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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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Banking, auto, realty stocks in spotlight ahead of RBI policy meeting
Feb 08,2017

Interest rate sensitive banking, auto and realty stocks will be watched ahead of the Reserve Bank of Indias (RBI) monetary policy meeting today, 8 February 2017. The RBI is expected to cut policy rates by 25 basis points. The RBI had left its benchmark repo rate unchanged at 6.25% during the meeting held on 7 December 2016. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance.

Among corporate news, Cipla, Hero MotoCorp, NTPC and Union Bank of India will declare their Q3 results today, 8 February 2017.

Tata Steel reported consolidated net profit of Rs 231.90 crore in Q3 December 2016 in Q3 December 2016 as compared with net loss of Rs 2747.72 in Q3 December 2015. Total income rose 13.64% to Rs 28143.51 crore in Q3 December 2016 over Q3 December 2015. The announcement was made after market hours yesterday, 7 February 2017.

Titan Companys net profit rose 13.09% to Rs 255.75 crore on 13.43% rise in total income to Rs 3904.82 crore in Q3 December 2016 over Q3 December 2015. The announcement was made after market hours yesterday, 7 February 2017.

NHPCs net profit rose 25.87% to Rs 214.69 crore on 4.04% fall in total income to Rs 1617.59 crore in Q3 December 2016 over Q3 December 2015. The announcement was made after market hours yesterday, 7 February 2017.

Blue Dart Express net profit dropped 46.31% to Rs 28.17 crore on 9.93% rise in total income to Rs 726.57 crore in Q3 December 2016 over Q3 December 2015. The announcement was made after market hours yesterday, 7 February 2017.

Procter & Gamble Hygiene and Health Cares net profit rose 2.81% to Rs 150.62 crore on 2.33% fall in total income to Rs 664.05 crore in Q2 December 2016 over Q2 December 2015. The announcement was made after market hours yesterday, 7 February 2017.

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Board of Amit Securities appoints director
Feb 07,2017

Amit Securities announced that the Board of Directors of the Company at its meeting held on 07 February 2017, has appointed Aditi Mittal as an Additional Director in category of Women Director of Company w.e.f. 07 February 2017.

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Board of Suyog Telematics appoints company secretary and compliance officer
Feb 07,2017

The Board of Directors of Suyog Telematics at its meeting held on 07 February 2017 has appointed Nishtha Agarwal as Company Secretary and Compliance Officer of the company.

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Board of Dhunseri Petrochem appoints MD
Feb 07,2017

The Board of Directors of Dhunseri Petrochem at its meeting held on 07 February 2017 has appointed Aruna Dhanuka, Additional Director as Managing Director of the Company with effect from 10 February 2017 for a period of 5 years.

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Board of NHPC approves proposal to buyback shares upto an aggregate Rs 2616.59 cr
Feb 07,2017

NHPC announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has approved the proposal to buyback of equity shares of the Company not exceeding 81,13,47,977 shares (representing not more than 7.33% of the total number of equity shares in the paid up capital of the Company) at a price of Rs 32.25 per equity share for an aggregate consideration not exceeding Rs 2616.59 crore.

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Outcome of board meeting of Kavit Industries
Feb 07,2017

Kavit Industries announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has decided to issue equity shares or warrants convertible into equity shares of Rs 10 each aggregating up to Rs 25 crore on preferential basis to Promoters/ Non Promoters subject to approval of shareholders in the EGM to be convened. The Board has decided to set up a subsidiary company in the name and style of Kavit Edible Oil. The Board has also taken on record the resignation of Nikhil Pednekar and changed designation of Nikhil Bhut from an Additional Executive Director to Additional Non Executive Director.

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Board of Jubilant Life Sciences approves acquisition of preference shares of Jubilant Biosys
Feb 07,2017

Jubilant Life Sciences announced that the Board of Directors of the Company has, at its meeting held on 07 February 2017, has approved acquisition of 18,66,20,000 12% Optionally Convertible Non-cumulative Redeemable Preference Shares of Rs. 10 each of Jubilant Biosys at par aggregating to Rs. 186.62 crore, subject to applicable laws.

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Board of Honeywell Automation India approves change in directorate
Feb 07,2017

Honeywell Automation India announced that Board of Directors in its meeting held on 06 February 2017 noted and accepted the appointment of Tina Pierce as Non-Executive Director in casual vacancy of Norm Gilsdorf. The appointment is effective 06 Februar 2017.

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Jindal Stainless announces change in CFO
Feb 07,2017

Jindal Stainless announced appointment of Anurag Mantri as CFO with effect from 07 February 2017 in place of Ashish Gupta with immediate effect at the board meeting held on 07 February 2017.

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Sanathnagar Enterprises appoints director
Feb 07,2017

Sanathnagar Enterprises announced that Vinod Shah has been appointed as an Additional Director (in the category of Independent Director) of the Company with effect from 07 February 2017.

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Mandhana Industries gets revision in credit ratings for NCDs
Feb 07,2017

Mandhana Industries announced that CARE has revised its rating for Non - Convertible Debentures issue by the Company from CARE C to CARE D.

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National Standard (India) appoints CEO
Feb 07,2017

National Standard (India) announced that Samujjwal Ghosh has being appointed as new CEO of the Company with effect from 07 February 2017.

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Sundaram Clayton announces change in CEO
Feb 07,2017

Sundaram Clayton announced that M Muthuraj has been appointed as the Chief Executive Officer of the Company in place of C N Prasad, effective 07 February 2017.

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Perfectpac appoints company secretary and compliance officer
Feb 07,2017

Perfectpac announced that Preeti is appointed as Company Secretary & Compliance Officer of the Company w.e.f. 07 February 2017.

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IL&FS Engineering & Construction Co gets reaffirmation of ratings for bank facilities
Feb 07,2017

IL&FS Engineering & Construction Co announced that CARE has reaffirmed the credit rating of the Company for Long / Short Term Bank Facilities aggregating Rs 2393.56 crore.

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