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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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Gokaldas Exports makes investment of GBP 750008 in Yepme UK
Jun 09,2017

Gokaldas Exports has invested GBP 750008 (Rs 6.26 crore) by transferring the same to the Yepme UK on 8 June, 2017.

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Board of SQS India BFSI approves change in CFO
Jun 09,2017

The Board of Directors of SQS India BFSI on 09 June 2017 has inter-alia:

1)Has accepted the resignation of Vaidyanathan. N as Chief Financial Officer (Key Managerial Personnel) with effect from 09 June 2017. However, Mr. Vaidyanathan. N will continue to hold the position as Executive Director (Key Managerial Personnel) on the Board of the Company.

2)Has appointed Ramaseshan. K (ACA 204201) as Chief Financial Officer (Key Managerial Personnel) with effect from 09 June 2017.

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N R Agarwal Industries shifts registered office
Jun 09,2017

N R Agarwal Industries has shifted its registered office from 415-418, Janki Centre, 29 Shah Industrial Estate, Off Veera Desai Road, Andheri West, Mumbai 40053 to 502-A/501-B, Fortune Terraces, 5th Floor, Opp. City Mall, New Link Road, Andheri (West) Mumbai-400053 with effect from 08 June 2017.

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Indian Overseas Bank reduces base rate
Jun 09,2017

Indian Overseas Bank has reduced Base Rate to 9.45% from the existing of 9.50% effective from 01 July 2017.

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Preliminary Report of Crop Coverage in the Kharif Season
Jun 09,2017

Preliminary reports of crop coverage in the Kharif season have started coming in. The total sown area as on 9th June 2017, as per reports received from States, stands at 81.33 lakh hectare as compared to 72.31 lakh hectare at this time last year. 

It is reported that rice has been sown/transplanted in 5.51 lakh ha, pulses in 1.64 lakh ha, sugarcane in 47.39 lakh hectare and cotton in 14.06 lakh ha.

 The details of the area covered so far and that covered during this time last year are given below: 

Lakh hectare 

CropArea sown in 2017-18Area sown in 2016-17Rice5.514.52Pulses1.641.20Coarse Cereals4.593.89Oilseeds1.270.94Sugarcane47.3944.82Jute & Mesta6.887.07Cotton14.069.88Total81.3372.31

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New Projects Inaugurated at Kamarajar Port in Tamil Nadu
Jun 09,2017

The Union Minister of Shipping, Road Transport & Highways Shri Nitin Gadkari has said that an investment of Rs 2 lakh 50000 crore is being made in Tamil Nadu under Sagarmala. Of this Rs.39,000 crore will be for port modernization, Rs.55,000 crore for port connectivity and Rs.1,50,000 crore for port led industrialization. The minister said this at Kamarajar Port in Chennai, where he inaugurated several new projects.

The projects include a New Container Terminal worth Rs.1270 crore, a new multi cargo terminal worth Rs.151 crores, Railway line to Container and Multi cargo terminal worth Rs. 60 crore, and RFID system worth Rs.11.82 crore. Shri Gadkari said the work being done under Sagarmala is estimated to create about 2 lakh direct jobs in the state in the next two years.

The Development of New Container Terminal project will provide more container handling facility for traders, it will also facilitate the new industries and ancillaries in the vicinity of the port, provide new job opportunities and will give boost to local economy.

The development of New Cargo Terminal project will provide more multi -cargo handling facility for traders, the new industries and ancillaries in the vicinity of the port and will boost the local economy. The New Container Terminal will also provide job opportunities.

The Rail Connectivity to Container and Multi Cargo Terminal project will improve cargo movement through rail route. The terminal will also reduce the logistic cost and reduce the load on roads and decongest the nearby roads for the benefit of general public.

The implementation of RFID System project will enhance the Ease of doing Business for traders. The RFID system will lead to reduction of time and congestion in cargo traffic and enhance the port operations.

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High Ground Enterprise announces resignation of director
Jun 09,2017

High Ground Enterprise has announced the resignation of Paul A. Taylor Non Executive Independent Director of the Company.

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HPL Electric & Power issues commercial paper aggregating Rs 100 crore
Jun 09,2017

HPL Electric & Power has issued commercial paper of Rs 100 crore on 08 June 2017.

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Gati plans for conversion and redemption of FCCBs
Jun 09,2017

Gati has plans for conversion and redemption of FCCBs, as per the conversion notices received from the FCCB Bondholders. The Board will consider the proposal on 14 June 2017.

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Tata Motors announces group wholesales figures
Jun 09,2017

The Tata Motors Group global wholesales in May 2017, including Jaguar Land Rover, were at 86,385 nos., lower by 1%, over May 2016.

Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in May 2017 were at 28,310 nos., lower by 13%, over May 2016.

Global wholesales of all passenger vehicles in May 2017 were at 58,075 nos., higher by 6%, compared to May 2016.

Global wholesales for Jaguar Land Rover were 47,131 vehicles. Jaguar wholesales for the month were 12,652 vehicles, while Land Roverwholesales for the month were 34,479 vehicles.

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Board of Hindustan Everest Tools decides to sell land of manufacturing plant in Sonepat
Jun 09,2017

The Board of directors of Hindustan Everest Tools on 09 June 2017 have decided to sell entire 23.56 acres of land of sole manufacturing plant at Village Jatheri, Sonepat, Haryana for net consideration of Rs 53.11 crore. The deal is likely to be completed by the end of financial year 2017-18. This is not a slump sale. Company has sold its Brand EVEREST separately and for better realization each of the plant/equipments/machinery / other assets of the plant are being sold individually.

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Radhika Jeweltech announces change in company secretary
Jun 09,2017

Radhika Jeweltech has appointed Pooja Sejpal as Company Secretary and Compliance Officer in place of Anjali Raythaththa.

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Alkem Laboratories appoints director
Jun 09,2017

Alkem Laboratories has appointed Dr. Dheeraj Sharma as an Additional Director, designated as Independent Director on the Board of Directors of the Company w.e.f. 26 May, 2017.

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Indian Sucrose plans to convert Preference Shares
Jun 09,2017

Indian Sucrose has plans to convert 7,00,000 6% Convertible Preference Shares into Equity Shares. The Board will consider the proposal on 16 June 2017.

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Elnet Technologies fixes record date for dividend
Jun 09,2017

Elnet Technologies has fixed 29 June 2017 as record date for payment of dividend. Dividend, if approved, will be paid on or after 06 July 2017.

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