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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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Asian Paints revises record date for interim dividend
Oct 05,2016

Asian Paints has fixed 02 November 2016 as the Revised Record Date for the purpose of payment of interim dividend, if declared, for the financial year ending 31 March 2017.

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Premier Explosives secures new order for supply of booster grains
Oct 05,2016

Premier Explosives has secured an order worth Rs 27.79 crore from Bharat Dynamics for supply of booster grains.

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Tourism Finance Corp spurts as Jhunjhunwala buys stake
Oct 05,2016

Meanwhile, the BSE Sensex was down 49.87 points, or 0.18%, to 28,284.68.

On BSE, so far 24.58 lakh shares were traded in the counter, compared with average daily volume of 2.17 l shares in the past one quarter. The stock hit a high of Rs 70.50 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 65.80 so far during the day. The stock hit a 52-week low of Rs 34.75 on 24 May 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 41.12% compared with 0.69% decline in the Sensex. The scrip had als outperformed the market in past one quarter, rising 47.02% as against Sensexs 4.30% rise.

The small-cap company has equity capital of Rs 80.72 crore. Face value per share is Rs 10.

Data showed Insync Capital Partners bought 4.25 lakh shares, or 0.53% stake, in Tourism Finance Corporation of India at an average price of Rs 56.22 on NSE yesterday, 4 October 2016.

Insync Capital Partners has ace investor Rakesh Jhunjhunwala and his wife Rekha among its designated partners.

Net profit of Tourism Finance Corporation of India rose 22.5% to Rs 20.16 crore on 14.7% rise in operating income to Rs 50.47 crore in Q1 June 2016 over Q1 June 2015.

Tourism Finance Corporation of India provides financial assistance by way of rupee loan, subscription to equity / debentures and corporate loans mainly to hotel projects, amusement parks, ropeways, multiplexes, restaurants etc. With a view to diversify in other related areas, TFCI has expanded the scope of its activities by including financing of infrastructure projects, real estate projects and manufacturing projects to a limited extent, within the scope of its activities.

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Reliance Infrastructure signs binding term sheet with Adani Transmission
Oct 05,2016

Reliance Infrastructure announced the signing of a binding Term Sheet with Adani Transmission (ATL) for 100% stake sale of its Transmission Assets.

RInfra owns the countrys first 100% private sector transmission project - Western Region System Strengthening Scheme (WRSSS) - B & C projects located in the state of Maharashtra, Gujarat, Madhya Pradesh and Karnataka. RInfra owns 74% in Parbati Koldam Transmission Company (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India (PGCIL). All three transmission projects are completed and revenue generating.

The entire sale proceeds shall be utilized for debt reduction.

The transaction is in line with the strategic plan of monetizing non-core business and focus on major growth areas like Defence and EPC business. Monetisation of Cement business has been completed and monetisation of Roads & Mumbai Power businesses are in advanced stage.

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Indo Count gains after CARE upgrades credit ratings
Oct 05,2016

The announcement was made after market hours yesterday, 4 October 2016.

Meanwhile, the S&P BSE Sensex was down 55.46 points or 0.2% at 28,279.09.

On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 25,072 shares in the past one quarter. The stock hit a high of Rs 758.05 and a low of Rs 721.05 so far during the day. The stock had hit a record high of Rs 1,248.45 on 8 February 2016. The stock had hit a 52-week low of Rs 700 on 29 September 2016. The stock had underperformed the market over the past one month till 4 October 2016, sliding 10.57% compared with 0.69% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 28.37% as against Sensexs 3.87% rise.

The small-cap company has equity capital of Rs 39.48 crore. Face value per share is Rs 10.

This upgradation in the long term bank facilities (term loan) and short term bank facilities (fund & non-fund based bank facilities) ratings reflects the companys consistent cash accruals generated in the business and its strengthened leading position in the niche home textiles segment which has led to a healthy debt coverage metrics and liquidity position for the company, CARE said.

Indo Count Industries net profit rose 15.6% to Rs 60.29 crore on 6% growth in net sales to Rs 476.68 crore in Q1 June 2016 over Q1 June 2015.

Indo Count Industries is a specialized end-to-end bedding provider. The company makes bed sheet sets, pillow cases, duvet covers, bed skirts, comforters and window covering, etc.

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Indias gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the worlds major economies-IMF
Oct 05,2016

Global economic growth will remain subdued this year following a slowdown in the United States and Britains vote to leave the European Union, the IMF said in its October 2016 World Economic Outlook.

n++Taken as a whole, the world economy has moved sideways,n++ said IMF chief economist and economic counsellor, Maurice Obstfeld. n++We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world,n++ he said.

The report highlighted the precarious nature of the recovery eight years after the global financial crisis. It raised the specter that persistent stagnation, particularly in advanced economies, could further fuel populist calls for restrictions on trade and immigration. Obstfeld said such restrictions would hamper productivity, growth, and innovation.

n++It is vitally important to defend the prospects for increasing trade integration, Obstfeld, said. n++Turning back the clock on trade can only deepen and prolong the world economys current doldrums.n++

To support growth in the near term, the central banks in advanced economies should maintain easy monetary policies, the IMF said. But monetary policy alone wont restore vigor to economies dogged by slowing productivity growth and aging populations, according to the new report. Where possible, governments should spend more on education, technology, and infrastructure to expand productive capacity while taking steps to alleviate inequality. Many countries also need to counteract waning potential growth through structural reforms to boost labor force participation, better match skills to jobs, and reduce barriers to market entry.

The world economy will expand 3.1 percent this year, the IMF said, unchanged from its July projection. Next year, growth will increase slightly to 3.4 percent on the back of recoveries in major emerging market nations, including Russia and Brazil (see table).

Advanced economies: U.S. slowdown, Brexit

Advanced economies will expand just 1.6 percent in 2016, less than last years 2.1 percent pace and down from the July forecast of 1.8 percent.

The IMF marked down its forecast for the United States this year to 1.6 percent, from 2.2 percent in July, following a disappointing first half caused by weak business investment and diminishing pace of stockpiles of goods. U.S. growth is likely to pick up to 2.2 percent next year as the drag from lower energy prices and dollar strength fades.

Further increases in the Federal Reserves policy rate n++should be gradual and tied to clear signs that wages and prices are firming durably,n++ the IMF said.

Uncertainty following the n++Brexit referendum in June will take a toll on the confidence of investors. U.K. growth is predicted to slow to 1.8 percent this year and to 1.1 percent in 2017, down from 2.2 percent last year.

The euro area will expand 1.7 percent this year and 1.5 percent next year, compared with 2 percent growth in 2015.

n++The European Central Bank should maintain its current appropriately accommodative stance,n++ the IMF said. n++Additional easing through expanded asset purchases may be needed if inflation fails to pick up.n++

Growth in Japan, the worlds number 3 economy, is expected to remain subdued at 0.5 percent this year and 0.6 percent in 2017. In the near term, government spending and easy monetary policy will support growth; in the medium term, Japans economy will be hampered by a shrinking population.

Emerging market growth expected to accelerate

In emerging market and developing economies, growth will accelerate for the first time in six years, to 4.2 percent, slightly higher than the July forecast of 4.1 percent. Next year, emerging economies are expected to grow 4.6 percent.

However, prospects differ sharply across countries and regions.

In China, policymakers will continue to shift the economy away from its reliance on investment and industry toward consumption and services, a policy that is expected to slow growth in the short term while building the foundations for a more sustainable long-term expansion. Still, Chinas government should take steps to rein in credit that is n++increasing at a dangerous pace and cut off support to unviable state-owned enterprises, n++accepting the associated slower GDP growth,n++ the IMF said.

Chinas economy, the worlds second largest, is forecast to expand 6.6 percent this year and 6.2 percent in 2017, down from growth of 6.9 percent last year.

n++External financial conditions and the outlook for emerging market and developing economies will continue to be shaped to a significant extent by market perceptions of Chinas prospects for successfully restructuring and rebalancing its economy, the IMF said.

Growth in emerging Asia, and especially India, continues to be resilient. Indias gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the worlds major economies. The IMF urged India to continue reform of its tax system and eliminate subsidies to provide more resources for investments in infrastructure, education, and health care.

Sub-Saharan Africas largest economies continue to struggle with lower commodity revenues, weighing on growth in the region. Nigerias economy is forecast to shrink 1.7 percent in 2016, and South Africas will barely expand. By contrast, several of the regions non-commodity exporters, including Cn++te dIvoire, Ethiopia, Kenya, and Senegal, are expected to continue to grow at a robust pace of more than 5 percent this year.

Economic activity slowed in Latin America, as several countries are mired in recession, with recovery expected to take hold in 2017. Venezuelas output is forecast to plunge 10 percent this year and shrink another 4.5 percent in 2017. Brazil will see a contraction of 3.3 percent this year, but is expected to grow at 0.5 percent in 2017, on the assumption of declining political and policy uncertainty and the waning effects of past economic shocks.

Countries in the Middle East are still confronting challenging conditions from subdued oil prices, as well as civil conflict and terrorism.

Overarching policy challenge

Given the still weak and precarious nature of the global recovery, and the threats it faces, the IMF underscored the urgent need for a comprehensive, consistent, and coordinated policy approach to reinvigorate growth, ensure it is distributed more evenly, and make it durable. By using monetary, fiscal, and structural policies in concertn++within countries, consistent over time, and across countriesn++the whole can be greater than the sum of its parts,n++ Obstfeld concluded.

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Volumes jump at Redington India counter
Oct 05,2016

Redington India clocked volume of 1.43 crore shares by 13:11 IST on BSE, a 481.24-times surge over two-week average daily volume of 30,000 shares. The stock rose 4.36% to Rs 112.55.

S H Kelkar and Company notched up volume of 5.52 lakh shares, a 14.98-fold surge over two-week average daily volume of 37,000 shares. The stock fell 2.09% to Rs 304.50.

Shree Cement saw volume of 8,178 shares, a 14.71-fold surge over two-week average daily volume of 556 shares. The stock rose 0.11% to Rs 17,700.

ACC clocked volume of 2.11 lakh shares, a 14.08-fold surge over two-week average daily volume of 15,000 shares. The stock rose 0.51% to Rs 1,644.55.

Eveready Industries India saw volume of 4.06 lakh shares, a 12.26-fold rise over two-week average daily volume of 33,000 shares. The stock rose 0.65% to Rs 246.90.

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Private sector growth eases amid slowdowns in manufacturing and services: Nikkei India Services PMI
Oct 05,2016

The health of the Indian private sector economy improved in September, but to a lesser extent than in August. Output and new business increased at softer rates in both the manufacturing and service sectors. Meanwhile, prices charged were raised in line with higher cost burdens.

Reflecting softer expansions in activity at both service providers and manufacturers, the seasonally adjusted Nikkei India Composite PMI Output Index fell from Augusts 42-month high of 54.6 to 52.4 in September. Nonetheless, the latest above-50.0 reading was the fifteenth in as many months, highlighting ongoing growth in the country.

The headline seasonally adjusted Nikkei India Services Business Activity Index registered 52.0 in September. Down from Augusts 43-month high of 54.7, the latest reading pointed to a slower rate of expansion that was moderate overall.

The level of new business placed with Indian services firms increased moderately in September, following a solid rise in August. Panellists commented on sustained demand growth, but mentioned competitive pressures and unfavourable weather conditions as factors weighing on new work inflows. The upturn in order books at manufacturers also lost some momentum.

Outstanding business at Indian service providers rose for the fourth month running in September and at the quickest rate since July 2014. Goods producers saw a softer increase in work-in-hand, but one that remained solid.

Contributing to higher backlogs was broadly stagnant staffing levels at services firms and manufacturers, a trend that has been evident throughout 2016 so far. The respective indices recorded only fractionally above the crucial 50.0 threshold as the vast majority of panellists in each sector signalled unchanged headcounts.

Prices charged by Indian service providers increased in September, as was the case in August. The rate of inflation accelerated slightly, but remained marginal and below the long-run series average. Survey respondents attributed higher output prices to rising cost burdens. Factory gate charges also increased at a quicker pace that was, nonetheless, weak by historical standards.

Input prices facing service providers rose in September, having decreased in each of the previous two months. That said, the rate of cost inflation was moderate and weaker than the surveys historical average. Higher food and petrol prices were identified by panellists as factors contributing to the overall increase in average input costs. Purchase price inflation at manufacturers picked up, though remained below its long-run average.

Business optimism among Indian service providers fell in September, with the degree of confidence remaining below its long-run average. Challenging market conditions was frequently reported by panellists as a key factor weighing on sentiment. Those respondents anticipating activity growth over the next 12 months commented on improved marketing campaigns and hopes of a better economic environment.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said: Service sector performance in India continued to improve relatively modestly in September, a trend that has been evident throughout the year-to-date. With manufacturing also on a softer footing, growth of private sector output and new orders eased in the latest month.

Over Q2 FY2016/17, however, the PMI Composite Output Index posted its highest reading since the Jan-Mar 2015 quarter, thereby suggesting a pick-up in GDP growth. This would be welcome by policy makers after the below-expectations figure of +7.1% y/y recorded in Q1.

The ongoing upturn in new work combined with muted employment growth led backlogs of work across the private sector to increase at the quickest pace in nearly two-and-a-half years. As a result of this, businesses may be more willing to take on additional workers as we head to the year end.

Food and petrol prices continued to climb in September, which placed pressure on operating costs. In response, private sector companies raised their own prices for the second straight month, although inflation remained relatively soft.

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Cabinet approves acquisition of 11 percent stake in JSC Vankorneft by ONGC Videsh
Oct 05,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an acquisition by ONGC Videsh (OVL) for 11% stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary.

OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Vankorneft.

The acquisition of stake in Vankorneft will provide 3.2 Million Metric Ton of Oil Equivalent (MMTOE) to OVL by 2017. It will also provide an opportunity to Indian public sector Oil and Gas companies to acquire new technologies from Rosneft. The acquisition is in line the ONGCs stated objective of adding high quality international assets to Indias Exploration and Production (E&P) portfolio and thereby augmenting Indias energy security.

Recently, an Indian Consortium comprising of Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL) acquired 23.9% stake in Vankorneft at a cost of US $ 2020.35 million which will give them 6.56 MMTOE. Earlier in May 2016, ONGC Videsh (OVL) completed the formalities on acquisition of 15% stake in Vankorneft at a cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

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Motherson Sumi moves higher on foreign brokerages buy rating
Oct 05,2016

Meanwhile, the S&P BSE Sensex was down 88.66 points or 0.31% at 28,245.89.

On BSE, so far 2.58 lakh shares were traded in the counter as against average daily volume of 2.70 lakh shares in the past one quarter. The stock rose as much as 2.27% at the days high of Rs 335.25 so far during the day. The stock rose 0.21% at the days low of Rs 328.50 so far during the day. The stock had hit a 52-week high of Rs 358.55 on 2 August 2016. The stock had hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had outperformed the market over the past one month till 4 October 2016, gaining 2.21% compared with 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 13% as against Sensexs 3.87% rise.

The large-cap company has equity capital of Rs 140.35 crore. Face value per share is Rs 1.

The foreign brokerage reportedly said that the passenger vehicle recovery would drive domestic business for Motherson Sumi Systems. The companys strong order book offers visibility on overseas business, it added. Mothersons FY 2019 earnings per share (EPS) estimates are 12% ahead of consensus, it further added. The brokerage sees further value-accretion for the company through acquisitions.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Board of Kama Holdings recommends dividend
Oct 05,2016

Kama Holdings announced that the Board of Directors of the Company at its meeting held on 5 October 2016, inter alia, have recommended the dividend of Rs 15 per equity Share (i.e. 150%) , subject to the approval of the shareholders.

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United Drilling Tools to hold board meeting
Oct 05,2016

United Drilling Tools will hold a meeting of the Board of Directors of the Company on 21 September 2016.

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Cabinet approves amendments to the HIV and AIDS (Prevention and Control) Bill, 2014
Oct 05,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to introduce official amendments to the HIV and AIDS (Prevention and Control) Bill, 2014.

The HIV and AIDS Bill, 2014 has been drafted to safeguard the rights of people living with HIV and affected by HIV. The provisions of the Bill seek to address HIV-related discrimination, strengthen the existing programme by bringing in legal accountability and establish formal mechanisms for inquiring into complaints and redressing grievances. The Bill seeks to prevent and control the spread of HIV and AIDS, prohibits discrimination against persons with HIV and AIDS, provides for informed consent and confidentiality with regard to their treatment, places obligations on establishments to safeguard rights of persons living with HIV arid create mechanisms for redressing complaints. The Bill also aims to enhance access to health care services by ensuring informed consent and confidentiality for HIV-related testing, treatment and clinical research.

The Bill lists various grounds on which discrimination against HIV positive persons and those living with them is prohibited. These include the denial, termination, discontinuation or unfair treatment with regard to:

(i) employment,

(ii) educational establishments,

(iii) health care services,

(iv) residing or renting property,

(v) standing for public or private office, and

(vi) provision of insurance (unless based on actuarial studies). The requirement for HIV testing as a pre-requisite for obtaining employment or accessing health care or education is also prohibited.

Every HIV infected or affected person below the age of 18 years has the right to reside in a shared household and enjoy the facilities of the household. The Bill also prohibits any individual from publishing information or advocating feelings of hatred against HIV positive persons and those living with them. The Bill also provides for Guardianship for minors. A person between the age of 12 to 18 years who has sufficient maturity in understanding and managing the affairs of his HIV or AIDS affected family shall be competent to act as a guardian of another sibling below 18 years of age to be applicable in the matters relating to admission to educational establishments, operating bank accounts, managing property, care and treatment, amongst others.

The Bill requires that No person shall be compelled to disclose his HIV status except with his informed consent, and if required by a court order. Establishments keeping records of information of HIV positive persons shall adopt data protection measures. According to the Bill, the Central and State governments shall take measures to:

(i) prevent the spread of HIV or AIDS,

(ii) provide anti-retroviral therapy and infection management for persons with HIV or AIDS,

(iii) facilitate their access to welfare schemes especially for women and children,

(iv) formulate HIV or AIDS education communication programmes that are age appropriate, gender sensitive, and non-stigmatizing, and

(v) lay guidelines for the care and treatment of children with HIV or AIDS. Every person in the care and custody of the state shall have right to HIV prevention, testing, treatment and counseling services. The Bill suggest that cases relating to HIV positive persons shall be disposed off by the court on a priority basis and duly ensuring the confidentiality.

There are no financial implications of the Bill. Most of the activities are being already undertaken or can be integrated within the existing systems of various Ministries under training, communication and data management, etc. The Bill makes provision for appointment of an ombudsman by State Governments to inquire into complaints related to the violation of the Act and penal actions in case of non-compliance. The Ombudsman need not be a separate entity, but any existing State Government functionary can be deputed or given additional charge.

There are approximately 21 lakh persons estimated to be living with HIV in India. Even though the prevalence of HIV is decreasing over the last decade, the Bill would provide essential support to National AIDS Control Programme in arresting new infections and thereby achieving the target of Ending the epidemic by 2030 according to Sustainable Development Goals.

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Alembic Pharma gains after getting EIR from USFDA for Panelav facility
Oct 05,2016

The announcement was made during trading hours today, 5 October 2016.

Meanwhile, the BSE Sensex was down 116.07 points, or 0.41%, to 28,218.48.

On BSE, so far 35,000 shares were traded in the counter, compared with average daily volume of 16,922 shares in the past one quarter. The stock hit a high of Rs 699.50 and a low of Rs 665 so far during the day. The stock hit a 52-week high of Rs 747 on 7 October 2015. The stock hit a 52-week low of Rs 514.35 on 5 February 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 6.28% compared with 0.69% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.41% as against Sensexs 4.30% rise.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals said that its formulation facility located at Panelav in Gujarat has received Establishment Inspection Report (EIR) from US Food & Drug Administration (USFDA) for the inspection carried out by them in March 2016.

On a consolidated basis, net profit of Alembic Pharmaceuticals rose 44.64% to Rs 103.75 crore on 25% rise in net sales to Rs 727.02 crore in Q1 June 2016 over Q1 June 2015.

Alembic Pharmaceuticals is a pharmaceutical company in India. The company is vertically integrated with the ability to develop, manufacture and market pharmaceutical products, pharmaceutical substances and Intermediates.

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Cabinet accords permission to HLL Lifecare, to sub-lease 330.10 acres of Government land at Tamil Nadu for setting up Medipark
Oct 05,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to M/s. HLL Lifecare, a Mini Ratna PSU under Ministry of Health & Family Welfare to sub- lease 330.10 acres of land at. Chengalpattu, located in the outskirts of Chennai, to setup a medical devices manufacturing park (Medipark) through a special purpose Vehicle. The shareholding of HLL in the project would be above 50%.

The Medipark project will be the first manufacturing cluster in the medical technology sector in the country, envisaged to boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery, particular in diagnostic services to a large section of people. The proposed Medipark would contribute to the development of medical devices and technology sector and allied disciplines in the country, which is still at a nascent stage besides generating employment and give a boost to the governments Make in India Campaign.

Medipark will be developed in phases, spread over seven years for completion. In the first phase, physical infrastructure will be developed and plots will be leased from third year onwards. Knowledge management center will be developed in the second phase, with grants and assistance from departments, which funds similar initiatives. HLL will sublease the land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for Medical equipment and devices. In the initial phase, the land cost to the qualifying entrepreneurs from Medical Device and Equipment, Manufacturing Industry will be at a subsidized rate so as to attract others and the rate will go up gradually as the demand picks up. Thus the Medipark project will play an important role in enhancing quality health care delivery in India.

The project will reduce the dependence on imports and create a strong base for the growth of indigenous and domestic industry by providing access to state of art infrastructure and technology. The domestic manufacturing of medical devices and equipment shall not only usher in a regime of assured and affordable health care delivery but also deepen and strengthen the penetration of quality health care services.

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