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Kesar Terminals spurts as board to consider issue of bonus shares
Jun 21,2016

The announcement was made after market hours yesterday, 20 June 2016.

Meanwhile, the S&P BSE Sensex was down 78.32 points or 0.29% at 26,788.60.

On BSE, so far 1,629 shares were traded in the counter as against average daily volume of 2,080 shares in the past one quarter. The stock hit a high of Rs 534.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 495 so far during the day. The stock had hit a 52-week low of Rs 330 on 25 August 2015. The stock had outperformed the market over the past one month till 20 June 2016, advancing 10.8% compared with Sensexs 6.19% rise. The scrip had also outperformed the market in past one quarter, surging 18.84% as against Sensexs 7.67% rise.

The small-cap company has equity capital of Rs 5.25 crore. Face value per share is Rs 10.

On consolidated basis, Kesar Terminals & Infrastructures net profit rose 66.4% to Rs 4.21 crore on 4.1% growth in net sales to Rs 11.02 crore in Q4 March 2016 over Q4 March 2015.

Kesar Terminals is a diversified company with interests in manufacture of sugar, alcohol, production of hybrid seeds and in the service sector.

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Apollo Hospitals gains after signing MoU with Chinese company
Jun 21,2016

The announcement was made after market hours yesterday, 20 June 2016.

Meanwhile, the S&P BSE Sensex was down 43.68 points or 0.16% at 26,823.24.

On BSE, so far 772 shares were traded in the counter as against average daily volume of 15,817 shares in the past one quarter. The stock hit high of Rs 1,316 and low of Rs 1,305.60 so far during the day.

Apollo Hospitals Enterprise said that it signed Memorandum of Understanding (MoU) with Chinas Hainan Ecological Smart City Group (HESCG) to jointly build a hospital in Hainan Province, China, where a Smart City is being developed in Chinas largest Special Economic Zone. HESCG is a Chinese industrial park development and operations company from the Hainan province of China. The collaboration with Apollo Hospitals would begin with the development of a state of the art hospital and the colleges and will lead to the development of advanced healthcare IT systems and telemedicine solutions. The MoU is also aimed at expanding to other parts of China and also extend into India with suitable model of collaboration which will be discussed post the signing of the MoU.

HESCG will provide land, all the investments for the construction, commissioning and equipping the hospital besides all operative expenses, while Apollo Hospitals Group would provide its services for technical consulting, planning and commissioning of the hospital and post completion of the hospital, provide services for the operations and management of the hospital. Apollo Hospitals would also support in building the technical and management personnel, install its acclaimed patient care clinical protocols and practices, the company said in a statement.

Apollo Hospitals Enterprises net profit fell 2.1% to Rs 75.69 crore on 16% rise in net sales to Rs 1396.26 crore in Q4 March 2016 over Q4 March 2015.

Apollo Hospitals is one of Asias largest healthcare groups.

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V-Guard Inds slips on profit booking
Jun 20,2016

Meanwhile, the S&P BSE Sensex was up 228.17 points or 0.86% at 26,854.08.

On BSE, so far 3,741 shares were traded in the counter as against average daily volume of 47,264 shares in the past one quarter. The stock hit a high of Rs 1,399.80 and a low of Rs 1,344.45 so far during the day. The stock had hit a record high of Rs 1,464.80 on Friday, 17 June 2016. The stock had hit a 52-week low of Rs 786.60 on 12 February 2016. The stock had outperformed the market over the past one month till 17 June 2016, advancing 16.92% compared with Sensexs 3.31% rise. The scrip had also outperformed the market in past one quarter, surging 66.51% as against Sensexs 7.9% rise.

The mid-cap company has equity capital of Rs 30.10 crore. Face value per share is Rs 10.

Shares of V-Guard Industries had rallied 7.37% in the preceding four trading sessions to settle at Rs 1,392.50 on Friday, 17 June 2016, from its close of Rs 1,296.90 on 13 June 2016. The stock had surged 5.33% in a single trading session on Friday, 17 June 2016, after the company after market hours on 16 June 2016, announced a 10-for-1 stock split. The stock-split proposal is aimed at improving the liquidity of the stock in the secondary equity market and also to make the stock affordable to small investors.

V-Guard Industries net profit jumped 109.1% to Rs 41.97 crore on 16% growth in net sales to Rs 510.07 crore in Q4 March 2016 over Q4 March 2015.

V-Guard Industries makes consumer electrical and electronics products. The companys product range includes Voltage Stabilizer, Digital UPS, Inverter and Inverter Batteries, Electric Water Heaters, Solar Water Heaters, Domestic Pumps, Agricultural Pumps, Industrial Motors, Domestic Switch Gears, Distribution Boards, Wiring Cables, Industrial Cables, Induction Cooktops, Mixer Grinders and Fans.

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Pharma stocks gain after Govt eases FDI rules
Jun 20,2016

The government made the announcement during market hours today, 20 June 2016.

Meanwhile, the S&P BSE Sensex was up 240.76 points or 0.9% at 26,866.67.

Sun Pharmaceutical Industries (up 0.03%), Aurobindo Pharma (up 1.62%), Cipla (up 0.61%), Wockhardt (up 1.84%), Dr Reddys Laboratories (up 1.4%), Divis Laboratories (up 0.89%), and Glenmark Pharmaceuticals (up 1.74%) gained. Lupin declined 0.14%.

Cadila Healthcare rose 1.16% after the company said it has strengthened its US portfolio with the acquisition of two abbreviated new drug applications (ANDAs) from Teva that are being divested by Teva as a pre-condition to its acquisition of Allergans generic business. The acquisition of these ANDAs is contingent on the closing of the Teva-Allergan Generics transaction and approval by the US Federal Trade Commission, Cadila said. The company did not disclose the financial details of the transaction.

Cadila said that the ANDAs have been acquired by its 100% subsidiary, Zydus Worldwide DMCC and the transaction will be financed through the groups internal accruals. The acquired portfolio comprises an ANDA which is already commercialised and one pipeline ANDA which is a transdermal patch. The estimated market size of the two ANDAs put together is nearly $200 million, Cadila said in a statement. The announcement was made during market hours today, 20 June 2016.

Meanwhile, the Union Government has radically liberalized the foreign direct investment (FDI) regime today, 20 June 2016 with the objective of providing major impetus to employment and job creation in India. The decision was taken at a high-level meeting chaired by Prime Minister Narendra Modi. This is the second major reform after the last radical changes announced in November 2015. Now most of the sectors would be under automatic approval route, except a small negative list. With these changes, India is now the most open economy in the world for foreign direct investment (FDI), government added in a statement.

It was felt that the country has potential to attract far more foreign investment which can be achieved by further liberalizing and simplifying the FDI regime. Accordingly the Government has decided to introduce a number of amendments in the FDI Policy. Changes introduced in the policy include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment. These amendments seek to further simplify the regulations governing FDI in the country and make India an attractive destination for foreign investors.

With the objective of promoting the development of this pharma sector, government has decided to permit up to 74% FDI under automatic route in brownfield pharmaceuticals and government approval route beyond 74% will continue. The extant FDI policy on pharmaceutical sector provided for 100% FDI under automatic route in greenfield pharma and FDI up to 100% under government approval in brownfield pharma.

Weak rupee also aided gains in pharma stocks. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.

In the foreign exchange market, the partially convertible rupee was hovering at 67.44, compared with its close of 67.08 during the previous trading session. The rupee edged lower against the dollar after The Reserve Bank of India (RBI) Governor Raghuram Rajans surprise announcement over the weekend he would step down as RBI Governor when his term ends on 4 September 2016. Rajans leaving is negative for the currency because he has been credited with stabilizing it against the dollar.

The BSE Healthcare index had underperformed the market over the past one month till 17 June 2016, falling 4.48% compared with 3.31% rise in the Sensex. The index had also underperformed the market in past one quarter, declining 3.57% as against Sensexs 7.9% rise.

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Aviation stocks surge as Govt relaxes FDI norms
Jun 20,2016

SpiceJet (up 6.51% at Rs 68.75), Jet Airways (India) (up 5.54% at Rs 580.45) and InterGlobe Aviation (up 3.73% at Rs 1,048) edged higher.

Meanwhile, the S&P BSE Sensex was up 214.46 points or 0.81% at 26,840.37.

The government has decided to permit 100% foreign direct investment (FDI) under automatic route in brownfield airport projects with a view to aid in modernization of the existing airports to establish a high standard and help ease the pressure on the existing airports.

The government has decided to raise the foreign investment limit in scheduled air transport service/domestic scheduled passenger airline and regional air transport service to 100%, with FDI up to 49% under automatic route and FDI beyond 49% through government approval. For NRIs, 100% FDI will continue to be allowed under automatic route. However, foreign airlines would continue to be allowed to invest in capital of Indian companies operating scheduled and non-scheduled air-transport services up to the limit of 49% of their paid-up capital and subject to the laid down conditions in the existing policy.

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Defence stocks gain after govt allows FDI in defence sector of upto 100%
Jun 20,2016

The government made the announcement during market hours today, 20 June 2016.

Meanwhile, the S&P BSE Sensex was up 240.76 points or 0.9% at 26,866.67.

Reliance Defence Engineering (up 8.37%), Bharat Forge (up 3.32%), Bharat Electronics (up 2.49%), Centum Electronics (up 0.11%), L&T (up 2.01%), Astra Microwave Products (up 4.25%), Punj Lloyd (up 2.97%), BEML (up 3.7%), Taneja Aerospace & Aviation (up 5.17%), Tata Power Company (up 1.56%) and Walchandnagar Industries (up 6.42%) edged higher.

The Union Government has radically liberalized the foreign direct investment (FDI) regime today, 20 June 2016 with the objective of providing major impetus to employment and job creation in India. The decision was taken at a high-level meeting chaired by Prime Minister Narendra Modi. This is the second major reform after the last radical changes announced in November 2015. Now most of the sectors would be under automatic approval route, except a small negative list. With these changes, India is now the most open economy in the world for FDI, government added in a statement.

It was felt that the country has potential to attract far more foreign investment which can be achieved by further liberalizing and simplifying the FDI regime. Accordingly the Government has decided to introduce a number of amendments in the FDI Policy. Changes introduced in the policy include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment. These amendments seek to further simplify the regulations governing FDI in the country and make India an attractive destination for foreign investors.

In defence sector, foreign investment beyond 49% has now been permitted through government approval route, in cases resulting in access to modern technology in the country or for other reasons to be recorded. The condition of access to state-of-art technology in the country has been done away with. FDI limit for defence sector has also been made applicable to manufacturing of small arms and ammunitions covered under Arms Act 1959.

Earlier FDI regime in defence sector permitted 49% FDI participation in the equity of a company under automatic route. FDI above 49% is permitted through Government approval on case to case basis, wherever it is likely to result in access to modern and state-of-art technology in the country.

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IT stocks gain on weak rupee
Jun 20,2016

Meanwhile, the S&P BSE Sensex was up 147.46 points or 0.55% at 26,773.37.

HCL Technologies (up 2.51%), Tech Mahindra (up 1.95%), Hexaware Technologies (up 0.73%), Infosys (up 1.93%), Wipro (up 0.67%), MphasiS (up 0.25%), Oracle Financial Services Software (up 0.74%) and Persistent Systems (up 0.55%) edged higher.

A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lions share of revenue from exports. In the foreign exchange market, the partially convertible rupee was hovering at 67.46, compared with its close of 67.08 during the previous trading session. The rupee edged lower against the dollar after The Reserve Bank of India (RBI) Governor Raghuram Rajans surprise announcement over the weekend he would step down as RBI Governor when his term ends on 4 September 2016. Rajans leaving is negative for the currency because he has been credited with stabilizing it against the dollar.

TCS gained 1.86% after the company announced that it will deliver next generation cloud-based derivative post trade processing service on the Calypso platform to Sernova Financial, an innovative provider of turn-key post-trade services. The announcement was made during market hours today, 20 June 2016. The partnership combines Sernova Financials capital markets expertise, Calypso platforms capability and TCS bouquet of capital markets solutions along with IT-Operations synergies as well as Business Process as a Service (BPaaS) models. TCS will provide 24/5 service delivery support and take Sernovas new and innovative approach to financial market infrastructure.

The BSE IT index had underperformed the market over the past one month till 17 June 2016, rising 0.09% compared with 3.31% rise in the Sensex. The index had also underperformed the market in past one quarter, gaining 3.64% as against Sensexs 7.9% rise.

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Two stocks drop ex-dividend
Jun 20,2016

Damodar Industries lost 0.71% at Rs 70 as the stock turned ex-dividend for final dividend of Rs 1.20 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 1.7% based on the closing price of Rs 70.50 on BSE on Friday, 17 June 2016.

Punjab & Sind Bank fell 0.88% at Rs 50.40 as the stock turned ex-dividend for dividend of Rs 1.65 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 3.24% based on the closing price of Rs 50.85 on BSE on Friday, 17 June 2016.

Meanwhile, the S&P BSE Sensex was up 186.84 points or 0.7% at 26,812.75.

Damodar Industries net profit fell 58.6% to Rs 1.81 crore on 14.5% growth in net sales to Rs 174.42 crore in Q4 March 2016 over Q4 March 2015.

Damodar Industries is one of the largest producers of value added yarns in India.

Punjab & Sind Bank reported net profit of Rs 98.12 crore in Q4 March 2016 compared with net loss of Rs 70.24 crore in Q4 March 2015. Total income rose 3% to Rs 2302.27 crore in Q4 March 2016 over Q4 March 2015.

The Government of India held 79.62% in Punjab & Sind Bank (as per the shareholding pattern as on 31 March 2016).

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TCS gains after bagging contract from Sernova Financial
Jun 20,2016

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

Meanwhile, the S&P BSE Sensex was up 147.46 points or 0.55% at 26,773.37.

On BSE, so far 92,838 shares were traded in the counter as against average daily volume of 64,236 shares in the past one quarter. The stock hit high of Rs 2,657.60 and low of Rs 2,594.80 so far during the day. The stock had hit a 52-week high of Rs 2,769 on 5 October 2015. The stock had hit a 52-week low of Rs 2,119 on 29 February 2016. The stock had underperformed the market over the past one month till 17 June 2016, rising 1.3% compared with 3.31% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.7% as against Sensexs 7.9% rise.

The large-cap company has equity capital of Rs 197.04 crore. Face value per share is Rs 1.

TCS announced a partnership to deliver next generation cloud-based derivative post trade processing service on the Calypso platform to Sernova Financial, an innovative provider of turn-key post-trade services.

The partnership combines Sernova Financials capital markets expertise, Calypso platforms capability and TCS bouquet of capital markets solutions along with IT-Operations synergies as well as Business Process as a Service (BPaaS) models. TCS will provide 24/5 service delivery support and take Sernovas new and innovative approach to financial market infrastructure.

TCS consolidated net profit rose 5% to Rs 6413.12 crore on 4% growth in sales to Rs 28448.61 crore in Q4 March 2016 over Q3 December 2015.

TCS is an IT services, consulting and business solutions organization. The company offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.

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Volumes jump at P I Industries counter
Jun 20,2016

P I Industries clocked volume of 3.58 lakh shares by 13:21 IST on BSE, a 47.08-times surge over two-week average daily volume of 8,000 shares. The stock was up 0.67% at Rs 685.80.

Kotak Mahindra Bank notched up volume of 10.70 lakh shares, a 7.81-fold surge over two-week average daily volume of 1.37 lakh shares. The stock rose 0.54% at Rs 754.

Central Bank of India saw volume of 17.06 lakh shares, a 7.37-fold surge over two-week average daily volume of 2.31 lakh shares. The stock rose 2.66% at Rs 108.15.

SREI Infrastructure Finance clocked volume of 12.94 lakh shares, a 5.44-fold surge over two-week average daily volume of 2.38 lakh shares. The stock surged 5.07% at Rs 68.45.

Max Financial Services saw volume of 7.80 lakh shares, a 5.11-fold rise over two-week average daily volume of 1.52 lakh shares. The stock jumped 7.06% at Rs 506.20.

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Eros International gains after acquiring stake in film company
Jun 20,2016

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

Meanwhile, the S&P BSE Sensex was up 122.16 points or 0.46% at 26,748.07.

On BSE, so far 1.05 lakh shares were traded in the counter as against average daily volume of 1.67 lakh shares in the past one quarter. The stock hit a high of Rs 214.60 and a low of Rs 209.50 so far during the day. The stock had hit a record high of Rs 644.40 on 20 July 2015. The stock had hit a 52-week low of Rs 125.90 on 29 February 2016. The stock had underperformed the market over the past one month till 17 June 2016, falling 0.22% compared with 3.31% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 30.29% as against Sensexs 7.9% rise.

The mid-cap company has equity capital of Rs 93.60 crore. Face value per share is Rs 10.

Eros International Media has announced a strategic alliance with veteran producer Vashu Bhagnani by signing a term sheet to acquire a 50% stake in his film company, Puja Entertainment & Films, one of the most reputed production houses in India that owns a valuable library of films with great franchise value. Under this joint venture, blockbuster hits of 90s known as the No1n++ series including Hero No 1, Coolie No 1 and Biwi No 1 will be among the first of Vashu Bhagnani films to be remade. The deal will also allow Eros access to Puja Entertainments vast library of all-time hits like Bade Miya Chote Miya, Rehna Hai Tere Dil Main and FALTU. In addition to the remakes of some of these all time hits, several new projects are in the pipeline as well.

Separately, Eros International Media announced after market hours on Friday, 17 June 2016, a television syndication deal for their new and catalogue films with Zee Network, one of Indias leading television media and entertainment companies. The films comprise a number of catalogue films from Eros vast library and also pre-sales for a few forthcoming films.

Movies that will be showcased exclusively on Zee Network include Riteish Deshmukh and Nargis Fakhri starrer Banjo, slated for a theatrical release on 23 September, the much acclaimed family drama Nil Battey Sannata, and the widely appreciated Aligarh starring Manoj Bajpayee and Rajkummar Rao. Apart from the recent releases, the license deal will give the channel access to Eros blockbuster catalogue films like Housefull, Heyy Babyy, Cocktail, Vicky Donor, Omkara among others.

On consolidated basis, Eros International Medias net profit fell 36.8% to Rs 32.72 crore on 39.9% decline in net sales to Rs 269.91 crore in Q4 March 2016 over Q4 March 2015.

Eros International Media is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media.

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Aviation stocks slide on higher crude oil prices, weak rupee
Jun 20,2016

Jet Airways (India) (down 2.05% at Rs 538.75), InterGlobe Aviation (down 1.62% at Rs 994) and SpiceJet (down 0.62% at Rs 64.15) edged lower.

Meanwhile, the S&P BSE Sensex was up 175.97 points or 0.66% at 26,801.88.

In the global commodities markets, crude oil prices surged on easing worries over Britains possible exit from the European Union. Brent for August settlement was currently up 57 cents at $49.74 a barrel. The contract had surged $1.98 a barrel or 4.19% to settle at $49.17 a barrel during the previous trading session.

Higher crude oil prices hurt aviation firms as jet fuel prices, which typically constitute over 40% of airlines operating costs, are directly linked to international crude oil prices.

In the foreign exchange market, the partially convertible rupee was hovering at 67.39, compared with its close of 67.08 during the previous trading session.

A weak rupee impacts aviation sector adversely as almost a third of operational expenses of aviation firms are denominated in dollars. Among the payments made in dollars include, rentals of leased aircraft, maintenance, spare parts and salary paid out to foreign crew.

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Subros gains after reinstating full supplies to Maruti Suzuki
Jun 20,2016

The announcement was made on Saturday, 18 June 2016.

Meanwhile, the BSE Sensex was up 113.28 points, or 0.43%, to 26,739.19.

On BSE, so far 8,967 shares were traded in the counter, compared with an average volume of 36,939 shares in the past one quarter. The stock hit a high of Rs 94.20 and a low of Rs 92.60 so far during the day. The stock hit a record high of Rs 118.40 on 28 February 2015. The stock hit a 52-week low of Rs 54 on 18 June 2015. The stock had underperformed the market over the past one month till 17 June 2016, falling 5.08% compared with 3.31% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 8.37% as against Sensexs 7.9% rise.

The small-cap company has an equity capital of Rs 12 crore. Face value per share is Rs 2.

Subros added that it is working on fast-track basis to re-build the Manesar facilities in Haryana so as to commence production in phased manner after the operations were affected at Manesar plant due to a fire accident in that plant on 29 May 2016. The company had intimated about the fire at its Manesar plant on 30 May 2016.

Subros net profit rose 5.5% to Rs 7.85 crore on 17.5% rise in net sales to Rs 358.89 crore in Q4 March 2016 over Q4 March 2015.

Subros is Indias largest and leading automotive air conditioning systems and thermal products for automotive applications. Subros manufactures compressors condensers, heat exchangers and all connecting elements required to complete AC loop and caters to all segments viz. passenger vehicles, buses, trucks, refrigeration transport, & railways.

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Cadila Healthcare inches up after acquiring two ANDAs from Teva
Jun 20,2016

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

Meanwhile, the S&P BSE Sensex was up 99.31 points or 0.37% at 26,725.22.

On BSE, so far 51,000 shares were traded in the counter as against average daily volume of 88,517 shares in the past one quarter. The stock hit a high of Rs 320 and a low of Rs 310 so far during the day. The stock had hit a record high of Rs 454.40 on 23 October 2015. The stock had hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had underperformed the market over the past one month till 17 June 2016, sliding 2.52% compared with Sensexs 3.31% rise. The scrip had also underperformed the market in past one quarter, declining 6.96% as against Sensexs 7.9% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

Cadila Healthcare has strengthened its US portfolio with the acquisition of two abbreviated new drug applications (ANDAs) from Teva that are being divested by Teva as a pre-condition to its acquisition of Allergans generic business. The acquisition of these ANDAs is contingent on the closing of the Teva-Allergan Generics transaction and approval by the US Federal Trade Commission, Cadila said. The company did not disclose the financial details of the transaction.

Cadila said that the ANDAs have been acquired by its 100% subsidiary, Zydus Worldwide DMCC and the transaction will be financed through the groups internal accruals. The acquired portfolio comprises an ANDA which is already commercialised and one pipeline ANDA which is a transdermal patch. The estimated market size of the two ANDAs put together is nearly $200 million, Cadila said in a statement.

Cadila Healthcares consolidated net profit rose 10.9% to Rs 388.70 crore on 5.7% growth in net sales to Rs 2375.50 crore in Q4 March 2016 over Q4 March 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.

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BPCL gains after its consortium with Oil India & IOCL acquires stake in Russian company
Jun 20,2016

The separate announcements were made by BPCL, Indian Oil Corporation (IOCL) and Oil India in this regard on Saturday, 18 June 2016

Meanwhile, the S&P BSE Sensex was up 47.52 points or 0.18% at 26,673.43.

On BSE, so far 50,930 shares were traded in the counter as against average daily volume of 87,945 shares in the past one quarter. The stock hit a high of Rs 1,010.10 and a low of Rs 994.95 so far during the day. The stock had hit a record high of Rs 1,032 on 3 June 2016. The stock had hit a 52-week low of Rs 732.20 on 23 February 2016. The stock had outperformed the market over the past one month till 17 June 2016, rising 6.54% compared with 3.31% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.47% as against Sensexs 7.9% rise.

The large-cap company has equity capital of Rs 723.08 crore. Face value per share is Rs 10.

BPCL said that Bharat PetroResources (BPRL), a 100% subsidiary and exploration and production arm of BPCL, along with Oil India and Indian Oil Corporation (IOCL), acting jointly as the Indian consortium, signed definitive agreements to acquire through a joint venture company formed by their wholly owned subsidiaries in Singapore, upto 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation from Rosneft Oil Company (Rosneft). JSC Vankorneft is the owner of Vankor and North Vankor Field licenses in Russia. Rosneft is a National Oil Company of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016.

Rosneft Oil Company holds about 85% shares while ONGC Videsh, through its subsidiary holds about 15% shares in JSC Vankorneft. Vankor field, located in East Siberia is Russias second largest field by production and accounts for around 4% of Russian production and currently producing oil at a level of approximately 4.22 lakh barrels of oil per day. In 2015, the Vankor field produced 22 million tons of oil and 8.71 billion cubic metres (BCM) of gas.

Meanwhile, Oil India (up 0.56%) and ONGC (up 1%) gained. IOCL declined 0.27%. With the closure of Vankor deal, IOCLs equity oil portfolio will go up by 1.6 million metric tonne (MMT) per annum.

BPCLs net profit fell 10.6% to Rs 2549.08 crore on 14% decline in net sales to Rs 44145.54 crore in Q4 March 2016 over Q4 March 2015.

BPCL is a state-run oil refining-cum-marketing company. The Government of India currently holds 54.93% stake in BPCL (as per the shareholding pattern as on 31 March 2016).

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