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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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Cabinet gives in principle approval for disinvestment of Air India and five of its subsidiaries
Jun 29,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval to fourth tranche recommendations of NITI Aayog on strategic disinvestment of CPSE (strategic disinvestment of Air India and five of its subsidiaries) based on the recommendations of Core Group of Secretaries on Disinvestment (CGD).

(i) In principle approval for considering strategic disinvestment of Air India and five of its subsidiaries.

(ii) Constitution of an Air India-specific Alternative Mechanism headed by Minister of Finance including Minister for Civil Aviation and such other Minister(s) to guide the process on strategic disinvestment from time to time and decide the following:

a. Treatment of unsustainable debt of Air India;

b. Hiving off of certain assets to a shell company;

c. Demerger and strategic disinvestment of three profit-making subsidiaries;

d. The quantum of disinvestment; and

e. The universe of bidders.

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Cabinet approves recommendations of the Seventh CPC on allowances
Jun 29,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi approved the recommendations of the 7th CPC on allowances with some modifications. The revised rates of the allowances shall come into effect from 1st July, 2017 and shall affect more than 48 lakh central government employees.

While approving the recommendations of the 7th CPC on 29th June, 2016, the Cabinet had decided to set up the Committee on Allowances (CoA) in view of substantial changes in the existing provisions and a number of representations received. The modifications are based on suggestions made by the CoA in its Report submitted to Finance Minister on 27th April, 2017 and the Empowered Committee of Secretaries set up to screen the recommendations of 7th CPC.

7th CPC recommendations on Allowances

The 7th CPC had adopted a three-pronged approach in examining a total of 197 allowances which involved an assessment of the need for continuation of each allowance, appropriateness of the set of people covered by the allowance and rationalisation which involved clubbing of allowances with similar objectives. Based on the examination on these lines, the 7th CPC recommended that 53 allowances be abolished and 37 be subsumed in an existing or a newly proposed allowance.

For most of the allowances that were retained, the 7th CPC recommended a raise commensurate with inflation as reflected in the rates of Dearness Allowance (DA). Accordingly, fully DA-indexed allowances such as Transport Allowance were not given any raise. Allowances not indexed to DA were raised by a factor of 2.25 and the partially indexed ones by a factor of 1.5. The quantum of allowances paid as a percentage of pay was rationalised by a factor of 0.8.

A new paradigm has been evolved to administer the allowances linked to risk and hardship. The myriad allowances, their categories and sub-categories pertaining to civilians employees, CAPF and defence personnel have been fitted into a table called the Risk and Hardship Matrix (R&H Matrix). The Matrix has nine cells denoting varying degrees of risk and hardship with one extra cell at the top named as RH - Max to include Siachen Allowance. Multiple rates applicable to individual allowances will be replaced by two slab rates for every cell of the R&H Matrix.

Modifications approved by the Cabinet

The modifications approved today were finalised by the E-CoS based on the recommendations of the CoA. The CoA had undertaken extensive stakeholder consultations before finalising its recommendations. It had interacted with Joint Consultative Machinery (Staff side) and representatives from various staff associations. Most of the modifications are on account of continuing requirement of some of the existing arrangements, administrative exigencies and to further the rationalization of the allowances structure.

Financial Implications

The modifications approved by the Government in the recommendations of the 7th CPC on allowances will lead to a modest increase of Rs 1448.23 crore per annum over the projections made by the 7th CPC. The 7th CPC, in its Report, had projected the additional financial implication on allowances at Rs 29,300 crore per annum. The combined additional financial implication on account of the 7th CPC recommendations along with the modifications approved by the Cabinet is estimated at Rs 30748.23 crore per annum.

Highlights of Cabinet approval on Allowances

1. Number of allowances recommended to be abolished and subsumed: Government has decided not to abolish 12 of the 53 allowances which were recommended to be abolished by the 7th CPC. The decision to retain these allowances has been taken keeping in view the specific functional requirements of Railways, Posts and Scientific Departments such as Space and Atomic Energy. It has also been decided that 3 of the 37 allowances recommended to be subsumed by the 7th CPC will continue as separate identities. This has been done on account of the unique nature of these allowances. The rates of these allowances have also been enhanced as per the formula adopted by the 7th CPC. This will benefit over one lakh employees belonging to specific categories in Railways, Posts, Defence and Scientific Departments.

2. House Rent Allowance: HRA is currently paid @ 30% for X (population of 50 lakh & above), 20% for Y (5 to 50 lakh) and 10% for Z (below 5 lakh) category of cities. 7th CPC has recommended reduction in the existing rates to 24% for X, 16% for Y and 8% for Z category of cities. As the HRA at the reduced rates may not be sufficient for employees falling in lower pay bracket, it has been decided that HRA shall not be less than Rs 5400, Rs 3600 and Rs 1800 for X, Y and Z category of cities respectively. This floor rate has been calculated @ 30%, 20% and 10% of the minimum pay of Rs 18000. This will benefit more than 7.5 lakh employees belonging to Levels 1 to 3.

7th CPC had also recommended that HRA rates will be revised upwards in two phases to 27%, 18% and 9% when DA crosses 50% and to 30%, 20% and 10% when DA crosses 100%. Keeping in view the current inflation trends, the Government has decided that these rates will be revised upwards when DA crosses 25% and 50% respectively. This will benefit all employees who do not reside in government accommodation and get HRA.

3. Siachen Allowance: 7th CPC had placed Siachen Allowance in the RH-Max cell of the R&H Matrix with two slabs of Rs 21,000 and Rs 31,500. Recognizing the extreme nature of risk and hardship faced by officers / PBORs on continuous basis in Siachen, the Government has decided to further enhance the rates of Siachen Allowance which will now go up from the existing rate from Rs 14,000 to Rs 30,000 per month for Jawans & JCOs (Level 8 and below) and from Rs 21,000 to Rs 42,500 per month for Officers (Level 9 and above). With this enhancement, Siachen Allowance will become more than twice the existing rates. It will benefit all the soldiers and officers of Indian Army who are posted in Siachen.

4. Dress Allowance: At present, various types of allowances are paid for provisioning and maintenance of uniforms/outfits such as Washing Allowance, Uniform Allowance, Kit Maintenance Allowance, Outfit Allowance etc. These have been rationalised and subsumed in newly proposed Dress Allowance to be paid annually in four slabs @ Rs 5000, Rs 10,000, Rs 15,000 and Rs 20,000 per annum for various category of employees. This allowance will continue to be paid to Nurses on a monthly basis in view of high maintenance and hygiene requirements. Government has decided to pay higher rate of Dress Allowance to SPG personnel keeping in view the existing rates of Uniform Allowance paid to them (which is higher than the rates recommended by the 7th CPC) as also their specific requirements. The rates for specific clothing for different categories of employees will be governed separately.

5. Tough Location Allowance: Some allowances based on geographical location such as Special Compensatory (Remote Locality) Allowance (SCRLA), Sunderban Allowance & Tribal Area Allowance have been subsumed in Tough Location Allowance. The areas under TLA have been classified into three categories and the rates will be governed as per different cells of R&H Matrix and will be in the range of Rs 1000 - Rs 5300 per month. The 7th CPC had recommended that TLA will not be admissible with Special Duty Allowance (SDA) payable in North-East, Ladakh and the Islands. Government has decided that employees will be given the option to avail of the benefit of SCRLA at pre-revised rates along with SDA at revised rates.

6. Recommendations in respect of some important allowances paid to all employees:

(i) Rate of Children Education Allowance (CEA) has been increased from Rs 1500 per month / child (max. 2) to Rs 2250 per month / child (max.2). Hostel Subsidy will also go up from Rs 4500 per month to Rs 6750 per month.

(ii) Existing rates of Special Allowance for Child Care for Women with Disa

Nesher Pharmaceutical gets final approval for Dextroamphetamine Sulfate ER Capsules
Jun 29,2017

Nesher Pharmaceutical, a subsidiary of Zydus Pharmaceutical USA has received final approval from USFDA to market Dextroamphetamine Sulfate Extended-Release Capsules, 5 mg.

The drug will be produced at the Nesher Pharmaceuticals manufacturing facility located at St. Louis, MO, USA.

Dextroamphetamine is a central nervous system stimulant used in the treatment of Attention Deficit Hyperactive Disorder (ADHD) and in the treatment of narcolepsy (a special type of sleep disorder).

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CRISIL buys 8.9% stake in CARE Ratings
Jun 29,2017

CRISIL has purchased 26,22,430 equity shares of CARE Ratings representing 8.9% of its equity share capital.

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RCF drops after fixing floor price of OFS at discount
Jun 29,2017

The announcement of the offer for sale was made after market hours yesterday, 28 June 2017.

Meanwhile, the S&P BSE Sensex was up 187.84 points, or 0.61%, to 31,022.16. The S&P BSE Mid-Cap index was up 105.72 points, or 0.73%, to 14,608.41.

On the BSE, 5.3 lakh shares were traded in the counter so far, compared with average daily volume of 7.54 lakh shares in the past one quarter. The stock had hit a high of Rs 76.85 and a low of Rs 75.60 so far during the day. The stock had hit a 52-week high of Rs 99.75 on 15 May 2017. The stock had hit a 52-week low of Rs 40.50 on 21 November 2016.

The stock had underperformed the market over the past one month till 28 June 2017, falling 7.52% compared with 0.62% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 12.69% as against Sensexs 4.84% gains. The scrip also outperformed the market in past one year, gaining 73.13% as against Sensexs 16.25% gains.

The mid-cap company has an equity capital of Rs 551.69 crore. Face value per share is Rs 10.

Rashtriya Chemicals & Fertilizers said that government, the promoter of the company announced its intention to sell up to 2.75 crore equity shares of the company of face value of Rs 10 each, representing 5% of the total paid up equity share capital of the company. The offer for sale will remain open today, 29 June 2017 for non-retail Investors and tomorrow, 30 June 2017 for retail investors and for non-retail Investors who choose to carry forward their bids through the separate window provided for the purpose on the stock exchanges.

The floor price for the offer shall be Rs 74.25 per equity share of the company.

Further upto 5% of the offer shares over and above the number of offer shares could be offered to eligible and willing employees of the company at a discount of upto 5% of the cut-off price subsequent to completion of the offer.

Data on NSE showed that the offer for sale received bids for 2.54 crore shares compared with offer of 2.2 crore shares at an indicative price of Rs 74.25 from the non retail investors today, 29 June 2017. The offer was subscribed 1.15 times.

Rashtriya Chemicals and Fertilizers net profit rose 36.4% to Rs 55.09 crore on 10.9% rise in net sales to Rs 2209.36 crore in Q4 March 2017 over Q4 March 2016.

State-run Rashtriya Chemicals and Fertilizers (RCF) is one of the leading producers of urea in India. The Government of India (GoI) currently holds 80% stake in RCF (as per the shareholding pattern as on 31 March 2017).

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Cabinet approves six laning of Chakeri-Allahabad section of NH-2 in Uttar Pradesh
Jun 29,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of six laning of Chakeri-Allahabad section of National Highway (NH) - 2 in Uttar Pradesh.

The cost is estimated to be Rs.3691.09 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road to be developed is approximately 145 kms.

This work will be done under National Highways Development Project (NHDP) Phase V on Hybrid Annuity Mode.

The project will help in expediting the improvement of infrastructure in Uttar Pradesh and in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between Chakeri and Allahabad. The development of this stretch will also help the socio-economic condition of this region in the State.

This project on NH-2 is a part of Golden Quadrilateral between Delhi and Kolkata. The project road will have direct influence on the South-Western part of Uttar Pradesh. Important towns and urban settlements enroute are Kanpur Nagar, Ruma, Chaudagra, Malwa, Fatehpur and Kaushambi. Kanpur is one of the oldest famous industrial townships of North India. It is also included in the Counter-Magnets of National Capital Region. Allahabad is a famous pilgrimage centre, with ancient historical monuments and buildings as well as many educational institutions.

In the project, there is a provision of 11 Truck Lay-bye where trucks stop mainly for loading and unloading. There is also provision of Bus lay-bye at 18 locations. Nine flyovers are also proposed in addition to 14 Vehicular Under Pass and 25 Pedestrian Under Pass.

The project would also increase employment potential for local labourers for project activities. It has been estimated that a total number of 4,076 mandays are required for construction of one kilometer of highway. As such, employment potential of 5,91,000 (approx.) mandays will be generated locally during the construction period of this stretch.

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Sobha recovers after recent slide
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 191.33 points, or 0.62% at 31,025.65. The S&P BSE Mid-Cap index was up 110.98 points, or 0.77% at 14,613.67.

On the BSE, 5,151 shares were traded on the counter so far as against the average daily volumes of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 374.75 and a low of Rs 369.25 so far during the day. The stock had hit a 52-week high of Rs 449.05 on 17 May 2017 and a 52-week low of Rs 224.05 on 22 November 2016.

The stock had underperformed the market over the past one month till 28 June 2017, declining 6.69% compared with the Sensexs 0.62% fall. The scrip had also underperformed the market over the past one quarter gaining 1.31% as against the Sensexs 4.84% rise. The scrip had, however, outperformed the market over the past one year advancing 18.39% as against the Sensexs 16.25% rise.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

Shares of Sobha had declined 6.63% in the preceding four trading sessions to settle at Rs 366.05 yesterday, 28 June 2017, from its closing price of Rs 392.05 on 21 June 2017.

Sobhas consolidated net profit spurted 70.3% to Rs 47 crore on 5.9% increase in net sales to Rs 583.90 crore in Q4 March 2017 over Q4 March 2016.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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Atishay receives ISO/ IEC 20000-1:2011 certification
Jun 29,2017

Atishay has received ISO/ IEC 20000-1:2011 certification. This certifies that the Service Management System of Information Technology comply with provision of IT services in digitalisation and bulk data processing, MIS generation, GIS solution, smart card and PVC card solution, procurement of biometric and demographic data, transliteration of electrol rolls into multiple languages and telecom system integration.

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Som Distilleries & Breweries launches its flagship brand HUNTER
Jun 29,2017

Som Distilleries & Breweries announced the launch of its flagship brand HUNTER in Karnataka.

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Bank of India gets reaffirmation of long term issuer ratings
Jun 29,2017

Bank of India announced that its long term issuer default ratings have been reaffirmed by Fitch Ratings but its viability rating (VR) has been downgraded to B+ from BB-.

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Good gains at Wall Street
Jun 29,2017

A rally by financial and technology stocks on Wednesday, 28 June 2017 helped lift U.S. equity indices with the S&P 500 posting its largest one-day gain in two months while Nasdaq Composite recorded its best day in eight months.

The Dow Jones Industrial Average gained 143.95 points, or 0.7%, to 21,454.61. The Nasdaq Composite Index rose 87.79 points, or 1.4%, to 6,234. The S&P 500 climbed 21.31 points, or 0.9%, to end at 2,440.69. Financials led the gainers, rallying 1.6%, closely tracking rising long-term Treasury yields. Shares of Caterpillar and J.P. Morgan Chase & Co. led the charge, up more than 2%.

All three main indexes erased Tuesdays losses, which came after a delay to a vote on health-care bill, prompting worries about the prospects for President Donald Trumps pro-growth agenda.

Tech stocks were lagging in pre-market action, but then showed signs of life after the European Central Bank said that the market misjudged yesterdays remarks from ECB President Mario Draghi, which were originally deemed as hawkish. Technology stocks, which suffered a pullback in recent sessions, rebounded from lows, with the sector closing 1.4% higher. Despite recent selloffs in technology stocks, the sector remains fairly robust, while some analysts arent concerned about recent weakness.

The yield on 10-year Treasurys was up at 2.22%, having risen to a one-month high in the previous session. Higher long-term borrowing costs mean banks can earn bigger spreads on their loans.

The ICE U.S. dollar, a measure of the U.S. unit against a basket of six major rivals, was off 0.4% at 96.02 as gold prices settled, leaving it down more than 1% for the week. A weaker currency is seen boosting commodities priced in dollars, as it makes them cheaper to users of other currencies.

The boost from a weaker currency was partly offset by gains in the U.S. stock market on Wednesday, which benefited from a rally in financial shares, as well as by rising Treasury yields.

Economic data at Wall Street included May Pending Home Sales, the Advance Report for International Trade in Goods for May, and the weekly MBA Mortgage Applications Index. Pending Home Sales for May declined 0.8% (consensus +0.5%). Todays reading follows a revised 1.7% decrease in April (from -1.3%). The Advance Report for International Trade in Goods for May showed a deficit of $65.9 billion, down from a revised deficit of $67.1 billion for April (from -$67.6 billion). The weekly MBA Mortgage Applications Index declined 6.2% to follow last weeks 0.6% increase.

Crude Oil prices settled higher on Wednesday, 28 June 2017 lifting their tally of consecutive gains to five, as U.S. government data revealed a sizable weekly decline in domestic crude production, although an unexpected rise in supplies kept gains in check.

August West Texas Intermediate crude added 50 cents, or 1.1%, to settle at $44.74 a barrel on the New York Mercantile Exchange, scoring for a fifth-straight session climb. Brent oil for August delivery rose 66 cents, or 1.4%, to $47.31 a barrel on the ICE Futures Europe exchange.

Data from the U.S. Energy Information Administration showed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for the week ended 23 June 2017. The EIA reported that domestic crude supplies edged up by 100,000 barrels last week. That defied forecasts for a decline of 3.25 million barrels forecast but came in below the increase of 851,000 barrels reported by the American Petroleum Institute. Report also showed that gasoline stockpiles fell by 900,000 barrels, while distillate stockpiles also decreased by 200,000 barrels last week. Market had forecast a decline of 900,000 barrels for gasoline and a climb of 500,000 barrels for distillates, which include heating oil.

Among stocks under focus, General Mills rose 1.6% after the food company posted fiscal fourth-quarter earnings and sales topped Wall Streets estimates. Monsanto shares gained 1.3% after the agricultural products company reported fiscal third-quarter profit and sales that beat expectations.

Bullion prices ended higher at Comex on Wednesday, 28 June 2017. Prices ended higher on Wednesday as the dollar extended its decline, but strength in U.S. equities and Treasury yields served to cap the metals upside.

Gold for August delivery on Comex rose $2.20, or 0.2%, to settle at $1,249.10 an ounce, while September silver advanced 14 cents, or 0.8%, to $16.791 an ounce.

U.S. Treasuries settled mixed. The 10-yr yield climbed one basis point to 2.22% while the 2-yr yield slipped two basis points to 1.36%.

On Thursday, investors will receive Initial Claims (consensus 241,000) and the third estimate of first quarter GDP (consensus 1.2%). Both reports will be released at 8:30 ET.

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L T Foods commences operations at its rice processing plant in Rotterdam, Netherlands
Jun 29,2017

L T Foods commenced operations its first rice processing plant in Europe at Rotterdam, Netherlands. LT Foods has made an investment of USD 15 million in the plant with initial capacity of 60,000 tonnes and scope for further expansion in the future. The Company plans to make its most popular Daawat brand a household name in Europe using raw material from India. The move will benefit 5000 farmer families in India with brown rice supply increasing from India.

LT Foods plant is the first rice processing plant by any Indian foods brand in Europe. LT Foods plans to expand its geographical footprint in important markets of Europe and UK through this plant by increasing its sales from the current 5,000 tonnes to 60,000 tonnes over the next 3 years.

The Company would be manufacturing a wide range of rice including popular varieties like Basmati, Thai, Jasmine and American rice from the new plant. Rotterdam, which is popularly known as the gateway to Europe will be a critical geographical location as it will give the Company easy access to the whole of Europe and UK for its expansion plans.

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Eris Lifesciences sees a lukewarm debut
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 186.08 points or 0.6% at 31,024.39. The S&P BSE Mid-Cap index was up 186.08 points or 0.6% at 31,024.39.

Shares of Eris Lifesciences made a debut on the bourses at Rs 612 per share, a premium of 1.49% over its issue price of Rs 603 per share. The stock had hit a high of Rs 627.70 and low of Rs 592.30 so far during the day. On BSE, 6.06 lakh shares were traded on the counter so far.

Eris Lifesciences initial public offering (IPO) had received bids for 5.25 crore shares compared with 1.59 crore shares, data on NSE showed. The IPO was subscribed 3.29 times.

Category wise, the qualified institutional buyers (QIBs) category was subscribed 4.68 times. The non institutional investors (NIIs) category was subscribed 0.45 times. The retail individual investors (RIIs) category was subscribed 3.51 times.

The price band of the IPO was fixed at Rs 600 to Rs 603 per share of face value of Re 1 each. The IPO had opened for subscription on 16 June 2017 and closed on 20 June 2017.

The IPO comprised of an offer for sale of 2.89 crore shares by the selling shareholders comprising the promoters and promoters group Amit Bakshi, Himanshu Shah, Inderjeet Negi, Kaushal Shah, Rajendrakumar Patel, Bhikabhai Shah and Hetal Shah and private equity (PE) investor ChrysCapital.

The objects of the issue were to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Ahead of the bidding, IPO committee of the board of directors had allocated 1.29 crore shares to 37 anchor investors at the higher end of the IPO price band at Rs 603 per share aggregating Rs 779.45 crore.

Eris Lifesciences consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Incorporated in 2007, Gujarat-based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM).

The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.

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Rashtriya Chemicals & Fertilizers announces Offer of Sale up to 2.75 crore equity shares
Jun 29,2017

Rashtriya Chemicals & Fertilizers announced that The President of India (acting through and represented by the Ministry of Chemicals & Fertilizers, Government of India) (the Seller) announced its intention to sell up to 2,75,84,405 equity shares of the Company of face value of Rs 10/- each, representing 5% of the total paid up equity share capital of the Company (the Offer Shares), on 29 June 2017 (for non-Retail Investors) and 30 June 2017 (for Retail Investors and for non-Retail Investors who choose to carry forward their bids).

The Floor Price for the Offer shall be Rs 74.25 per equity share of the Company.

Further upto 5% of the Offer shares (over and above the number of Offer Shares) could be offered to eligible and willing employees of the company at a discount of upto 5% of the Cut-off Price subsequent to completion of the Offer.

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Country Club jumps over 10% in two sessions
Jun 29,2017

Meanwhile, the S&P BSE Sensex was up 228.53 points, or 0.74% to 31,062.85.

On the BSE, 28,000 shares were traded in the counter so far, compared with average daily volumes of 89,925 shares in the past one quarter. The stock had hit a high of Rs 14.39 and a low of Rs 13.87 so far during the day. The stock hit a 52-week high of Rs 17.54 on 7 November 2016. The stock hit a 52-week low of Rs 11.68 on 28 March 2017.

The stock had outperformed the market over the past one month till 28 June 2017, rising 3.45% compared with 1.04% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.94% as against Sensexs 4% rise. The scrip had also outperformed the market in past one year, rising 11.46% as against Sensexs 15.31% rise.

The small-cap company has equity capital of Rs 32.69 crore. Face value per share is Rs 2.

The board of Country Club Hospitality & Holidays approved to sell, liquidate, transfer or lease back off or dispose such assets of the company which add limited value to the operations and profitability of the company, for the purpose of reduction of debt of the company. The proposal is subject to the approval of shareholders through postal ballot.

The announcement was made after market hours on Tuesday, 27 June 2017. Shares of Country Club Hospitality & Holidays jumped 8.74% to Rs 13.81. The stock has risen 10.24% in two sessions from its close of Rs 12.70 on 27 June 2017.

Country Club Hospitality & Holidays reported net loss of Rs 2.24 crore in Q4 March 2017 as compared with net profit of Rs 0.91 crore in Q4 March 2016. Net sales fell 19.16% to Rs 66.56 crore in Q4 March 2017 over Q4 March 2016.

Country Club Hospitality & Holidays offers leisure hospitality membership services in India.

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