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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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Kajaria Ceramics to hold board meeting
Jun 28,2017

Kajaria Ceramics will hold a meeting of the Board of Directors of the Company on 29 June 2017.

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Gujarat Lease Financing to hold AGM
Jun 28,2017

Gujarat Lease Financing announced that the 34th Annual General Meeting (AGM) of the company will be held on 27 July 2017.

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Board of Unison Metals appoints director
Jun 28,2017

The Board of Directors of Unison Metals at its meeting held on 28 June 2017 appointed Manishaben Bipinchandra Panchal as an additional director (Non-executive & Independent) with effect from 28 June 2017. Her appointment will be subject to approval of shareholders at the ensuing Annual general meeting of the company.

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Jiya Eco-Products announces plans for FPO
Jun 28,2017

Jiya Eco-Products plans to come out with Further Public Offering (not more than Rs 25 crore). The shareholders have already approved the proposal in the EGM held on 25 May 2017.

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Orissa Minerals Development Company approves change in directorate
Jun 28,2017

Orissa Minerals Development Company announced the following change in directorate -

D. P. Mohanty, Executive Director (IT/BPR) has been appointed as Nominee Director of the Company in place of R. G. Shinde w. e. f 15 May 2017.

R. G. Shinde is deemed to have vacated the office of the director of the Company w. e. f 21 March 2017.

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Jindal Photo announces change in registered office
Jun 28,2017

Jindal Photo has shifted its registered office to - 19th, K.M., Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr, Uttar Pradesh.

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Hinduja Global Solutions announces strategic global partnership with Conversable
Jun 28,2017

Hinduja Global Solutions announced a strategic global partnership withConversable, the leading Aritificial Intelligence (AI) -powered conversational intelligence platform. This alliance fuels HGS service offerings for clients while delivering an enhanced customer experience forconsumers, leading with bots - AI and automation via messaging -- and intelligently integrating brains -- human agents.

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State Bank of India fully redeems outstanding USD 225 mn Hybrid Tier I Notes
Jun 28,2017

State Bank of India on 27 June 2017 has fully redeemed the outstanding Notes in an aggregate principal amount of USD 225,000,000 and an aggregate accrued amount of interest of USD 8,032,500 for a total sum of USD 233,032,500.

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Mangalore Chemicals & Fertilizers shuts down Ammonia, Urea and ABC plant
Jun 28,2017

Mangalore Chemicals & Fertilizers has shutdown the Ammonia, Urea and ABC plant for attending to Ammonia plant primary reformer furnace refractory repair.

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Cera Sanitaryware gets allotted preference shares of Anjali Tiles
Jun 28,2017

Cera Sanitaryware announced that Anjani Tiles, Subsidiary Company has further allotted 15,30,000 1% Cumulative Redeemable Preference Shares of Rs. 10/- each to the company.

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Board of Shriram Capital approves appointment of MD and CEO
Jun 28,2017

The Board of Directors of Shriram Capital at its meeting held on 28 June 2017 have approve the appointment of Rajesh Laddha as Managing Director and CEO with effect from 01 July 2017. Consequently, Rajesh Laddha will cease to be the CFO of Piramal Enterprises with effect from 30 June 2017.

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Artson Engineering gets revision in ratings of bank facilities
Jun 28,2017

Artson Engineering announced that India Rating and Research has revised the following rating to the bank facilities of the Company -

Fund based working capital limits - IND AA-(SO)/ Stable / IND A1+(SO)
Non fund based limits - IND AA-(SO) / Stable / IND A1+ (SO)
Term loan - IND AA- (SO) / Stable

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Sportking India gets upgradation in credit ratings
Jun 28,2017

Sportking India announced that ICRA has upgraded the Bank loan rating of the Company as under -

Long term debts - ICRA BBB+ (Revised from ICRA BBB)
Short term debts - ICRA A2 (Revised from ICRA A3+)

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Shantai Industries fixes record date for bonus issue
Jun 28,2017

Shantai Industries has fixed 07 July 2017 as record date for bonus issue.

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Vimta Labs reverses recent rally
Jun 28,2017

Meanwhile, the S&P BSE Sensex was down 125.79 points, or 0.41% at 30,832.46. The S&P BSE Small-Cap index was up 18.40 points, or 0.12% at 15,159.48.

On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 46,598 shares in the past one quarter. The stock had hit a high of Rs 142 and a low of Rs 137.20 so far during the day. The stock had hit a 52-week high of Rs 153.90 on 27 June 2017. The stock had hit a 52-week low of Rs 68.75 on 28 June 2016.

The stock had outperformed the market over the past one month till 27 June 2017, rising 18.83% compared with 0.23% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 30.1% as against Sensexs 5.89% rise. The scrip had also outperformed the market in past one year, surging 102.22% as against Sensexs 17.25% rise.

The small-cap company has equity capital of Rs 4.42 crore. Face value per share is Rs 2.

Vimta Labs net profit rose 32.6% to Rs 2.40 crore on 19.9% increase in net sales to Rs 39.47 crore in Q4 March 2017 over Q4 March 2016.

Vimta Labs is engaged in the business of contract research and testing services. The company provides services of testing and contract research in the fields of clinical and pre-clinical studies, clinical reference, analytical testing, advanced molecular biology and environmental studies.

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