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Volumes jump at GVK Power & Infrastructure counter
Oct 17,2016

GVK Power & Infrastructure clocked volume of 6.14 crore shares by 14:41 IST on BSE, a 156.59-times surge over two-week average daily volume of 3.92 lakh shares. The stock jumped 11.31% to Rs 6.98. A bulk deal of 5.73 crore shares was executed on the scrip at Rs 6.62 per share at 09:25 IST on BSE.

Essar Shipping notched up volume of 17.05 lakh shares, a 52.62-fold surge over two-week average daily volume of 32,000 shares. The stock rose jumped 18.23% to Rs 34.05.

Supreme Industries saw volume of 1.53 lakh shares, a 48.46-fold surge over two-week average daily volume of 3,000 shares. The stock rose 0.22% to Rs 925.20.

Aditya Birla Fashion and Retail clocked volume of 26.74 shares, a 40.65-fold surge over two-week average daily volume of 66,000 shares. The stock shed 0.43% to Rs 139.40.

Cox & Kings saw volume of 17.56 lakh shares, a 27.38-fold rise over two-week average daily volume of 64,000 shares. The stock rose 1.3% to Rs 221.40.

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NIIT Tech drops after declaring poor Q2 result
Oct 17,2016

The result was declared on Saturday, 15 October 2016.

Meanwhile, the S&P BSE Sensex was down 83.94 points, or 0.3%, to 27,589.66

On BSE, so far 1.28 lakh shares were traded in the counter, compared with an average daily volume of 33,199 shares in the past one quarter. The stock hit a high of Rs 450.40 and a low of Rs 415.30 so far during the day. The stock hit a record high of Rs 632 on 18 November 2015. The stock hit a 52-week low of Rs 338 on 30 August 2016. The stock had outperformed the market over the past 30 days till 14 October 2016, rising 8.41% compared with Sensexs 2.6% fall. The scrip, however, underperformed the market in past one quarter, sliding 6.46% as against Sensexs 0.59% decline.

The small-cap company has an equity capital of Rs 61.36 crore. Face value per share is Rs 10.

Shares of NIIT Technologies saw pre-result rally, gaining 7.76% in three trading days to settle at Rs 439.70 on Friday, 14 October 2016, from its close of Rs 408.05 on 7 October 2016.

NIIT Technologies said that Q2 September 2016 saw strong intake of fresh new business of $143 million. This included renewal of a large engagement with a media client in the US and also a large IMS contract from a new insurance client in the UK. During the Q2 September 2016, 3 new customers were added, 1 in the US and 2 in EMEA.

NIIT Technologies CEO and Joint MD Arvind Thakur said that revenues grew 3.5% sequentially in constant currency driven by expansion of business in western geographies, specifically in insurance and travel segments.

NIIT Technologies is a global IT solutions organization addressing the requirements of clients across the Americas, Europe, Middle East, Asia and Australia. The companys portfolio of service offerings encompasses application development and maintenance, infrastructure managed services, digital services and business process management.

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UltraTech Cement shrugs off decent Q2 results
Oct 17,2016

The result was announced during trading hours today, 17 October 2016.

Meanwhile, the BSE Sensex was down 81.55 points, or 0.29%, to 27,592.05.

Ahead of Q2 results, the stock had gained 2.51% in three sessions to settle at Rs 4,038.40 on Friday, 14 October 2016, from a close of Rs 3,939.30 on 7 October 2016. High volumes were witnessed on the counter. On BSE, so far 49.399 shares were traded in the counter, compared with average daily volume of 13,325 shares in the past one quarter. The stock was volatile. At the days high of Rs 4,069.55 so far during the day, the stock rose 0.77%. At the days low of Rs 3,965 so far during the day, the stock fell 1.81%. The stock hit a record high of Rs 4,130 on 8 September 2016. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 14 October 2016, gaining 2.37% compared with Sensexs 2.46% fall. The scrip had also outperformed the market in past one quarter, gaining 15.37% as against Sensexs 0.96% decline.

The large-cap company has equity capital of Rs 274.45 crore. Face value per share is Rs 10.

UltraTech Cement in its outlook said that governments thrust on developing infrastructure spending, good monsoon, development of smart cities leading to growth in housing demand in tier-I and tier-II cities, and slower pace of new capacity addition augur well for the cement industry. The company is well positioned across the country to meet the expected rise in demand and participate in the next phase of growth in the country.

Separately, UltraTech Cement announced after market hours on Friday, 14 October 2016 that it is proposing to issue secured redeemable non-convertible debentures (NCDs) amounting to Rs 300 crore on private placement basis. The NCDs have tenure of 5 years and will be allotted on 18 October 2016. NCDs carry coupon of 7.15% per annum.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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UltraTech Cement edges lower after announcing Q2 results
Oct 17,2016

The result was announced during trading hours today, 17 October 2016.

Meanwhile, the BSE Sensex was down 103.32 points, or 0.38%, to 27,568.97.

High volumes were witnessed on the counter. On BSE, so far 46,150 shares were traded in the counter, compared with average daily volume of 13,325 shares in the past one quarter. The stock hit a high of Rs 4,069.55 and a low of Rs 3,965 so far during the day. The stock hit a record high of Rs 4,130 on 8 September 2016. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 14 October 2016, gaining 2.37% compared with Sensexs 2.46% fall. The scrip had also outperformed the market in past one quarter, gaining 15.37% as against Sensexs 0.96% decline.

The large-cap company has equity capital of Rs 274.45 crore. Face value per share is Rs 10.

Separately, UltraTech Cement announced after market hours on Friday, 14 October 2016 that it is proposing to issue secured redeemable non-convertible debentures (NCDs) amounting to Rs 300 crore on private placement basis. The NCDs have tenure of 5 years and will be allotted on 18 October 2016. NCDs carry coupon of 7.15% per annum.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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eClerx Services gains after setting record date for share buyback
Oct 17,2016

The announcement was made during market hours today, 17 October 2016.

Meanwhile, the S&P BSE Sensex was down 130.69 points, or 0.47%, to 27,542.91

On BSE, so far 5,233 shares were traded in the counter, compared with average daily volume of 6,391 shares in the past one quarter. The stock hit a high of Rs 1,599 and low of Rs 1,533.55 so far during the day. The stock hit a record high of Rs 1,775 on 30 August 2016. The stock hit a 52-week low of Rs 1,190 on 28 March 2016. The stock had outperformed the market over the past 30 days till 14 October 2016, falling 1.07% compared with Sensexs 2.6% fall. The scrip also outperformed the market in past one quarter, rising 3.97% as against Sensexs 0.59% decline.

The mid-cap company has equity capital of Rs 40.88 crore. Face value per share is Rs 10.

eClerx Services said that the share buyback committee of board of directors of the company at its meeting held on Friday, 14 October 2016, has determined the final buyback price of Rs 2,000 per share and the final amount for buyback to be Rs 234 crore. With the buyback price of Rs 2,000 per share and buyback size of Rs 234 crore, the total number of shares to be bought back in the buyback shall be 11.70 lakh equity shares, representing about 2.87% of the total issued and paid-up equity capital of the company as on 31 March 2016. The company will buy back shares on proportionate basis from existing shareholders through the tender offer route. The announcement was made on Saturday, 15 October 2016.

On a consolidated basis, net profit of eClerx Services rose 27.25% to Rs 95.92 crore on 14.09% rise in net sales to Rs 340.33 crore in Q1 June 2016 over Q1 June 2015.

eClerx Services is a leading knowledge process outsourcing (KPO) company providing middle/back office operations support to over 30 Fortune 500 companies. Its five delivery centers across India support a diverse global client base, including the worlds leading financial services, broadband, cable & telecom, ecommerce & retail, high tech, industrial manufacturing & distribution, software, media & entertainment and travel companies.

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Order win boosts Ujaas Energy counter
Oct 17,2016

The announcement was made on Saturday, 15 October 2016.

Meanwhile, the BSE Sensex was down 117.17 points, or 0.42%, to 27,556.43.

On BSE, so far 1.72 lakh shares were traded in the counter, compared with an average volume of 1.64 lakh shares in the past one quarter. The stock hit a high of Rs 24.45 and a low of Rs 23.60 so far during the day. The stock hit a 52-week high of Rs 31.90 on 6 January 2016. The stock hit a 52-week low of Rs 15.60 on 9 November 2015. The stock had underperformed the market over the past one month till 14 October 2016, falling 2.72% compared with Sensexs 2.46% fall. The scrip had also underperformed the market in past one quarter, dropping 6.63% as against Sensexs 0.96% decline.

The small-cap company has an equity capital of Rs 20 crore. Face value per share is Re 1.

Ujaas Energy announced that it received an order for design, manufacture, supply, erection, testing and commissioning of grid interactive rooftop and small solar PV power plants on 364 houses with a capacity of 4 & 5 Kwp at various locations in two districts of Uttarakhand from Uttarakhand Renewable Energy Development Agency.

Net profit of Ujaas Energy jumped 407% to Rs 7.25 crore on 695.4% rise in net sales to Rs 93.70 crore in Q1 June 2016 over Q1 June 2015.

Ujaas Energy is engaged in design of various products and solutions for producing clean energy.

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GVK Power gallops after huge bulk deal
Oct 17,2016

Meanwhile, the S&P BSE Sensex was down 115.84 points, or 0.42%, to 27,557.76

Bulk deal boosted volume on the scrip. On BSE, so far 6.09 crore shares were traded in the counter, compared with average daily volume of 8.12 lakh shares in the past one quarter. The stock hit a high of Rs 7.48 and a low of Rs 6.27 so far during the day. The stock hit a 52-week high of Rs 9.77 on 24 November 2015. The stock hit a 52-week low of Rs 4.13 on 6 June 2016. The stock had underperformed the market over the past 30 days till 14 October 2016, falling 5.42% compared with Sensexs 2.6% fall. The scrip also underperformed the market in past one quarter, sliding 9.77% as against Sensexs 0.59% decline.

The small-cap company has an equity capital of Rs 157.92 crore. Face value per share is Re 1.

GVK Power & Infrastructure reported net loss of Rs 51.04 crore in Q1 June 2016, higher than net loss of Rs 3.09 crore in Q1 June 2015. Total income rose 6.11% to Rs 16.85 crore in Q1 June 2016 over Q1 June 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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MEP Infrastructure Developers gains after subsidiaries achieve financial closure for project
Oct 17,2016

The announcement was made at the onset of the trading session today, 17 October 2016.

Meanwhile, the BSE Sensex was down 107.83 points, or 0.39%, to 27,565.77.

On BSE, so far 22,854 shares were traded in the counter, compared with average daily volume of 1.16 lakh shares in the past one quarter. The stock hit a high of Rs 44.10 and a low of Rs 42 so far during the day. The stock hit a 52-week high of Rs 59.70 on 21 October 2015. The stock hit a record low of Rs 34.20 on 12 February 2016. The stock had outperformed the market over the past one month till 14 October 2016, falling 1.26% compared with Sensexs 2.46% fall. The scrip had, however, underperformed the market in past one quarter, dropping 7.43% as against Sensexs 0.96% decline.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers said that MEP Nagpur Ring Road 1 Private Limited, a subsidiary of the company, achieved the financial closure within the stipulated time in accordance with the concession agreement executed with National Highways Authority of India (NHAI) dated 19 May 2016 for four laning stand alone ring road/bypass for the Nagpur City package I in Maharashtra on build, operate, transfer (BOT) (Hybrid Annuity) basis, by tying up of project finance of Rs 238.95 crore.

The bid project cost is Rs 531 crore out of which project finance will contribute Rs 238.95 crore and remaining will be funded by grant from NHAI and equity contribution by the company.

The construction period of the project is 30 months from the appointed date. The concession period is 15 years (excluding construction period of 30 months). The company will receive bi-annual annuity from NHAI post commercial operation sate (COD).

Separately, MEP Infrastructure Developers announced that MEP Sanjose Nagpur Ring Road 2 Private Limited a subsidiary of the company, achieved the financial closure within the stipulated time in accordance with the concession agreement executed with NHAI dated 19 May 2016 for four laning stand alone ring road/bypass for the Nagpur City package II in Maharashtra on BOT (Hybrid Annuity) basis, by tying up of project finance of Rs 287.55 crore.

The bid project cost is Rs 639 crore out of which Project finance will contribute Rs 287.55 crore and remaining will be funded by grant from NHAI and equity contribution by the company. The construction period of the project is 30 months from the appointed date. The concession period is 15 years (excluding construction period of 30 months). The company will receive bi-annual annuity from NHAI post commercial operation date (COD).

MEP Infrastructure Developers consolidated net profit jumped 1470.2% to Rs 35.80 crore on 1.6% drop in net sales to Rs 457.28 crore in Q1 June 2016 over Q1 June 2015.

MEP Infrastructure Developers is among the leading players in tolling operations in the road infrastructure sector.

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Granules India gains as USFDA completes inspection at Gagillapur facility
Oct 17,2016

The announcement was made before market hours today, 17 October 2016.

Meanwhile, the S&P BSE Sensex was down 124.25 points or 0.45% at 27,549.61

On BSE, so far 3.79 lakh shares were traded in the counter as against average daily volume of 1.36 lakh shares in the past one quarter. The stock hit a high of Rs 125.60 and a low of Rs 121.10 so far during the day. The stock had hit a record high of Rs 164.45 on 1 December 2015. The stock had hit a 52-week low of Rs 101.25 on 12 February 2016. The stock had outperformed the market over the past 30 days till 14 October 2016, rising 2.26% compared with Sensexs 2.6% fall. The scrip, however, underperformed the market in past one quarter, sliding 17.89% as against Sensexs 0.59% decline.

The small-cap company has equity capital of Rs 21.72 crore. Face value per share is Rs 1.

Granules India said that the companys Gagillapur facility, Hyderabad, has successfully completed U S Food and Drug Administration (USFDA) inspection without any observations. This facility manufactures finished dosages (FDs) and pharmaceutical formulation intermediates (PFIs).

On a consolidated basis, Granules Indias net profit rose 36.51% to Rs 38.96 crore on 6.56% growth in net sales to Rs 343.50 crore in Q1 June 2016 over Q1 June 2015.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients for customers in the regulated and semi-regulated markets.

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Balaji Amines gains as board to consider amalgamation of subsidiaries
Oct 17,2016

The announcement was made after market hours on Friday, 14 October 2016.

Meanwhile, the S&P BSE Sensex was down 26.15 points or 0.09% at 27,647.45

On BSE, so far 2,941 shares were traded in the counter as against average daily volume of 8,791 shares in the past one quarter. The stock hit a high of Rs 314.95 and a low of Rs 311.05 so far during the day. The stock had hit a record high of Rs 329 on 19 September 2016. The stock had hit a 52-week low of Rs 115 on 12 December 2016. The stock had outperformed the market over the past 30 days till 14 October 2016, rising 6.94% compared with Sensexs 2.6% fall. The scrip had also outperformed the market in past one quarter, gaining 18.59% as against Sensexs 0.59% decline.

The small-cap company has equity capital of Rs 6.48 crore. Face value per share is Rs 2.

Balaji Amines net profit surged 105.46% to Rs 26.34 crore on 4.73% growth in total income to Rs 167.90 crore in Q1 June 2016 over Q1 June 2015.

Balaji Amines manufactures methylamines, ethylamines, derivatives of specialty chemicals and natural products.

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ICICI Bank surges after Essar Oil-Rosneft Deal
Oct 17,2016

Meanwhile, the BSE Sensex was up 38.47 points, or 0.14%, to 27,708.34.

High volumes were witnessed on the counter. On BSE, so far 23.5 lakh shares were traded in the counter, compared with average daily volume of 14.06 lakh shares in the past one quarter. The stock hit a high of Rs 258.95 and a low of Rs 244 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had underperformed the market over the past one month till 14 October 2016, falling 10.95% compared with Sensexs 2.46% fall. The scrip had also underperformed the market in past one quarter, dropping 9.84% as against Sensexs 0.96% decline.

The large-cap private sector bank has equity capital of Rs 1163.77 crore. Face value per share is Rs 2.

ICICI Bank is amongst the major lenders to Essar Group. As per reports, such a large deleveraging would be positive for Essar Group lenders. Exposure to Essar Group expressed as a per cent of respective banks loan book is highest for ICICI Bank, Axis Bank, Punjab National Bank and State Bank of India, as per reports.

Rosneft bought a 49% stake in Essar Oils refinery, port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the worlds biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49% equity equally. The remaining 2% will be held by minority shareholders of Essar Oil.

The deal has an enterprise value of close to $12.9 billion -$10.9 billion being for a 20 million tons a year refinery in Gujarat and over 2,700 petrol pumps and another $2 billion for Vadinar port in Gujarat. The deal factors in Essar Oils debt of about $4.5 billion and about $2 billion debt with the port company. Also, the near $3 billion dues to Iran for past oil purchases will continue to be on Essar Oil books. Trafigura, which has been funded by Russian bank, may sell its stake to Rosneft at a later date. The deal was signed on the sidelines of BRICS Summit held in Goa over the last weekend.

ICICI Banks MD & CEO, Chanda Kochhar, reportedly quoted by media as saying that this deal is also a significant step in the process of deleveraging the balance sheets of Indian corporates. ICICI Bank has been closely working with various companies including the Essar group to help them deleverage their stressed balance sheets. The company will continue working towards this objective with others, she reportedly added.

Separately, ICICI Bank announced after market hours on Friday, 14 October 2016 that the board of directors of the bank at its meeting held 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of ICICI Bank subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve Bank of India (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, ICICI Bank said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

ICICI Banks net profit fell 25% to Rs 2232.35 crore on 6.1% increase in operating income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.

ICICI Bank is one of the leading private sector banks in India.

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Auto stocks decline after hike in fuel prices
Oct 17,2016

Meanwhile, the BSE Sensex was up 46.03 points, or 0.17%, to 27,719.63.

Tata Motors (down 0.58%), Maruti Suzuki India (down 0.11%), Eicher Motors (down 1.51%), Hero MotoCorp (down 0.16%), Bajaj Auto (down 0.74%) and TVS Motor Company (down 0.12%) declined. Ashok Leyland rose 0.31%.

Mahindra & Mahindra (M&M) declined 1.12%. M&M announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

PSU OMCs increased petrol and diesel prices with effect from midnight 15 October 2016/16 October 2016. PSU OMCs announced increase in selling price of petrol by Rs 1.34per litre (excluding state levies) and increase in selling price of diesel by Rs 2.37per litre (excluding state levies).

Hike in fuel prices have negative impact on customers buying decision of vehicles.

The BSE Auto index had outperformed the market over the past one month till 14 October 2016, rising 0.8% compared with Sensexs 2.46% fall. The index had also outperformed the market in past one quarter, gaining 11.5% as against Sensexs 0.96% decline.

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DCB Bank gains after reporting good Q2 result
Oct 17,2016

The result was announced after market hours on Friday, 14 October 2016.

Meanwhile, the BSE Sensex was up 40.11 points, or 0.14%, to 27,713.71.

On BSE, so far 2.09 lakh shares were traded in the counter, compared with an average volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 126.50 and a low of Rs 122.85 so far during the day. The stock hit a 52-week high of Rs 129 on 5 October 2016. The stock hit a 52-week low of Rs 68.50 on 21 January 2016. The stock had outperformed the market over the past one month till 14 October 2016, rising 0.49% compared with Sensexs 2.46% fall. The scrip had also outperformed the market in past one quarter, gaining 16.3% as against Sensexs 0.96% decline.

The mid-cap bank has an equity capital of Rs 284.73 crore. Face value per share is Rs 10.

DCB Banks gross non-performing assets (NPAs) stood at Rs 255.40 crore as on 30 September 2016 as against Rs 231.26 crore as on 30 June 2016 and Rs 224.33 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 1.75% as on 30 September 2016 as against 1.72% as on 30 June 2016 and 1.99% as on 30 September 2015.

The ratio of net NPAs to net advances stood at 0.84% as on 30 September 2016 as against 0.87% as on 30 June 2016 and 1.16% as on 30 September 2015. The banks provisions and contingencies (excluding tax provisions) rose 22.19% to Rs 26.48 crore in Q2 September 2016 over Q2 September 2015.

Net interest margin rose to 3.96% in Q2 September 2016 from 3.79% in Q2 September 2015. Net interest income rose 27% to Rs 190 crore in Q2 September 2016 over Q2 September 2015.

DCB is a private sector bank.

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CRISIL slips after declaring muted Q3 result
Oct 17,2016

The result was announced after market hours on Friday, 14 October 2016.

Meanwhile, the S&P BSE Sensex was up 42.79 points, or 0.15%, to 27,716.39

On BSE, so far 270 shares were traded in the counter, compared with an average daily volume of 2,363 shares in the past one quarter. The stock hit a high of Rs 2,368 and a low of Rs 2,310.50 so far during the day. The stock hit a record high of Rs 2,490 on 5 October 2016. The stock hit a 52-week low of Rs 1,750 on 28 March 2016.

The large-cap company has an equity capital of Rs 7.13 crore. Face value per share is Re 1.

CRISIL said that profit and profitability of research segment was adversely impacted by forex fluctuations in Q3 September 2016.

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services.

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Canara Bank gains on plans to raise capital
Oct 17,2016

The announcement was made after market hours on Friday, 14 October 2016.

Meanwhile, the S&P BSE Sensex was up 40.32 points or 0.15% at 27,714.74.

On BSE, so far 74,834 shares were traded in the counter as against average daily volume of 4.32 lakh shares in the past one quarter. The stock hit a high of Rs 316.95 and a low of Rs 312.30 so far during the day. The stock had hit a 52-week high of Rs 339.20 on 5 October 2016. The stock had hit a 52-week low of Rs 156.20 on 29 February 2016. The stock had outperformed the market over the past one month till 14 October 2016, rising 0.53% compared with Sensexs 2.46% fall. The scrip had also outperformed the market in past one quarter, surging 22.57% as against Sensexs 0.96% decline.

The large-cap PSU bank has equity capital of Rs 542.99 crore. Face value per share is Rs 10.

Canara Bank said that the majority of the directors have taken note of the contents and the recommendations of the bank in the circular note and consented to raise additional Tier-I capital funds through BASEL-III compliant additional Tier-I perpetual bonds in rupee terms domestically for an amount not exceeding Rs 2500 crore in single tranche or in tranches depending on the market conditions to maintain healthy capital to risk (weighted) assets ratio (CRAR), during the current financial year. A bond committee will be constituted to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue.

On 6 October 2016, the bank had proposed to circulate a note among the directors of the board of the bank in respect of raising additional funds through BASEL-III compliant additional Tier-I bonds in rupee terms.

Canara Banks net profit fell 52.2% to Rs 228.95 crore on 3.8% decline in total income to Rs 11786.35 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 30 June 2016.

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