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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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Sai Capital to hold board meeting
Nov 24,2016

The board meeting of Sai Capital will be held on 25 November 2016, to consider & approve change in Registered Office of the Company & issue of reminder to Share-Holders holding Partly-Paid Shares to deposit pending Allotment money.

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Khemani Distributors & Marketing to hold board meeting
Nov 24,2016

Khemani Distributors & Marketing has announced that the board meeting of the company will be held on 06 December 2016, to consider and approve sub-division of 1 (one) equity shares of face value of Rs. 10/- each into 2 (two) equity shares of face value of Rs. 5/- each, and to approve consequent amendment of Memorandum of Association of the Company.

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Ashoka Buildcon to hold board meeting
Nov 24,2016

Ashoka Buildcon will hold a board meeting on 02nd December 2016 to consider and approve the Unaudited Standalone Financial Results of the Company for the quarter and half year ended September 30, 2016.

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Requisite Technology Developed for Rice Fortification with Iron for addressing incidence of Anaemia
Nov 24,2016

The Department of Biotechnology (DBT) through R&D support to IIT, Kharagpur has developed the requisite technology on the fortification with Iron for addressing the incidence of anaemia. This involves production of Iron fortified rice premix through extrusion process using broken rice kernels. This iron fortified rice kernel premix matches with the normal rice kernel in shape and size, and when mixed with normal rice in the ratio of 1:100 provides 50% of recommended daily allowance (RDA) of Iron. This technology can also be used to fortify rice with other micro nutrients, as well. The incremental cost of fortification has been estimated by IIT-Kharagpur to be upto 80 paise per kg of rice.

The steps taken by Government to take forward the rice fortification model to all parts of the country to deal with nutritional deficiency among the women and children is as follows:

A Pilot Scale Unit with a capacity of 100 kg/hr/shift has been commissioned at IIT-Kharagpur. The technology is ready for demonstration and transfer to prospective entrepreneurs. The same can be commercialized. However, for introduction in the Govt programmes such as Mid-day Meal Scheme and ICDS to address micro nutrient deficiencies in children, DBT would be willing to set up pilot scale production unit in States who would be interested. Accordingly, an MoU could be executed between DBT and the respective State Government Departments. This technology was also deliberated in the n++National Summit on Fortification of Foodn++ which was an Inter Ministerial meeting convened by FSSAI on 16th and 17th October, 2016, which was attended by State and Central Government officials, Industry representatives and academia. Further, DBTs proposal on the above issue has also been shortlisted in the Inter State Council Secretariat for the Eastern Zonal States - Bihar, Jharkhand, Odisha, West Bengal under their social outreach programme.

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Wipro grants Restricted Stock Units
Nov 24,2016

Wipro with effect from 01st November 2016 has granted 5,000 Restricted Stock Units under Restricted Stock Unit Plan 2007.

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Wipro completes acquisition of Appirio
Nov 24,2016

Wipro has announced that it had completed the acquisition of Appirio on 23 November 2016.

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Talwalkars Better Value Fitness approves Scheme of Arrangement
Nov 24,2016

The board of Talwalkars Better Value Fitness on 24th November 2016 has approved the Scheme of Arrangement between Talwalkars Better Value Fitness and Talwalkers Lifestyles Limited and their respective shareholders providing for the demerger of the Gym business of TBVFL to TLL.

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Krishna Ventures company secretary resigns
Nov 24,2016

Krishna Ventures has announced that Ms. Krishna Parekh the Company Secretary and Compliance Officer of the Company has resigned from her position on 23rd November 2016.

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Board of Sword-Edge Commercials consider change in registered office
Nov 24,2016

Sword-Edge Commercials announced that the Board of Directors of the Company at its meeting held on 24 November 2016 has considered change in registered office to Plot No. 71, MIDC, Cross Road C, Opposite Seepz Gate No.2, Andheri East, Mumbai - 400093 with immediate effect.

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Indo Tech Transformers gets ratings reaffirmed
Nov 24,2016

Fitch India Ratings and Research has affirmed IND BBB-/Stable for the long-term issuer rating of Indo Tech Transformers. The agency has also affirmed the Long-term IND BBB- rating with a Stable Outlook and Short-term IND A3 rating.

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Virgo Global Media to hold AGM
Nov 24,2016

Virgo Global Media has announced that the Annual General Meeting of the Company will be held on 16 December 2016.

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FPIs step up selling
Nov 24,2016

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1094.93 crore into the secondary equity markets on 23 November 2016, higher than their net outflow of Rs 674.60 crore during the preceding trading session on 22 November 2016. The net outflow of Rs 1094.93 crore on 23 November 2016 was a result of gross purchases of Rs 4235.29 crore and gross sales of Rs 5330.22 crore. On that day, the Sensex rose 91.03 points or 0.35% to settle at 26,051.81, its highest closing level since 18 November 2016.

There was a net outflow of Rs 0.17 crore into the category primary markets & others on 23 November 2016, which was a result of gross purchases of Rs 0.33 crore and gross sales of Rs 0.50 crore.

FPIs have sold stocks worth a net Rs 15611.13 crore into the secondary equity markets in this month so far (till 23 November 2016). They sold shares worth a net Rs 5258.22 crore from the secondary equity markets last month. FPIs have purchased shares worth a net Rs 25559.92 crore from the secondary equity markets in calendar year 2016 so far (till 23 November 2016). They sold shares worth a net Rs 4863.71 crore into the secondary equity markets in calendar year 2015.

There has been a net inflow of Rs 1886.07 crore from FPIs into the category primary markets & others in this month so far (till 23 November 2016). There was a net inflow of Rs 951.96 crore from FPIs into the category primary markets & others last month. The net inflow from FPIs into category primary markets & others has totaled Rs 7701.74 crore in calendar year 2016 so far (till 23 November 2016). There was net inflow of Rs 22168.40 crore from FPIs into the category primary markets & others in calendar year 2015.

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Board of Talwalkars Better Value Fitness approves scheme of arrangement
Nov 24,2016

The Board of Directors of Talwalkars Better Value Fitness at its meeting held on 24 November 2016 approved scheme of arrangement between Talwalkars Better Value Fitness (Demerged Company) and Talwalkars Lifestyles (Resulting Company) and their respective shareholders providing for the demerger of Gym Business of Talwalkars Better Value Fitness to Talwalkars Lifestyles.

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Yes Bank allots equity shares
Nov 24,2016

Yes Bank has allotted 96,375 equity shares of face value of Rs 10 each on November 24, 2016 under the JESOP IV, JESOP V, PESOP I and PESOP II - 2010.

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Indusind Bank allots equity shares
Nov 24,2016

Indusind Bank has allotted 62,980 equity shares of Rs 10 each on 24 November 2016 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

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