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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Karuturi Global announces resignation of director
Dec 07,2016

Karuturi Global announced that the Company has received resignation letter from ManMohan Agrawal resigning from the position of Independent and Non- executive Director from the Board of Directors of the Company with effect from 28 November 2016.

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Genus Power Infrastructures gets revision in credit ratings
Dec 07,2016

Genus Power Infrastructures announced that India Ratings and Research Private (Ind-Ra) has revised Genus Power Infrastructures Outlook to Positive from Stable while affirming its Long Term Issuer Rating at IND A.

Commercial Paper Rs 100 crore - IND A1
Fund based working capital limit Rs 214 crore - IND A1
Fund based working capital limit Rs 214 crore - IND A / Positive
Non fund based working capital limit Rs 637 crore - IND A / Positive
Non fund based working capital limit Rs 637 crore - IND A1

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Adani Transmission signs Share Purchase Agreement with Reliance Infrastructure
Dec 07,2016

Adani Transmission has signed Share Purchase Agreement with Reliance Infrastructure to acquire 100% assets of the Western Region Transmission Gujarat Project and the Western Region Transmission Maharashtra Project.

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US stocks end in the green
Dec 07,2016

U.S. stocks rose on Tuesday, 06 December 2016 with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row, as the theme of rotational buying into new leaders such as financials and dividend-rich telecommunication shares continued. The markets momentum, however, was subdued as investors appeared to trade cautiously after the blue-chips gauge notched an all-time high in the previous session.

The Dow industrials DJIA, +0.18% rose 35.54 points, or 0.2%, to end at 19,251.78. The S&P 500 index gained 7.52 points, or 0.3%, to finish at 2,212.23, only about a point away from its record closing level. The Nasdaq Composite Index added 24.11 points, or 0.5%, to close at 5,333.

Once again, the trading day was very quiet, but once again, that did not stop the market from inching higher. Investor sentiment remained upbeat despite the weekend failure of a constitutional reform referendum in Italy. The countrys MIB index surged 4.2% while demand for Italian debt sent Italys 10-yr yield lower by four basis points to 1.95%.

Equities spent the first two hours of action near their flat lines, but climbed into the afternoon amid gains in most sectors. A few cyclical sectors opened in the red, but only energy remained in negative territory when the closing bell rang.

The ICE U.S. dollar index was trading higher by 0.4% after strong gains in November and early December. Strength in the buck often makes commodities, including gold, less attractive for holders of other currencies.

Economic data at Wall Street on Tuesday included Productivity, Unit Labor Costs, Trade Balance, and Factory Orders. Third-quarter productivity was left unrevised at 3.1% (consensus 3.3%) while Unit Labor Costs were revised up to 0.7% from 0.3% (consensus 0.2%). Higher unit labor costs may not be the best thing for corporate profit margins, yet there is an encouraging element for consumer spending growth since the revision for unit labor costs was driven solely by an increase in hourly compensation growth.

Separately, the trade deficit widened to $42.6 billion in October (consensus -$41.8 bln) from an upwardly revised $36.2 billion deficit (from -$36.4 bln) in September.

Bullion prices ended lower at Comex on Tuesday, 06 December 2016. Gold prices settled lower for a second session as the dollar strengthened against its leading rivals and U.S. stocks traded mostly highern++drawing investors attention away from the precious metal. Gold investors also remained on the defensive as they faced the strong likelihood of a Federal Reserve interest-rate hike next week and the possibility that monetary policy will tighten at an accelerated pace in 2017, boosting the dollar and cutting demand for the yellow metal.

Gold futures for February delivery fell $6.40, or 0.5%, to settle at $1,170.10 an ounce. The contract fell below $1,160 an ounce briefly on Monday, flirting with levels not seen since February. March silver failed to extend the gains seen over the past three trading sessions, with the contract settling at $16.81 an ounce, down 8.9 cents, or 0.5%.

Crude oil futures finished lower on Tuesday, 06 December 2016 for the first time in five sessions, as some traders anticipated further increases in crude production last month from the Organization of the Petroleum Exporting Countries, despite an agreement to cut back output starting in January.

On the New York Mercantile Exchange, January West Texas Intermediate futures fell by 86 cents, or 1.7%, to settle at $50.93 a barrel. February Brent crude, the global oil benchmark, lost $1.01, or 1.8%, to $53.93 a barrel on Londons ICE Futures exchange. Both Brent and WTI posted gains in each of the last four sessions and on Monday, hit their highest levels since July 2015.

The Energy Information Administration will release its weekly data on U.S. petroleum supplies on Wednesday morningn++after the American Petroleum Institutes figures, which come out late Tuesday. Market expects a decline of 1.7 million barrels for crude inventories. They also predict a rise of 900,000 barrels in gasoline stockpiles and an increase of 100,000 barrels for distillates, which include heating oil.

Treasuries spent the day inside narrow ranges with modest demand for the 10-yr note sending its yield lower by a basis point to 2.39%.

Todays participation was a bit light as fewer than 860 million shares changed hands at the NYSE floor.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while October JOLTS will be announced at 10:00 ET. October Consumer Credit (consensus $18.70 billion) will be reported at 15:00 ET.

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Future Consumer, LT Foods nudge higher on rice distribution pact
Dec 07,2016

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

Future Consumer (up 0.48% at Rs 20.95) and LT Foods (up 5.17% at Rs 280.80) edged higher.

Meanwhile, the S&P BSE Sensex was up 47.96 points or 0.18% at 26,440.72.

Future Consumer, LT Foods and Genoa Rice Mills (Genoa) entered into a joint venture (JV) agreement dated 6 December 2016, for undertaking the business of manufacturing, marketing, sales, sourcing and distribution of Sona Masoori/regional South Indian rice.

Future Consumer and LT Foods each shall hold 50% of the paid-up share capital of Genoa. Future Consumer and LT Foods inter alia shall have the right to nominate two directors each, on the board of Genoa and they shall also have the right to vote on reserved matters as provided under the JV agreement.

LT Foods and Genoa are not related to any of the promoter/promoter entities of Future Consumer. The JV agreement executed between Future Consumer, LT Foods and Genoa does not fall within the ambit of related party transactions.

Future Consumer is Indias first sourcing-to-supermarket food company by Future Group. On a consolidated basis, the company reported net loss of Rs 16.17 crore in Q2 September 2016, compared with net loss of Rs 28.66 crore in Q2 September 2015. Net sales rose 30.6% to Rs 559.83 crore in Q2 September 2016 over Q2 September 2015.

LT Foods has a diversified product portfolio of branded basmati rice, value-added staples and organic food. The companys consolidated net profit rose 9.4% to Rs 25.01 crore on 20.4% growth in net sales to Rs 829.24 crore in Q2 September 2016 over Q2 September 2015.

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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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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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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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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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