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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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Indian Overseas Bank to hold AGM
Jun 13,2017

Indian Overseas Bank announced that the Annual General Meeting (AGM) of the bank will be held on 28 June 2017.

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Board of Lambodhara Textiles recommends final dividend
Jun 13,2017

Lambodhara Textiles announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Swarna Securites to hold AGM
Jun 13,2017

Swarna Securites announced that the Annual General Meeting (AGM) of the company will be held on 26 June 2017.

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Greenply Industries to hold AGM
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Greenply Industries announced that the Annual General Meeting (AGM) of the company will be held on 21 August 2017.

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Board of Indsil Hydro Power & Manganese recommends final dividend
Jun 13,2017

Indsil Hydro Power & Manganese announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 0.8 per equity Share (i.e. 8%) , subject to the approval of the shareholders.

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Transpek Industry announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 9 per equity Share (i.e. 90%) , subject to the approval of the shareholders.

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Board of Zenith Fibres recommends final dividend
Jun 13,2017

Zenith Fibres announced that the Board of Directors of the Company at its meeting held on 27 May 2017, inter alia, have recommended the final dividend of Rs 2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Board of Sinclairs Hotels recommends final dividend
Jun 13,2017

Sinclairs Hotels announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 4 per equity Share (i.e. 40%) , subject to the approval of the shareholders.

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Board of Saksoft recommends final dividend
Jun 13,2017

Saksoft announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Board of West Leisure Resorts recommends final dividend
Jun 13,2017

West Leisure Resorts announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 0.1 per equity Share (i.e. 1%) , subject to the approval of the shareholders.

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Board of Vivid Global Industries recommends final dividend
Jun 13,2017

Vivid Global Industries announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Sun Pharmaceuticals Industries recommends final dividend
Jun 13,2017

Sun Pharmaceuticals Industries announced that the Board of Directors of the Company at its meeting held on 26 May 2017, inter alia, have recommended the final dividend of Rs 3.5 per equity Share (i.e. 350%) , subject to the approval of the shareholders.

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Golden Capital Services announces change in directorate
Jun 13,2017

Golden Capital Services has appointed Bhavin Shah as an Additional Director and Managing Director with effect from 12 June 2017 and accepted the resignation of Jaimin Shah from the post of Managing Director with effect from 12 June 2017. Kuldeep Singh Shaktawat has also resigned from directorship with effect from 12 June 2017.

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M M Forgings announces change in registered office
Jun 13,2017

M M Forgings has announced change in registered office from 95, Anna salai, Guindy, Chennai - 600032 to SVK Towers, A 24/25, Thiru Vi KA Industrial estate, Guindy, Chennai - 600032.

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Welspun Enterprises corrects on profit booking
Jun 13,2017

Meanwhile, the S&P BSE Sensex was up 16.58 points, or 0.05% to 31,112.28.

On the BSE, 10.72 lakh shares were traded in the counter so far, compared with average daily volumes of 3.49 lakh shares in the past one quarter. The stock had hit a high of Rs 113.70 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 105.35 so far during the day. The stock hit a 52-week low of Rs 54 on 22 November 2016.

The stock had outperformed the market over the past one month till 12 June 2017, rising 17.27% compared with 3.01% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.34% as against Sensexs 5.61% rise. The scrip had also outperformed the market in past one year, rising 73.97% as against Sensexs 17.80% rise.

The small-cap company has equity capital of Rs 147.29 crore. Face value per share is Rs 10.

Shares of Welspun Enterprises rose 18.11% in four trading sessions to settle at Rs 107.95 yesterday, 12 June 2017, from its close of Rs 91.40 on 6 June 2017.

Net profit of Welspun Enterprises rose 276.06% to Rs 17.75 crore on 148.51% rise in net sales to Rs 181.49 crore in Q4 March 2017 over Q4 March 2016.

Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in oil & gas exploration.

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