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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 Gallantt Ispat to consider Q3 and 9M results
Jan 12,2017

Gallantt Ispat announced that a meeting of the Board of Directors of the Company will be held on 19 January 2017, inter alia, to consider and approve the Unaudited Financial Results for the Quarter and Nine Months ended 31 December 2016.

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TRF Board to consider Q3 and 9M results
Jan 12,2017

TRF announced that a meeting of the Board of Directors of the Company will be held on 25 January 2017, inter alia, to consider, approve and take on record the standalone and consolidated financial results for the quarter/nine months ended 31 December 2016.

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Board of CCL International to consider December quarter results
Jan 12,2017

CCL International announced that a meeting of the Board of Directors of the Company will be held on 02 February 2017, inter alia, to consider and approve standalone un-audited financial results of the Company for the quarter ended 31 December 2016.

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Pricol to announce Q3 and 9M results
Jan 12,2017

Pricol announced that the meeting of the Board of Directors of the Company will be held on 14 February 2017, inter alia, to consider and to take on record the unaudited financial results for the quarter and nine months ended 31 December 2016.

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Mercator to consider closure of QIP and approve QIP issue price
Jan 12,2017

Mercator announced that a QIP Committee meeting with respect to QIP will be held on 17 January 2017, inter alia, to consider the following:

a) declaring the closure of the QIP on January 17, 2017.

b) determining and approving the issue price; and

c) approving and adopting the placement document.

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Phoenix Mills provides update on scheme of amalgamation of subsidiaries
Jan 12,2017

Phoenix Mills announced that the Company have been informed by the Companys subsidiaries, Palladium Constructions (PCPL) and Gangetic Hotels (GHPL) that their Board of Directors in their respective meetings held on 11 January 2017 have approved a Scheme of Amalgamation of GHPL with PCPL with the appointed date of 01 April 2016. The Scheme is subject to the approval of the National Company Law Tribunal at Mumbai and Allahabad and all other regulatory approvals.

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CPI inflation dips to 25 months low of 3.4% in December 2016
Jan 12,2017

The all-India general CPI inflation dipped to 25-months low of 3.41% in December 2016 (new base 2012=100), compared with 3.63% in November 2016. The corresponding provisional inflation rate for rural area was 3.83% and urban area 2.90% in December 2016 as against 4.13% and 3.13% in November 2016. The core CPI inflation declined to 4.81% in December 2016 from 4.90% in November 2016. The cumulative CPI inflation was nearly flat at 4.85% in April-December 2016 compared with 4.79% in April-December 2015.

Among the CPI components, inflation of food and beverages declined to 1.98% in December 2016 from 2.56% in November 2016 contributing to the fall in CPI inflation. Within the food items, the inflation eased for Vegetables to -14.59% , Pulses and products -1.57% , Meat and fish 4.79% , Spices 6.06% and Sugar and Confectionery 21.06% . The inflation also eased for Egg 6.41% , Prepared meals, snacks, sweets etc. to 5.64% and Milk and products 4.40% On the other hand, inflation moved up for Oils and fats 2.86% and Cereals and products 5.25% in December 2016.

The inflation for housing eased to 4.98% , while that for miscellaneous items also fell to 4.73% in December 2016. Within the miscellaneous items, the inflation for Personal care and effects plunged to 6.42% , and Health 4.45% , while moved up for Household goods and services to 4.45% , Education 5.47% and Transport and communication 4.04% in December 2016.

The inflation for clothing and footwear eased marginally to 4.88% in December 2016, while the CPI inflation of fuel and light surged to 3.77% in December 2016.

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Demonetization resulted in decline in Terror Funding, Hawala Trade, Human Trafficking, says Law Minister Ravi Shankar Prasad
Jan 12,2017

Union Law, Justice and IT Minister Ravi Shankar Prasad on Thursday said the governments November 8 decision of demonetization had resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking, particularly of young girls as sex slaves, mainly from Nepal and the North East.

Indicating that the government would not hesitate to take steps to widen the tax base, he said that development was not possible without enlarging the tax kitty. ``There is only about Rs. Five lakh crore in the kitty of Finance Minister Arun Jaitley for development and it needs to grow, he said.

Mr. Ravi Shankar Prasad said that Aadhar enabled bank payments through smart phone would prove to be a ``game changer and a tool of empowerment. He said that out of 125 crore people only 3.7 crore pay taxes and 99 lakh file Income Tax returns but have no taxable income, two crore people show annual income of Rs. 6 lakh and only 24 lakh have an annual income of Rs. 10 lakh and above.

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Rural Electrification Corporation incorporates 3 Project SPVs
Jan 12,2017

Rural Electrification Corporation announced the incorporation of three Project Specific Special Purpose Vehicles (SPVs) as Subsidiary Companies of its subsidiary - REC Transmission Projects Company.

WR-NR Power Transmission
ERSS XXI Transmission
Ghatampur Transmission

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Reliance Industrial Infrastructure announces change in CFO
Jan 12,2017

Reliance Industrial Infrastructure announced that Salil Kumar Mishra has been appointed as the Chief Financial Officer of the Company with effect from 12 January 2017 in place of Tapas Mitra consequent to his resignation as the Chief Financial Officer of the Company with effect from close of business hours on 12 January 2017.

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National Standard (India) announces cessation of CEO
Jan 12,2017

National Standard (India) announced Mahesh Thakur has ceased to be the Chief Executive Officer of the Company w.e.f. 12 January 2017.

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Rupee edges up
Jan 12,2017

Rupee closed higher at 68.0829/0970 per dollar on Thursday (12 January 2017), versus its previous close of 68.3199/3330 per dollar.

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India Cements gets revision in ratings for bank facilities
Jan 12,2017

India Cements has received revision in credit ratings for bank facilities from Credit Analysis & Research as under -

Long term bank facilities - CARE A-; Stable (Revised from CARE BBB+)
Short term bank facilities - CARE A1 (Revised from CARE A2)

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Mahindra Lifespace Developers to establish Industrial Park in Ahmedabad
Jan 12,2017

Mahindra Lifespace Developers has signed a MoU with the Government of Gujarat, through a 100% subsidiary, to establish a 350 acre multi product industrial park in Ahmedabad. The proposed new industrial park marks the Companys foray into Gujarat and is being planned to cater to non-polluting industries.

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J L Morison (India) announces resignation of director
Jan 12,2017

J L Morison (India) announced that Sandip Das, Executive Director & CEO of the Company has tendered his resignation from the Company due to personal reason w.e.f. closing working hours of 31 January 2017.

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