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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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Shipping Corporation of India to hold board meeting
May 12,2017

Shipping Corporation of India will hold a meeting of the Board of Directors of the Company on 27 May 2017.

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Texmaco Rail & Engineering to hold board meeting
May 12,2017

Texmaco Rail & Engineering will hold a meeting of the Board of Directors of the Company on 22 May 2017.

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Hindustan Foods to hold board meeting
May 12,2017

Hindustan Foods will hold a meeting of the Board of Directors of the Company on 22 May 2017.

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KNR Constructions to hold board meeting
May 12,2017

KNR Constructions will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Kulkarni Power Tools to hold board meeting
May 12,2017

Kulkarni Power Tools will hold a meeting of the Board of Directors of the Company on 27 May 2017.

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Integrated Thermoplastics to hold board meeting
May 12,2017

Integrated Thermoplastics will hold a meeting of the Board of Directors of the Company on 15 May 2017.

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Bharat Gears to hold board meeting
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Bharat Gears will hold a meeting of the Board of Directors of the Company on 23 May 2017.

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Bhagawati Oxygen to hold board meeting
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Bhagawati Oxygen will hold a meeting of the Board of Directors of the Company on 18 May 2017.

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Raaj Medisafe India to hold board meeting
May 12,2017

Raaj Medisafe India will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Sikozy Realtors to hold board meeting
May 12,2017

Sikozy Realtors will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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SR Industries to hold board meeting
May 12,2017

SR Industries will hold a meeting of the Board of Directors of the Company on 19 May 2017.

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Board of HCL Technologies recommends dividend
May 12,2017

HCL Technologies announced that the Board of Directors of the Company at its meeting held on 11 May 2017, inter alia, have recommended the dividend of Rs 6 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

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The Ramco Cements announces demise of Chairman & MD
May 12,2017

The Ramco Cements announced the sad demise of P.R.Ramasubrahmaneya Rajha, Chairman & Managing Director on 11 May 2017.

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Asian Paints slips after Q4 results
May 12,2017

The result was announced after market hours yesterday, 11 May 2017.

Meanwhile, the S&P BSE Sensex was down 24.99 points, or 0.08% to 30,225.99.

On the BSE, 62,000 shares were traded in the counter so far, compared with average daily volumes of 1.12 lakh shares in the past one quarter. The stock had hit a high of Rs 1,178.60 and a low of Rs 1,132 so far during the day. The stock hit a record high of Rs 1,230 on 13 October 2016. The stock hit a 52-week low of Rs 850.10 on 22 December 2016.

The stock had outperformed the market over the past one month till 11 May 2017, rising 8.90% compared with 2.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.64% as against Sensexs 6.76% rise.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Re 1.

On a consolidated basis, Asian Paints net profit rose 11.1% to Rs 1939.42 crore on 7.8% increase in revenue from operations to Rs 17084.76 crore in the year ended March 2017 over the year ended March 2016.

The board of directors of the company at a meeting approved the reappointment of K B S Anand as Managing Director & CEO of the company for a further period of 2 (two) years with effect from 1 April 2018.

Asian Paints is Indias leading paint company and ranked among the top ten decorative coatings companies in the world.

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Board of Ventura Textiles approves preferential allotment of shares
May 12,2017

The Board of Directors of Ventura Textiles at its meeting held on 11 May 2017 has approved the allotment of not exceeding 10 lakh equity shares of face value of Rs 10 each on preferential basis to Asha Umakant Vasaikar.

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