Reliance Capital to foray in housing, consumer finance


As per ET report Reliance Capital, Anil Dhirubhai Ambani Group company, is awaiting approval from the National Housing Bank and Reserve Bank of India for its housing finance and consumer finance business. Once the approvals are in place the company will farm out its housing finance and consumer portfolio into the respective home finance and consumer finance company.
Continue reading Reliance Capital to foray in housing, consumer finance

Reliance Capital to invest Rs 2,000 crore in Insurance business

Reliance Capital plans to invest Rs 2,000 crore ($ 454 million) in its insurance businesses, taking its cumulative investment to over Rs 4,000 crore, or nearly a billion dollars. The company will also enter the banking sector as and when the regulatory environment permits . Continue reading Reliance Capital to invest Rs 2,000 crore in Insurance business

Reliance Capital raises home loan rate by 0.5%

Taking cue from large banks like PNB, ICICI Bank and Axis Bank, Anil Ambani-led Reliance Capital also has increased its lending rates on property loans by 0.50 per cent to 14.25 per cent from August 1.
“Reliance Capital announces a 50 basis point increase in the lending rates for all its floating rate linked products – Mortgage and SME Loans,” according to a public announcement made by the firm on Monday. Continue reading Reliance Capital raises home loan rate by 0.5%

Reliance Capital Q1 Consolidated Net Up 5% On Higher Revenues

Reliance Capital Ltd., part of Reliance-Anil Dhirubhai Ambani Group and private sector financial services company, announced financial results for the first-quarter ended June 30, 2008, reporting a higher consolidated net profit on significant growth in revenues from all segments. Continue reading Reliance Capital Q1 Consolidated Net Up 5% On Higher Revenues

Reliance Capital Q1 net up 5% at Rs 343.07 cr

Anil Ambani group firm Reliance Capital today announced a consolidated net profit of Rs 343.07 crore in the first quarter ended June 30, a five per cent growth over the corresponding period a year-ago.
The firm had a net profit of Rs 325.26 crore in the same quarter in FY08, Reliance Capital said in a filing to the Bombay Stock Exchange. Continue reading Reliance Capital Q1 net up 5% at Rs 343.07 cr

Savvion Selected by Reliance Capital for BPM

Savvion, a business process management (BPM) company, announced that Reliance Capital, a Reliance ADA group company and one of India’s leading and fastest growing private sector financial services companies, will deploy Savvion BusinessManager 7.0 as part of an enterprise BPM initiative spanning all company subsidiaries – Mutual Fund, Life Insurance, General Insurance, Reliance Money and Consumer Finance. Continue reading Savvion Selected by Reliance Capital for BPM

Anil Ambani Taps Former Deutsche Executive for Indian Brokerage

Billionaire Anil Ambani hired Deutsche Bank AG’s former head of Indian equities, Keshav Sanghi, to start an institutional brokerage in a market where equity trading volumes more than doubled last year.

Sanghi, appointed chief executive officer of Reliance Capital Ltd.’s Reliance Equity International unit, hired 40 researchers, salespeople and traders, including 10 former Deutsche employees, he said in an interview in Mumbai yesterday. Sanghi plans to increase the headcount to 100.

Deutsche, HSBC Holdings Plc, CLSA Ltd., JPMorgan Chase & Co. and Citigroup Inc. are among the overseas firms that have lost executives over the past year to Indian brokerages offering sign- on bonuses and equity stakes. India’s benchmark Sensitive Index has tumbled 25 percent this year, curtailing trading commissions and reversing six years of gains.

“Markets and trading volumes will pick up toward the latter part of the year, though we may see some more pain in the near term,” Sanghi said. The company will start operations in August, he said.

Sarosh Irani, the former chief operating officer of Macquarie Bank’s Indian brokerage, was appointed to the same position at Reliance Equity, Sanghi said. Varun Pardiwalla and Sudhanshu Bhuwalka, former Deutsche Bank employees, will be co- heads of sales at Reliance, while S. Chandra and Manish Bhatia will lead trading groups.

Sanghi, Deutsche Bank’s former managing director and head of equities in India, quit the German bank in March.

Source: bloomberg.com

Reliance Capital Asset Management wins two awards

Reliance Capital Asset Management has bagged two awards at the Seventh Annual Awards hosted by Asian Investor Magazine in Hong Kong.

The Best Indian Onshore Fund House award was presented to Reliance Capital Asset Management’s CEO Sundeep Sikka, a release issued here today said.

The company has also won the award in the India Equities five-year performance category, it added.

Read more: http://economictimes.indiatimes.com/Corporate_Trends/Reliance_Capital_Asset_Management_wins_two_awards/articleshow/3103802.cms

India’s Reliance Capital’s short-term debt programme rated ‘A1+’ – ICRA

BANGALORE (Thomson Financial) – Indian rating agency ICRA said it has assigned an ‘A1+’ rating to the 90 billion rupees short-term debt programme of Reliance Capital Ltd. (RCL), reflecting the company’s parentage, strong capitalisation and presence in various financial services.

ICRA — an associate of Moody’s Investors Service — said, however, RCL’s strengths are partially offset by its plans to aggressively scale up its consumer finance book, inherent risks to maintain profitability in addition to managing its transformation from a holding company into an operating company.

India-based RCL is a part of the Anil Dhirubhai Ambani faction of the Reliance group, formed by the re-organization of the erstwhile Reliance Group.

Read More: http://www.hemscott.com/news/latest-news/item.do?newsId=64497523975453