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Aurobindo Pharma in the pink of health
Jul 20,2016

The announcement was made during market hours today, 20 July 2016.

Meanwhile, the S&P BSE Sensex was up 71.42 points or 0.26% at 27,859.04.

On BE, so far 1 lakh shares were traded in the counter as against average daily volume of 1.19 lakh shares in the past one quarter. The stock hit a high of Rs 787.75 and a low of Rs 769.55 so far during the day. The stock had hit a record high of Rs 891.50 on 30 December 2015. The stock had hit a 52-week low of Rs 582 on 25 February 2016. The stock had outperformed the market over the past one month till 19 July 2016, advancing 4.5% compared with Sensexs 4.36% rise. The scrip had, however, underperformed the market in past one quarter, sliding 3.06% as against Sensexs 7.64% rise.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Rs 1.

Aurobindo Pharma secured final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Rosuvastatin Calcium Tablets, 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base). Aurobindo is eligible for 180 days of generic drug shared exclusivity. The product is launched in the US market.

The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) CRESTOR (rosuvastatin calcium) Tablets 5 mg, 10 mg, 20 mg and 40 mg of IPR Pharmaceuticals Inc.

Rosuvastatin Calcium Tablets is an antihyperlipidemic to prevent cardiovascular disease. The approved product has an estimated market size of $6.7 billion in the United States for the twelve months ended May 2016 according to IMS.

On consolidated basis, Aurobindo Pharmas net profit rose 39.4% to Rs 562.85 crore on 16.9% growth in net sales to Rs 3674.70 crore in Q4 March 2016 over Q4 March 2015.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The companys manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The companys robust product portfolio is spread over 7 major therapeutic/product areas encompassing antibiotics, anti-retrovirals, CVS, CNS, gastroenterologicals, anti-allergies and anti-diabetics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 150 countries.

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CRISIL drops after reporting small growth in profit in Q2
Jul 20,2016

The company announced the second quarter results after trading hours yesterday, 19 July 2016.

Meanwhile, the BSE Sensex was up 87.37 points, or 0.31%, to 27,877.16.

On BSE, so far 303 shares were traded in the counter, compared with an average volume of 2,551 shares in the past one quarter. The stock hit a high of Rs 2,080 and a low of Rs 2,013.60 so far during the day. The stock hit a 52-week high of Rs 2,307 on 3 June 2016. The stock hit a 52-week low of Rs 1,750 on 28 March 2016. The stock had underperformed the market over the past one month till 19 July 2016, falling 3.14% compared with 4.36% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 5.37% as against Sensexs 7.64% rise.

The large-cap company has an equity capital of Rs 7.12 crore. Face value per share is Re 1.

CRISIL said that the board of directors of the company at its meeting held yesterday, 19 July 2016, approved payment of second interim dividend of Rs 6 per equity share for the year ending 31 December 2016 (FY 2016).

Ashu Suyash, Managing Director & CEO, CRISIL, said that CRISIL continues to deliver strong overall performance driven by growth in its international businesses, especially in the Research and Risk & Analytics verticals, while domestic businesses held ground despite weak investment cycle and low credit off-take.

In an environment of weak bond issuances and muted demand for working capital, the Ratings business focused on maintaining its market position and continued to step up engagements with market participants and customers, while working on innovative structures and products. The delay in the rollout of the new National Small Industries Corporation subsidy scheme impacted mandates for SME ratings, CRISIL said.

On the other hand, CRISILs Global Analytical Centre registered growth in Q2 June 2016 by providing increased support to S&P Global. The Global Financial Research business has spotted opportunities in the credit risk space,while margin pressure is foreseen in traditional investment research.

The Risk & Analytics business continued to witness demandfor stress testing, model validation and support for regulatorychange initiatives in the US and Europe. During the quarter,Coalition launched new analytics products to capture growth beyond the investment banking domain. Enhancing value for clients remained the key focus area for the India Research business.

CRISIL Risk and Infrastructure Solutions, a wholly owned subsidiary of CRISIL that houses the Infrastructure Advisory and Risk Solutions businesses, witnessed good growth in the domestic market and focused on creating a strong order pipeline, CRISIL added.

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

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Linde India drops after reporting net loss in Q2
Jul 20,2016

The result was announced after market hours yesterday, 19 July 2016.

Meanwhile, the S&P BSE Sensex was up 89.57 points or 0.32% at 27,877.19.

On BSE, so far 8,103 shares were traded in the counter as against average daily volume of 17,439 shares in the past one quarter. The stock hit a high of Rs 335 and a low of Rs 326 so far during the day. The stock had hit a 52-week low of Rs 240.50 on 11 February 2016. The stock had hit a 52-week high of Rs 394 on 20 July 2015. The stock had outperformed the market over the past one month till 19 July 2016, advancing 11.28% compared with Sensexs 4.36% rise. The scrip had also outperformed the market in past one quarter, gaining 25.39% as against Sensexs 7.64% rise.

The small-cap company has equity capital of Rs 85.28 crore. Face value per share is Rs 10.

Linde Indias net sales rose 14.9% to Rs 428.53 crore in Q2 June 2016 over Q2 June 2015.

Linde Indias bottom line during the quarter was impacted due to higher depreciation charge and finance cost due to the commissioning of the new air separation units in Kalinganagar. The companys bottom line is expected to improve as the new plants get fully loaded, Linde India said in statement.

Linde India, formerly known as BOC India, is into gases business, providing a one-stop solution to all businesses for gas supply and related equipment and services.

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Wipro drops on weak Q1 results
Jul 20,2016

The company announced the first quarter results after trading hours yesterday, 19 July 2016.

Meanwhile, the S&P BSE Sensex was up 110.80 points or 0.4% at 27,892.65.

On BSE, so far 92,091 shares were traded in the counter as against average daily volume of 2.4 lakh shares in the past one quarter. The stock hit a high of Rs 527.50 and a low of Rs 511 so far during the day.

Wipros gross revenue rose 11.12% to Rs 13599.20 crore in Q1 June 2016 over Q1 June 2015. The results are as per International Financial Reporting Standards (IFRS). Revenue from IT services business rose 2.6% to $1,930.8 million in Q1 June 2016 over Q4 March 2016. Non-GAAP constant currency IT services segment revenue in dollar terms grew 2% sequentially and 9.5% on year-on-year basis.

Wipro expects a muted 0.01% to 0.99% growth in revenue from IT services business at between $1,931 million to $1,950 million in Q2 September 2016 over Q1 June 2016. Wipros management expects the trajectory of growth to build gradually over the course of the year based on execution with regard to the companys strategic themes and as the company makes progress towards achieving a sustainable growth trajectory.

Meanwhile, Wipro and Viteos Group have cancelled the definitive agreement signed in December 2015 whereby Wipro had agreed to acquire Viteos Group. Wipro said in a statement that both the parties have decided not to proceed with the deal due to inordinate delays in completion of closing conditions that exceeded the target closing date under the terms of the agreement.

Wipro is one of the leading global information technology, consulting and outsourcing companies

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Bal Pharma gains on mulling key business propositions
Jul 19,2016

The announcement was made after market hours yesterday, 18 July 2016.

Meanwhile, the S&P BSE Sensex was up 60.32 points or 0.22% at 27,806.98.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 22,650 shares in the past one quarter. The stock hit a high of Rs 102 and a low of Rs 99.85 so far during the day. The stock had hit a record high of Rs 167.90 on 13 January 2016. The stock had hit a 52-week low of Rs 60.50 on 25 August 2015. The stock had outperformed the market over the past one month till 18 July 2016, gaining 12.78% compared with Sensexs 4.21% rise. The scrip had, however, underperformed the market in past one quarter, sliding 3.44% as against Sensexs 7.48% rise.

The small-cap company has equity capital of Rs 14.17 crore. Face value per share is Rs 10.

On consolidated basis, Bal Pharma reported net loss of Rs 3.15 crore in Q4 March 2016 compared with net profit of Rs 0.34 crore in Q4 March 2015. Net sales rose 7.9% to Rs 53.88 crore in Q4 March 2016 over Q4 March 2015.

Bal Pharma is a fully integrated and leading Indian pharmaceutical company specializing in prescription drugs, generic, OTC products, intravenous infusions, bulk drugs (APIs) and also Ayurvedic formulations.

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Bharat Bijlee tumbles after posting dismal Q1 numbers
Jul 19,2016

The result was announced after market hours yesterday, 18 July 2016.

Meanwhile, the S&P BSE Sensex was up 1.37 points to 27,748.03.

High volumes were witnessed on the counter. On BSE, so far 40,889 shares were traded in the counter as against average daily volume of 8,484 shares in the past one quarter. The stock hit a high of Rs 907 and a low of Rs 853.30 so far during the day.

Bharat Bijlees net total income from operations fell 1.15% to Rs 130.27 crore in Q1 June 2016 over Q1 June 2015.

Bharat Bijlee is one of the leading electrical engineering companies in India. The companys main business segments are transformers, projects, electric motors, elevator systems and drives & automation.

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Ashoka Buildcon gains after its subsidiary wins road project
Jul 19,2016

The announcement was made during trading hours today, 19 July 2016.

Meanwhile, the BSE Sensex was down 63.35 points, or 0.23%, to 27,683.31.

On BSE, so far 66,775 shares were traded in the counter, compared with an average volume of 63,269 lakh shares in the past one quarter. The stock hit a high of Rs 170.30 and a low of Rs 160 so far during the day. The stock hit a record high of Rs 211.90 on 23 December 2015. The stock hit a 52-week low of Rs 111 on 7 April 2016. The stock had outperformed the market over the past one month till 18 July 2016, gaining 19.65% compared with Sensexs 4.21% rise. The scrip had also outperformed the market in past one quarter, advancing 10.4% as against Sensexs 7.48% rise.

The mid-cap company has an equity capital of Rs 93.57 crore. Face value per share is Rs 5.

Ashoka Buildcon announced that the companys subsidiary Ashoka Concessions (ACL) emerged as the lowest bidder for the National Highways Authority of India (NHAI) road project for 4/6 laning of Kharar to Ludhiana section of NH-95 in Punjab on hybrid annuity mode. The company quoted a bid project cost of Rs 1600 crore.

On a consolidated basis, Ashoka Buildcon reported net loss of Rs 7.31 crore in Q4 March 2016 compared with net profit of Rs 37.81 in Q4 March 2015. Net sales fell 10.8% to Rs 714.96 crore in Q4 March 2016 over Q4 March 2015.

Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.

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PSU bank stocks witness mixed trend
Jul 19,2016

Meanwhile, the S&P BSE Sensex was down 54.89 points or 0.2% at 27,691.77.

The government today, 19 July 2016, allocated Rs 22915 crore to 13 public sector banks (PSU banks) for the current financial year (FY 2017), to provide liquidity support for lending operations as also to enable banks to raise funds from the market. The remaining amount, to be released later is linked to performance, with particular reference to greater efficiency, growth of both credit and deposits and reduction in the cost of operations, according to a statement released by the government during market hours today, 19 July 2016.

Allahabad Bank was up 0.13% at Rs 75.90. The bank was allocated Rs 44 crore.

Canara Bank was up 3.06% at Rs 254.65. The bank was allocated Rs 997 crore.

Corporation Bank was up 1.18% at Rs 42.80. The bank was allocated Rs 677 crore.

Dena Bank was up 0.63% at Rs 40.15. The bank was allocated Rs 594 crore.

Indian Overseas Bank was up 0.9% at Rs 28. The bank was allocated Rs 3101 crore.

State Bank of India was up 0.26% at Rs 229.20. The bank was allocated Rs 7575 crore.

Syndicate Bank was up 0.26% at Rs 78.60. The bank was allocated Rs 1034 crore.

UCO Bank was up 0.23% at Rs 43.95. The bank was allocated Rs 1033 crore.

Central Bank of India was down 1.67% at Rs 100. The bank was allocated Rs 1729 crore.

Bank of India was down 0.09% at Rs 110.60. The bank was allocated Rs 1784 crore.

Punjab National Bank was down 1.25% at Rs 130.85. The bank was allocated Rs 2816 crore.

Union Bank of India was down 1.08% at Rs 136.95. The bank was allocated Rs 721 crore.

United Bank of India was down 0.43% at Rs 23.35. The bank was allocated Rs 810 crore.

Among other banks, Indian Bank (down 2.86% at Rs 154.35) and Bank of Baroda (down 0.57% at Rs 158.20) edged lower. IDBI Bank (up 0.69% at Rs 73.45) edged higher. No allocation of capital was made to these three state-run banks.

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Volumes jump at Balkrishna Industries counter
Jul 19,2016

Balkrishna Industries clocked volume of 3.65 lakh shares by 14:00 IST on BSE, a 21.3-times surge over two-week average daily volume of 17,000 shares. The stock rose 0.01% at Rs 679.05.

Bharti Airtel notched up volume of 62.75 lakh shares, a 17.02-fold surge over two-week average daily volume of 3.69 lakh shares. The stock fell 0.78% at Rs 360.60.

MindTree saw volume of 3.19 lakh shares, a 10.84-fold surge over two-week average daily volume of 29,000 shares. The stock slumped 7.87% at Rs 565.50 as the companys consolidated net profit declined 7.2% to Rs 123.50 crore on 0.6% growth in revenue to Rs 1327.60 crore in Q1 June 2016 over Q4 March 2016. The result was announced after market hours yesterday, 18 July 2016. In dollar terms, MindTrees consolidated net profit declined 5.8% to $18.50 million on 2% growth in revenue to $199 million in Q1 June 2016 over Q4 March 2016.

Gokaldas Exports clocked volume of 5.36 lakh shares, a 3.74-fold surge over two-week average daily volume of 1.43 lakh shares. The stock rose 4.31% at Rs 105.35.

Indiabulls Housing Finance saw volume of 9.85 lakh shares, a 3.11-fold rise over two-week average daily volume of 3.17 lakh shares. The stock fell 0.7% at Rs 705.10.

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UltraTech Cement moves higher after announcing robust Q1 earnings
Jul 19,2016

The result was announced during market hours today, 19 July 2016.

Meanwhile, the S&P BSE Sensex was down 47.29 points or 0.17% at 27,699.37.

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 20,895 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.72% at the days high of Rs 3,559.90 so far during the day. The stock lost as much as 0.61% at the days low of Rs 3,478.05 so far during the day. The stock had hit a record high of Rs 3,600 on 5 July 2016. The stock had 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 18 July 2016, gaining 6.21% compared with Sensexs 4.21% rise. The scrip had, however, underperformed the market in past one quarter, advancing 2.72% as against Sensexs 7.48% rise.

The large-cap company has equity capital of Rs 274.44 crore. Face value per share is Rs 10.

The company witnessed improvement in operating costs in Q1 June 2016 on the back of operational efficiencies and a judicious power and fuel mix.

With regard to future business outlook, UltraTech Cement said that cement demand is expected to grow around 7% in the current financial year (FY 2017), given the governments focus on infrastructure development, housing sector, smart cities, roads etc. UltraTech is positioned across the country to meet the rise in cement demand and participate in the next phase of growth in the country, the company said in a statement.

UltraTech Cement has adopted Indian Accounting Standards with effect from 1 April 2016. The figures for Q1 June 2015 have also been restated as per Indian Accounting Standards.

Among other developments, the scheme of arrangement between the company, Jaiprakash Associates, Jaypee Cement Corporation and their shareholders and creditors for acquisition of the identified cement plants located in Madhya Pradesh, Uttar Pradesh, Himachal Pradesh. Uttarakhand and Andhra Pradesh, having a capacity of 21.20 million tonne per annum (mtpa) has been approved by the board of directors of the company, subject to requisite regulatory approvals.

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

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UltraTech Cement inches up after announcing strong Q1 results
Jul 19,2016

The result was announced during market hours today, 19 July 2016.

Meanwhile, the S&P BSE Sensex was down 75.54 points or 0.27% at 27,671.12.

On BSE, so far 48,000 shares were traded in the counter as against average daily volume of 20,895 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.72% at the days high of Rs 3,559.90 so far during the day. The stock lost as much as 0.61% at the days low of Rs 3,478.05 so far during the day. The stock had hit a record high of Rs 3,600 on 5 July 2016. The stock had 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 18 July 2016, gaining 6.21% compared with Sensexs 4.21% rise. The scrip had, however, underperformed the market in past one quarter, advancing 2.72% as against Sensexs 7.48% rise.

The large-cap company has equity capital of Rs 274.44 crore. Face value per share is Rs 10.

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

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JP Power, JSW Energy edge higher
Jul 19,2016

Jaiprakash Power Ventures (up 6.43% at Rs 6.46) and JSW Energy (up 1.81% at Rs 81.60) edged higher.

Meanwhile, the S&P BSE Sensex was up 42 points or 0.15% at 27,788.66.

Jaiprakash Power Ventures (JP Power) entered into an agreement with JSW Energy to sell its 500 megawatts (MW) Bina thermal power plant in Madhya Pradesh to JSW Energy for an enterprise value of Rs 2700 crore. The transaction is expected to be completed by May 2017, subject to any mutually agreed extension.

JP Power reported a net loss of Rs 196.16 crore in Q1 June 2016 compared with net profit of Rs 66.96 crore in Q1 June 2015. Net sales declined 37.8% to Rs 750.41 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 18 July 2016.

The results for Q1 June 2016 are in respect of 400 MW Jaypee Vishnuprayag H.E. Plant, 500 MW Jaypee Bina Thermal Power Plant, 1,320 MW Jaypee Nigrie Super Thermal Power Plant (JNSTPP), Jaypee Nigrie Cement Grinding Unit and Amelia (North) Coal Mine. The Q1 June 2015 results included operating results for 300 MW Baspa II H.E. Plant and 1,091 MW Karcham Wangtoo H.E. Plant. The company concluded the sale of these plants to JSW with effect from 1 September 2015. Hence, the figures for Q1 June 2016 are not comparable with the corresponding previous quarter.

JP Power now has aggregate power generation capacity of 2,220 MW comprising of hydro (400 MW) and thermal (1,820 MW).

Jaiprakash Power Ventures is a power company and a part of Infrastructure conglomerate - Jaypee Group. The company plans, develops, implements and operates power projects in India.

On consolidated basis, JSW Energys net profit declined 6.1% to Rs 305.43 crore on 22.6% growth in net sales to Rs 2638.33 crore in Q4 March 2016 over Q4 March 2015.

JSW Energy is a part of JSW Group and is a integrated power company.

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PSU OMCs gain as crude oil prices drop
Jul 19,2016

Meanwhile, the S&P BSE Sensex was down 13.19 points or 0.05% at 27,726.14.

BPCL (up 1.23%), Indian Oil Corporation (IOCL) (up 2.26%) and HPCL (up 2.13%) edged higher.

Lower crude oil prices could decrease under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In the global commodities markets, crude oil prices dropped as concerns over a crude and fuel oil glut outweighed an expected cut in US shale production and a likely further draw in US crude stocks. Brent for September settlement was currently down 14 cents at $46.82 a barrel. The contract had fallen 65 cents or 1.36% to settle at $46.96 a barrel during the previous trading session.

Meanwhile, PSU OMCs in its last revision in fuel prices had cut petrol price by Rs 2.25 a litre and diesel by 42 paise a litre in Delhi (including state levies), with corresponding price revision in other states late on Friday, 15 July 2016. The prices took effect from Saturday, 16 July 2016.

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Nalco gains after setting financial targets for FY 2017
Jul 19,2016

The announcement was made after market hours yesterday, 18 July 2016.

Meanwhile, the S&P BSE Sensex was down 25.20 points or 0.09% at 27,721.46.

On BSE, so far 94,000 shares were traded in the counter as against average daily volume of 2.24 lakh shares in the past one quarter. The stock hit a high of Rs 47.90 and a low of Rs 47.10 so far during the day. The stock had hit a 52-week high of Rs 51.40 on 13 July 2016. The stock had hit a 52-week low of Rs 28 on 25 August 2015. The stock had outperformed the market over the past one month till 18 July 2016, surging 12.97% compared with Sensexs 4.21% rise. The scrip had, however, underperformed the market in past one quarter, advancing 3.1% as against Sensexs 7.48% rise.

The large-cap company has equity capital of Rs 1288.62 crore. Face value per share is Rs 5.

As per the memorandum of understanding (MoU), National Aluminium Companys (Nalco) target for revenue from operations, excluding excise duty, has been fixed at Rs 7100 crore for the current financial year (FY 2017). The MoU has also set higher targets for production of both alumina and aluminium as compared to the previous financial year. Nalco has set an annual production target of 21.30 lakh tonnes of alumina and 3.85 lakh tonnes of aluminium for FY 2017. The company had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminium in FY 2016.

Nalco has set a capex target of Rs 1021 crore, which includes projects like development of Utkal D&E coal blocks, wind power projects of 50 megawatts (MW) each in Maharashtra and Rajasthan, addition of fifth stream in the existing alumina refinery at Damanjodi, Koraput, a 20 MW solar power project in Madhya Pradesh and other modernization activities.

Meanwhile, Nalco announced after market hours yesterday, 18 July 2016, that it has fixed 29 July 2016 as the record date for the purpose of share buyback. Nalcos board had earlier approved the proposal for buyback of shares not exceeding Rs 2834.96 crore at a maximum buyback price of Rs 44 per share.

Nalcos net profit declined 41.4% to Rs 207.94 crore on 3.3% growth in net sales to Rs 1836.86 crore in Q4 March 2016 over Q4 March 2015.

State-run Nalco has integrated and diversified operations in mining, metal and power. The Government of India (GoI) held 80.93% stake in the company (as per the shareholding pattern as on 30 June 2016).

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Essel Propack gains after inaugurating new plant
Jul 19,2016

The announcement was made after market hours yesterday, 18 July 2016.

Meanwhile, the S&P BSE Sensex was up 24.36 points or 0.09% at 27,772.95.

On BSE, so far 3,377 shares were traded in the counter as against average daily volume of 20,635 shares in the past one quarter. The stock hit a high of Rs 215.10 and a low of Rs 210.60 so far during the day. The stock had hit a record high of Rs 224.30 on 13 July 2016. The stock had hit a 52-week low of Rs 132.50 on 20 January 2016. The stock had outperformed the market over the past one month till 18 May 2016, gaining 6.38% compared with 4.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.47% as against Sensexs 7.48% gains.

The mid-cap company has equity capital of Rs 31.42 crore. Face value per share is Rs 2.

Essel Propack said that the facility inauguration was attended by His Excellency the Indian Ambassador to Colombia Prabhat Kumar. The new facility will have a capacity to manufacture 180 million tubes a year and the capability for making Essels new generation laminated tubes targeting the high value beauty & cosmetics category along with a pharma clean room. Located in special economic zone, the facility will efficiently cater to the growing export opportunity in the adjacent Andean markets of Ecuador, Peru, Bolivia, Venezuela, Chile, etc., besides servicing the strong local demand.

The new facility with state-of-the-art equipment and technology is an expression of Essel s confidence in the growth potential of the markets it has been serving for over 15 years. It will facilitate servicing the rapidly evolving needs of categories like beauty & cosmetics, pharma and food from reputed local and multinational brands.

Regional Vice President Ted Sojourner in the opening inaugural address stated that new plant investment known as Essel Colombia SAS is a significant strategic event for companys continued long term growth and development in Colombia, and throughout the South America continent. The facility is built with an infrastructure that will support the future capacity expansions and growth. The company has now established gateway to South America, he added.

Ashok Goel, Vice Chairman & Managing Director, said: Essel Colombia is a strategic unit for the company. On top of companys strong local market, it opens up the markets in the Andean Regions and the rest of South America. The companys deep knowledge of these markets coupled with the long term commitment, the company is confident that the unit will benefit from some of Essels globally recognized innovative solutions and processes.

Essel Propacks consolidated net profit fell 8.7% to Rs 41.45 crore on 8.4% fall in net sales to Rs 552.20 crore in Q4 March 2016 over Q4 March 2015.

Essel Propack is a part of the Essel Group and is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space.

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