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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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Spicy Entertainment & Media to hold EGM
Jan 07,2017

Spicy Entertainment & Media announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 02 February 2017.

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KDDL gets ratings assigned for various debt facilities
Jan 07,2017

KDDL announced that CRISIL has assigned the credit rating for a Long Term Bank Facilities as CRISIL BBB-/Stable, for Short Term Bank Loan facilities as CRISIL A3 and for Fixed Deposits programme as FA-/Stable (reaffirmed).

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KDDL gets ratings assigned for various debt facilities
Jan 07,2017

KDDL announced that CRISIL has assigned the credit rating for a Long Term Bank Facilities as CRISIL BBB-/Stable, for Short Term Bank Loan facilities as CRISIL A3 and for Fixed Deposits programme as FA-/Stable (reaffirmed).

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Speciality Restaurants opens Sweet Bengal confectionery store in Mumbai
Jan 07,2017

Speciality Restaurants announced that the Company has opened a new Sweet Bengal confectionery located at Shop Nos. 4 & 5, Oshiwara Lotus Co-operative Housing Society Limited, Building No. 12, Plot No. 50, MHADA Complex, Oshiwara, Andheri West, Mumbai - 400053 with effect from 07 January 2017.

Accordingly, as of 07 January 2017, the total number of restaurants and confectionaries of the Company are 107 (including 25 franchise restaurants) and 18 respectively.

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Speciality Restaurants opens Sweet Bengal confectionery store in Mumbai
Jan 07,2017

Speciality Restaurants announced that the Company has opened a new Sweet Bengal confectionery located at Shop Nos. 4 & 5, Oshiwara Lotus Co-operative Housing Society Limited, Building No. 12, Plot No. 50, MHADA Complex, Oshiwara, Andheri West, Mumbai - 400053 with effect from 07 January 2017.

Accordingly, as of 07 January 2017, the total number of restaurants and confectionaries of the Company are 107 (including 25 franchise restaurants) and 18 respectively.

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Agenda for board meeting of Vora Constructions
Jan 07,2017

Vora Constructions announced that a meeting of the Board of Directors of the Company will be held on 14 January 2017, inter alia, to consider the following:

1. To change the Registered Office of the Company.

2. To consider raising fund for working capital requirements and mode of raising funds.

3. To review the existing business activities and to consider enhancement of NBFC activities.

4. To consider appointment of Company Secretary for the Company.

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Agenda for board meeting of Vora Constructions
Jan 07,2017

Vora Constructions announced that a meeting of the Board of Directors of the Company will be held on 14 January 2017, inter alia, to consider the following:

1. To change the Registered Office of the Company.

2. To consider raising fund for working capital requirements and mode of raising funds.

3. To review the existing business activities and to consider enhancement of NBFC activities.

4. To consider appointment of Company Secretary for the Company.

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The Automotive Sector Can Transform South Asia Economically
Jan 07,2017

A new World Bank study that examines a range of factors affecting South Asian++s competitiveness in the automotive sector, notes that the region has the potential for greater global competitiveness in many different sectors but must pursue multiple policies to perform as well as other comparable regions, such as East Asia.

With more than 19 million jobs connected directly and indirectly to the automotive sector, India is the South Asian leader in that industry. (Pakistan follows with 2.5 million automotive-related jobs.) India-based auto parts manufacturers have acquired the technical and managerial skills from leading original equipment manufacturers (OEMs) established in India and a growing ability to meet the needs of disparate and discerning customers in competitive export markets. Increased opportunity to co-locate with their global customers for the right reasons will deepen these skills.

India has done very well in the past decade but has a distance to travel before it can fully contend with other major global exporters in the auto sector. It is the worlds sixth largest auto producer by volume, but it owns less than 1 percent of global export markets compared with more than 3 percent for China, 4.5 percent for Korea and 7 percent for Mexico. The average auto firm in India exported only 5 percent of its total sales, compared to 16 percent in China, said Priyam Saraf, Lead Author of the automotive case study.

A few leading global automotive parts manufacturers have already moved their research and development (R&D) centers to India, such as Bosch, which conducts most of its global R&D with 15,000 workers in Bangalore. Others- including BMW, Mercedes, Renaultn++\Nissan, Volvo, GM, Ford and Honda- are gaining the confidence to do the same soon. As they do, there is likely to be further growth and sophistication in the countrys related electronics, machining and tooling sectors, as well.

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Vertex Securities to announce December quarter results
Jan 07,2017

Vertex Securities announced that a Meeting of the Board of Directors of the Company will be held on 28 January 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter ended 31 December 2016.

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RBI imposes penalty on Lakshmi Vilas Bank
Jan 07,2017

Lakshmi Vilas Bank announced that the Reserve Bank of India (RBI) has imposed penalty amounting to Rs. 3 crore, in exercise of powers conferred under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulations Act, 1949 for the contraventions of various guidelines/directions of the RBI in respect of opening of current accounts without obtaining No-objection Certificate (NOC), extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms.

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Agenda for board meeting of M3 Global Finance
Jan 07,2017

M3 Global Finance announced that a meeting of Board of Directors of the company will be held on 11 January 2017 to discuss the following agenda -

Appointment of Auditors
Increase in Authorised Capital and amendment of MoA
Considering proposal of fund raising through preferential allotment
Change in registered office
Considering approval of an ESOP scheme.

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JM Financial to announce Q3 and 9M results
Jan 07,2017

JM Financial announced that a meeting of the Board of Directors is convened on 23 January 2017, inter alia, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the third quarter and nine months ended 31 December 2016.

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Aurobindo Pharma announces plans to acquire Generis Farmaceutica SA in Portugal
Jan 07,2017

Aurobindo Pharma announced that its wholly owned step down subsidiary - Agile Pharma B.V, Netherlands has entered into an agreement to acquire 100% shareholding in Generis Farmaceutica S.A., a Portuguese Pharmaceutical company engaged in the manufacture and marketing of pharmaceutical products in Portugal. The cost of acquisition is Euro 135 million. The acquisition includes the manufacturing facility in Amadora, Portugal, which has the capacity to manufacture 1.2 billion tablets/ capsules/ sachets annually.

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Board of Elnet Technologies to consider Q3 results
Jan 07,2017

Elnet Technologies announced that a meeting of the Board of Directors of the Company will be held on 23 January 2017 to consider and take on record the Unaudited Financial Results of the Company for the third quarter ended 31 December 2016 amongst other things.

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Yuken India to consider Q3 and 9M results
Jan 07,2017

Yuken India announced that the Board Meeting of the Company is scheduled to be held on 04 February 2017, inter alia, to consider and approve the un-audited financial results for the quarter and nine months ended 31 December 2016.

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