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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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Rupee stable
Oct 27,2016

Rupee closed almost stable at 66.8579/8730 per dollar on Thursday (27 October 2016), versus its previous close of 66.8599/8700 per dollar.

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Universal Prime Aluminium to hold board meeting
Oct 27,2016

Universal Prime Aluminium will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider, approve and take on record the Un-audited Financial Results of the Company together with the Limited Review Report for the quarter ended September 30, 2016.

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National Plastic Industries to hold board meeting
Oct 27,2016

National Plastic Industries will hold a meeting of the Board of Directors of the Company on 9 November 2016 to consider Un-audited financial results of the Company for the quarter and half year ended September 30, 2016.

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KSE to hold board meeting
Oct 27,2016

KSE will hold a meeting of the Board of Directors of the Company on 12 November 2016 to consider the Unaudited Financial Results of the Company for the quarter ended September 30, 2016

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Vijay Textiles to hold board meeting
Oct 27,2016

Vijay Textiles will hold a meeting of the Board of Directors of the Company on 11 November 2016 for the purpose of considering the Un-Audited Financial Results (Provisional) for the quarter and half year ended September 30, 2016.

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Cabinet approves Agreement between India and Estonia on the transfer of sentenced persons
Oct 27,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of an Agreement between India and Estonia on the transfer of sentenced persons.

Signing the Agreement shall facilitate the Indian prisoners imprisoned in Estonia or vice-versa to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation.

Background:

Prior to 2004, there was no domestic Legislation under which foreign prisoners could be transferred to the country of their origin to serve the remaining part of their sentence, nor was there a provision for the transfer of prisoners of Indian origin convicted by a foreign court to serve their sentence in India. The transfer of such prisoners to their own native countries shall facilitate their social rehabilitation.

Hence, the Repatriation of Prisoners Act, 2003 was enacted for serving the above purpose. For achieving the objectives of the Act, a Treaty/Agreement is required to be signed with countries having mutual interest with India and later to the notified in the Official Gazette.

The Government of India has so far signed bilateral Agreements on Transfer of Sentenced Persons with United Kingdom, Mauritius, Bulgaria, France, Egypt, Sri Lanka, Cambodia, South Korea, Saudi Arabia, Iran, Bangladesh, Brazil, Israel, Bosnia & Herzegovina, UAE, Italy, Turkey, Maldives-, Thailand, Russian Federation, Kuwait, Viet Nam, Australia, Hong Kong, Qatar, Mongolia, Kazakhstan and Bahrain. So far total 65 prisoners have been exchanged, out of which 55 were Indians.

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Shriram City Union Finance to pay interim dividend
Oct 27,2016

Shriram City Union Finance announced that interim dividend of Rs 5 per share shall be paid on or before 18 November 2016.

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Larsen & Toubro Infotech fixes record date for interim dividend
Oct 27,2016

Larsen & Toubro Infotech has fixed 18 November 2016 as the Record Date for the purpose of Payment of Interim Dividend.

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Raghav Ramming Mass to hold board meeting
Oct 27,2016

Raghav Ramming Mass will hold a meeting of the Board of Directors of the Company on 10 November 2016 Quarterly Results

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Cabinet approves New Productivity Linked Reward Scheme for all Major Port Trusts and Dock Labour Board employees/workers for years 2015-16 to 2017-18
Oct 27,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to New Productivity Linked Reward Scheme for all Major Port Trusts and Dock Labour Board employees/workers for the years 2015-16 to 2017-18.

The new PLR scheme applicable from 2015-2016 to 2017-2018 will benefit about 37870 Port and Dock workers/employees in all the Major Port Trusts and the yearly outgo will be Rs. 49.58 crore.

Ministry of Shipping has formulated a New Productivity Linked Reward (PLR) Scheme for all Major Port Trusts and Dock Labour Board employees/workers for the years 2015-16 to 2017-18. PLR will be calculated on the enhanced wage ceiling for calculation of Bonus at Rs. 7000/- per month. PLR shall be paid annually on the basis of 50% weightage given to all India Performance and 50% weightage given to the individual Port Performance. The arrear payments of PLR for the year 2014-15 to the employees/workers by the Major Port Trusts and Dock Labour Board will be calculated on the enhanced wage ceiling of Rs.7000/- per month for calculation of Bonus instead of Rs.3500/- per month on the existing methodology of combined All India Port Performance.

For the year 2014-15, an amount of Rs 25.93 crore has already been paid to about 41,492 Major Ports & Dock workers/employees as per wage ceiling of Rs.3500/-. The total additional outgo for all Major Ports & Dock workers/employees on account of payment of arrear of PLR for the year 2014-15 as per enhanced wage ceiling of Rs. 7000/- will be about Rs. 25.93 crore.

There is an existing scheme of Productivity Linked Reward (PLR) for the employees/workers of Major Port Trusts and Dock Labour Board, wherein Productivity Linked Reward (PLR) was granted on yearly basis based on the settlement arrived at between Management and the Labour Federations of the Major Port Trusts.

The new PLR Scheme will foster better industrial relationship and congenial work atmosphere in the Port Sector, apart from stimulating better productivity.

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Williamson Magor & Company to hold board meeting
Oct 27,2016

Williamson Magor & Company will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider and approve the Unaudited Financial Results of the Company for the Quarter/Half-Year ended September 30, 2016.

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Garware Marine Industries to hold board meeting
Oct 27,2016

Garware Marine Industries will hold a meeting of the Board of Directors of the Company on 4 November 2016 to consider the Unaudited Financial Results for the quarter ended September 30, 2016.

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Anubhav Infrastructure to hold board meeting
Oct 27,2016

Anubhav Infrastructure will hold a meeting of the Board of Directors of the Company on 2 November 2016 to consider and take on record the Unaudited Standalone and Consolidated Financial Result along with Limited Review Report issued by the Statutory Auditors of the Company for the Second Quarter and half year ended September 30, 2016.

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SI Capital & Financial Services to hold board meeting
Oct 27,2016

SI Capital & Financial Services will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider, approve and take on record the Un Audited Financial Results of the Company for the quarter and half year ended September 30, 2016.

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Mcleod Russel India to hold board meeting
Oct 27,2016

Mcleod Russel India will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider and approve the Unaudited Standalone Financial Results of the Company for the Quarter/Half-Year ended September 30, 2016 (Q2).

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