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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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L&T Technology Services announces strategic collaboration with UTC business units
Feb 23,2017

L&T Technology Services and UTC Climate, Controls & Security and Otis, units of United Technologies Corp announced a strategic collaboration to create an innovation laboratory focused on integrated buildings, smart homes and cold chain technologies. The lab will be located at LTTS Bengaluru campus, with support from the UTC business units.

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Bharti Airtel to acquire Telenor (India)
Feb 23,2017

Bharti Airtel announced it has entered into a definitive agreement with Telenor South Asia Investments to acquire Telenor (India) Communication. The acquisition is subject to requisite regulatory approvals.

As part of the agreement, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.

The proposed acquisition will include transfer of all of Telenor Indias assets and customers. It will include addition of 43.4 MHz spectrum in the 1800 MHz band.

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Bharti Airtel spurts on Telenor India acquisition
Feb 23,2017

The announcement was made before trading hours today, 23 February 2017.

Meanwhile, the BSE Sensex was up 66.96 points, or 0.23%, to 28,931.67.

On the BSE, so far 5.69 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 400.65 and a low of Rs 369.05 so far during the day.

The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 283.95 on 9 November 2016.

The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.

Bharti Airtel, Indias largest telecommunications services provider, announced that it has entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India). The acquisition is subject to requisite regulatory approvals. As part of the agreement, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth.

The proposed acquisition will include transfer of all of Telenor Indias assets and customers, further augmenting Airtels overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band. Airtel will ensure quality services to Telenor Indias customers, while offering them the added benefits of its innovative product portfolio, access to superior voice & data services, mobile banking, VAS and domestic! international roaming facilities. Telenor Indias operations and services will continue as normal until the completion of the transaction, the company said in a statement.

Meanwhile, Bharti Airtel announced that it has through its subsidiary Bharti Airtel Services, acquired a strategic stake in Seynse Technologies, a financial technology company for undisclosed sum. The announcement was made during market hours yesterday, 22 February 2017. The investment was completed by the company. Turnover of Seynse as on 31 March 2016 was Rs 6.53 lakh and had 41 employees. Seynse has created the popular digital leading platform Loan Singh, which enables easy loans for credit worthy yet under served borrowers. Seynse has built a proprietary credit engine and advanced machine learning capacity to serve customers.

Bharti Airtels consolidated net profit fell 54.54% to Rs 503.70 crore on 3.03% decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

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Board of Archit Organosys approves time schedule for rights issue time
Feb 23,2017

Archit Organosys announced that the Board of Directors of the Company at its meeting held on 22 February 2017 has considered and approved the following time schedule for issue of equity shares having face value of Rs 10 each at a price of Rs 25 per share on rights basis to eligible shareholders of the company as on record date of 11 February 2017.

Issue opening date - 2 March 2017
Last date for receipt of request of split application forms - 9 March 2017
Issue closing date - 16 March 2017

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Job creation through growth: New ASSOCHAM President
Feb 23,2017

Welcoming various steps taken by the Government to curb black money and corruption, new ASSOCHAM President Mr. Sandeep Jajodia said, as economy is still in the stage of remonetisation, the people should be encouraged and not discouraged to start spending again. Enough cash in both rural area and cities, along with some bold and pragmatic decisions on issues like bank NPAs would be key drivers for reverting to 8% growth, he said.

While extending ASSOCHAMs full cooperation for the governments drive against black money and corruption, Mr. Jajodia said, however, it must be ensured that there shall not be any tax terrorism and fear psychosis among the consumers, especially of high value products and services, as also the trade channels, must be avoided. Besides, government officials at all levels should be made accountable for their actions, Mr. Sandeep Jajodia said.

Lauding governments sincere efforts in tackling NPAs of public sector banks, Mr. Jajodia said, we are faced with a situation where banks, with loads of cash, are finding it hard to lend despite lowering of interest ratesn++n++Apparently, there are not many takers for credit. n++The credit off-take from the corporate India, in any case, would be quite low as long as the entire issue of non-performing assets, cleaning up of the banks balance-sheets is not resolved with a pragmatic approach and strong political willn++. He said a clear distinction should be made between the willful defaulters and those whose business ran into difficulty due to external economic factors like volatile commodity prices or even those whose commercial decision may appear to be wrong in the hindsight.

Here again, someone at the political leadership, has to bite the bullet since the top bank managements, despite the new RBI guidelines are wary of taking hard decisions in terms of debt restructuring for fear of coming under the investigative scanner.

n++This is a bad vicious circle, we should not allow ourselves to slip into, as the stakes are quite high for creating a huge number of jobs which is possible only through a vibrant economy built on strong consumer demand, robust manufacturing, trade and services and modernizing the Indian agriculture, integrating it well into the manufacturing of food processingn++, Mr. Jajodia pointed out.

Dealing with a large number of macro domestic and global issues, the new ASSOCHAM President said for now, the government should further speed up infrastructure projects being financed by public funding in roads, highways, railways, ports and airports. The Budget for 2017-18 has provided for a sizeable allocation of Rs. 3.96 lakh crore for entire infrastructure space which is a commendable feat by the Honble Finance Minister Mr. Arun Jaitely. However, it must be ensured that the execution of the key infrastructure projects is done with speed and efficiency so that a positive spin-off effect is seen across different related industries like steel and cement.

While the investment has to be led by the public sector, the private sector which is reeling under high leverage must be hand-held and roped in with new and innovative business models so that the industry can revive to its previous peaks. The total investment of Rs 2.41 lakh crore, provided in the Budget for rail, road, shipping, should be front-loaded so that the follow up impact can be seen across different sectors.

Creation of jobs for the youth, who are getting added in large numbers every year, is one of the prime responsibilities both for the government and the corporate India. As many as 12 million youth are ready to join the workforce per year which needs to be given jobs. The aspiration and dreams of the youth should be nurtured and adequate platform should be provided to them to perform. Initiatives like Startup India, Skill India are good initiatives but the implementation of these programmes must be linked to specific targets in terms of jobs.

Further incentives for investment into manufacturing, IT, infrastructure and other core industrial sectors would create more employment for the youth. A large manufacturing plant or a big infrastructure project creates lots of ancillary job opportunities which in turn give opportunity for start-ups by aspirational youth to unleash their entrepreneurial abilitiesn++ said Mr. Jajodia.

He said, the Industry is working closely with the Centre and the state governments on glide path for implementation of the Goods and Services Tax (GST), the biggest ever tax reform in the country. We hope that remaining areas of divergence among the centre and the states are resolved in the next meeting of the GST Council.

While praising the Government to give infrastructure status to affordable housing, Mr. Jajodia emphasized the need for further reforms / incentives for the entire reality sector, which again can create lakhs of new jobs across the value chain, starting from steel, cement, bricks and other construction material. The revival of the sector would then lead to resolution of the NPAs which have crept into the housing and realty sector. n++This sector involves many SMEsas also the large companies, along with lakhs of skilled and unskilled workers in the business cycle.n++ said Mr.Jajodia.

As for the issue of protectionism being spear-headed by the Trump Administration, Mr Jajodia said the Indian government, industry, political leadership across different parties along with civil society must actively engage with the US Government , politicians , industry bodies and other stakeholders to drive home a point that the open trade policies help create jobs and not take them away. n++The sectoral case studies on how the outsourcing has helped improve global supply chain across different sectors, with the help of technology, and created consumer demand and jobs in America should be pursuedn++.

On Brexit, he said, the Indian policy makers should remain pro-active about the turn of events and how the entire Brexit deal is negotiated between the EU and Britain and fine-tune our policies accordingly.

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Bharti Airtel in focus after picking up stake in fintech startup Seynse
Feb 23,2017

Bharti Airtel announced that it has through its subsidiary Bharti Airtel Services, acquired a strategic stake in Seynse Technologies, a financial technology company for undisclosed sum. The announcement was made during market hours yesterday, 22 February 2017. The investment was completed by the company. Turnover of Seynse as on 31 March 2016 was Rs 6.53 lakh and had 41 employees. Seynse has created the popular digital leading platform Loan Singh, which enables easy loans for credit worthy yet under served borrowers. Seynse has built a proprietary credit engine and advanced machine learning capacity to serve customers.

NTPC said that the 115 megawatts (MW) out of 260 MW of Bhadla Solar Power Project of NTPC has been commissioned. With this, the installed capacity of NTPCs solar power projects has touched 475 MW. The total installed capacity of NTPC on standalone basis has become 41177 MW and that of NTPC group has become 48143 MW. The announcement was made after market hours yesterday, 22 February 2017.

Adani Power said that the convertible warrant holders, to whom the warrants were allotted in May 2016 on preferential basis, have exercised their rights for conversion and applied for conversion of part of the warrants into equity shares. Consequently, management committee of the board of directors of the company at its meeting held on 22 February 2017 has made allotment of total 2.74 crore equity shares of the face value of Rs 10 each (with a premium of Rs 22.54 per equity share) to the said convertible warrant holders. Subsequent to this allotment, the shareholding of the promoter and promoter group has increased to 66.703% of the enhanced paid up equity share capital of the company. The announcement was made after market hours yesterday, 22 February 2017.

Dewan Housing Finance Corporation said it proposes to issue secured redeemable non convertible debentures amounting to Rs 1500 crore on private placement basis, pursuant to special resolution passed by the shareholders of the company at the 32nd annual general meeting held on 20 July 2016. The debentures hold a tenure of 10 years and carry a coupon rate of 8% per annum. The announcement was made after market hours yesterday, 22 February 2017.

Minda Industries announced that the company has entered into joint venture agreement with Katolec Corporation, Japan. The announcement was made after market hours yesterday, 22 February 2017. The proposed name for the joint venture company is Minda Katolec Electronics Services, which shall be incorporated with Minda holding 51% and Katolec holding 49% of the equity. The JV company is proposed to be set up in Pune, Maharashtra as an electronic manufacturing services company offering turnkey as well as job work solutions. The initial investment outlay is Rs 40 crore. The products to be manufactured would include high end electronics like printed circuit boards and box build assemblies.

Asian Oilfield Services said that its wholly-owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai, has signed a contract for providing operations and maintenance services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria. The total value of contract is about $95 million for a total period of 5 years (inclusive of client options). The company added that it had earlier announced on 27 December 2016 about receipt of a binding Letter of Intent (LOI) for contract of approximately $57 million for providing O&M services for 3 years. The above contract of $95 million for a total period of 5 years (inclusive of client options) is for the same LOI.

Further, the companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99% shareholding of Ivorene Oil Services Nigeria (a company registered under Nigeria) to provide local support for this O&M contract. The announcement was made after market hours yesterday, 22 February 2017.

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Star Ferro and Cement receives order of NCLT approval for scheme of amalgamation
Feb 22,2017

Star Ferro and Cement has received on 21 February 2017 the certified copy of the order dated 07 February 2017, passed by the Guwahati Bench of the Honble National Company Law Tribunal (NCLT) sanctioning the Scheme of Amalgamation of Star Ferro and Cement (Transferor Company) with Star Cement (Transferee Company).

Further, the Company and Star Cement respectively have filed the copy of the aforesaid order vide INC-28 with the Registrar of Companies, Shillong on 22 February 2017.

Accordingly, the Scheme of Amalgamation is effective with effect from the Appointed date i.e., 01 April 2016.

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Asian Oilfield Services provides update on binding LoI of approximately USD 57 million
Feb 22,2017

Asian Oilfield Services announced that the Companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai has signed a contract for providing Operations and Maintenance Services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria. The total value of contract is about US$ 95 million for a total period of 5 years (inclusive of client options).

The Company has now informed that the Company have earlier announced on 27 December 2016 about receipt of a binding Letter of Intent (LOI) for contract of approximately US$ 57 million for providing O&M services for 3 years. The above contract of US$95 million for a total period of 5 years (inclusive of client options) is for the same LOI.

The Companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99% shareholding of Ivorene Oil Services Nigeria (a company registered under Nigeria) to provide local support for this O&M contract.

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Huhtamaki PPL gets NCLT approval for scheme of arrangement
Feb 22,2017

Huhtamaki PPL announced that the Honble Mumbai Bench of National Company Law Tribunal (NCLT) at its hearing held on 22 February 2017, sanctioned the Scheme of Arrangement of Positive Packaging Industries and Webtech Labels with Huhtamaki PPL, and their respective shareholders and creditors.

Further, on receipt of the Certified True copy of the NCLT Orders, the same will be filed with the Registrar of Companies and the Scheme/Merger would become effective on such filing.

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Huhtamaki PPL gets NCLT approval for scheme of arrangement
Feb 22,2017

Huhtamaki PPL announced that the Honble Mumbai Bench of National Company Law Tribunal (NCLT) at its hearing held on 22 February 2017, sanctioned the Scheme of Arrangement of Positive Packaging Industries and Webtech Labels with Huhtamaki PPL, and their respective shareholders and creditors.

Further, on receipt of the Certified True copy of the NCLT Orders, the same will be filed with the Registrar of Companies and the Scheme/Merger would become effective on such filing.

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Asia Pacific Market: Stocks gain on positive offshore cues
Feb 22,2017

Asia Pacific share market mostly higher on Wednesday, 22 February 2017, as sentiments were lifted by record-setting US markets overnight. However, gains on the regional benchmark indices were muted as investors await policy details from the Trump administration on tax reforms and deregulation. MSCIs broadest index of Asia-Pacific shares outside Japan rose 0.5%.

The Dow Jones industrial average hit a record closing high for the eighth consecutive session in New York on Tuesday, after a three-day weekend, on the back of strong results by Wal-Mart and Home Depot.Financial markets are waiting on the Feds Jan. 31-Feb. 1 policy meeting minutes due later in the day for fresh hints on the central banks stance towards interest rates. Many market players agreed that the minutes will reveal no major differences from Fed Chair Janet Yellens recent congressional testimony.

In commodities, crude extended gains from the previous day when it touched 1-1/2-month peaks on OPECs optimism for greater compliance with its deal with other producers including Russia to curb output. Brent crude rose 0.5% to $56.92 a barrel and U.S. crude added 0.4% to $54.53 a barrel.

Among Asian bourses

Australia Market ends up

Australian equity market ended higher in choppy trade, as gains in the Consumer Staples, Healthcare and Industrials sectors led shares higher. At the close, the benchmark S&P/ASX 200 index added 14.10 points, or 0.24%, of 5,805.10, while the broader All Ordinaries index rose 14.70 points, or 0.25%, to 5,850.10.

The big four banks were mostly higher. ANZ Banking, Westpac and National Australia Bank were higher in a range of 0.5% to 0.7%, while Commonwealth Bank was down 0.3% as its shares traded ex-dividend.

Fortescue Metals posted a sharp increase in profit for the first half of the year, reflecting a rebound in iron ore prices and lower interest costs. However, shares of the miner, which also said it will more than triple its interim dividend payment, was down 2.7%.

Investors were unimpressed with BHP Billiton after the worlds biggest miner reported, at the close of market yesterday, that it had bounced back to profitability in the six months to December, with a rebound in prices for iron ore, coal and petroleum contributing to a profit of $US3.2 billion ($A4.2 billion). Its shares were down 0.7%.

Woodside Petroleum closed 0.1% up after the company said its full-year profit surged from last year, when results were weighed down by large writedowns. The energy giant announced its full-year profit had skyrocketed to $US868 million ($A1.1 billion), from $US26 million a year earlier. The company also raised its final dividend.

Woolworths shares inclined 4.4% after the company reported a turnaround to profit in the first half and expects to complete the review of its BIG W strategy in the next few months.

Fairfax Media shares were up 8% after news that the media group is aiming to boost shareholder returns by spinning off Domain into a separate ASX-listed business.

Blackmores recorded a 41% fall in first-half profit due to a slump in Australian vitamin sales. The vitamins and nutritional supplements makers shares were losing more than 9%.

Vocus Groups shares gained 7% after the telecom operator reported a 95% surge in first-half net profit on a five-fold jump in revenue.

Nikkei ends flat

The Japan share market settled marginally down, as risk sentiments weighed down by the yens strength against greenback, uncertainty over European politics--and especially the French presidential election, and on caution ahead of the minutes of the U.S. Federal Reserves latest meeting for clues for interest rate hikes. The 225-issue Nikkei average edged down 1.57 points, or 0.01%, to finish at 19,379.87. On the other hand, the Topix index of all first-section issues closed up 1.49 points, or 0.10%, at 1,557.09.

Financials were lower as uncertainty over European politics--and especially the French presidential election--pushed haven assets like government bonds. Lower government bond yields decrease financial firms profit margins. Nomura Holdings Inc. lost 0.7% to 750.0 yen. Major insurer Sompo Holdings Inc. fell 0.5% to Y4,350.

Steel stocks were among the best performers. JFE Holdings Inc. rose 3.0% to Y2,228.0. Nippon Steel & Sumitomo Metal Corp. gained 1.8% to Y2,871.5.

Among other individual stocks, e-commerce company Rakuten Inc. rose 9.4% to Y1,129.5 after the company announced a share repurchase program. Rakuten said it will buy back 8.4% of total shares outstanding, excluding treasury stock, for a maximum acquisition value of 100 billion yen. Shares have trended lower since Feb. 13, when the company posted a 15% profit decrease for 2016.

Toshiba Corp. rose 22% to Y224.7 following a Nikkei business daily report that the company has asked potential bidders for its memory-chip business to value the asset at a minimum Y2 trillion yen ($17.6 billion). The firm on Tuesday said it has completed the 31.4 billion yen sale of its medical finance unit to copier and camera maker Canon.

China Stocks close near 3-month peak

Mainland China stock market rose for a third straight day to approach three-month highs, as risk sentiments boosted by reports that wealth management products (WMPs) might be allowed to invest in the stock market directly after a united regulation system covering WMPs was proposed. Most sectors were largely unchanged, with gains were led by material and consumer shares. At the close, the blue-chip CSI 300 index inched up 0.2% to 3,489.76 points. The benchmark Shanghai Composite Index added 0.24% to 3,261.22 points, while the Shenzhen Component Index finished 0.37% higher at 10,444.38 points. The ChiNext, the countrys NASDAQ equivalent, slipped 0.06% to 1,919.97 points.

Shares in Jiangsu Wujiang Rural Commercial Bank tumbled 9.1%, the biggest one-day loss since it was listed in late November 2016.

Real estate stocks barely moved after data showed home price growth slowed for the fourth straight month as demand cooled further in Chinas biggest cities.

On the currency news front- The Chinese currency renminbi, or yuan, was slightly up against the U.S. dollar even after the Peoples Bank of China set the fixing rate weaker for a third consecutive day. The PBOC set the yuan central parity at 6.8830, compared with 6.8790 on Tuesday. The yuan was last at 6.8795 against the U.S. unit, compared with the official closing price of 6.8826 on Tuesday.

Hong Kong Stocks ends near 18-1/2-month high

The Hong Kong stock market closed near 18 and a half months high, as sentiments were lifted by record-setting US markets overnight, firmer domestic economic growth outlook, and stronger inflows from the mainland. The benchmark Hang Seng index went up 0.99% to 24,201.96 points. Hong Kong China Enterprises Index gained 1.2% to 10,537.58. Turnover increased to HK$92.5 billion from HK$87.7 billion on Tuesday.

Market sentiments were lifted on news that Hong Kong granted out billions in tax cuts & poverty relief on Wednesday, to encourage its economy that is expected to grow more strongly than expected at 2-3% this year.

Shares of Chinese developers listed in Hong Kong were higher. According to Chinas latest data, property price growth of newly built commodity housing in 70 major cities for January showed a slowdown. CR Land (01109) put on 5% to HK$22. China Overseas (00688) climbed 3.6% to HK$24.45. New World (00017) added 3.5% to HK$9.78 after the developer reported 2016 interim earnings grew 31% to HK$4.34 billion.

Kunlun Energy (00135) issued profit warning. The stock gained 1.3% to HK$6.87. CCB (00939) shot up 2.4% to HK$6.45, boosted by news that overall NPLs dropped for mainland commercial banks. ICBC (01398) also added 2.2% to HK$5.18.

Sensex, Nifty hit more than five-month closing high

A surge in index heavyweight Reliance Industries (RIL) and positive global stocks helped key benchmark indices register modest gains today. The barometer index, the S&P BSE Sensex, rose 103.12 points or 0.36% to settle at 28,864.71. The Nifty 50 index rose 19.05 points or 0.21% to settle at 8,926.90.

Index heavyweight Reliance Industries (RIL) surged 10.97% to Rs 1,207.65 as investors anticipated revenue generation for its telecom venture Jio starting from 1 April 2017. The company said that its subsidiary Reliance Jio Infocomm (RJIL) has breached the 100 million customer mark in 170 days. Jio announced that in addition to its own market leading tariff plans, it will also offer its customers the option to choose the highest selling tariff plan of any of the other leading Indian telecom operators, but with 20% more data than what any other operator provides. The announcement was made at the fag end of market hours yesterday, 21 February 2017.

Bharti Airtel declined 0.56%. The company announced that it has through its subsidiary Bharti Airtel Services, acquired a strategic stake in Seynse Technologies, a financial technology company for undisclosed sum. The announcement was made during market hours today, 22 February 2017. The investment was completed by the company. Turnover of Seynse as on 31 March 2016 was Rs 6.53 lakhs and had 41 employees.

Jindal Steel & Power rose 0.78%, with the stock extending recent rally. Shares of Jindal Steel & Power (JSPL) had risen 24.30% in five trading sessions to settle at Rs 109.45 yesterday, 21 February 2017, from its close of Rs 88.05 on 14 February 2017.

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Australia Market ends up
Feb 22,2017

Australian equity market ended higher in choppy trade on Wednesday, 22 February 2017, as gains in the Consumer Staples, Healthcare and Industrials sectors led shares higher. At the close, the benchmark S&P/ASX 200 index added 14.10 points, or 0.24%, of 5,805.10, while the broader All Ordinaries index rose 14.70 points, or 0.25%, to 5,850.10.

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Nikkei ends flat
Feb 22,2017

The Japan share market settled marginally down on Wednesday, 22 February 2017, as risk sentiments weighed down by the yens strength against greenback, uncertainty over European politics--and especially the French presidential election, and on caution ahead of the minutes of the U.S. Federal Reserves latest meeting for clues for interest rate hikes. The 225-issue Nikkei average edged down 1.57 points, or 0.01%, to finish at 19,379.87. The Topix index of all first-section issues closed up 1.49 points, or 0.10%, at 1,557.09.

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China Stocks close near 3-month peak
Feb 22,2017

Mainland China stock market rose for a third straight day to approach three-month highs on Wednesday, 22 February 2017, as risk sentiments boosted by reports that wealth management products (WMPs) might be allowed to invest in the stock market directly after a united regulation system covering WMPs was proposed. Most sectors were largely unchanged, with gains were led by material and consumer shares. At the close, the blue-chip CSI 300 index inched up 0.2% to 3,489.76 points. The benchmark Shanghai Composite Index added 0.24% to 3,261.22 points, while the Shenzhen Component Index finished 0.37% higher at 10,444.38 points. The ChiNext, the countrys NASDAQ equivalent, slipped 0.06% to 1,919.97 points.

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Hong Kong Stocks ends near 18-1/2-month high
Feb 22,2017

The Hong Kong stock market closed near 18 and a half months high on Wednesday, 22 February 2017, as sentiments were lifted by record-setting US markets overnight, firmer domestic economic growth outlook, and stronger inflows from the mainland. The benchmark Hang Seng index went up 0.99 percent to 24,201.96 points. Hong Kong China Enterprises Index gained 1.2% to 10,537.58. Turnover increased to HK$92.5 billion from HK$87.7 billion on Tuesday.

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