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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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Board of Sylph Technologies approves resignation of company secretary
Jan 06,2017

Sylph Technologies announced that the Board in its meeting held on 06 January 2017 has approved the resignation of Chhaya Lakhmani from the post of Company Secretary & Compliance Officer.

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Himadri Speciality Chemical grants stock options
Jan 06,2017

Himadri Speciality Chemical announced that the Nomination & Remuneration Committee (Committee) at its meeting concluded on 05 January 2017 has granted 13,04,600 (Thirteen Lakhs Four Thousand Six Hundred) Options to its employees under the Himadri Employee Stock Option Plan 2016 (ESOP 2016/ Plan).

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Board of TCI Developers to consider Q3 and 9M results
Jan 06,2017

TCI Developers announced that the next Meeting of the Board of Directors of the Company has been scheduled to take place on 31 January 2017 to interalia consider and approve the un-audited Financial Results for the 3rd Quarter/Nine Months ended 31 December 2016.

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Transport Corporation of India fixes record date for 2nd interim dividend
Jan 06,2017

Transport Corporation of India has fixed 10 February 2017 as the Record Date for the purpose of Payment of Second Interim Dividend, if declared.

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Board of Transport Corporation of India to consider Q3 and 2nd interim dividend
Jan 06,2017

Transport Corporation of India announced that the next Meeting of the Board of Directors of the Company has been scheduled to take place on 02 February 2017 to interalia consider and approve the un-audited Financial Results for the 3rd Quarter/Nine Months ended 31 December 2016 (Q3).

The Board may also consider payment of second interim dividend, if any, for the FY 2016-17 in the said meeting.

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Stampede Capital fixes record date for issue of Bonus DVR equity shares
Jan 06,2017

Stampede Capital has fixed 11 January 2017 as the Record Date for the purpose of lssue of Bonus Differential Voting Right Equity Shares (DVR Equity Shares) will be issued in the ratio of 1:4, i.e. 1 (One) Bonus DVR Equity share of Rs. 1 each for every 4 (Four) existing fully paid-up ordinary equity shares of face value of Rs. 1/- each of the Company by way of capitalization of Reserves/share premium account.

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Dr. Jitendra Singh release 2017 Calendar of North Eastern Council
Jan 06,2017

The Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh released the 2017 Calendar of the North Eastern Council here today. The North-East Council Calendar for 2017 carries the theme of n++seasonal fruitsn++ in different parts of the year.

Dr. Jitendra Singh announced the formation of exclusive n++North-Eastern Tourism Development Counciln++ (NETDC) on a public-private partnership (PPP) mode under the auspices of Union Ministry of DoNER. He said that this is for the first time that the Government has decided to set up a separate tourism development agency, devoted to a particular region of the country. The Minister said that the setting up of an exclusive North-Eastern Tourism Council is also a reflection of the high priority that the Union Government accords to the development of the peripheral States of Northeast.

Dr Jitendra Singh said that North-Eastern Tourism Council is yet another addition to several new initiatives undertaken with regard to North East. For instance, setting up of n++Venture Fundn++ as initial capital assistance for any young entrepreneur or start-up who wishes to launch an establishment or venture in the North-Eastern region and setting up of n++Dr A.P.J. Abdul Kalam Centre for Policy Research & Analysisn++ at the Indian Institute of Management (IIM), Shillong, he added.

The Minister said that the n++North-East Road Sector Development Schemen++ (NERSDS) is also region-based road development programme in India which has proved to be a great blessing for maintenance, construction and upgradation of such roads, which remain neglected either because of being low in the priority or being interconnecting roads between two States as a result of which they remain un-owned and had thus gained the dubious distinction of being described as n++orphan roadsn++.

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ABC India director resigns
Jan 06,2017

ABC India announced that Dr. Ashok Kumar Agarwal, Director of the Company has resigned from the Board of Directors of the Company with effect from 06 January 2017 due to his personal reasons.

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FPIs selling vigour ebbs
Jan 06,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 39.14 crore into the secondary equity markets on 5 January 2017, much lower than their net outflow of Rs 691.99 crore during the preceding trading session on 4 January 2017. The net outflow of Rs 39.14 crore on 5 January 2017 was a result of gross purchases of Rs 4542.58 crore and gross sales of Rs 4581.72 crore. On that day, the Sensex gained 245.11 points or 0.92% to settle at 26,878.24, its highest closing level since 10 November 2016.

There was a net outflow of Rs 3.73 crore from the category primary market & others on 5 January 2017, which was a result of gross purchases of Rs 0.37 crore and gross sales of Rs 4.10 crore.

FPIs have sold stocks worth a net Rs 2152.62 crore in January 2017 so far (till 5 January 2017). They sold stocks worth a net Rs 8960.36 crore into the secondary equity markets in December 2016. FPIs had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There has been a net outflow of Rs 151.86 crore from FPIs from the category primary market & others in January 2017 so far (till 5 January 2017). There was a net inflow of Rs 784.07 crore from FPIs into the category primary market & others in December 2016. The net inflow from FPIs into category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Board of Foseco India to consider December quarter results and final dividend for FY 2016
Jan 06,2017

Foseco India announced that a Meeting of the Board of Directors of the Company will be held on 08 February 2017, to inter alia, consider, approve and take on record the Audited Financial Results of the Company for the quarter and year ended 31 December 2016 and also to consider, if thought fit, to recommend the final dividend for the financial year ended 31 December 2016.

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JSW Energy secures order from Power Company of Karnataka
Jan 06,2017

JSW Energy has successfully secured an order from Power Company of Karnataka (PCKL) for supply of 650 MW upto 31 May 2017 for short term sale of power.

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Pokarna Engineered Stone parters with IKEA India
Jan 06,2017

Pokarna announced that its wholly owned subsidiary, Pokarna Engineered Stone has partnered IKEA India, to serve as its exclusive quartz surfaces supply and installation partner. Under the agreement, Pokarna will supply engineered quartz surfaces countertop and will also undertake measuring, planning, installation and home delivery of its products to IKEAs customers.

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Source Natural Foods & Herbal Supplements provides update on holding company
Jan 06,2017

Source Natural Foods & Herbal Supplements announced that the Companys holding Company has informed the Company that its name is changed from Sumeru Ayurveda to Sriveda Sattva.

The Certificate of Incorporation issued by the Registrar of Companies, Karnataka pursuant to change of name is enclosed herewith.

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Titan Securities announces change in directorate
Jan 06,2017

Titan Securities announced that Vikas Sharma had resigned from the post of Director. Further, Ravinder Gupta has been appointed as Additional Director (Non-Executive, Independent) with effect from 12 December 2016 to hold office upto the date of the ensuing Annual General Meeting of the Company.

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BEML gets in-principal approval for divestment of GoIs 26% stake
Jan 06,2017

BEML announced that the Government of India, Ministry of Defence, has communicated in-principal approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India, for strategic disinvestment of 26% equity shares in BEML out of Government of India shareholding of 54.03%. The said shareholding would be sold to the strategic buyer/s to be identified by the Government of India by following due procedure.

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