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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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No one to be deprived of benefits for lack of Aadhaar
Mar 07,2017

Government has said that no one will be deprived of the benefits for lack of Aadhaar. In a statement issued today, the Government has reiterated that till Aadhaar number is assigned to any individual, the benefit will continue to be given based on alternate means of identification. It also directed the departments to provide Aadhaar enrolment facilities to their beneficiaries under Regulation 12 of Aadhaar (Enrolment and Update) Regulations 2016.

Considering the usefulness of Aadhaar in curbing leakages and bringing transparency in delivery system, the Government has recently issued orders to use Aadhaar in several other welfare schemes funded from the Consolidated Fund of India. While these orders require beneficiaries of these programs to give their Aadhaar number, it has also been ensured that no one is deprived of the benefits for want of Aadhaar.

In case of Mid Day Meal scheme and under the Integrated Child Development Scheme, the schools and Anganwadis have been asked to collect the Aadhaar number of the children beneficiaries and in case a child does not have Aadhaar, the school or ICDS functionary will be required to provide enrolment facilities to a child and till Aadhaar number is assigned, the benefits will be continue.

Aadhaar has been given to more than 112 Crore people. With such wide and extensive coverage, Aadhaar has become an important tool of transformation, good governance and empowerment of people. It ensures that the benefits reach only the deserving and entitled individuals and are not cornered away by fake persons and middlemen. Various studies and survey had earlier pointed out massive leakages in welfare schemes. During the last two and half years, Aadhaar has helped in direct delivery of benefits to crores of people through the Direct Benefit Transfer (DBT) in schemes such as LPG subsidy under Pahal, Scholarships, MNREGA, and Pensions. In the Public Distribution System, Aadhaar is also ensuring that the food grains are received only by the genuine beneficiaries and not diverted by any middle man or unscrupulous elements. It has, thus, saved huge sums of public money which otherwise was being siphoned away by middlemen. The total savings because of plugging of leakages due to Aadhaar during the last two and half years in just a few schemes where Aadhaar has been implemented amount to more than Rs 49,000 Crore.

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Godrej Consumer Products launches New HIT Gel Stick
Mar 07,2017

Godrej Consumer Products has introduced New HIT Gel Stick, an industry first cockroach solution in a transparent gel format with a brush applicator that is safe for Kitchen and hands yet 3X more powerful priced at Rs 30.

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Indiabulls Ventures allots 2,46,50,000 Equity shares
Mar 07,2017

Indiabulls Ventures (formerly Indiabulls Securities) (the Company) has issued and allotted an aggregate 2,46,50,000 Equity shares of face value Rs. 2/- each, to promoter group entities, upon exercise/conversion of equivalent number of warrants, which were allotted pursuant to and in terms of shareholders approval dated 15 July 2016. Consequent to the said allotment, the paid-up Equity Share Capital of the Company stands increased to Rs. 63,79,13,840 divided into 31,89,56,920 equity shares of face value Rs. 2/- each.

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Infosys partners with The Housing Bank
Mar 07,2017

The Housing Bank and Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys announced the selection of Finacle Suite of solutions to power the Banks operations in Algeria. The Bank has chosen to deploy the Finacle Core Banking, Trade Finance and Internet Banking solutions and will also deploy the Finacle Islamic Banking Solution for its Shariah banking product. The Finacle Analytics solution will enable the bank to offer targeted and customised offering to its customers. With Finacle, the Housing Bank Algeria will not only achieve a significant jump in operational efficiencies, but will also accelerate growth, manage scale and drive innovation.

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Oasis Tradelink announces resignation of company secretary
Mar 07,2017

Oasis Tradelink announced that meeting of Board of directors of the Company held on 23 February 2017 and in that meeting Nidhi Jain, Company Secretary and Compliance Officer of the Company has resigned from the Position of Company Secretary cum compliance officer. The board has approved her resignation with immediate effect.

Further the Company has informed that, Snehalbhai Bharatbhai Patel, Whole-time Director is appointed as the compliance officer, for the interim period, till the appointment of a qualified company Secretary.

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DCB Bank allots 43,000 equity shares
Mar 07,2017

DCB Bank has allotted 43,000 equity shares of Rs.10/- each on March 07, 2017, pursuant to the terms of the Employee Stock Option Plan (ESOP) of the Bank. Post this allotment, Banks issued and paid up share capital has increased to 285,158,403 shares of Rs.10/- each.

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Apollo Hospitals Enterprise allots NCDs aggregating Rs 200 crore
Mar 07,2017

Apollo Hospitals Enterprise announced that the Debenture Allotment Committee of the Board of Directors of the Company at its meeting held on 07 March 2017, has approved and allotted 2000 Rated Secured Non Convertible Debentures of Rs 10 lakh each aggregating Rs 200 crore to HDFC Bank. The said NCDs shall be listed in the whole sale debt market segment of NSE.

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Indiabulls Housing Finance allots 61,605 units
Mar 07,2017

Indiabulls Housing Finance has issued and allotted 61,605 (Sixty One Thousand Six Hundred Five only) Equity shares of face value Rs 2/- each, to eligible employees upon exercise of options vested in their favour under different ESOP Schemes of the Company. Consequent to the said allotment, the paid-up Equity Share Capital of the Company stands increased to Rs 84,77,12,080/- divided into 42,38,56,040 Equity Shares of face value Rs 2/- each.

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Board of Shree Krishna Paper Mills & Industries appoints director
Mar 07,2017

Shree Krishna Paper Mills & Industries announced that the Board of Directors, at its meeting held on 07 March 2017, has appointed Rajesh Muju as an Additional Director (Non-executive, Independent) with immediate effect to hold office upto the date of ensuing Annual General Meeting.

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Gandhi Special Tubes announces resignation of company secretary
Mar 07,2017

Gandhi Special Tubes announced that Priyanka M. Borkar has resigned from the post of Company Secretary and Compliance Officer w.e.f. 01 February 2017. The Company has accepted her resignation and relieved her of her responsibilities effective from close of business hours on 6 March 2017. Consequently, Priyanka M. Borkar has also ceased to be the Compliance Officer of the Company

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BLS International Services to hold EGM
Mar 07,2017

BLS International Services announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 31 March 2017.

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Board of NMDC recommends dividend
Mar 07,2017

NMDC announced that the Board of Directors of the Company at its meeting held on 7 March 2017, inter alia, have recommended the dividend of Rs 4.15 per equity Share (i.e. 41.5%) , subject to the approval of the shareholders.

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Board of Hero MotoCorp recommends dividend
Mar 07,2017

Hero MotoCorp announced that the Board of Directors of the Company at its meeting held on 7 March 2017, inter alia, have recommended the dividend of Rs 55 per equity Share (i.e. 2750%) , subject to the approval of the shareholders.

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Chartered Logistics to hold board meeting
Mar 07,2017

Chartered Logistics will hold a meeting of the Board of Directors of the Company on 31 March 2017, to appoint KPMG as the statutory auditor of the company from 1st April 2017.

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Denis Chem Lab to hold board meeting
Mar 07,2017

Denis Chem Lab will hold a meeting of the Board of Directors of the Company on 14 March 2017.

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