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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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Hong Kong Stocks fall 0.2%
May 17,2017

The Hong Kong stock market finished session down on Wednesday, 17 May 2017, as anxiety over the fallout from the U.S. Presidents reported interference in a federal investigation weighed on risk assets. However, losses were limited, aided by steady flows of money from mainland China. The Hang Seng index fell 0.2 per cent, to 25,293.63, while the China Enterprises Index lost 0.5 per cent, to 10,383.14 points.

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China Stocks break 4-day winning streak, regulatory concerns linger
May 17,2017

The Mainland China equity market closed higher down for the first time in five straight sessions on Wednesday, 17 May 2017, as investors opted to book gain off the table amid lingering concerns over tighter regulation and economic growth despite recent soothing regulatory comments. Most sectors lost ground, led by defensive consumer and healthcare stocks, as investors took profits from the recent rally. The blue-chip CSI300 index fell 0.5%, to 3,409.97 points, while the Shanghai Composite Index lost 0.3% to 3,104.44 points.

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Australia Stocks fall to 7-week low
May 17,2017

Australian equity market closed session at seven week low on Wednesday, 17 May 2017, as disappointing wage growth and consumer confidence data hurt sentiment. Most of the ASX sectors declined with financial issue being major loser. The S&P/ASX 200 index slipped 1.1%, or 64.518 points, to 5,786 at the close of trade, to its lowest settlement since 27 March 2017.

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Japan Stocks fall on firm yen, Trump accusations
May 17,2017

The Japan share market finished lower on Wednesday, 17 May 2017, as risk sentiments weighed down by the yens ascent against the dollar. Meanwhile selloff pressure intensified on growing uncertainty over the policy management of U.S. President Donald Trump after news reports that he has leaked to Russia highly classified information related to the Islamic State militant group. The 225-issue Nikkei average shed 104.94 points, or 0.53%, to finish at 19,814.88. The Topix index of all first-section issues closed down 8.41 points, or 0.53%, at 1,575.82. Falling issues far outnumbered rising ones 1,287 to 630 in the TSEs first section, while 98 issues were unchanged. Volume fell to 1.96 billion shares from Tuesdays 2.17 billion shares.

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Infra Industries to hold board meeting
May 17,2017

Infra Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results along with the Auditors Report and Statement of Assets & Liabilities along with other routine business.

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Bajaj Global to hold board meeting
May 17,2017

Bajaj Global will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and approve the Audited Financial Results for the Fourth Quarter and Year ended as on 31st March, 2017 and also to consider and approve the Shifting of the Registered Office of the Company within the local limits of the city.

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Cabinet approves construction of 10 units of Indias indigenous Pressurized Heavy Water Reactors (PHWR)
May 17,2017

In a significant decision to fast-track Indias domestic nuclear power programme, and give a push to countrys nuclear industry, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for construction of 10 units of Indias indigenous Pressurized Heavy Water Reactors (PHWR). The total installed capacity of the Plants will be 7000 MW. The 10 PHWR project will result in a significant augmentation of nuclear power generation capacity.

India has current installed nuclear power capacity of 6780 MW from 22 operational plants. Another 6700 MWs of nuclear power is expected to come onstream by 2021-22 through projects presently under construction. As the government marks three years of its nation and people centric governnace, in a first of its kind project for Indias nuclear power sector, the ten new units will come up in fleet mode as a fully homegrown initiative. It would be one of the flagship n++Make in Indian++ projects in this sector.

With likely manufacturing orders of close to 70,000 crores to the domestic industry, the project will help transform Indian nuclear industry by linking our goal of a strong nuclear power sector with our indigenous industrial capacities in high-end technologies.

This Project will bring about substantial economies of scale and maximise cost and time efficiencies by adopting fleet mode for execution. It is expected to generate more than 33,400 jobs in direct and indirect employment. With manufacturing orders to domestic industry, it will be a major step towards strengthening Indias credentials as a major nuclear manufacturing powerhouse.

The ten reactors will be part of Indias latest design of 700 MW PHWR fleet with state-of-art technology meeting the highest standards of safety.

The approval also marks a statement of strong belief in the capability of Indias scientific community to build our technological capacities. The design and development of this project is a testament to the rapid advances achieved by Indias nuclear scientific community and industry. It underscores the mastery our nuclear scientists have attained over all aspects of indigenous PHWR technology. Indias record of building and operating PHWR reactors over the last nearly forty years is globally acclaimed.

The Cabinets decision reflects the Governments commitment to prioritise the use of clean power in Indias energy mix, as part of low-carbon growth strategy and to ensure long-term base load requirement for the nations industrialization.

It also supports Indias commitment to sustainable development, energy self-sufficiency and bolsters global efforts to combat climate change.

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Bluechip Stockspin to hold board meeting
May 17,2017

Bluechip Stockspin will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, approve and take on record the Audited Financial Results for the Quarter and Financial Year ended March 31, 2017.

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La Tim Metal & Industries to hold board meeting
May 17,2017

La Tim Metal & Industries will hold a meeting of the Board of Directors of the Company on 24 May 2017, to approve the audited financial results for the quarter and year ended 31 March 2017, and any other matter with the permission of the Chair.

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IP Rings to hold board meeting
May 17,2017

IP Rings will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and take on record the Audited Financial Results of the Company for the quarter and year ended March 31, 2017.

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Prakash Woollen & Synthetic Mills to hold board meeting
May 17,2017

Prakash Woollen & Synthetic Mills will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited Financial Results for the financial year ended on 31st March,2017 and Audited Financial Results for the quarter ended on 31st March, 2017.

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KCCL Plastic to hold board meeting
May 17,2017

KCCL Plastic will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider audited results for 31st March 2017..

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Cabinet approves MoU between India and Australia on Cooperation in Combating International Terrorism and Transnational Organized Crime
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the Memorandum of Understanding (MoU) between India and Australia on Cooperation in Combating International Terrorism and Transnational Organized Crime.

The proposed MoU would strengthen the relationship between India and Australia for building peace and stability in the region through exchange of information, expertise, experience and capacity building.

The MoU is an effective framework to deal with all issues requiring interaction and cooperation in the areas identified.

The mutual cooperation would facilitate the institutional interactions between the two countries. The MoU, once in force, would help in curbing combating International Terrorism and Transnational Organized Crime.

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Cabinet approves Faculty Exchange Agreement between National Defence College, New Delhi and National Defence College, Dhaka, Bangladesh
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Faculty Exchange Agreement signed between the National Defence College, New Delhi and National Defence College, Dhaka, Bangladesh.

The objective of the Agreement is to institutionalize regular exchange programs and establish sustainable mechanisms between the two National Defence Colleges with an aim to enhancing mutual cooperation in the field of national security, development and strategic studies.

Given the geographical and cultural closeness between the two countries, there are many common challenges like countering terrorism that needs joint action. Hence, there is a need for better coordination and cooperation among the armed forces. The exchange of faculty members of the premier institutes will help to bring symmetry in the capacities of the armed forces and contribute to countering and managing common threats and challenges much better.

The Agreement establishes the framework for enhanced cooperation in the field of military education concerning strategic and operational studies.

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Cabinet approves Amendment of the Ancient Monuments and Archaeological Sites and Remains Act, 1958
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the introduction of the Ancient Monuments and Archaeological Sites Remains (Amendment) Bill, 2017 in the Parliament.

To make way for certain constructions limited strictly to public works and projects essential to public within the prohibited area, the following amendments have been approved:

i) Insertion of a new definition of n++public worksn++ in section 2 of the Act.

ii) Amendment to section 20A of the Act so as to allow any Department or Office of the Central Government to carry out public works in the prohibited area after obtaining permission from the Central Government.

iii) Insertion of a new clause (ea) to section 20-I of the principal Act

Background:

The Ancient Monuments and Archaeological Sites Remains Act, 1958 (as amended in the year 2010) prohibits grant of any permission for new construction within the prohibited area of a centrally protected monument/ site.

Prohibition of new construction within prohibited area is adversely impacting various public works and developmental projects of the Central Government.

The amendment will pave way for certain constructions limited strictly to public works and projects essential to public within the prohibited area and benefit the public at large.

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