Reliance Capital

Reliance MF gets regulatory approvals for Nippon deal

Reliance MF gets regulatory approvals for Nippon deal

Mumbai - Leading mutual fund house Reliance Capital Asset Management (RCAM) today said it has completed the regulatory clearance process for sale of additional stake to Japan's Nippon Life, following approvals of CCI and EPFO.

The deal is now expected to close by next week.

Nippon Life Insurance, which manages USD 500 billion in assets and is among the largest in the world, agreed in November 2014 to increase its stake in RCAM from existing 26 per cent to 49 per cent in multiple tranches, subject to regulatory approvals.

The company has now received approvals from Competition Commission of India (CCI) and Employee's Provident Fund Organisation (EPFO), thus completing the regulatory approval process for this transaction.

Reliance General Insurance Q1 profit up 138%

Reliance-General-InsuranceNew Delhi: Reliance General Insurance has saw its profits more than double to Rs 24.3 crore in the first quarter of 2014-15, as the total number of policies sold during the period crossed the one-million mark.

The company, a leading private sector general insurance player and part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, also beat the overall industry trends with a significant surge in its premium collection.

Insurance stocks gain 9% on hopes of FDI hike

Insurance stocks gain 9% on hopes of FDI hikeMumbai: Stock prices of insurance companies saw renewed buying interest and surged up to 9 percent in view of the reports that government is contemplating raising FDI cap in the sector.

Max India rose by 9.01 percent, while Reliance Capital shares rallied 5.22 percent on the BSE.

Shares of Bajaj Finserv gained 4.83 percent, while Religare Enterprises was up 2.58 percent.

Reports said earlier this week that the Finance Ministry is contemplating raising FDI cap in insurance sector from 26 percent to 49 percent with some riders like restriction on voting rights.

Reliance Capital Q2 profit Rs.181 crore

Reliance-CapitalMumbai, Nov 12 : Financial services firm Reliance Capital Tuesday said it has posted a net profit of Rs. 181 crore ($29 million) for the July-September quarter, led by good growth in earnings from insurance, mutual fund and commercial finance businesses.

The company's total income increased by 20 percent to Rs. 1,869 crore ($299 million), Reliance Capital, a part of Anil Ambani-led Reliance Group, said in a statement.

Reliance Capital's Singhania elected on CFA board

Reliance Capital's Singhania elected on CFA boardMumbai, Oct 2 : A senior official of Reliance Capital Sunil Singhania has been elected to the board of governors of the CFA Institute, the global association of investment professionals that promotes the standards of ethics, education, and professional excellence.

Singhania, chief investment officer - equity investments at Reliance Capital Asset Management, is the first from India to be elected on the CFA Board of Governors, which is the highest authority for management and strategy making of the board, according to a statement released by Reliance Capital here.

Reliance Capital's debt to go down: Anil Ambani

Anil-AmbaniMumbai, Aug 27 : The debt of Reliance Capital Ltd would drastically go down to Rs. 5,000 crore from the current around Rs. 20,000 crore when it gets a banking licence and the company's fund's position is healthy and has no plans to make a capital call on the shareholders, said a top company official.

Reliance Capital Q1 net up 194 percent

Reliance-CapitalNew Delhi, July 29 : Reliance Capital posted a net profit of Rs. 133 crore for the April-June quarter of this financial year - an increase of 194 percent over Rs. 45 crore made during the corresponding period of the last fiscal.

The consolidated total income of the Anil Ambani-led Reliance Group company stood at Rs. 1,938 crore against Rs. 1,676 crore logged during the corresponding previous period, an increase of 16 percent, a company statement said here Monday.

The total assets of the company were at Rs. 42,155 crore, an increase of 12 percent.

Borrowing costs for leading companies soar to more than 10%

Borrowing costs for leading companies soar to more than 10%A tight funding environment engineered by the Reserve bank of India (RBI) to support weak rupee has pushed borrowing costs for big businesses to more than 10 per cent.

Anil Ambani-led Reliance Capital Ltd. recently sold three-month commercial paper at a rate of 10.35 per cent, which was significantly up from 8.95 per cent that the company paid for receiving one-year funds in June this year.

Reliance Capital Asset Management adds Rs.7,000 crore

Reliance Capital Asset Management adds Rs.7,000 croreChennai, July 17 - Reliance Capital Asset Management (RCAM) closed the first quarter of the current fiscal increasing its asset under management (AUM) by Rs. 7,000 crore as compared to previous year's comparable quarter, said the company.

In a statement Wednesday, RCAM - part of Reliance Capital Ltd. - said the total asset under management stands over Rs. 180,000 crore across mutual/pension funds, offshore mandates and others.

Reliance General Q1 premium up 25 percent to Rs.706 crore

Reliance-General-Insurance-LogoChennai, July 12 : Reliance General Insurance Company closed the first quarter of the current fiscal with a 25 percent growth in gross written premium as against the comparable period of the previous financial year, the private non-life insurer said Friday.

Reliance Capital ties up with Japanese firms for bank licence

Reliance-CapitalMumbai, June 26 : Anil Ambani-led Reliance Capital Wednesday said it will apply for a banking licence, in which two Japanese firms will be minority partners.

Reliance Capital will be the promoter, while the Japanese financial giants Sumitomo Mitsui Trust Bank and Nippon Life Insurance will control between four to five percent stake each in the proposed new bank.

Anil Ambani-led Reliance Group firm has signed partnership agreements with the two Japanese firms.

Reliance Capital suspends gold sales

Reliance-CapitalMumbai, June 21 : Reliance Capital has decided to suspend sale of gold in physical form and also as an investment product across all its businesses and subsidiaries, the company said here Friday.

It said the company has taken this move as a strong support to the government’s publicly stated objective of minimizing gold imports that are seriously hurting the country’s economic interests.

Reliance Capital profit surges 77 percent in 2012-13

Reliance-CapitalMumbai, May 16 : Reliance Capital Thursday said its net profit surged by 77 percent to Rs. 812 crore ($149 million) in the financial year ended March 31, 2013.

The company, a part of Anil Ambani-led Reliance Group, said its consolidated total income jumped by 13 percent to Rs. 7,519 crore ($1.4 billion), largely due to a sharp increase in "topline of general insurance, commercial finance and asset management businesses, and sale of stake in Reliance Capital Asset Management."

Reliance Capital's earning per share increased by 77 percent to Rs. 33.1.

Anup Rau appointed as new CEO of Reliance Life Insurance

Anup Rau appointed as new CEO of Reliance Life InsuranceReliance Life Insurance Company (RLIC), a part of Reliance Capital, has announced that it has appointed Mr. Anup Rau as its new Chief Executive Officer, depending upon an approval from the market regulator.

Reliance Capital mulling bonus, banking entry: Ambani

Reliance Capital mulling bonus, banking entry: AmbaniMumbai, Sep 27 - Reliance Capital could consider a bonus issue and make an entry into the banking sector even as it hopes to conclude soon a 26-percent stake sale in its life insurance arm to Japan's Nippon Life Insurance, chairman Anil Ambani said Tuesday.

"Banking is a new growth opportunity. We will evaluate opportunities to enter this high growth sector and are keeping track of all regulatory developments on this front," the group chairman told the annual general meeting of Reliance Capital here.

Reliance Capital Receives Approval on Stake Deal with Nippon Life

Reliance Capital Receives Approval on Stake Deal with Nippon LifeInsurance Regulatory Development Authority (IRDA) grants the sale of the Reliance Life Insurance stake, held by the Reliance Capital.

The Company had appealed for a stake deal of 26%, with Japan's Nippon Life. The last and final grant on the agreement is to be received from the Reserve Bank of India. According to the rules of the agreement, Nippon Life Insurance will pay out an amount of Rs. 3,062 to Reliance Capital for the 26% of the shares of Reliance Life Insurance.

Reliance Capital pact with Nippon in areas beyond insurance

Reliance Capital pact with Nippon in areas beyond insuranceNew Delhi, Sep 1 - Reliance Capital, part of the Anil Ambani-led Reliance Group, Thursday said it had signed an agreement with Japan's Nippon Life Insurance to pursue further partnerships to provide a host of financial services in India.

Nippon Life Insurance, has already agreed to acquire a 26 percent strategic stake in Reliance's life insurance arm at an aggregate value of Rs. 3,062 crore ($680 million) -- a transaction which is expected to conclude soon.

Post Nippon deal, Reliance Capital up 10%

Post Nippon deal, Reliance Capital up 10%Reliance Capital saw its shares going up by 10 per cent on the BSE. This happened after it entered into a deal with Japan's Nippon Life Insurance. As per it, Nippon is going to take over 26 per cent in its insurance arm for $680 million.

Presently, Reliance Capital holds 100 per cent stake in Reliance Life Insurance. The markets loved it and the stock went up by 9.72 per cent to be at Rs 561.80 a piece on Bombay Stock Exchange (BSE).

Reliance Cap first quarter net profit falls by 49%

Reliance-CapitalReliance Capital has announced its financial results for first quarter of the fiscal year 2010-11 and it has informed that there has been a decline in the net profit figure in the quarter under review.

The net profit of the firm was reported to be Rs 76.97 crore for the first quarter of the current year. For the same period of time, the company has posted a net profit of Rs 151 crore in the financial year of 2009-10. Hence the company has suffered a decline of 49% in its net profit figure in the first quarter of the current year against the same quarter last year.

RCap’s profit declines as costs increase while earnings drop

Reliance-CapitalReliance Capital (RCap), the financial services wing of Reliance-Anil Dhirubhai Ambani Group (R-Adag) has shown a 57 per cent decline in its net profit. This is for the full fiscal year of 2010.

Company sited the rising costs and falling earnings as the reason behind the decline. It said that the earnings from its investments have fallen drastically and there has been no respite from the cost front as well.

The cost figures touched an all-time high with an increase of 20 per cent to touch Rs. 4,219.88 crore and against Rs. 3,515.33 crore last year.

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