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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 Eimco Elecon (India) to consider Q3 and 9M results
Jan 07,2017

Eimco Elecon (India) announced that a Board Meeting of the Company will be convened on 07 February 2017 to consider and approve the Unaudited Financial Results (both Standalone and Consolidated) of the Company for the quarter and nine months ended on 31 December 2016.

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Darshan Orna announces change in directorate
Jan 07,2017

Darshan Orna announced that the Company have appointed Dinesh Hiran as an Additional Director of the Company and Manoharbhai Chunara has resigned from the post of Director w.e.f. 05 January 2017.

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Emami to announce Q3 results
Jan 07,2017

Emami announced that a meeting of the Board of Directors of the Company will be held on 30 January 2017, inter alia, to consider, approve and take on record the Unaudited Financial Results of the company for the Third Quarter and Nine months ended December 31, 2016 (Q3).

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Burnpur Cement provides financial update
Jan 07,2017

Burnpur Cement announced that the account of the Company with the lenders has become irregular due to non payment of scheduled payment on account of cash flow mismatch as a result of demonetization and depressed market. The matter is under discussion with the lenders and the lead bank is positive on suitable restructuring. The other banks are also in the process to follow the decision of consortium Meeting.

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Board of Parsharti Investment to consider December quarter results
Jan 07,2017

Parsharti Investment announced that a meeting of the Board of Directors of the Company will be held on 30 January 2017, inter alia, to consider the following:

- To take on the record the Unaudited Financial Results for the quarter ended 31 December 2016.

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Sylph Education Solutions appoints company secretary & compliance officer
Jan 07,2017

Sylph Education Solutions announced that the Board has appointed Chhaya Lakhmam as Company Secretary & Compliance Officer of the company with effect from 07 January 2017 and appointment is made in accordance with the provision of sec 203 of Companies Act, 2013.

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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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