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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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Bharti Airtel may gain after announcing a special offer
Jan 04,2017

Bharti Airtel announced a special offer under which, it will offer free data for 12 months, worth up to Rs 9000, to customers who switch to Airtel 4G. With this, customers can now experience Indias fastest 4G network at great prices.

The 12 months offer is available to any customer with a 4G mobile handset that is currently not on the Airtel network. Any customer, including existing Airtel customers, upgrading to a new 4G handset can also avail this offer. This offer will be available to customer across India starting tomorrow and will close on 28 February 2017.

Customers will get free 3GB data every month till 31 December 2017 with select prepaid and postpaid packs under this offer. This free data benefit will be over and above the pack/plan benefits. The announcement was made after market hours yesterday, 3 January 2017.

HDFC announced that the profit on sale of investments for Q3 December 2016 was Rs 3 crore compared to Rs 57 crore in Q3 December 2015.Income from dividend for Q3 December 2016 was Rs 179 crore compared to Rs 136 crore in Q3 December 2015.

The company under the loan assignment route sold loans amounting to Rs 3355 crore in the quarter ended 31 December 2016 to HDFC Bank.Loans sold in the preceding twelve months amounted to Rs 15,201 crore.The figures are subject to limited review by the statutory auditors of the company. The announcement was made after market hours yesterday, 3 January 2017.

Indiabulls Housing Finance announced that it has reduced its home loan rate by 45 basis points to 8.65% for its customers with effect from 3 January 2017. Gagan Banga, Vice chairman and Managing Director, Indiabulls Housing Finance said home loan rates are now at their lowest in six years and tremendously improves buyers, affordability. The announcement was made after market hours yesterday, 3 January 2017.

Corporation Bank announced fixation of the marginal cost of funds based lending rate for all rupee loans and advances including renewals for various tenors with effect from 2 January 2017. The MCLR for overnight loans was fixed at 8.35%. The rate for one month was fixed at 8.35% and for three months it was fixed at 8.4%. The MCLR on 6-month loans is 8.65% and for one-year loans the rate is 8.75%, the bank said.

Hikal said that the company has concluded the process of sale of its land on which its former R&D centre was situated in Bengaluru, admeasuring 1.52 acres. The proceeds of the sale will be used towards the current operations of the company. The announcement was made after market hours yesterday, 3 January 2017.

Liberty Shoes announced that the rating in respect of various banking facilities of the company was recently reviewed by Credit Analysis & Research (CARE) and the ongoing rating has been reaffirmed. The announcement was made after market hours yesterday, 3 January 2017.

Celebrity Fashions announced that a meeting of the board of directors of the company will be held on 6 January 2017, to consider issue of equity shares on preferential basis to promoters/directors.The board will also consider issue of convertible warrants on preferential basis to promoters/directors. The announcement was made after market hours yesterday, 3 January 2017.

Max Ventures and Industries announced that a meeting of the board of directors of the company shall be held on 9 January 2017 to, consider raising of funds by way of preferential issue of securities, rights issue, debt issue or any other method. The announcement was made after market hours yesterday, 3 January 2017.

Oudh Sugar Mills announced that the Credit Analysis & Research Ltd has upgraded & assigned CARE BBB- rating to long-term bank facilities from banks so accepted by the company. The announcement was made after market hours yesterday, 3 January 2017.

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Board of Vama Industries approves change in company secretary & compliance officer
Jan 03,2017

Vama Industries announced that the Board of Directors, in their Meeting held on 03 January 2016 have appointed M K Bhaskara Teja as Company Secretary & Compliance Officer of the Company in place of Rohit Tibrewal.

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Board of NIIT Technologies to consider Q3 results
Jan 03,2017

NIIT Technologies announced that the meeting of the Board of Directors of the Company is scheduled to be held on 17 January 2017, inter alia, to consider and take on record the Un-audited Financial Results for the Quarter ended 31 December 2016 (Q3), subject to Limited Review by Auditors.

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Regent Enterprises announces resignation of director
Jan 03,2017

Regent Enterprises announced that the Board of Directors of the Company, at its meeting held on 03 January 2017, has taken on record the resignation of Vikas Kumar with effect from 03 January 2017.

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Forbes & Company to announce Q3 and 9M results
Jan 03,2017

Forbes & Company announced that a meeting of the Board of Directors of the Company will be held on 20 January 2017, to approve the Unaudited Financial Results for the quarter and nine months ended 31 December 2016 with the Limited Review Report by Statutory Auditors of the Company.

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Board of Megh Mayur Infra accepts resignation of director
Jan 03,2017

Megh Mayur Infra announced that the board of Directors of the Company at their meeting held on 03 January 2017, inter alia, have approved the following:

- Resignation of Palak Sejwani - as Director in category of Independent Director and Women Director of the Company with effect from close of the business hours on 03 January 2017 due to professional pre-occupation.

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Board of Vama Industries approves change in company secretary
Jan 03,2017

Vama Industries announced that the Board of Directors, at its meeting held on 03 January 2017 have transacted the following business:

1. Accepted the Resignation of Rohit Tibrewal from the office of Company Secretary & Compliance Officer of the Company

2. Appointed M K Bhaskara Teja as Company Secretary & Compliance Officer of the Company.

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Board of Veer Energy & Infrastructure to consider preferential issue of shares and warrants
Jan 03,2017

Veer Energy & Infrastructure announced that the Meeting of the Board of Directors of the Company will be held on 10 January 2017, inter alia, to transact the following business:

1. To allot equity shares and warrants on preferential basis.

2. To approve the draft notice convening Extraordinary General Meeting for ratification of shareholders resolution dated 30 September 2016 for preferential allotment of equity shares and warrants of the Company.

3. To appoint Scrutinizer for conducting the business through postal ballot and scrutinizing the E-voting process as required under the Companies Act, 2013 and approve Calendar of Events for E-voting.

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Board of Superhouse to consider December quarter results
Jan 03,2017

Superhouse announced that the meeting of Board of Directors of the Company will be held on 31 January 2017, to consider Financial Results of the Company for the quarter ended on December, 2016.

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Board of National Steel & Agro Industries to consider Q3 and 9M results
Jan 03,2017

National Steel & Agro Industries announced that a meeting of the Board of Directors of the Company will be held on 13 January 2017, inter alia, to consider the unaudited Financial Results of the Company for the quarter and nine months year ended on 31 December 2016.

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Board of MBL Infrastructures approves change in company secretary
Jan 03,2017

The Board of Directors of MBL Infrastructures at its meeting held on 03 January 2017 has appointed Ravindra Jain as Company Secretary with effect from 03 January 2017 in place of Manoj Adukia whose resignation has been accepted by the Board. The Board also accepted the resignation of Ram Dayal Modi as Independent Director of the Company.

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Board of Crimson Metal Engineering Company to consider availing bank loans
Jan 03,2017

Crimson Metal Engineering Company announced that the meeting of the Board of Directors of the Company is scheduled to be held on 06 January 2017, inter alia, to consider availing financial assistance from Bank(s).

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Alpha Hi-tech Fuel to announce December quarter results
Jan 03,2017

Alpha Hi-tech Fuel announced that a meeting of the Board of Directors of the Company will be held on 11 January 2017, inter alia, to consider the Unaudited Financial Results for the Quarter ended on 31 December 2016.

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Board of Max Ventures and Industries to consider various fund raising options
Jan 03,2017

Max Ventures and Industries announced that a meeting of the Board of Directors of the Company shall be held on 09 January 2017 to, inter- alia, consider raising of funds by way of preferential issue of securities, rights issue, debt issue or any other method.

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Board of Celebrity Fashions to consider preferential issue of shares and warrants
Jan 03,2017

Celebrity Fashions announced that a meeting of the Board of Directors of the Company will be held on 06 January 2017, to consider and approve the following:

1. Issue of Equity shares on preferential basis to Promoters/ Directors.

2. Issue of Convertible warrants on preferential basis to Promoters/ Directors.

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