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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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Rashtriya Chemicals & Fertilizers issue Commercial Paper worth Rs 180 crore
Jun 08,2017

Rashtriya Chemicals & Fertilizers has issued Commercial Paper for Rs.180 crore on 8 June, 2017, in favour of State Bank of India, having maturity date as 6 September, 2017

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Prabhat Telecoms (India) gets revision in credit ratings
Jun 08,2017

Prabhat Telecoms (India) has received revision in ratings from Brickwork Ratings India as under -

Long term fund based facility (Rs 70 crore) - BWR BB+/Stable (Revised from BWR BBB-/ Stable)

Short term non-fund based facility (Rs 15 crore) - BWR A4 (Revised from BWR A3)

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Central Board of Direct Taxes (CBDT) notifies new Safe Harbour Regime
Jun 08,2017

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of the Committee set up in this regard.

The salient features of the new Safe Harbour Regime are:

n++ It has come into effect from 1st of April, 2017, i.e. A.Y. 2017-18 and shall continue to remain in force for two immediately succeeding years thereafter, i.e. up to A.Y. 2019-2020.

n++ Assessees eligible under the present safe harbour regime up to AY 2017-18 shall also have the right to choose the safe harbour option most beneficial to them.

n++ A new category of transactions being n++Receipt of Low Value-Adding Intra-Group Servicesn++ has been introduced.

n++ The new safe harbour regime is available for transactions limited to Rs. 200 crore in provision of software development services, provision of information technology-enabled services, provision of knowledge process outsourcing services, provision of contract research and development services wholly or partly relating to software development and provision of contract research and development services wholly or partly relating to generic pharmaceutical drugs.

n++ In respect of transactions involving provision of software development services and provision of information technology-enabled services, safe harbour margins have been reduced to peak rate of 18% from 22% in the previous regime.

n++ In respect of transactions involving provision of knowledge process outsourcing services, a graded structure of 3 different rates of 24%, 21% and 18% has been provided, based on employee cost to operating cost ratio, replacing the single rate of 25% in the previous regime.

n++ In respect of transactions involving provision of contract research and development services wholly or partly relating to software development and provision of contract research and development services wholly or partly relating to generic pharmaceutical drugs, safe harbour margins have been reduced to 24% from 30% and 29% respectively in the previous regime.

n++ Risk spreads on intra-group loans denominated in foreign currency will be benchmarked to the 6-month London Inter-Bank Offer Rate (LIBOR) as on 30th September of the relevant year and on loans denominated in Indian Rupees to the 1-year SBI MCLR as on 1st April of the relevant year.

n++ The safe harbour regime is optional to taxpayers.

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Outcome of board meeting of Zee Entertainment
Jun 08,2017

Zee Entertainment announced that in line with the strategy to consolidate digital business, the board of Directors of the Company at its meeting held on 08 June 2017 has approved the following -

Acquisition of balance 49% equity stake in India Webportal, a 51% subsidiary of the Company, from its existing shareholder for INR equivalent of USD 30.7 million;

Acquisition of 12.5% equity stake (on fully diluted basis) in Tagos Design Innovations, Bangalore for INR equivalent of USD 2.5 million.

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Enterprise international announces change in directorate
Jun 08,2017

Enterprise international announced that Brijlata Sarda has resigned as Whole-time Director of the Company w.e.f 29 May 2017. However she is continuing as a Director of the Company.

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3i Infotech allots 40021201 equity shares
Jun 08,2017

3i Infotech announced that the Company has allotted 4,00,21,201 (Four Crore Twenty One Thousand Two Hundred One) equity shares to its bondholder, Energy Management, which had been issued on 12 December 2016, but were being held in abeyance as per the request of the bondholder.

The equity shares so allotted shall rank pari-passu in all respects with the existing equity shares of the Company.

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Bombay Burmah Trading Corporation redeems CP aggregating Rs 50 crore
Jun 08,2017

Bombay Burmah Trading Corporation redeems Commercial Paper issued by the Corporation on 10 March, 2017 for Rs. 50 crore on 08 June 2017.

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Hubtown shifts registered office
Jun 08,2017

Hubtown has shifted its registered office with effect from 03 June 2017 to -

Plaza Panchsheel, A Wing, 5th Floor, Hughes Road, Behind Dharam Palace, Grant Road (West), Mumbai- 400007

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Greenply Industries provides operations update on step down subsidiary - Greenply Gabon
Jun 08,2017

Greenply Industries announced that its step-down subsidiary GREENPLY GABON SA, Gabon, West Africa has commenced commercial production of Veneer, at its manufacturing unit at Nkok SEZ, Gabon, West Africa.

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DigiYatra- A New Digital Experience for Air Travellers
Jun 08,2017

The Ministry of Civil Aviation is adding a Digital experience for Air Travellers through DigiYatra Platform. The DigiYatra is an industry-led initiative co-ordinated by the Ministry in line with the Prime Minister Shri Narendra Modis Digital Indias vision to transform the nation into a digitally empowered society. This follows Air Sewa which brings together all the stakeholders on a common platform for handling customer grievances and disseminating real-time data.

The Union Minister for Civil Aviation, Shri P Ashok Gajapathi Raju expressed hope that DigiYatra initiative will transform the flying experience for passengers and position Indian Aviation amongst the most innovative air networks in the world.

The Minister of State for Civil Aviation, Shri Jayant Sinha today launched the report on DigiYatra. Shri Sinha also briefed the media about the DigiYatra initiative of the Ministry. He said that DigiYatra initiative aims to bring together entire industry to develop a digital ecosystem that will deliver Indian customers a seamless, consistent and paperless service experience at every touch point of their journey.

The Minister of State for Civil Aviation, Shri Sinha informed that the Ministry created a Technical Committee comprising industry stakeholders which will submit its recommendations in 30 days. These propositions would be open for public comments and discussions for another 30 days. These would then be translated into a time-bound action plan.

Shri Sinha said that the DigiYatra initiative envisages providing airline travellers in India, a pioneering digitally unified flying experience across all stages of their journey. All aviation stakeholders - airlines, airport operators, security and immigration agencies, cab operators, retail establishment and others are working to devise digital standards which can enable seamless exchange of data and information. He said that these standards can power unique applications which can deliver a delightful experience for air travellers.

Shri Sinha further informed that the platform will be built on 4 key pillars, like Connected Passengers, Connected Airports, Connected Flying and Connected Systems which can make it possible over a period of time for passengers to:

n++ Plan their trips efficiently by identifying price trends and estimate future airfares at the time of ticket booking,

n++ Optionally link their Aadhaar to airlines and other ecosystem players at the time of booking for faster airport entry and automated check-ins without requiring any paper-based interventions,

n++ Walk-through security scanners swiftly owing to advanced biometric security solutions,

n++ Receive relevant information pertaining to various facilities, protocols, airline timings, queue lengths at airports etc.,

n++ Engage in customised digital offerings at experience zones,

n++ Get real time notifications about congestion and delays to have greater visibility on the next step of journey,

n++ Conveniently navigate through the airport using digital guidance systems, interactive kiosks and augmented reality apps,

n++ Stay connected during flights and indulge in immersive experiences. Also book in-flight services and destination based offerings digitally,

n++ Get a prompt when their luggage reaches the baggage claim belt , and

n++ Submit grievances, share experiences and provide feedback.

The Digitising data would help the aviation industry gather meaningful insights for continuous improvement and innovation. This initiative has emerged after six months of comprehensive discourse with various ecosystem players.

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Bodhtree Consulting partners with Infosys
Jun 08,2017

Bodhtree Consulting announced a strategic partner with Infosys as an Application Service Provider ASP wherein the clients of Infosys will have an option to utilise GSP platform of Bodhtree Consulting for their GST filings. The size of project could be over Rs 200 crore.

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Board of Inani Marbles & Industries recommends final dividend
Jun 08,2017

Inani Marbles & Industries announced that the Board of Directors of the Company at its meeting held on 6 June 2017, inter alia, have recommended the final dividend of Rs 0.04 per equity Share (i.e. 2%) , subject to the approval of the shareholders.

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Syngene International to hold AGM
Jun 08,2017

Syngene International announced that the Annual General Meeting (AGM) of the company will be held on 28 July 2017.

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TCS launches BaNCS App Development Kit
Jun 08,2017

Tata Consultancy Services announced the launch of BaNCS App Development Kit that enables Banks to design and build their own Apps faster and seamlessly deploy across devices and desktops.

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Atlas Cycles (Haryana) appoints director
Jun 08,2017

Atlas Cycles (Haryana) announced that Sadhna Syal has been appointed as Additional Woman Director with effect from 02 June 2017.

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