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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Adani Enterprises gains after incorporating subsidiary for cement business
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the BSE Sensex was up 37.24 points, or 0.14%, to 26,429.92.

On the BSE, 1.28 lakh shares were traded in the counter so far, compared with average daily volume of 4.06 lakh shares in the past one quarter. The stock had hit a high of Rs 71.10 and a low of Rs 70.05 so far during the day. The stock had hit a 52-week high of Rs 92 on 4 January 2016. The stock had hit a 52-week low of Rs 58.35 on 9 November 2016.

The stock had outperformed the market over the past one month till 6 December 2016, rising 11.77% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, declining 3.19% as against the Sensexs 8.92% fall.

The mid-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.

Adani Enterprises said that Adani Cementation (ACL) will carry on the cement business and is yet to commence its business operations. The company is incorporated in India.

Adani Enterprises consolidated net profit fell 78.9% to Rs 63.09 crore on 15.9% decline in net sales to Rs 7591.28 crore in Q2 September 2016 over Q2 September 2015.

Adani Enterprises is the flagship entity of the Adani group. Adani Enterprises started as a trading firm dealing in myriad commodities. Over a period of time, coal became its main stay and after it emerged as Indias leading coal importer, it made forays into multiple sectors as forward and backward integration.

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MSME ministry suggest withdrawal limit to 2 lakh for micro units: Haribhai Parathibhai Chaudhary, MoS for MSME
Dec 07,2016

Ministry for Micro Small and Medium Enterprises (MSME) will suggest for increasing the withdrawal limit to 2 lakh per week for MSME sector said, Mr Haribhai Parathibhai Chaudhary, Minister of State for MSME, GoI at an ASSOCHAM event.

n++We need to be cashless economy to be the best in the world. The Demonetisation will help to control the fiscal deficitn++, said Mr. Chaudhary.

He further said that repayment of loans by farmers is 92%, much higher than big value business loans. n++Encourage MSMEs to initiate skill development for rail and defence manufacturingn++, said Mr. Chaudhary.

He further said that the government is witnessing a new trend with many MSMEs taking the e-commerce route to establish themselves in the Indian market and we are using internet not only as a marketing tool but also as a tool to enable them to understand if a unique product has high demand in the market. Indian MSMEs are looking at e-commerce as an innovative tool to build fresh business models.

Mr. Chaudhary also said by adopting e-commerce MSMEs shall achieve significant advantages such as increased revenues and margins, improved market reach, access to new markets, cost savings in marketing and communication spend, customer acquisition and improved customer experience.

Addressing the event, Mr S.N. Tripathi, Additional Secretary & Development, Commissioner (MSME), Ministry of MSME, Government of India said we need to move fast towards digitising India.

n++Inadequacy of bank branches is one primary reason why cash dominates small businesses. Many rural branches are open for just a day or two in a week. People consider bank postings in rural India as a punishment. The smaller the enterprise, the bigger the problemn++, according to a study titled, MSMEs in India: The Paradigm shift, jointly conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Resurgent India at the ASSOCHAM National Summit on E-Commerce for MSMEs .

The study highlights that the government must realise that the small scale sector will certainly pick it up (move to e-payments). But it is a gradual process. Also, it is important to acknowledge that money generated in business is not irregular. Certain issues cannot be pushed so much that the system chokes and the outcome is distorted.

Irrespective of the bright side of upcoming GST, SMEs must be mindful of its accompanying challenges such as increase in complicate costs and alignment of IT systems with new processes. Thus, for the SMEs, GST throws a mix bag of opportunities and challenges to explore, adds the joint study.

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GVK Power gains as promoter raises stake
Dec 07,2016

Meanwhile, the S&P BSE Sensex was up 39.93 points or 0.15% at 26,432.69.

On the BSE, 93,000 shares were traded on the counter so far as against the average daily volumes of 17.67 lakh shares in the past one quarter. The stock had hit a high of Rs 5.82 and a low of Rs 5.62 so far during the day.

The stock had hit a 52-week high of Rs 9.44 on 12 January 2016 on and a record low of Rs 4.13 on 6 June 2016. It had underperformed the market over the past one month till 6 December 2016, sliding 13.9% compared with the Sensexs 3.23% fall. The scrip had also underperformed the market in the past one quarter, declining 12.17% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Rs 1.

G V Krishna Reddy offloaded 2.37 crore shares of GVK Power & Infrastructure (GVK Power) at Rs 5.70 per share in a bulk deal on the NSE on 6 December 2016. G V Sanjay Reddy sold 4.26 crore shares at Rs 5.70 a piece. Krishnaram Bhupal liquidated 2.84 crore shares at Rs 5.70 per share. Vertex Projects LLP bought all 9.48 crore shares in these deals.

G V Krishna Reddy, G V Sanjay Reddy, Krishnaram Bhupal and Vertex Projects LLP owned 4.12%, 7.42%, 4.95% and 37.76% stake respectively in GVK Power end September 2016.

GVK Power & Infrastructure reported net loss of Rs 13.41 crore in Q2 September 2016, compared with net loss of Rs 8.09 crore in Q2 September 2015. Net sales rose 3.2% to Rs 7.13 crore in Q2 September 2016 over Q2 September 2015.

GVK Power & Infrastructure is a leading Indian conglomerate with presence across energy, resources, airports, transportation, hospitality and life sciences sectors.

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Suven Life Sciences gets healthier after securing one product patent in India
Dec 07,2016

The announcement was made during market hours today, 7 December 2016.

Meanwhile, the BSE Sensex was up 50.21 points, or 0.19%, to 26,444.92.

On the BSE, 20,974 shares were traded in the counter so far, compared with average daily volume of 83,973 shares in the past one quarter. The stock had hit a high of Rs 188.70 and a low of Rs 183.45 so far during the day. The stock had hit a 52-week high of Rs 275.20 on 29 December 2015. The stock had hit a 52-week low of Rs 144.35 on 19 February 2016.

The stock had outperformed the market over the past one month till 6 December 2016, rising 5.78% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, falling 2.58% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.

Suven Life Sciences said that the patent is corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and the patent is valid through 2024.

Suven has a total of twenty granted patents from India, with this new patent. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at phase-I or phase-II.

Suven Life Sciences net profit rose 5.2% to Rs 26.56 crore on 1.2% decline in net sales to Rs 115.55 crore in Q2 September 2016 over Q2 September 2015.

Suven Life Sciences is a biopharmaceutical company specializing in drug discovery and developmental activities in central nervous system disorders and contract research and manufacturing services (CRAMS).

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Ess Dee Aluminium surges on revival hopes
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the S&P BSE Sensex was up 27.02 points or 0.1% at 26,419.78.

On the BSE, 5,403 shares were traded on the counter so far as against the average daily volumes of 17,199 shares in the past one quarter. The stock had opened with an upward gap of 5% and remained locked at that level at Rs 44.35 so far during the day.

The stock had hit a 52-week high of Rs 311 on 7 December 2015 and a record low of Rs 39.05 on 24 November 2016. It had underperformed the market over the past one month till 6 December 2016, sliding 19.29% compared with the Sensexs 3.23% fall. The scrip had also underperformed the market in the past one quarter, declining 23.74% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 32.05 crore. Face value per share is Rs 10.

Ess Dee Aluminium is suffering from severe financial stress due to liquidity constraints which in turn have resulted in to the companys manufacturing plant being virtually non-operational with negligible production. The company has been looking at various options for revival and has been in active discussion with existing and prospective lenders.

In this context, he funds managed/advised by SSG Capital Management and their associates (the prospective investor) have agreed to participate in the revival of the company. The agreement is subject to the consent from the companys bankers/lenders to facilitate a re-working of companys capital structure to long term sustainable levels. The company is hopeful of recommencing the production early in the new calendar year.

Ess Dee Aluminum reported net loss of Rs 58.76 crore in Q1 June 2016, higher than net loss of Rs 13.11 crore in Q1 June 2015. Net sales declined 99.8% to Rs 0.25 crore in Q1 June 2016 over Q1 June 2015.

Ess Dee Aluminum manufactures aluminium foils for packaging purpose.

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Indias Internet population likely to touch 600 million by 2020: study
Dec 07,2016

With increased 4G and 3G penetration, the Internet user base in India is rapidly expanding and has reached a penetration of over 27% versus 50.3% penetration in China and expected to double to 600 million users by 2020 from 343 million users currently, according to an ASSOCHAM- Deloitte joint study.

India internet user is expected to almost double to 600 million users by 2020 from approximately 343 million users currently. Going forward, rural adoption of data-enabled devices is expected to increase with the BharatNet initiative under Digital India, reveals ASSOCHAM-Deloitte joint study.

India is the second largest mobile phone market globally with over 1 billion mobile subscriptions. Of this, smartphone users account for approximately 240 million subscriptions which is expected to grow to 520 million by 2020, adds the study.

Spectrum availability in Indian metros is about a tenth of the same in cities in developed countries. This has put a major roadblock in providing high speed data services. Public Wi-Fi penetration remains low. Globally, there is one Wi-Fi hotspot for every 150 citizens. For India to reach that level of penetration, over 8 million hotspots are required of which only about 31,000 hotspots are currently available, reveals the study.

Currently, over 55,000 villages remain deprived of mobile connectivity. This is largely due to the fact that providing mobile connectivity in such locations is not commercially viable for service providers, adds the study.

Challenges in policy, such as taxation, right of way, restrictive regulations etc. are major roadblocks in realizing the vision of Digital India. Some of the common policy hurdles include the following lack of clarity in FDI policies, for instance, have impacted the growth of e-commerce.

Implementation of the Digital India program has been hampered by contracting challenges such as the projects assigned to PSUs are delayed given challenges related to skills, experience and technical capabilities.

Several RFPs issued by the government are not picked up by competent private sector organizations since they are not commercially feasible. Reports suggest that, as recently as 2014, nearly 70% of Indian consumers indicated that lack of awareness was the main reason for not using internet services. Non availability of digital services in local languages is also a major concern, adds the joint study.

With the proliferation of cloud-based services like DigiLocker, data security has emerged as a major challenge. The recent data breach in August 2016, in which debit card data for more than 3.2 million subscribers was stolen highlights the importance of implementing foolproof security systems.

A uniform RoW policy across all states with a reasonable cost structure is required along with a single window mechanism for granting RoW permissions. PPP models need to be explored for sustainable development of digital infrastructure, as has been the case for civic infrastructure projects like roads and metro project. In addition, the government should make efforts to make additional spectrum available to telecom service providers for deployment of high speed data networks, noted the study.

Effective collaboration with the private sector is critical to the development of the digital infrastructure. Innovative engagement models that ensure commercial viability needs to developed jointly through consultation with industry bodies. This will encourage private sector participation and ensure a better response to infrastructure RFPs. In addition, startups need to be incentivized for the development of the last mile infrastructure and localized services and applications.

In rural and remote areas, private sector players should be incentivized to provide last mile connectivity. USOF can be effectively used to incentivise and create a viable business model. The deployment of funds so far has been erratic and not been used to effectively to fund the cost of infrastructure creation in rural areas.

Satellite communication solutions could be used to speed up broadband access in rural and remote areas. For instance, banks can use VSAT technology to connect remote ATMs, remote branches that need instant access to customer data. It could be used as a last mile connectivity solution in rural areas which lack telecom networks, highlighted the study.

For the success of the Digital India program, capacity building is crucial. In addition to infrastructure development, Digital Literacy, skill building and higher adoption of digital solutions is key to program success, said the study.

Despite rising smartphone penetration and internet user base, digital literacy in India has been low. In order for the benefits of the Digital India programme to reach all sections of the population, improving digital literacy is imperative. A strong skill base is required to support the initiatives and services that are envisaged under the Digital India umbrella.

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Suven Life Sciences secures one product patent
Dec 07,2016

Suven Life Sciences has secured one (1) product patent from India (2770440) corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and the Patent is valid through 2024.

The granted claims of the patents are from the mechanism of action include the class of selective 5HT6 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders likeAlzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

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KEI Inds gains as new production line gets operational this month
Dec 07,2016

The company gave an update after market hours yesterday, 6 December 2016.

Meanwhile, the S&P BSE Sensex was up 29.51 points or 0.11% at 26,422.27.

On the BSE, 11,249 shares were traded in the counter so far as against average daily volume of 51,712 shares in the past one quarter.

The stock had hit a high of Rs 124.90 and a low of Rs 122.15 so far during the day. The stock had hit a 52-week high of Rs 139.50 on 10 November 2016. The stock had hit a 52-week low of Rs 86 on 29 February 2016. The stock had outperformed the market over the past one month till 6 December 2016, rising 5.59% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, gaining 4.95% as against the Sensexs 8.92% fall.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 2.

KEI Industries had earlier announced capex/expansion at Chopanki plant in Rajasthan.

KEI Industries net profit rose 49.1% to Rs 22.90 crore on 2.1% growth in net sales to Rs 620.65 crore in Q2 September 2016 over Q2 September 2015.

KEI Industries is a leading player in the wires and cables industry.

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JSW Steel records 45% growth in crude steel production
Dec 07,2016

JSW Steel reported crude steel production of 12.27 lakh tonnes in November 2016 compared to 8.84 lakh tonnes in November 2015, recording a growth of 45%.

Production of flat rolled products stood at 8.87 lakh tonnes in November 2016, recording growth of 71% over the corresponding month of previous year. Production of long rolled products declined 2% at 2.21 lakh tonnes in November 2016 compared to 2.25 lakh tonnes in November 2015.

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Lupin edges higher after getting final USFDA approval for generic ointment
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the S&P BSE Sensex was up 49.06 points or 0.19% at 26,441.82.

On the BSE, 21,827 shares were traded on the counter so far as against the average daily volumes of 98,710 shares in the past one quarter. The stock had hit a high of Rs 1,544.85 and a low of Rs 1,513.10 so far during the day.

The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had outperformed the market over the past one month till 6 December 2016, rising 7.54% compared with the Sensexs 3.23% fall. The scrip had also outperformed the market in past one quarter, declining 0.49% as against the Sensexs 8.92% fall.

The large-cap company has equity capital of Rs 90.27 crore. Face value per share is Rs 2.

Lupin said that its US subsidiary, Lupin Pharmaceuticals, Inc. received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Incs Topicort Ointment, 0.25%.

It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. Topicort had annual US sales of $14.4 million as per IMS MAT September 2016 data.

Lupins consolidated net profit jumped 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.

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Bharti Airtel announces appointment of MD and CEO for Airtel Africa
Dec 07,2016

Bharti Airtel announced top level changes in its African operations. Raghunath Madhav, who is currently the Chief Operating Officer - Airtel Africa, will take over as Managing Director and CEO - Airtel Africa with effect from 01 January 2017.

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Jack up Govt expenditure to make up for loss in private consumption due to demonetisation: ASSOCHAM
Dec 07,2016

As the private consumption would be taking a significant hit on account of cash crunch in the economy at least in the next two quarters, the government should make all efforts to at least partly limit the impact of demonetization on the GDP by sharply jacking up its own expenditure during the fiscal 2016-17, the ASSOCHAM has said.

Measured in terms of expenditure, the Private Final Consumption Expenditure (PFCE) or popularly known as the India consumption story accounts for close to 60 per cent of the countrys Gross Domestic Product (GDP) at current prices and 55 per cent at constant prices (base 2011-12).

n++With 86 per cent of the cash out of circulation and replenishment facing difficulties, the PFCE in the third quarter is expected to see a sizeable reduction to the extent of at least 35-40 per cent and slightly lower in the fourth quarter. Surely, when an important component accounting for 60 per cent of the GDP takes a hit to this extent, the overall impact is bound to be significant,n++ the ASSOCHAM said.

In terms of numbers, the PFCE, at current prices, was estimated at Rs 21.78 lakh crore in Q2 of 2016-17 with a growth of 12.4 per cent over the similar period last year. At constant prices, it was estimated at Rs 16.26 lakh crore for the July-September quarter of the current fiscal with the growth of 7.6 per cent.

Different ministries which have been earmarked the annual budget, should exceed their expenditure aggressively in case the damage control has to be effected from the demonetisation in the short to medium term. The government expenditure itself accounts for a good part of the GDP to the extent of 14 per cent.

n++As against Rs 5.15 lakh crore in the second quarter of the current fiscal, the government expenditure , at market prices, should be jacked up to Rs 7 lakh crore for each of the third and fourth quarter, even if some fiscal imbalances take place for the sake of growth,n++ ASSOCHAM said.

The chamber also said focus should be on sectors like roads and highways, ports, railways, telecom infrastructure, irrigation, flood control and rural uplift programmes. n++Somehow, the government should devise ways to ensure that the construction of the projects do not suffer on account of shortages of cashn++.

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ICICI Bank nudges higher on fund raising plans
Dec 07,2016

The announcement was made after market hours yesterday, 6 December 2016.

Meanwhile, the BSE Sensex was up 56.96 points, or 0.22%, to 26,449.72.

On the BSE, 24,000 shares were traded in the counter so far, compared with average daily volume of 14.97 lakh shares in the past two weeks. The stock had hit a high of Rs 263 and a low of Rs 261.95 so far during the day.

ICICI Bank announced that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).

ICICI Banks net profit rose 2.4% to Rs 3102.27 crore on 41.3% rise in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015.

ICICI Bank is one of the leading private sector banks in India.

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Promote separate hill farming policy: ASSOCHAM plea to Ukhand govt.
Dec 07,2016

Uttarakhand needs to promote a separate hill farming policy as the state has a meagre 14 per cent net sown area, more so as 3/5th of the states total working population is engaged in agriculture, noted a recent ASSOCHAM-RNCOS joint study.

n++The performance of Uttarakhand in agriculture and allied activities has not been up to the mark as its share in the gross state domestic product (GSDP) had declined sharply from over 22 per cent in 2004-05 to just over nine per cent in 2014-15,n++ highlighted the study titled Agri business outlook in Uttarakhand, conducted by ASSOCHAM jointly with research firm RNCOS.

In terms of issues being faced by farm sector in Uttarakhand, the ASSOCHAM-RNCOS study highlighted that low level of land holdings is a key challenge as over 70 per cent of states farmers hold less than one hectare of land.

Considering that topography of Uttarakhand is characterised by sandy soils that do not retain water and due to unavailability of moisture in the soil, state has recorded poor crop productivity has so much so that agriculture sector clocked just about three per cent CAGR between 2004-05 and 2014-15.

In terms of year-on-year growth rate, Uttarakhands agriculture and allied sector has registered over five per cent growth in 2014-15 which is better than negative growth of 2.5 per cent recorded in the previous year.

n++Priority must be given to further developing irrigation infrastructure in Uttarakhand including the canal network and also lift canals, tube-well, pump sets and others,n++ said Mr Rawat.

n++Together with promotion of local and traditional hill crops, farmers must also be given adequate cover in terms of welfare schemes, besides adequate technical and financial support for water conservation should also be extended by the state administration,n++ he added.

n++Apart from this, steps should be taken to encourage improved agronomic practices for higher farm productivity, improved soil treatment, increased water holding capacity, judicious use of chemicals and enhanced soil carbon storage,n++ further said Mr Rawat.

Uttarakhand food and agro based sector has attracted investments worth over Rs 1,600 crore as of financial year (FY) 2015-16 increasing from about Rs 450 crore as of FY 2010-11 thereby clocking a CAGR of over 29 per cent, according to analysis of ASSOCHAM Economic Research Bureau (AERB).

The share of food and agro based industries has also increased from 0.4 per cent in total investments worth over Rs 98,960 crore attracted by Uttarakhand in FY 2010-11 to 1.1 per cent in total investments worth Rs 1.4 lakh crore attracted by the state in FY 2015-16, noted the chambers analysis.

The ASSOCHAM-RNCOS study has suggested the state to focus on strengthening rural economy by focusing more on dairy sector by imparting technical assistance for dairy development in Uttarakhand, more so as milk production in the state grew by just about one per cent between 2013-14 and 2014-15.

Strengthening of dairy farms, genetic up-gradation of cattle through induction of genetic variability in female germ plasma and establishment of goat units are some of the key initiatives that can help boost dairy production in the state, it suggested.

The state should promote poultry, fisheries, food processing, horticulture, agro-based, medicinal and aromatic herbs as thrust industries by offering a wide range of incentives and subsidies.

Besides, the state government in tandem with private sector should set up strong infrastructure backed by efficient supply chains in food and agro processing sector to increase farmers income and promote employment opportunities in rural areas.

Holistic development to achieve the goal of reducing yield gaps in important crops through focussed interventions and good productive practices is imperative for the state to improve its performance in agriculture and allied activities sector.

The state should aim to make agriculture more productive, sustainable, remunerative and climate resilient by promoting location specific, integrated/composite farming systems.

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Interest rate sensitive stocks in focus ahead of RBIs rate decision
Dec 07,2016

Interest rate sensitive bank, realty and auto stocks will be in focus ahead of the Reserve Bank of Indias (RBI) monetary policy decision scheduled at 14:30 IST today, 7 December 2016. It will be interesting to watch RBIs monetary policy stance this time in a scenario of governments recent historic move of demonetization of higher denomination notes and amid easing consumer inflation.

ICICI Bank announced after market hours yesterday, 6 December 2016, that the committee of executive directors of the bank is scheduled to have a meeting on 9 December 2016, to consider fund raising in single/multiple tranches in any currency through public/private placement by way of issuances of debt instruments etc. for the remaining period of the financial year ending 31 March 2017 (FY 2017).

Adani Enterprises announced after market hours yesterday, 6 December 2016, that the company has incorporated a wholly owned subsidiary namely, Adani Cementation Limited (ACL) on 6 December 2016.

Lupin announced after market hours yesterday, 6 December 2016, that its US subsidiary, Lupin Pharmaceuticals, Inc. received final approval for its Desoximetasone Ointment USP, 0.25% from the United States Food & Drug Administration (USFDA) to market a generic version of Taro Pharmaceuticals, Incs Topicort Ointment, 0.25%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. Topicort had annual US sales of $14.4 million as per IMS MAT September 2016 data.

Jubilant FoodWorks announced after market hours yesterday, 6 December 2016, that Dominos launched new products designed for Foodies -Quattro Formaggi Burst Pizza and Choco Pizza.

Kirloskar Brothers announced after market hours yesterday, 6 December 2016, that Kirloskar Brothers International Pty Limited, companys step down subsidiary company in South Africa, being direct subsidiary of Kirloskar Brothers International B.V. has incorporated Kirloskar Brothers International Zambia Limited as its wholly owned subsidiary on 30 November 2016.

Shiva Cement announced before market hours today, 6 December 2016, that the board of directors of the company at a meeting held on 6 December 2016, approved allotment of 80 lakh equity shares of Rs 2 each at a premium of Rs 4.20 per share to Harsh Vanijya Private Limited upon exercise of option by them for conversion of equity share warrants earlier allotted to them on preferential basis.

Vishal Bearings announced after market hours yesterday, 6 December 2016, that the board of directors of the company have fixed the record date as 16 December 2016 for 1:4 bonus issue.

VST Tillers Tractors reported after market hours yesterday, 6 December 2016, power tiller sales of 1,495 units and tractors sales of 684 units in November 2016.

Deep Industries informed that a meeting of qualified institutional placement (QIP) committee of the company is scheduled to be held on 9 December 2016, to consider and determine the price of equity shares of the company to be issued in the QIP. The announcement was made after market hours yesterday, 6 December 2016.

KEI Industries in focus. In continuation of companys earlier update on planned capex/expansion at Chopanki plant, KEI Industries has announced after market hours yesterday, 6 December 2016, that new production line of Extra High Voltage (EHV) cables at Chopanki plant would be operational by the end of December 2016.

IL&FS Transportation Networks announced that the Joint Venture comprising of the company and PJSC Kyivmetrobud in the ratio of 70:30 had submitted bids with the Chennai Metro Rail (CMRL) on item rate basis for design validation and construction of works of underground station.

The Joint Venture has emerged as the lowest bidder for the development of the project. The Joint Venture had quoted an amount of Rs 371.218 crore for the project to be completed in a period of 20 months. The announcement was made after market hours yesterday, 6 December 2016.

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