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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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HUDCO Initial Public Offering (IPO) over-subscribed by more than 79 times; Bids worth Rs. 97000 crores received for issue size of Rs. 1200 crores
May 12,2017

The HUDCO Initial Public Offering (IPO) saw an exceptional level of interest and the Issue as a whole was oversubscribed by more than 79 times. Bids worth Rs. 97,000 crores were received for an issue size of Rs. 1,200 crores. This is the highest level of oversubscription witnessed in a divestment by Government of India through IPO route. The HUDCO IPO is the first IPO by a Central Public Sector Enterprise (CPSE) under disinvestment since April 2012.

The Qualified Institutional Buyers (QIB) category was subscribed more than 55 times with about 38% demand from Foreign Institutional Investors (FIIs). Non-institutional category was subscribed more than 330 times. The retail category also saw a strong demand of more than 10 times.

The IPO received more than 20 lakh applications, which is the highest number of applications received in an IPO post Security and Exchange Board of India (SEBI) making mandatory use of Applications Supported by Blocked Amount (ASBA) mode for all categories of investors.

The HUDCO IPO was open for subscription from 8th May to 11th May. The price band was fixed at Rs. 56 - Rs. 60 per equity share of the face value of Rs.10, with a discount of Rs. 2 for retail investors and the employees of the Company. A total of 20.4 crore shares were offered by Government of India including employee reservation of 38.7 lakh shares and 50% of the net offer being reserved for QIBs.

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Gujarat Industries Power Co reschedules board meeting
May 12,2017

Gujarat Industries Power Co has rescheduled its board meeting to consider Q4 and FY 2017 results from 12 May 2017 to 18 May 2017.

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Rupee surges ahead
May 12,2017

Rupee closed higher at 64.4350/4375 per dollar on Friday (12 May 2017), versus its previous close of 64.5125/5150 per dollar.

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CSO revises Base Year of All-India Index of Industrial Production From 2004-05 to 2011-12
May 12,2017

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation revised the base year of the all-India Index of Industrial Production (IIP) from 2004-05 to 2011-12. The new base year has been selected keeping in view the base year of other macroeconomic indicators namely Gross Domestic Product (GDP), Consumer Price Index (CPI). Several changes have been made in the new series of the IIP in order that new IIP is able to reflect the changes in the industrial sector in a more representative and robust manner.

The salient features of the new series with base 2011-12 are as under:

n++ IIP in the new series will continue to consist of three sectors viz. Mining, Manufacturing and Electricity, as in the existing series.

n++ The National Industrial Classification 2008 will be followed in the new series for the purpose of classification of products as per industries.

n++ The Use-Based Classification has been revised to reflect the industrial segments and production more accurately as well as to map the products more accurately as per their use in the industries. The new use based classification includes Primary Goods, Intermediate Goods, Infrastruture/Construction Goods, Capital Goods, Consumer Durable Goods and Consumer Non Durable Goods

n++ The coverage of the new series of IIP is limited to the Organized Sector only.

n++ For enabling dynamic revision of the methodology of IIP including the item list and the panel of factories during the currency of a base year, a Technical Review Committee, chaired by Secretary, Ministry of Statistics &PI, will be constituted.

n++ Due to the increasing significance of the electricity generation from renewable sources, it has been decided to include the same in the electricity generation figures for compilation of IIP in the new series.

n++ The new series show higher growth rates in most months in the period April 2012 to March 2017, as compared to the existing series which is attributable to (i) shifting of base to a more recent period; (ii) increase in number of factories in panel for reporting data and exclusion of closed ones and (iii) inclusion of new items and exclusion of old ones.

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Arcotech to hold EGM
May 12,2017

Arcotech announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 June 2017 .

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Board of Thyrocare Technologies recommends final dividend
May 12,2017

Thyrocare Technologies announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of Petronet LNG recommends final dividend
May 12,2017

Petronet LNG announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Outcome of board meeting of S H Kelkar & Company
May 12,2017

S H Kelkar & Company announced that the Board of Directors of the Company at its meeting held on 12 May 2017 has transacted the following -

Considered the buyback proposal and decided to not to opt for share buyback at this point in time.

Recommended final dividend of Rs 1.75 per share.

Approved proposal to make an equity investment of Rs 4 crore in Keva Chemicals (subsidiary) to revive business activities through the said subsidiary.

The Board considered and accepted the resignation of Tapas Mujumdar as EVP and Group CFO.

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Central Government notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individuals
May 12,2017

The Central Government vide notification dated 11th May, 2017 has notified that the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:

I. An individual who is residing in the state of Assam, Jammu and Kashmir and Meghalaya.

ii. An individual who is a non-resident as per the Income-tax Act, 1961.

iii. An individual of the age of eighty years or more at any time during the previous year.

iv. An individual who is not a citizen of India.

Section 139AA of the Income-tax Act, 1961, as inserted by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. Section 139AA (3) of the Act empowers the Central Government to notify the person(s) or State(s) to which the requirement of quoting of Aadhaar / Enrolment ID shall not apply.

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Board of Shemaroo Entertainment recommends final dividend
May 12,2017

Shemaroo Entertainment announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 1.4 per equity Share (i.e. 14%) , subject to the approval of the shareholders.

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Board of Nitta Gelatin India recommends final dividend
May 12,2017

Nitta Gelatin India announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Bharti Airtel recommends final dividend
May 12,2017

Bharti Airtel announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Board of Premco Global recommends final dividend
May 12,2017

Premco Global announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Board of Bhageria Industries recommends final dividend
May 12,2017

Bhageria Industries announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 100%) , subject to the approval of the shareholders.

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Board of Alembic recommends final dividend
May 12,2017

Alembic announced that the Board of Directors of the Company at its meeting held on 9 May 2017, inter alia, have recommended the final dividend of Rs 0.2 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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