold office upto the next Annual General Meeting.

Further, the same meeting accepted the resignation of Sudha Dhanuka as an independent / woman director of the company as per section 168 of the Companies Act, 2013 with effect from 12 November 2016.

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Indian market closed for trading on Monday
Nov 14,2016

Indian stocks, bonds and currency markets will be closed on Monday (14th November) for a holiday. Trading will resume on Tuesday.

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