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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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Desh Rakshak Aushdhalaya to hold board meeting
Feb 07,2017

Desh Rakshak Aushdhalaya will hold a meeting of the Board of Directors of the Company on 14 February 2017, to take on note the Unaudited Financial Results (provisional) for approval for the quarter ended 31 December 2016.

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Sagar Tourist Resorts to hold board meeting
Feb 07,2017

Sagar Tourist Resorts will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the Un-audited Financial Results for the Third Quarter and Nine Months ended 31 December 2016 for the F.Y.2016-2017.

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Feb 07,2017

Marg will hold a meeting of the Board of Directors of the Company on 13 February 2017, to approve the un-audited Financial Results for the third quarter and nine months ended 31 December 2016.

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Arihant Tournesol to hold board meeting
Feb 07,2017

Arihant Tournesol will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, approve and take on record of Un-audited Financial Result together with Limited Review Report for the Quarter ended 31 December 2016.

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Diamond Infosystems to hold board meeting
Feb 07,2017

Diamond Infosystems will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and take on record Unaudited Financial Results for the Quarter and nine month ended on 31 December 2016.

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Thomas Cook (India) to hold board meeting
Feb 07,2017

Thomas Cook (India) will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the unaudited financial results of the Company for the third quarter and nine months period ended 31 December 2016.

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Country Condos to hold board meeting
Feb 07,2017

Country Condos will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve the Unaudited Financial Results together with Limited Review Report for the Quarter ended on 31 December 2016.

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Superspace Infrastructure to hold board meeting
Feb 07,2017

Superspace Infrastructure will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the Quarterly Unaudited Financial Results for the quarter ended 31 December 2016

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Kinetic Engineering to hold board meeting
Feb 07,2017

Kinetic Engineering will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve the Un-Audited Financial Results of the Company for the Quarter ended on 31 December 2016.

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Shukra Pharmaceuticals to hold board meeting
Feb 07,2017

Shukra Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider, adopt and approve Unaudited Financial Results for the quarter ended on 31 December 2016.

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Rishab Special Yarns to hold board meeting
Feb 07,2017

Rishab Special Yarns will hold a meeting of the Board of Directors of the Company on 14 February 2017, to take on record the audited results for the quarter and half year ended on 31 December 2016.

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Ventura Textiles to hold board meeting
Feb 07,2017

Ventura Textiles will hold a meeting of the Board of Directors of the Company on 14 February 2017, to approve the un-audited Financial Results along with the Limited Review Report for the Quarter ended 31 December 2016.

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Interlink Petroleum to hold board meeting
Feb 07,2017

Interlink Petroleum will hold a meeting of the Board of Directors of the Company on 13 February 2017, to consider and approve the audited financial results of the Company for the quarter / period ended on 31 December 2016.

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Omega Ag Seeds (Punjab) to hold board meeting
Feb 07,2017

Omega Ag Seeds (Punjab) will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve the unaudited results for quarter ended 31 December 2016, to approve resignation of Managing director and CEO, NVR Mohan Rao, and to consider approval of appointment of K Lakshmana Rao as the Managing Director and CEO of the company.

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3.56 Cr fake/duplicate accounts identified for 2015-16 under PAHAL
Feb 07,2017

The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan said that implementation of PAHAL has resulted in identification of 3.34 crore and 3.56 crore ghost/fake/duplicate accounts during Financial Year 2014-15 and 2015-16 respectively. The total subsidy / under recovery on domestic LPG during the financial years 2014-15 and 2015-16 was Rs. 40569 crore and Rs 16074 crore, respectively. Lower subsidy during the last year is due to various factors, including introduction of direct transfer of subsidies into the accounts of consumers (PAHAL Scheme) and fall in international crude oil prices.

As on 29 January 2017, 1,05,46,090 LPG consumers have voluntarily given up/ surrendered their LPG subsidy. Government has also issued a circular stating that the benefit of the LPG subsidy will not be admissible for the LPG consumers, if the consumer or his wife/her spouse had taxable income of Rs. 10 lakh and above during the previous financial year computed as per the income Tax Act 1961.

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