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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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Prime Securities consolidated net profit rises 87.79% in the December 2016 quarter
Jan 04,2017

Net profit of Prime Securities rose 87.79% to Rs 6.46 crore in the quarter ended December 2016 as against Rs 3.44 crore during the previous quarter ended December 2015. Sales rose 76.60% to Rs 3.32 crore in the quarter ended December 2016 as against Rs 1.88 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales3.321.88 77 OPM %81.9317.55 - PBDT8.184.45 84 PBT8.154.31 89 NP6.463.44 88

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Som Distilleries & Breweries provides update on new brewery in Karnataka
Jan 04,2017

Som Distilleries & Breweries announced that the Company is promoting a brewery in Karnataka in the name of Woodpecker Distilleries and Breweries Private Limited and the establishment and construction of Brewery plant at Karnataka is on schedule. The company has already availed required Licenses, permission and approvals from Statutory departments and shall be starting its production in the month of June / July 2017 approximately.

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Rupee surges
Jan 04,2017

Rupee closed higher at 68.0499/0700 per dollar on Wednesday (04 January 2017), versus its previous close of 68.3879/4030 per dollar.

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Canara Bank revises MCLR rates
Jan 04,2017

Canara Bank has revised the Marginal Cost of Funds Based Lending Rate (MCLR) for the month of January 2017.

Overnight - 8.20%
One month - 8.25%
Three month - 8.30%
Six month - 8.40%
One year - 8.45%.

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Board of ISF to consider Q3 results and preferential issue of shares
Jan 04,2017

ISF announced that the meeting of Board of Directors of the Company is scheduled to be held on 11 January 2017 inter alia, to consider and approve:

i. the Unaudited Financial Results of the Company for the 3rd quarter ended on 31 December 2016.

ii. to consider the issue of shares on Preferential Basis.

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Government issues notification of Indian Skill Development Service
Jan 04,2017

The Ministry of Skill Development and Entrepreneurship (MSDE) has issued the notification of setting up of Indian Skill Development Services (ISDS). This service has been created for the Training Directorate of the Ministry of Skill Development and Entrepreneurship.

The purpose of instituting a formal service in Group A category was initiated almost two years back when the Ministry was formed and the union cabinet approved its creation on October 7, 2015. With notification of this service the skill ecosystem is expected to get strengthened and modernised in line with the current scientific and industrial development in the country.

ISDS will be a Group A service where induction will take place through Indian Engineering Service Examination conducted by UPSC. It is an attempt to attract young and talented administrators for Skill Development. The knowledge acquired by the engineers recruited will give new impetus to the initiative of the government to the skill development and also efficient and effective implementation of the schemes. In years to come the ministry will be able to create a workforce of trained skill administrators who will enable us to achieve the goal of increased skilled youths. Administered training is paramount to face big challenge of skilling Indians. Under the leadership of Prime Minister skill development has taken a priority with a hope that Skill India mission will supply huge human resource not only in India but also Internationally. This is a step forward to meet the target of skilling 500 million people by 2022.

The Training Directorate is involved in implementation of various schemes like Craftsmen Training Scheme (CTS) covering 126 trades, Apprenticeship Training Scheme (ATS) covering 259 trades and Skill Development Initiative Scheme (SDIS) for the Modular Employable Skill (MES) covering 578 modules. The Training Directorate also conducts examinations and awards certificates under National Council of Vocational Training (NCVT), they also organise advance skill training supervisory training staff training through its various field institutes spread across country.

The Indian Skill Development Service (ISDS) will have 263 all India posts. The cadre shall comprise of 3 posts at Senior Administrative Grade, 28 posts at Junior Administrative Grade, 120 posts at Senior Time Scale and 112 posts at Junior Time Scale. The Academy for training of the cadre will be National Institute of Skill Development.

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Infosys to announces Q3 results
Jan 04,2017

Infosys will announce the results for its third quarter ended 31 December 2016 on 13 January 2017 around 9.00 am Indian Standard Time. The result will also be available on www.infosys.com.

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Infosys to announce Q3 results
Jan 04,2017

Infosys will announce the results for its third quarter ended 31 December 2016 on 13 January 2017 around 9.00 am Indian Standard Time. The result will also be available on www.infosys.com.

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Board of IP Rings decides entitlement ratio & offer price for proposed rights issue
Jan 04,2017

IP Rings announced that the Board of Directors have taken decision on the following, at their Meeting held on 04 January 2017, in connection with the proposed Rights Issue:

Rights Entitlement Ratio = 4 (Four) Rights Equity Shares for every 5 (Five) Equity Shares held on the Record date

Offer Price: Rs. 88.75 (FV Rs. 10/- per Share + Premium Rs. 78.75 per Share).

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Board of Thirani Projects to consider December quarter results
Jan 04,2017

Thirani Projects announced that a meeting of the Board of Directors of the Company is schedule to be held on 30 January 2017, inter alia, to consider approve and take on record the Un-audited Standalone Financial Results for the quarter ended 31 December 2016.

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Lupin grants stock options
Jan 04,2017

Lupin has granted 656140 options on 03 January 2017 under various ESOPs.

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Bajaj Corp to consider Q3 results and interim dividend
Jan 04,2017

Bajaj Corp announced that the meeting of Board of Directors of the Company is scheduled to be held on 12 January 2017, inter alia, to consider, approve and take on record the Un-Audited Financial Results (Standalone) of the Company for the third quarter ended 31 December 2016. The proposal for declaration of Interim Dividend is also due to be considered by the Board of Directors at the aforesaid Board Meeting.

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Mahindra & Mahindra provides update on its GDR programme
Jan 04,2017

Mahindra & Mahindra has appointed J.P. Morgan Chase Bank, N.A. (JP Morgan) as its overseas Depositary for managing the Global Depositary Receipt (GDR) programme of the Company with effect from 03 January 2017 in place of The Bank of New York, Mellon.

The GDRs of the Company are listed on the Luxembourg Stock Exchange and are also admitted for trading on International Order Book (IOB) of the London Stock Exchange. Each GDR represents one Ordinary (Equity) Share of the Company

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Agenda for board meeting of Bartronics India
Jan 04,2017

Bartronics India announced that meeting of the Board of Directors of the Company is scheduled to be held on 11 January 2017, to consider making investments under section 186 of the companies act, 2013 and to transfer the financial inclusion (FI) division to a wholly owned subsidiary of the Company subject to approvals of members along with any other business/ matters as may be permitted by the Chairman.

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Board of J Taparia Projects to announce December quarter results
Jan 04,2017

J Taparia Projects announced that a meeting of the Board of Directors of the Company is schedule to be held on 30 January 2017, inter alia, to consider, approve and take on record the Un-audited Standalone Financial Results for the quarter ended 31 December 2016.

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