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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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Vishal Fabrics fixes record date for rights issue
Feb 21,2017

Vishal Fabrics has fixed 03 March 2017 as the Record Date for the purpose of Rights Issue.

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Firstobject Technologies receives order from Andhra Pradesh Residential Educational Institutions Society
Feb 21,2017

Firstobject Technologies received an order from Andhra Pradesh Residential Educational Institutions Society (APREIS) to implement A.P. State Board content in its 50 Institutions. Firstobject has to implement A. P. State Board English Medium digital content for classes V -X in its Institutions.

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RBL Bank announces appointment of Executive Director
Feb 21,2017

RBL Bank announced that the Bank has received the approval from Reserve Bank of India (RBI) for appointment of Rajeev Ahuja, Head - Strategy, Retail, Transaction Banking and Financial Inclusion as Executive Director (ED) of the Bank for a period of three years from the date of his taking charge as ED.

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NDMA to conduct mock exercises on earthquake preparedness in Uttarakhand
Feb 21,2017

The National Disaster Management Authority (NDMA) will conduct two mock exercises on earthquake preparedness in this week covering all districts of Uttarakhand. The exercises, to be conducted in collaboration with the State Government, will assess the readiness of various stakeholder departments in the event of a high-intensity earthquake.

The first exercise will be held today (21 February) and cover Dehradun, Tehri Garhwal, Haridwar, Uttarkashi, Chamoli, Pauri Garhwal and Rudraprayag districts. In this connection, a coordination conference and a table-top exercise were held today through video-conferencing. Senior officials from all stakeholder departments such as NDRF, Health, Police, Education, Firefighting, Civil Defense, Public Relations, Transport, etc. attended these preparatory meetings.

Yet another round of a coordination conference and a table-top exercise will be held on Wednesday. This will be followed by the second mock exercise on Thursday covering Pithoragarh, Bageshwar, Champawat, Almora, Nainital and Udham Singh Nagar districts.

These exercises will deal with simulated scenarios of earthquakes wherein the participants will be trained on key aspects of Disaster Management such as the formation of Incident Response Teams and Emergency Operation Centres (EOC), coordination among various participating agencies, evacuation and medical preparedness.

Aimed at enhancing the preparedness and response mechanism of key stakeholders, these exercises will also help to highlight areas that need improvements. NDMA expert Major General V.K. Datta (Retd.), who will lead the exercises, said, Mock exercises help in filling gaps and ensuring better communication thus improving coordination among various agencies in real-life situations. He further emphasised on the need for regularly conducting such exercises in Uttarakhand as the entire hill State falls either in the Seismic Zone V or IV and has experienced many high-intensity earthquakes in the past.

After the drills, post-exercise analyses will also be carried out to discuss the shortcomings, challenges and ways to improve them.

NDMA regularly conducts such mock exercises across the country in its efforts to improve preparedness and response mechanisms for various disasters. NDMA has conducted more than 500 mock exercises in different States and Union Territories. Next month, it will conduct a mock exercise on flood and tsunami preparedness in Puducherry.

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Datamatics Global Services provides update on Datamatics Global Services FZ-LLC
Feb 21,2017

Datamatics Global Services announced that Datamatics Global Services FZ-LLC, wholly owned subsidiary Company has incorporated a new entity namely, Datamatics Global Services Corp. in Philippines.

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Ambuja Cements in spotlight after Q4 earnings
Feb 21,2017

Ambuja Cements consolidated net profit surged 85.24% to Rs 205.70 crore on 102.41% growth in total income to Rs 4993.30 crore in Q4 December 2016 over Q4 December 2015. The announcement was made after market hours yesterday, 20 February 2017.

TCS announced at the fag end of the trading session yesterday, 20 February 2017, that the board of directors of the company at a meeting held on 20 February 2017, approved a proposal to buyback up to 5.61 crore shares of the company for an aggregate amount not exceeding Rs 16000 crore, being 2.85% of the total paid up equity share capital, at Rs 2,850 per share. The buyback price was at a premium of 13.7% over yesterdays closing price.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

Meanwhile, TCS after market hours yesterday, 20 February 2017 announced that Rajesh Gopinathan would be taking over as Chief Executive Officer and Managing Director from N. Chandrasekaran, with effect from 21 February 2017. The term of his appointment is for a period of 5 years. N. Ganapathy Subramaniam would assume the office of Chief Operating Officer and Executive Director, with effect from 21 February 2017. The term of his appointment is for a period of 5 years. Subramaniam is the brother of N. Chandrasekaran. The board of directors appointed V. Ramakrishnan as the Chief Financial Officer (CFO) of the company with effect from 21 February 2017.

N. Chandrasekaran has been appointed as the Chairman of Tata Sons, the promoter firm of many of the operating Tata group firms.

Siemens and Siemens Rail Automation Ltd. S.A.U Spain have jointly won an order worth Rs 287 crore, out of which Siemens share is Rs 146 crore (all inclusive). Siemens is to supply state-of-the-art signaling technology for the first two metro lines of the Nagpur Metro i.e. the North-South and the East-West corridors. The announcement was made after market hours yesterday, 20 February 2017.

The project comprises the deployment and installation of the Siemens communications-based train control (CBTC) solution Trainguard MT for 38.2 kilometers of double track with 36 stations and two depots, as well as onboard equipment for 23 three-cars trains.

Karnataka Bank announced that it has entered into a memorandum of understanding (MoU) with Daimler India Commercial Vehicles (DICV) for extending finance facilities to customers to purchase commercial vehicles manufactured by Daimler. The announcement was made after market hours yesterday, 20 February 2017.

Ashoka Buildcon announced that with reference to its wholly owned subsidiary viz. Viva Highways (VHL), implementing the Indore-Sanawad-Khandwa-Burhanpur -Edlabad Road Project SH-27 in Madhya Pradesh on build-operate and transfer (BOT basis) with toll rights, Madhya Pradesh Road Development Corporation, Bhopal (authority) has taken over the project on 18 February 2017 at midnight, after the expiry of the concession period as per the terms of the concession agreement. VHL will continue to pursue its claims on the project with the authority. The announcement was made after market hours yesterday, 20 February 2017.

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Oceanaa Biotek Industries to issue 33,65,275 equity shares
Feb 20,2017

Oceanaa Biotek Industries announced that the Committee constituted by the Board of Directors has now finalized issue of 33,65,275 equity shares of face value of Rs. 10/- each at an issue price of Rs. 60/- per equity share (including share premium of Rs. 50/- per equity share) aggregating to Rs. 20,19,16,500/- on preferential basis for consideration other than cash against taking over of existing operative Maturation and Hatchery facilities, subject to approval of the shareholders at the ensuing Extraordinary General Meeting and other Regulatory Authorities

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Tata Consultancy Services appoints CFO
Feb 20,2017

Tata Consultancy Services announced that the Board of Directors at its meeting held on 20 February 2017 appointed V. Ramakrishnan as the Chief Financial Officer of the Company with effect from 21 February 2017.

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Axis Bank allots 4,94,970 equity shares
Feb 20,2017

Axis Bank has allotted 4,94,970 equity shares of Rs. 2/- each on 20 February 2017, pursuant to exercise of options under its ESOP Scheme.

The paid up share capita! of the Bank will accordingly increase from Rs. 478,43,62,766 (239,21,81,383 equity shares of Rs. 2/- each) to Rs. 478,53,52,706 (239,26,76,353 equity shares of Rs. 2/- each).

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Health Secretary launches SAATHIYA Resource Kit and SAATHIYA SALAH Mobile App for Adolescents
Feb 20,2017

Shri C K Mishra, Secretary, Health and Family Welfare launched the SAATHIYA Resource Kit including Saathiya Salah Mobile App for adolescents, here today, as part of the Rashtriya Kishor Swasthya Karyakram (RKSK) program. One of the key interventions under the programme is introduction of the Peer Educators (Saathiyas) who act as a catalyst for generating demand for the adolescent health services and imparting age appropriate knowledge on key adolescent health issues to their peer groups. In order to equip the Saathiyas in doing so, the Health Ministry has launched the Saathiya Resource Kit (including Saathiya Salah Mobile App).

Introducing the Resource Kit and the Mobile App, Shri C K Mishra said that our country is home to 253 million adolescents which is largest in the world in terms of absolute numbers and when RMNCH programs were launched globally, India was the first country to add the +A i.e. adolescent component to the RMNCH, making it todays RMNCH+A program. He emphasized that adolescents are the critical mass of asset which in future would be the biggest dividends to the countrys economy; thereby their health and wellness are of utmost priority. To address and cater to the health and development needs of the countrys adolescents, Ministry of Health and Family Welfare launched Rashtriya Kishor Swasthya Karyakram (RKSK) in January 2014. RKSK identifies six strategic priorities for adolescents i.e. nutrition, sexual and reproductive health (SRH), non-communicable diseases (NCDs), substance misuse, injuries and violence (including gender-based violence) and mental health.

The most important component and driving force of RKSK program are its Peer Educators and this resource kit has been launched to enable them to communicate with the adolescents of their community, Shri Mishra stated. He specified that the kit is being launched to enable the 1.6 lakhs Peer Educators towards taking their job forward and answering all the queries in the minds of an adolescent in-spite of the plethora of media (Magazines, TV, internet etc.) available. The Peer Educators will be trained across the country in a phased manner, ensuring optimum use of the resource kit, which is a ready source of a range of communication material specially designed to help the Peer Educator to be recognized and respected as saathiya, a good friend for the adolescents.

This Resource Kit comprises i) Activity Book, ii) Bhranti-Kranti Game iii) Question-Answer Book and iv) Peer Educator Diary. In addition to the kit is the mobile app Saathiya Salah (downloadable from Google play-store) which acts as a ready information source for the adolescents in case they are unable to interact with the Peer Educators. The mobile app is also linked to another important piece of cost-effective information platform of a toll-free Saathiya Helpline (1800-233-1250) which will act as an e-counselor. While the short films will be played by the Peer Educators at their group meetings, the activity book and games will bring about discussion and resolve adolescent queries. Encashing on mobile technology, the shy adolescents or those unable to interact with the peer educators due to family reasons, can access the information through the free mobile app as well the toll free helpline.

Among senior officials of the Ministry at the launch, also present were the representatives of Development Partners (UNFPA, PFI) who contributed to development of the Resource Kit. Mr. Diega Polacios, Country Director,UNFPA stated that the Resource Kit has being designed to present the Peer Educators with key information on adolescent health, which would then enable them to communicate the same and help the adolescents at the grass root/village level. Further at the launch, demo of the Mobile App was conducted wherein a mock call was made to the Saathiya Helpline by Secretary (HFW).

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Outcome of board meeting of Varun Beverages
Feb 20,2017

Varun Beverages announced that the Board of Directors of the Company at its meeting held on 20 February 2017 transacted the following -

Approved issuance and allotment of listed, redeemable, secured/ unsecured Non-Convertible Debentures upto Rs 300 crore on private placement basis, in one or more tranches.

The Board has authorised Directors to increase the shareholding in Varun Beverages (Zambia) from the existing 60% upto 90% by acquiring further 15000 shares.

The Board has approved and authorised the directors to divest the 41% equity stake of the company in Varun Beverages (Mozambique).

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Outcome of board meeting of Athena Constructions
Feb 20,2017

Athena Constructions announced that the Board of Directors of the Company at its meeting held on 20 February 2017 have approved the following -

Appointment of Nisha Jain as Whole Time Company Secretary and Compliance Officer of the Company.

Resignation of Rani Jha from the Directorship of the Company.

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Board of Upsurge Investment & Finance appoints company secretary
Feb 20,2017

Upsurge Investment & Finance announced that the Board of Directors of the Company at its meeting held on 20 February 2017 has appointed Nikita Trivedi as Company Secretary and Compliance Officer with effect from 20 February 2017.

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Asia Pacific Market: Stocks trade higher
Feb 20,2017

Asia Pacific share market closed modest higher in thin trade on Monday, 20 February 2017, with investors cautious in the absence of firm triggers ahead of a busy week for US Federal Reserve events and further details from President Donald Trump on his economic policies, including tax reforms. MSCIs broadest index of Asia-Pacific shares outside Japan was up 0.2% as of 10.31 GMT.

Wall Streets strong performance last week continued to reverberate after US stocks hit new highs Friday for the sixth time in seven sessions. With US markets closed Monday for the Presidents Day holiday, investors were turning to corporate and political developments elsewhere.

Europe was back in focus after a poll showed German Chancellor Angela Merkels ruling party lagging the Social Democrats for the first time under her leadership ahead of looming elections. Uncertainty in France was also on traders minds.

In the US, no less than five heads of regional Federal Reserve banks are due to speak this week on the interest rates front while Fed Board Governor Jerome Powell appears on Wednesday, when minutes of the last policy meeting are also due. Separately, in a speech in Singapore on Monday, Cleveland Federal Reserve President Loretta Mester said she would be comfortable raising interest rates at this point if the economy maintained its current pace of performance.

Among Asian bourses

Australia Market fall 0.2%

Australian equity market ended down, weighed down by selloff in energy and materials stocks. Meanwhile weak earnings from logistics company Brambles and engineering and services contractor WorleyParsons also sparked heavy selling. At the close, the benchmark S&P/ASX 200 index dropped 10.70 points, or 0.18%, of 5,795.10, while the broader All Ordinaries index declined 10.50 points, or 0.18%, to 5,840.50.

The major banks added to recent gains in the wake of well-received earnings reports from Commonwealth Bank of Australia and Australia & New Zealand Banking, but that was more than offset by weakness in energy, materials and industrial stocks.

Energy and materials stocks lose ground as oil prices weakened. After falling on Friday, crude futures remained under pressure in Asian trading on signs that U.S. production is steadily rising, threatening to undermine efforts to reduce output by OPEC. Among energy stocks, Woodside Petroleum fell 1%, Oil Search dropped 1.7% and Santos lost 1.5%. Diversified miners BHP Billiton and Rio Tinto were down 0.6% and 0.2% respectively, although iron-ore producer Fortescue Metals Group gained 1.5% as Chinese iron-ore futures extended a rally that paused last week.

Consumer cyclicals also took a hit after supermarket operator Wesfarmers, which went ex-dividend, fell 2.20%.

Financial stocks ended firmly higher in the wake of well-received earnings reports from Commonwealth Bank of Australia and Australia & New Zealand Banking. National Australia Bank was little changed, while Commonwealth Bank, Westpac and ANZ each made gains.

Australian pallets and container group Brambles sank 9.9% after it reduced its full-year earnings guidance following a drop in first-half profit on slowing North American pallet sales and a large impairment of its oil-and-gas assets.

WorleyParsons tumbled 13% after reporting a first-half loss following further restructuring costs and with continued weak demand from resources producers.

Nikkei settles 0.1% up

The Japan share market settled above the boundary level after recouping initial losses, as the yen lost some of its early strength and gains in select blue chip stocks including Bridgestone and SoftBank Group. The 225-issue Nikkei average gained 16.46 points, or 0.09%, to close at 19,251.08. The Topix index of all first-section issues finished up 2.47 points, or 0.16%, at 1,547.01.

Tokyo market opened on a weak note reflecting the dollars fall below 113 yen level. The Japanese currency attracted safe-haven purchases, on the back of growing concerns over the upcoming French presidential election and because the administration of U.S. President Donald Trump faces difficulties appointing key officials. Local market gradually trimmed its loss toward the end of the morning session. But the key market gauge started the afternoon session with a modest gain and moved in positive territory for most of the rest of the day, with investors heartened to see the greenback rise back above the 113 yen line.

Shares of Japanese insurer and exporter stocks underperformed. Dai-ichi Life Holdings lost 0.7% to Y2,206.5 ($19.50). Chip maker Renesas Electronics fell 1.5% to Y1,019. However, selling didnt accelerate as Japanese government bond yields rose modestly and the yen reversed its course to weaken slightly.

Tire maker Bridgestone rose 5.4% to a 15-month high of Y4,549 after the company late Friday announced a share-buyback program, despite lackluster results for 2016. Starting Monday, Bridgestone is buying up to 6.4% of its existing shares, possibly spending as much as Y150 billion ($1.33 billion). The company reported a 6.6% decline in net profit for 2016 because of a higher yen and lower truck and bus tire sales in North America.

SoftBank rose 3.2% to Y8,789 on continuing hopes that the Japanese company is transforming its business model after its agreement last week to buy Fortress Investment Group.

China Stocks gains on pension fund reports

Mainland China stock market settled higher, with gains led by wine makers and banks, after media reports said pension funds may begin flowing into the countrys stock markets as early as this week. Investor sentiment was also supported by new rules unveiled by regulators late on Friday to restrict excessive and frequent fundraising by some listed companies. At the close, the blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, advanced 1.46% to close at 3,471.39. The Shanghai Composite Index added 1.18% to close at 3,239.96. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, increased 0.9% to 1962.53. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, rose 0.64% to 1,894.96 points.

State media reported on Friday that China had started investing an initial 360 billion yuan ($52.42 billion) in pension insurance funds from seven provinces and cities in financial markets. The first tranche of that investment was expected to flow into the stock market as early as this week. Non-cyclical stocks such as pharmaceuticals and wine makers would benefit most from the pension fund investment, as insurance firms prefer stocks with stable returns.

Also on Friday, China unveiled rules to check excessive additional fundraising by companies, requiring a listed companys private share placement plan must not exceed 20% of its share base.

Wine makers were popular bets, with an index tracking the liquor sector rallied 4%, as the industry has been gradually recovering from President Xi Jinpings graft clampdown and the plasticizer scandal since 2012.

Retail conglomerate Shanghai Bailian Group surged by its 10% daily limit to 17.82 yuan on Monday after the announcement of a tie-up with e-commerce giant Alibaba.

Heavyweight banking shares were among the gainers in Shanghai. Bank of China added 1.65% to 3.69 yuan, while China CITIC Bank Corp climbed 2.17% to 7.05 yuan.

Hong Kong Stocks hit 18-month high

The Hong Kong stock market advanced modestly, sending the benchmark indices to their highest level since August 215, as new rules giving Chinese insurers greater access to Hong Kong stocks and a crackdown on risky products at home pushing mainland funds into the former British colony. The benchmark Hang Seng Index climbed 0.47% or 112.34 points higher to 24,146.08, the highest since August 2015 and the third straight close above 24,000. The Hang Seng China Enterprises Index, or the H-share index, was up 0.82% or 85.35 points to 10,445.48. Turnover decreased to HK$78.1 billion from HK$86.3 billion on Friday.

Long-term capital from mutual funds is seeping into Hong Kong equities, considered more attractively priced than those in China and some Asian markets on some valuation metrics. Chinese investors including mutual funds and major insurers have been steadily increasing their allocation to Hong Kong stocks

Brokerage house expects Chinese insurers to earmark 250 billion yuan ($36.5 billion) in fresh capital this year - about 3% of their total assets - while onshore mutual funds are set to pump in 50 billion yuan via the connect schemes.

Southbound flows via the Shanghai-Hong Kong stock connect recorded a ninth week of net purchases while utilisation rates have climbed to more than 20% of the daily quota compared with an average of less than 11% in January.

HSBC (00005) gained 1% to HK$69. Hang Seng Bank (00011) edged down 0.2% to HK$163.1. Both banks are scheduled to report their earnings results on Tuesday.

AIA (01299) also reports its earnings on Friday (24 February). It inched up 0.2% to HK$49.1.

HSBC Research upgraded its rating for Mengniu Dairy (02319) to buy from reduce with a higher target price of HK$19.2 (was HK$11.8). Mengniu Dairy shot up 3% to HK$15.54. It was the top blue-chip gainer today.

YST Dairy (01431) also surged 16% to HK$0.65 with transacted shares soaring 35 times against the daily average.

HKTV (01137) jumped 5.7% to HK$1.49 after the company said its e-Commerce Fulfilment Centre has obtained an approval.

Indian Market gains for third straight day

Indian benchmark indices logged decent gains on first trading day of the week as upbeat global stocks buoyed sentiment. The barometer index, the S&P BSE Sensex, gained 192.83 points or 0.68% to settle at 28,661.58. The Nifty 50 index rose 57.50 points or 0.65% to settle at 8,879.20. Key indices gained for the third straight day today. The Sensex hit almost five-month closing high. Nifty hit more than five-month closing high. Metal and mining stocks were in demand as copper prices rose in global commodity markets. IT and PSU bank stocks also rose.

IT stocks rose. Infosys (up 1.2%), Wipro (up 0.47%), Oracle Financial Services Software (up 2.39%) and HCL Technologies (up 0.47%) gained. Tech Mahindra (down 0.64%) and MphasiS (down 0.67%) declined.

TCS jumped 4.08% to Rs 2,506.50. TCS announced at the fag end of the session today, 20 February 2017, that the board of directors of the company at a meeting held today, 20 February 2017, approved a proposal to buyback up to 5.61 crore shares of the company for an aggregate amount not exceeding Rs 16000 crore, being 2.85% of the total paid up equity share capital, at Rs 2,850 per share. He buyback price was at a premium of 13.7% over todays closing price.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

Shares of public sector banks rose. UCO Bank (up 2.66%), Syndicate Bank (up 1.39%), Punjab National Bank (up 1.82%), Corporation Bank (up 1.08%), Allahabad Bank (up 0.92%), Bank of Baroda (up 1.66%), State Bank of India (SBI) (up 0.17%), Union Bank of India (up 0.61%), and Bank of India (up 1.33%) edged higher. Canara Bank (down 0.48%) and United Bank of India (down 0.04%) declined.

Metal and mining stocks were in demand as copper prices rose in global commodity markets. Vedanta (up 2.64%), JSW Steel (up 1.73%), Tata Steel (up 4.01%), Steel Authority of India (Sail) (up 3.01%), National Aluminium Company (up 0.93%), Hindustan Zinc (up 0.97%), NMDC (up 2.53%) and Hindustan Copper (up 1.4%) edged higher. Hindalco Industries (down 0.3%) fell.

Jindal Steel and Power surged 7.8% to Rs 100.20 on reports a domestic brokerage has upgraded its rating on the stock to buy from sell and also revised target price upward to Rs 125 from Rs 60 earlier.

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Hong Kong Stocks hit 18-month high
Feb 20,2017

The Hong Kong stock market advanced modestly on Monday, 20 February 2017, sending the benchmark indices to their highest level since August 215, as new rules giving Chinese insurers greater access to Hong Kong stocks and a crackdown on risky products at home pushing mainland funds into the former British colony. The benchmark Hang Seng Index climbed 0.47% or 112.34 points higher to 24,146.08, the highest since August 2015 and the third straight close above 24,000. The Hang Seng China Enterprises Index, or the H-share index, was up 0.82% or 85.35 points to 10,445.48. Turnover decreased to HK$78.1 billion from HK$86.3 billion on Friday.

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