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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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Marksans Pharma gets final approval for Dutasteride Soft Gelatin Capsules
Apr 10,2017

Marksans Pharma announced that on 07 April 2017, the USFDA has granted final approval of the Abbreviated New Drug Application for Dutasteride Soft Gelatin Capsules 0.5 mg, which is therapeutically equivalent to the reference listed drug (RLD), Avodart Capsules, 0.5 mg of GlaxoSmithKline.

Durasteride is indicated for the treatment of symptomatic benign prostatic hyperplasia (BPH) in men with an enlarged prostate. Marksans will launch the product immediately.

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Committee recommendations to review Khadi Industries
Apr 10,2017

The Central Government had constituted the following Committees to review the existing structure, functioning and performance of Khadi Village and Industries Commission(KVIC) to study the regulatory framework and to recommend any other measures considered necessary to revamp the KVIC.

1. High Power Committee headed by late Prime Minister Shri PV Narasimha Rao

2. Arthur Andersen Study

3. Expert Committee under the Chairmanship of Shri. D.M. Sukthankar, former Chief Secretary Govt. of Maharashtra

High Power Committee (HPC) was constituted under the Chairmanship of late Prime Minister Mr. P. V. Narasimha Rao to review the performance, examine the issues and identify the problems faced by the KVI sector.

The Committee in its report submitted in 1994 made various recommendations. The key recommendations of the Committee were:

n++n++ All apex financing Institutions and commercial banks to be advised to increase the flow of institutional credit to the KVI sector.

n++n++ Rebate for Khadi may be replaced by n++n++Market Development Assistancen++n++ (MDA), calculated at 20% of production

n++n++ Necessary legislative measures to protect n++n++Khadin++n++ and its use by KVIC certified Institutions;

n++n++ Separate wing in KVIC to supervise the working of Sliver Plants; smaller economical sliver plants to be set up at the Institutional level

n++n++ Village industries under the purview of KVIC to be considered on par with Government level village and small industries category for planning and development purposes.

n++n++ Government to constitute a separate fund (Rs. 2000 crore) for rural industries to be administered by NABARD or a separate financial institution.

n++n++ Focus on select industries for development where KVIC has expertise and experience

n++n++ Development of the export capability of KVI Institutions; strengthening quality control, augmenting training (participatory funding scheme for KVIB and NGO run new training centres) and research facilities

n++n++ Creation of a special cell at the KVIC headquarters to oversee and monitor the KVI programmes

n++n++ Transition to Project Approach for financing (from Pattern Approach)

n++n++ Commission to delegate day to day functions to the CEO and Financial Advisor and focus on developmental rather than regulatory activity

n++n++ Measures for strengthening of KVIBs

Based on the recommendations of the High Power Committee the following changes were brought in the KVI Sector:

The REGP scheme was commissioned in 1995-96 with the objective of providing a formal channel for flow of funds from banking institutions to the KVI sector.

The Government of India framed a new scheme for KVIC to take online credit facility (Consortium of Bank Credit or n++n++CBCn++n++) of Rs. 1000 crore.

Arthur Andersen study was commissioned in the year 2000 with the objective of reorganizing the KVIC organization structure with respect to the changing business needs and overall objectives of the KVIC.

The Committee in its report made various recommendations. The key recommendations of the Committee were:

n++n++ Redefinition of n++n++Commissionn++n++ under the KVIC act, 1956 in line with change from an operational body to policy formulation body.

n++n++ At the Commission level, the KVIC to not only comprise representatives of the KVI sector but the officers of the KVIC to also participate in its policy making and, therefore, the CEO, FA and the heads of Khadi and VI departments to be appointed as voting members of the Commission.

n++n++ At the operational level, KVIC to structure itself into separate business units to meet the distinct requirements of Khadi and Village Industries.

n++n++ The roles and responsibilities of internal functions, such as Capacity Building, Marketing & Sales, Research & Development, Human Resources, Finance, etc, which are integral to the organizationn++n++s performance, to be defined and communicated clearly.

n++n++ KVIC should set up industrial clusters catering to a groups of skilled artisans at the district/block level

Based on the recommendations of the Arthur Andersen study the CEO and FA were made ex-officio members of the Commission and voting rights were also conferred.

Ministry constituted Expert Committee under the Chairmanship of Mr. D.M. Sukthankar, former Chief Secretary Govt. of Maharashtra, in 2005 to review the existing structure, functioning and performance of KVIC to study the regulatory framework and to recommend any other measures considered necessary to revamp the KVIC.

The Committee in its report submitted in March, 2005 made various recommendations. The key recommendations of the Committee were:

n++n++ Need for identification of select traditional and sunrise industries as focus areas; a cluster-based approach to revival of traditional industries;

n++n++ Recognize technological up-gradation and modernization as a priority area for transforming the sector; suggested mobilization of existing technical and scientific Institutions, such as, ITIs, Engineering Colleges, IITs, CSIR as resource/contact Institutions for rural industrialization and creation of venture capital fund within KVI;

n++n++ Recommended brand building, standardization and quality control for products of KVI Sector;

n++n++ Address the organizational and training issues preventing the growth of the KVI sector and suggested setting up of Zonal Committees and Zonal offices under a Deputy CEO, and restructuring of training programme aimed towards entrepreneurial development;

n++n++ Commented on issues related to Khadi Institutions, namely, dues on account of Rebate, stock pile-up and state of implements; Suggested alternatives to Rebate

n++n++ direct subsidization of spinners

n++n++ encouraging entrepreneurship among spinners/weavers through formation of Self Help Groups

n++n++ Governance related recommendations

Based on the recommendations of the Expert Committee the following changes were brought in the KVI Sector:

n++n++ Introduced Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to organize the traditional industries and artisans into clusters to make them competitive and provide support for their long term sustainability and economy of scale.

n++n++ KVIC took up several projects under an interface with reputed Technological institutions viz. IITs and NITs for developing new technologies and their subsequent dissemination among institutions and entrepreneurs of KVI Sector.

KVIC have introduced n++n++Khadi Markn++n++ to ensure genuineness of Khadi to the customers.

Zonal Committees have been constituted for each of six geographical zones to monitor timely implementation of KVI programmes/schemes for the development of Khadi and Village Industries in the zone.

The Ministry of MSME has revised the negative list and brought in a large number of new industries/projects like spinning and weaving, solar charkhas hand loom/power looms under the ambit of Prime Ministern++n++s Employment Generation Programme (PMEGP).

Government of India introduced the scheme of Market Development Assistance (MDA) on Production in place of rebate after experimenting with several pilot schemes. The scheme has been given effect from 1st April 2010, to help Khadi institutions to reorient their activities extending adequate emphasis towards increasing artisans earnings as well as ensuring quality of Khadi to customers. Under MDA scheme 25% of assistance is earmarked for payment among spinners and weavers as additional incentive through their bank/post office account.

An online application system has been made operational for disbursement of Market Development Assistance (MDA) and Interest Subsidy under ISEC scheme to KIs and artisans as ap

Marksans Pharma intimates of USFDA inspection of its manufacturing facility at Goa
Apr 10,2017

Marksans Pharma announced that the United States Food & Drug Administration inspected its manufacturing facility located at Goa from 03 April to 07 April 2017. At the end of the inspections, there were 4 (four) observations given under Form 483. The company is already addressing the same and is confident of satisfying the FDA within stipulated time.

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Indian Railways posts 8.7% revenue growth for March 2017
Apr 10,2017

The Indian Railway (IR) has posted healthy 8.7% growth in its revenues to Rs 15884.58 crore in March 2017 over March 2016. The IR revenues had declined 5.3% to Rs 14607.85 crore in March 2016. The passenger earnings increased 10.1% to Rs 4205.29 crore in March 2017, against 10.3% growth recorded in March 2016. The revenues from freight traffic, accounting for 64.7% of the total revenue, improved 4.1% to Rs 10273.20 crore in March 2017. The other coaching revenue declined 2.5% to Rs 382.01 crore, but the revenue from sundry activities zoomed 94.1% to Rs 1024.08 crore in March 2017.

In April-March FY2017, the revenue earnings of IR declined 0.5% to Rs 164119.32 crore, while snapping 4.6% growth recorded in April-March FY2016. Further, the IR revenues have been below the budget target of Rs 169268.07 crore for FY2017. The goods revenue dipped 4.6% to Rs 105562.17 crore, while the passenger revenue rose at moderated pace of 4.6% to Rs 47449.75 crore. The other coaching revenue declined 2.1% to Rs 4391.09 crore, while the sundry earnings surged 51.3% to Rs 6716.31 crore in April-March FY2017.

Passenger traffic

The passenger traffic of IR moved up 2.3% to 694.66 million in March 2017. Passenger traffic rose 0.8% to 8219.38 million in April-March FY2017. The passenger traffic is above the budget estimate of 8182 million for April-March FY2017.

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RBL Bank zooms in 21.12% in seven sessions
Apr 10,2017

Meanwhile, the S&P BSE Sensex was down 55.72 points, or 0.19% at 29,650.89.

On the BSE, 5.95 lakh shares were traded on the counter so far as against the average daily volumes of 3.19 lakh shares in the past one quarter. The stock had hit a high of Rs 598.70 so far during the day, which is also its record high. The stock had hit a low of Rs 561.05 so far during the day.

The stock had hit a 52-week low of Rs 273.70 on 31 August 2016. The stock had outperformed the market over the past one month till 7 April 2017, advancing 17.52% compared with the Sensexs 2.44% rise. The scrip had also outperformed the market over the past one quarter advancing 56.54% as against the Sensexs 11.01% rise.

The large-cap bank has equity capital of Rs 375.20 crore. Face value per share is Rs 10.

Shares of RBL Bank zoomed 21.12% in seven trading sessions to its current ruling price of Rs 588.40, from a close of Rs 485.80 on 29 March 2017.

RBL Banks net profit rose 58.8% to Rs 128.69 crore on 39% growth in net total income to Rs 1143.48 crore in Q3 December 2016 over Q3 December 2015.

RBL Bank is a private sector bank. It currently services over two million customers through a network of 215 branches and 374 ATMs spread across 16 Indian states and Union Territories. The bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations.

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RBL Bank zooms 21.12% in seven sessions
Apr 10,2017

Meanwhile, the S&P BSE Sensex was down 55.72 points, or 0.19% at 29,650.89.

On the BSE, 5.95 lakh shares were traded on the counter so far as against the average daily volumes of 3.19 lakh shares in the past one quarter. The stock had hit a high of Rs 598.70 so far during the day, which is also its record high. The stock had hit a low of Rs 561.05 so far during the day.

The stock had hit a 52-week low of Rs 273.70 on 31 August 2016. The stock had outperformed the market over the past one month till 7 April 2017, advancing 17.52% compared with the Sensexs 2.44% rise. The scrip had also outperformed the market over the past one quarter advancing 56.54% as against the Sensexs 11.01% rise.

The large-cap bank has equity capital of Rs 375.20 crore. Face value per share is Rs 10.

Shares of RBL Bank zoomed 21.12% in seven trading sessions to its current ruling price of Rs 588.40, from a close of Rs 485.80 on 29 March 2017.

RBL Banks net profit rose 58.8% to Rs 128.69 crore on 39% growth in net total income to Rs 1143.48 crore in Q3 December 2016 over Q3 December 2015.

RBL Bank is a private sector bank. It currently services over two million customers through a network of 215 branches and 374 ATMs spread across 16 Indian states and Union Territories. The bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations.

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Sobha leads losers on BSEs A group
Apr 10,2017

Sobha slipped 8.47% at Rs 380.35. The stock topped the losers in A group. On the BSE, 80,000 shares were traded on the counter so far as against the average daily volumes of 6.24 lakh shares in the past two weeks.

Reliance Communications slipped 3.83% at Rs 37.70. The stock was the second biggest loser in A group. On the BSE, 14.66 lakh shares were traded on the counter so far as against the average daily volumes of 19.31 lakh shares in the past two weeks.

Indiabulls Housing Finance slipped 2.83% at Rs 928.40 . The stock was the third biggest loser in A group. On the BSE, 44,000 shares were traded on the counter so far as against the average daily volumes of 9.37 lakh shares in the past two weeks.

Oracle Financial Services Software slipped 2.52% at Rs 3,737.90. The stock was the fourth biggest loser in A group. On the BSE, 3,430 shares were traded on the counter so far as against the average daily volumes of 9.56 lakh shares in the past two weeks.

Prestige Estates Projects slipped 2.28% at Rs 216.30. The stock was the fifth biggest loser in A group. On the BSE, 6,886 shares were traded on the counter so far as against the average daily volumes of 52,000 shares in the past two weeks.

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Sobha tops losers on BSEs A group
Apr 10,2017

Sobha slipped 8.47% at Rs 380.35. The stock topped the losers in A group. On the BSE, 80,000 shares were traded on the counter so far as against the average daily volumes of 6.24 lakh shares in the past two weeks.

Reliance Communications slipped 3.83% at Rs 37.70. The stock was the second biggest loser in A group. On the BSE, 14.66 lakh shares were traded on the counter so far as against the average daily volumes of 19.31 lakh shares in the past two weeks.

Indiabulls Housing Finance slipped 2.83% at Rs 928.40 . The stock was the third biggest loser in A group. On the BSE, 44,000 shares were traded on the counter so far as against the average daily volumes of 9.37 lakh shares in the past two weeks.

Oracle Financial Services Software slipped 2.52% at Rs 3,737.90. The stock was the fourth biggest loser in A group. On the BSE, 3,430 shares were traded on the counter so far as against the average daily volumes of 9.56 lakh shares in the past two weeks.

Prestige Estates Projects slipped 2.28% at Rs 216.30. The stock was the fifth biggest loser in A group. On the BSE, 6,886 shares were traded on the counter so far as against the average daily volumes of 52,000 shares in the past two weeks.

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The Minister of Housing & Urban Poverty Alleviation Shri Venkaiah Naidu launches 352 housing projects in 53 cities
Apr 10,2017

The Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu launched 352 housing projects in 53 cities in 17 States across the country with an investment of over Rs.38,000 cr to build over two lakh (2)  houses.

These housing projects to be taken up by the members of Confederation of Real Estate Developers Associations of India (CREDAI) across the country is the first major private investments initiative into affordable housing.  As per the details furnished by CREDAI, the cost of construction of these affordable houses will be in the range of Rs.15 lakh to Rs.30 lakh with average cost of construction coming to Rs.18 lakh per house.

The event was held in the backdrop of several initiatives by the Government of India to promote affordable housing for Economically Weaker Sections, Low and Middle Income Groups including sanction of infrastructure status for the housing sector.

           Shri Venkaiah Naidu complimented CREDAI and its members for coming forward to invest in affordable housing projects and assured them that his Ministry and Central Nodal Agencies like the National Housing Bank and HUDCO will extend full cooperation in reaching the benefits prescribed under PMAY (Urban) to the beneficiaries who join the projects launched today.

Details of affordable housing projects launched today for implementation are:

State/citiesNo of affordable houses to be builtInvestment (Cr)Maharashtra (Mumbai,Nagpur, Ahmednagar,Jalna, Banm,Nashik, Malegaon,Pune, Satara, Solapur)1,03,71915,576Gujarat (Ahmedabad, Gandhinagar,Rajkot, Mehsana, Bharuch, Bhavnagar,Navsari, Modasa,Palanpur, Swarnakantha,Vadodara, Vapi,Surat)    28,465  9,525National Capital Region of Delhi    41,921  6,211Karnataka (Bengaluru, Gulbarga, Hubli)      7,037  1,679Uttar Pradesh (Agra, Allahabad,Bareily, Jhansi, Kanpur and Varanasi)      6,055  1,108Rajasthan(Ajmer, Jaipur,Jodhpur)      4,406      389West Bengal (Kolkata)      2,955      663Goa       1,932      464Telangana (Hyderabad)      1,784      663Madhya Pradesh (Indore, Ujjain)      1,517       284Kerala (Trivendrum, Calicut, Kochi, Ernakulam)      1,372      186Assam (Guwahati)         860      145Tamil Nadu (Chennai, Coimattore, Tiruchirapalli)         834      145Odisha (Bhubaneswar)         520        53Chattisgarh (Raipur)         244        26Andhra Pradesh (Tirupati)           50        10

            Shri Naidu said while Mahatma ensured political freedom for our country, Sardar Patel ensured its unification, Shri Modi is now working on giving content and real meaning to these accomplishments through building a New India.

The Minister said such a New India has no meaning if we dont ensure houses for all and that too in a specific time frame. He said that the Prime Minister Shri Modi has set the year 2022 as the deadline for roofing all Indians.

Shri Naidu said that within a short span of just 21 months since the launch of PMAY(Urban) in June, 2015, his  Ministry has earlier approved construction of 17.73 lakh affordable houses for urban poor with an investment of Rs.95,660 cr in 30 States and Union Territories.. For building these houses, central assistance of Rs.27,879 cr has also been approved, he said.

These approved projects are to be executed with assistance from central and state governments and beneficiary contribution under the four components of PMAY (Urban). Under this urban housing mission, central assistance in the range of Rs.1.00 lakh to Rs.2.35 lakh will be provided to each beneficiary. PMAY (Urban) was launched by Prime Minister Shri Narendra Modi on June 25, 2015.

            The Government of India on December 31, 2017 extended the Credit Linked Subsidy Scheme component of PMAY (Urban) to Middle Income Groups with annual incomes in the range of Rs.12 lakh to Rs.18 lakh under which interest subsidy of 4% and 3% on housing loans will be provided. With this, beneficiaries belonging to EWS, LIG and MIG with annual incomes up to Rs.18 lakh have been brought under the ambit of PMAY (Urban) opening up substantial investment opportunities for developers both at the bottom and middle of the pyramid.

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CII Business Confidence Index scores an all-time high in the January-March Quarter
Apr 10,2017

Amidst expectations that economic activity would gather pace in the current year, there is optimism among companies that green shoots of recovery, which have started becoming evident, would be sustained. This finds a reflection in the CII Business Confidence (BCI) which has gone up to an all-time high of 64.1 during the fourth quarter of 2016-17 as against 56.5 recorded in the previous quarter. There has been a sharp rise in the CII-BCI after it remained subdued in the last few quarters.

Commenting on the recent rebound in Business Confidence, Chandrajit Banerjee, Director General, CII stated that the turnaround in business expectations, as indicated in the survey, gives credence to the belief that a new growth narrative is being scripted for the country based on improved business sentiment and investor confidence. A sharp uptick in business outlook, at the onset of 2017, underpins the hope that the reform initiatives of the government would unravel a host of investment opportunities for firms, going forward.

These findings are a part of CIIs 98th edition of quarterly Business Outlook Survey, which was based on around 200 responses from large, medium, small and micro firms, covering all regions of the country.

The significant rise in the index this quarter could be attributed to the distinct improvement in the Expectations Index even as there is a marginal uptick in the Current Situation Index, indicating that business sentiment is strong and firms are particularly upbeat about activity in their sectors in the future.

Business conditions are expected to improve as over 63% of the firms expect an increase in sales in January-March 2017, as compared to only 39% who experienced the same in October-December 2016.

On similar lines, 60 per cent of the respondents anticipate an increase in new orders during January-March 2017 as compared to 41.0 per cent who witnessed the same in the preceding quarter. Much of the recovery in business conditions is expected to be domestically driven as a large proportion of firms (61.8%) expect to maintain status quo on their export orders in January-March 2017.

In an indication that the turn of the investment cycle is now imminent, firms expect an improvement in capacity utilization in the fourth quarter of FY17. This is borne out from the fact that around 65 percent of respondents expect capacity utilization levels to be above 75% while only 36 percent of respondents experienced the same in the Oct-Dec 2016 quarter.

Despite the rise in capacity utilization, majority of firms expect no change in their domestic and international investment plans in January-March 2017. More than half of the firms expect to maintain status quo on their plans about investing in the domestic economy in the January-March 2017 quarter. Firms are keeping investment plans on hold despite the expectation of an improvement in sales and new orders in the January-March 2017 quarter owing to the existing excess capacity in the economy.

Firms, when asked to rank their concerns in the coming six months, have stated low domestic demand followed by fragile global economic recovery and rise in commodity prices as their key concerns.

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Ortel Communications unveils One Terabyte data plan
Apr 10,2017

Ortel Communications unveiled its One Terabyte (1024 GB) data plan on the DOCSIS 3.0 platform at a mega speed of 100 Mbps. The OneTerabyte plan is priced at Rs. 4,999, which is highly economical for users who download huge amount of data in the form of HD movies, watch full seasons of TV series, play higher end online games, use videos and pictures for professional or educational purposes. With this blockbusterplan, Ortel is also offering its Digital TV services free as a double bonanza for all the customers opting for the One TB Plan.

Ortel has also announced the withdrawal of all its data plans below 1 Mbps speed.

By upgrading its minimum broadband speed to 1 Mbps, Ortel has again set a benchmark in the regions that it operates currently. Existing customers will automatically be upgraded to this speed, thus enhancing their overall browsing experience. The data limits too have been increased multifold at nominal prices. All the plans are without any daily limit, which can be used by the subscribers at their convenience without worrying about exhausting the limit or losing the data within the monthly billing period. The new plans are available from Rs. 299 onwards and thechoice of speeds can range upto 100 Mbps for homes, whereas the SMEs and corporates can choose their speeds even beyond 100 Mbps using fiber leased lines. The Data download limits are also revised upward. Now customers can avail plans with the Download Limits of 10 GB to200 GB before they can migrate to a Terabyte Plan.

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Indiabulls Ventures drops after recent rally
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.89 points, or 0.09% at 29,732.50. The S&P BSE Small-Cap index was up 121.28 points, or 0.83% at 14,802.70.

On the BSE, 13.64 lakh shares were traded on the counter so far as against the average daily volumes of 10.48 lakh shares in the past one quarter. The stock hit a high of Rs 74.15 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 67.15 so far during the day. The stock had hit a 52-week low of Rs 14.55 on 9 May 2016.

The stock had outperformed the market over the past one month till 7 April 2017, surging 94.36% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, galloping 225.58% as against Sensexs 11.01% rise.

The small-cap company has equity capital of Rs 64.04 crore. Face value per share is Rs 2.

Indiabulls Ventures board of directors at its meeting held on 7 April 2017, approved preferential offer and issue of 3.88 crore equity shares at Rs 58.40 per share to Cinnamon Capital, a foreign portfolio investor. The total equity investment by Cinnamon Capital would aggregate to Rs 226.97 crore. The issue of shares is to augment long-term resources of the company for meeting funding requirements for business purposes, Indiabulls Ventures said.

Indiabulls Ventures consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income from operation to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly known as Indiabulls Securities) is one of the leading company in the segment of Capital Market and Real Estate marketing and distribution.

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Ajanta Pharma rises after USFDA clears Dahej facility
Apr 10,2017

The announcement was made during trading hours today, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 19.42 points, or 0.07% to 29,726.03.

On the BSE, 26,000 shares were traded in the counter so far, compared with average daily volumes of 25,063 shares in the past one quarter. The stock had hit a high of Rs 1,818 and a low of Rs 1,718.50 so far during the day. The stock hit a record high of Rs 2,150 on 28 October 2016. The stock hit a 52-week low of Rs 1,400.05 on 24 June 2016.

The stock had underperformed the market over the past one month till 7 April 2017, rising 0.45% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.14% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.

Ajanta Pharma announced that its formulation facility at Dahej was inspected by US Food and Drug Administration (USFDA) from 3rd to 7th April 2017. At the end of the inspection, no Form 483 was issued to the company.

An FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

On a consolidated basis, net profit of Ajanta Pharma rose 25.15% to Rs 142.60 crore on 9.68% rise in net sales to Rs 515.02 crore in Q3 December 2016 over Q3 December 2015.

Ajanta Pharma is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages.

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Sobha tumbles on stake sale by promoter
Apr 10,2017

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the S&P BSE Sensex was up 48.24 points, or 0.16% at 29,754.85. The S&P BSE Mid-cap index was up 88.62 points, 0.62% at 14,321.78.

On the BSE, 68,000 shares were traded on the counter so far as against the average daily volumes of 1.17 lakh shares in the past one quarter. The stock had hit a high of Rs 403.95 and a low of Rs 378.50 so far during the day.

The stock had hit a 52-week high of Rs 423.30 on 7 April 2017 and a 52-week low of Rs 224.05 on 22 November 2016. The stock had outperformed the market over the past one month till 7 April 2017, advancing 27.47% compared with the Sensexs 2.44% rise. The scrip had also outperformed the market over the past one quarter advancing 56.25% as against the Sensexs 11.01% rise.

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

Sobha said that the promoter Sobha Menon sold 40 lakh shares, or 4.15% stake at price of Rs 414.90 per share. Promoter Sobha Menon held 41.90% stake as per share holding as on 31 December 2016.

Adawi Investments Holdings bought 41.60 lakh shares at price of Rs 414.89 per share of the company.

Sobhas consolidated net profit rose 7.9% to Rs 39.40 crore on 24.4% increase in net sales to Rs 540 crore in Q3 December 2016 over Q3 December 2015.

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

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Divis Laboratories jumps as USFDA alters import alert list
Apr 10,2017

The announcement was made on Saturday, 8 April 2017.

Meanwhile, the S&P BSE Sensex was up 34.67 points, or 0.12% to 29,741.28.

On the BSE, 3.07 lakh shares were traded in the counter so far, compared with average daily volumes of 2.78 lakh shares in the past one quarter. The stock had hit a high of Rs 656.15 and a low of Rs 642.75 so far during the day. The stock hit a record high of Rs 1,380 on 16 September 2016. The stock hit a 52-week low of Rs 611.60 on 22 March 2017.

The stock had underperformed the market over the past one month till 7 April 2017, falling 18.09% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.59% as against Sensexs 11.01% rise.

The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Divis Laboratories said the United States Food and Drug Administration (USFDA) has exempted some more products manufactured at the companys Unit-II at Visakhapatnam from the import alert issued under clauses 66-40 & 99-32 of the FDA regulations.

An import alert prohibits the company to manufacture or market that particular drug in the United States, according to the regulators website.

Last month, Divis Laboratories announced that the USFDA issued an Import Alert 66-40 on 20 March 2017 on the products manufactured at the companys Unit-II at Visakhapatnam, Andhra Pradesh. The agency has exempted the 10 products namely Levetiracetam, Gabapentin, Lamotrigine, Capecitabine, Naproxen Sodium, Raltegravir potassium, Atovaquone, Chloropurine , BOC core succinate and 2, 4-wing active ester, from the import alert, it added.

Divis Laboratories net profit rose 8.7% to Rs 268.32 crore on 13.4% increase in net sales to Rs 973.44 crore in Q3 December 2016 over Q3 December 2015.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics; custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants; building blocks for peptides; building blocks for nucleotides; carotenoids; and chiral ligands.

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