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TCS drops after announcing muted Q1 results
Jul 15,2016

The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 14 July 2016.

Meanwhile, the S&P BSE Sensex was up 15.53 points or 0.06% at 27,957.64.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 61,000 shares in the past two weeks. The stock hit a high of Rs 2,524 and a low of Rs 2,465.05 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 large-cap company has equity capital of Rs 197.04 crore. Face value per share is Rs 1.

TCS operating income fell 0.9% to Rs 7347 crore in Q1 June 2016 over Q4 March 2016.

Commenting on the Q1 performance, N Chandrasekaran, CEO and MD, TCS, said that strong execution and accelerating customer adoption of cloud, big data & analytics has driven broad-based growth across key markets and industries. The companys investments in platforms are gaining significant traction as customers look to boost business agility and enhance their time-to-market advantage to gain a competitive edge, he added.

Rajesh Gopinathan, Chief Financial Officer, TCS, said this has been a quarter of good financial performance balancing revenue growth, profitability and cash generation. The companys disciplined approach to operations have helped counter strong headwinds in the form of annual salary hikes and promotions as well as global currency and market volatility through the quarter. The company continues to invest in people, platforms and products as it looks to strengthen competitive position across key markets, he added.

TCS declared an interim dividend of Rs 6.50 per share for the year ending 31 March 2017 (FY 2017).

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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Power Finance Corp jumps after boards nod for bonus issue
Jul 14,2016

The announcement was made during market hours today, 14 July 2016.

Meanwhile, the S&P BSE Sensex was up 131.24 points or 0.47% at 27,946.42.

The stock surged on heavy volumes. On BSE, so far 11.99 lakh shares were traded in the counter as against average daily volume of 1.98 lakh shares in the past one quarter. The stock hit a high of Rs 212.90 and a low of Rs 200.15 so far during the day. The stock had hit a 52-week high of Rs 270.60 on 21 July 2015. The stock had hit a 52-week low of Rs 140.40 on 17 February 2016. The stock had outperformed the market over the past one month till 13 July 2016, surging 25.26% compared with 5.37% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 16.97% as against Sensexs 8.54% rise.

The large-cap company has equity capital of Rs 1320.04 crore. Face value per share is Rs 10.

Power Finance Corporations (PFC) net profit declined 19.3% to Rs 1259.65 crore on 5.7% growth in total income to Rs 6786.99 crore in Q4 March 2016 over Q4 March 2015.

State-run PFCs main business is to provide finance to the power sector. Government of India (GoI) currently holds 67.8% stake in PFC (as per the shareholding pattern as on 31 March 2016).

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Dishman Pharma gains as Swiss unit completes USFDA inspection for 2 sites
Jul 14,2016

Meanwhile, the S&P BSE Sensex was up 115.83 points or 0.42% at 27,931.01

On BSE, so far 7.98 lakh shares were traded in the counter as against average daily volume of 1.65 lakh shares in the past one quarter. The stock hit high of Rs 143.30 and low of Rs 131.85 so far during the trading session. The stock had hit 52-week high of Rs 209.85 on 4 November 2015. The stock had hit 52-week low of Rs 79.78 on 20 July 2015. The stock had underperformed the market over the past one month till 13 July 2016, falling 7.49% compared with the Sensexs 5.37% rise. The scrip had also underperformed the market in past one quarter, sliding 23.52% as against the Sensexs 8.54% rise.

The small-cap company has equity capital of Rs 32.28 crore. Face value per share is Rs 2.

Dishman Pharmaceuticals and Chemicals wholly owned subsidiary, namely Carbogen Amcis AG., Switzerland, has successfully completed inspection from United States Food and Drug Administration (USFDA) for its two sites located at Aarau and Neuland without any adverse observations and received the Establishment Inspection Report (EIR). Thus, now the company has these two sites in addition to Bubendorf in Switzerland, which are approved by the USFDA.

Additionally, the companys site at Naroda in Gujarat has also successfully completed USFDA inspection and received the Establishment Inspection Report (EIR).

Dishman Pharmaceuticals consolidated net profit jumped 29.3% to Rs 49.92 crore on 3.6% fall in net sales to Rs 405.67 crore in Q4 March 2016 over Q4 March 2015.

Dishman Pharmaceuticals acts as a full fledged CRAMS (contract research and manufacturing services) partner for global pharma innovators. It also makes phase transfer catalysts, Vitamin D, Vitamin D analogues, cholesterol, laolin related products, antiseptic and disinfectant formulations for pharmaceutical, cosmetic and related markets. The company also makes generic active pharmaceutical ingredients (API) and intermediates for the pharmaceutical industries.

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Menon Bearings spurts after announcing strong results, bonus issue
Jul 14,2016

Meanwhile, the S&P BSE Sensex was up 78.52 points or 0.28% at 27,893.70.

On BSE, so far 4.14 lakh shares were traded in the counter as against average daily volume of 10,633 shares in the past one quarter. The stock hit a low of Rs 68.50 so far during the day. The stock had hit a record high of Rs 82.85 on 5 January 2016. The stock had hit a 52-week low of Rs 39.95 on 17 July 2015. The stock had outperformed the market over the past one month till 13 July 2016, surging 12.96% compared with 5.37% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 9.29% as against Sensexs 8.54% rise.

The small-cap company has equity capital of Rs 4.67 crore. Face value per share is Rs 1.

Menon Bearings net profit surged 55.66% to Rs 4.67 crore on 16.39% growth in total income to Rs 31.03 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 14 July 2016.

The companys board of directors recommended issue of one bonus share for every five shares held. The board also approved the addition in production capacity of bimetal engine bearings/bushings plant and aluminium critical cast components plant.

Menon Bearings is engaged in the manufacturing of auto components.

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PSU bank stocks hog limelight
Jul 14,2016

Punjab National Bank was up 6.6% at Rs 133.30. State Bank of India was up 2.2% at Rs 232.40. Bank of India was up 4.6% at Rs 117.35. Bank of Baroda was up 3.8% at Rs 165.95. Union Bank of India was up 5.2% at Rs 142.15. Canara Bank was up 7.7% at Rs 258.50. Oriental Bank of Commerce was up 4.6% at Rs 126.50. Syndicate Bank was up 4.1% at Rs 81.20.

Meanwhile, the S&P BSE Sensex was up 43.08 points or 0.15% at 27,858.26.

The proposal of easing stringent norms for banks for raising capital through additional Tier I (AT1) bonds was discussed in the recent meeting of regulators viz. the Financial Stability Development Council (FSDC), according to reports. Some protection on investment made by insurers in banks AT1 is being mulled, reports suggest. According to reports, the Insurance Regulatory and Development Authority of India (IRDAI) is not convinced that insurers should be participating in AT1 bonds given these bonds are perpetual in nature and the bank can write off such investments in time of stress.

Meanwhile, media reports also suggested that the government has finalised plan for allocating around Rs 15000 crore to 12 public sector banks in the first tranche during the current financial year. The remainder will be disbursed based on the performance of these lenders, according to reports. The government has set aside Rs 25000 crore for recapitalization of PSU banks for the current financial year.

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Maruti gains on weakness in Japanese yen against the dollar
Jul 14,2016

Meanwhile, the S&P BSE Sensex was up 70.95 points or 0.26% at 27,886.13.

On BSE, so far 66,000 shares were traded in the counter as against average daily volume of 75,136 shares in the past one quarter. The stock hit a high of Rs 4,419 and a low of Rs 4,331.90 so far during the day. The stock had hit a record high of Rs 4,789 on 23 November 2015. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had underperformed the market over the past one month till 13 July 2016, gaining 4.46% compared with 5.37% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 15.68% as against Sensexs 8.54% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

A weak yen lifts Marutis operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.

Maruti Suzuki Indias net profit declined 11.7% to Rs 1133.60 crore on 12.5% growth in net sales to Rs 14929.50 crore in Q4 March 2016 over Q4 March 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 31 March 2016).

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Dwarikesh Sugar moves north after upgrade in credit rating
Jul 14,2016

On BSE, so far 1.44 lakh shares were traded in the counter as against average daily volume of 1.12 lakh shares in the past one quarter. The stock hit high of Rs 267 and low of Rs 249.65 so far during the trading session. The stock had hit 52-week high of Rs 284.95 on 28 June 2016. The stock had hit 52-week low of Rs 21.35 on 25 August 2015. The stock had underperformed the market over the past one month till 13 July 2016, falling 2.7% compared with the Sensexs 5.37% rise. The scrip had, however, outperformed the market in past one quarter, surging 35.6% as against the Sensexs 8.54% rise.

The small-cap sugar manufacturer has equity capital of Rs 16.31 crore. Face value per share is Rs 10.

ICRA has upgraded its rating on the companys long term loans and other long term fund based and non fund based facilities totaling Rs 599.99 crore to ICRA Triple B Minus from ICRA Double B Plus. The outlook on the rating is positive.

Dwarikesh Sugar Industries net profit jumped 322.6% to Rs 52.82 crore on 14.4% growth in net sales to Rs 230.29 crore in the quarter ended 31 March 2016 over the quarter ended 31 March 2015.

Dwarikesh Sugar has total three sugar manufacturing units in Uttar Pradesh, with a combined capacity to crush 21,500 tons of sugarcane per day.

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M&M drops on reports of foreign brokerage downgrade
Jul 14,2016

Meanwhile, the S&P BSE Sensex was up 85.44 points or 0.31% at 27,900.62.

On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 95,638 shares in the past one quarter. The stock hit a high of Rs 1,460.95 and a low of Rs 1,431 so far during the day. The stock had hit a record high of Rs 1,480.20 yesterday, 13 July 2016. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had outperformed the market over the past one month till 13 July 2016, surging 7.89% compared with 5.37% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 9.89% as against Sensexs 8.54% rise.

The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

The foreign brokerage reportedly said that Mahindra & Mahindras (M&M) stock valuations are pricing in strong growth in tractors segment. The brokerage expects the companys tractor volumes to recover after two-year gap. The brokerage said that M&Ms utility vehicle segment is facing strong competition.

M&M after market hours yesterday, 13 July 2016, announced the incorporation of subsidiary company in the name of Merakisan to carry on the business of procuring and marketing agricultural produce including fruits and vegetables. Merakisan was incorporated as a wholly owned subsidiary of Mahindra Univeg (MUPL) which is a step-down subsidiary of M&M.

M&Ms net profit rose 6% to Rs 583.73 crore on 14.8% growth in net sales to Rs 10666.43 crore in Q4 March 2016 over Q4 March 2015.

The Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.

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Hexaware gains on buzz Baring to sell majority stake
Jul 14,2016

On BSE, so far 1.71 lakh shares were traded in the counter as against average daily volume of 1.49 lakh shares in the past one quarter. The stock hit high of Rs 233.30 and low of Rs 226 so far during the trading session. The stock had hit 52-week high of Rs 298 on 5 August 2015. The stock had hit 52-week low of Rs 202.90 on 24 August 2015. The stock had underperformed the market over the past one month till 13 July 2016, gaining 3.88% compared with the Sensexs 5.37% rise. The scrip had also underperformed the market in past one quarter, declining 12.57% as against the Sensexs 8.54% rise.

The mid-cap company has equity capital of Rs 60.36 crore. Face value per share is Rs 2.

Baring Private Equity Asia holds controlling stake in Hexaware Technologies through HT Global Solutions Holdings. HT Global Solutions Holdings holds approximately 71.25% stake in Hexaware. Reports suggest that Baring had in January 2016 appointed an advisor to look for potential buyers for the software firm. Promoted by Richard Li, younger son of Hong Kong-based billionaire Li Ka-shing, PCCW has interests in telecommunications, media, IT solutions and property development. It is currently actively looking for acquisitions in India, according to reports.

Hexaware Technologies consolidated net profit fell 15.26% to Rs 84.19 crore on 0.08% growth in net sales to Rs 820.21 crore in Q1 March 2016 over Q4 December 2015.

Hexaware Technologies provides IT outsourcing services. The company focuses on banking and financial Services, healthcare and insurance, travel and transportation and manufacturing & consumer verticals in the IT outsourcing services business.

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L&T inches up after strong response for subsidiarys IPO
Jul 14,2016

Meanwhile, the S&P BSE Sensex was up 36.42 points or 0.13% at 27,851.60.

On BSE, so far 40,000 shares were traded in the counter as against average daily volume of 2.05 lakh shares in the past one quarter. The stock rose as much as 0.63% at the days high of Rs 1,559 so far during the day. The stock lost as much as 0.38% at the days low of Rs 1,543.20 so far during the day. The stock had hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past one month till 13 July 2016, advancing 5.75% compared with 5.37% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 25.38% as against Sensexs 8.54% rise.

The large-cap company has equity capital of Rs 186.40 crore. Face value per share is Rs 2.

IT outsourcing services provider Larsen & Toubro Infotechs (L&T Infotech) initial public offer (IPO) received bids for 14.31 crore shares compared to 1.22 crore shares on offer. The IPO was subscribed 11.69 times. The IPO opened for bidding on 11 July 2016 and closed yesterday, 13 July 2016. The price band of the IPO was fixed at Rs 705-710 per share.

The qualified institutional buyers (QIBs) category in the IPO was subscribed 19.91 times. Non institutional investors category was subscribed 10.76 times and retail individual investors (RIIs) category was subscribed 7.39 times.

L&T Infotechs promoter and engineering & construction major L&T sold a part of its stake through the IPO. L&T Infotech will not get any funds from the IPO and the entire sale proceeds will go to parent L&T. L&T sold 1.75 crore shares of L&T Infotech through the IPO. Retail investors will get a discount of Rs 10 per share on the final price discovered through the book building route.

The company had raised Rs 372.75 crore from selling 52.5 lakh shares to a slew of anchor investors, including mutual funds, insurance companies, banks and foreign institutional investors (FIIs) ahead of the opening of IPO. The issue of shares to anchor investors was priced at Rs 710 per share -- the top end of the Rs 705-710 per share price band for the IPO.

L&T Infotech, part of the L&T group, offers an extensive range of IT services to clients in diverse industries such as banking and financial services, insurance, energy and process, consumer packaged goods, retail and pharmaceuticals, media and entertainment, hi-tech and consumer electronics and automotive and aerospace. New and emerging technologies accounted for 11.1% of the companys revenue from continuing operations in the year ended 31 March 2016 (FY 2016). L&T Infotech plans to invest seed capital in startups to gain from innovation capabilities and digital offerings of startups. L&T Infotech is dependent on North America and Europe regions for most of its business. The North America region contributed 69% of the companys revenue in FY 2016. The contribution from Europe to total revenue was 17.4% in FY 2016.

Based on consolidated financial performance, the companys net profit rose 19.89% to Rs 922.17 crore on 17.45% growth in revenue from operations to Rs 5847.06 crore in the year ended 31 March 2016 over the year ended 31 March 2015. The company has no formal dividend distribution policy.

L&Ts consolidated net profit rose 18.6% to Rs 2453.64 crore on 18.51% rise in net sales to Rs 32812.24 crore in Q4 March 2016 over Q4 March 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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New Max India makes its debut on the bourses
Jul 14,2016

The stock debuted at Rs 195. The stock hit a high of Rs 199.95 so far during the trading session. On BSE, so far 76,000 shares changed hands in the counter.

Meanwhile, the S&P BSE Sensex was down 39.72 points or 0.14% at 27,775.46

The new Max India is third and the last company to start trading on the bourses after the demerger of the erstwhile Max India. The two other companies viz. Max Financial Services and Max Ventures and Industries have already started trading. As per the demerger scheme of erstwhile Max India, one equity share of Rs 2 each of Max India (formerly known as Taurus Ventures Limited) was allotted for every one equity share held in Max Financial Services (formerly Max India).

Max India is the holding company of Max Healthcare, Max Bupa Health Insurance and Antara Senior Living. Max India owns and actively manages a 45.95% in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.

Max Healthcare operates a chain of hospitals. Since 2011, Max Healthcares revenues have grown at a CAGR of 26% and the company turned profitable in FY 2016 reporting an EBITDA of Rs 215 crore and profit after tax of Rs 10 crore. In the past one year, the company has undertaken significant expansion efforts including two large acquisitions in the Delhi/NCR region. In May 2015, the company acquired a 78% stake in Pushpanjali Crosslay Hospital and in October 2015, Max Healthcare acquired a 51% stake in marquee South Delhi-based Saket City Hospital from Smart Health City Pte Ltd. Max Healthcare plans to expand the Saket City Hospital facility by adding 900 beds over the next few years, thereby expanding its capacity to 1,200 beds.

Max Bupa Health Insurance is a joint venture between Max India and Bupa Finance Plc, UK. The company offers health insurance services. Bupa recently acquired an additional stake in Max Bupa Health Insurance, thereby increasing its stake in the joint venture to 49% from 26%.

Antara Senior Living, the third company under Max India, is pioneering the concept of Ageing in Place for the elderly by developing Senior Living communities in India. Antaras maiden community with over 200 apartments, situated near Dehradun, Uttarakhand will be functional by December 2016.

A day ahead of the listing of Max India, Rahul Khosla, President, Max Group and Chairman, Max India said in a statement that there is tremendous growth opportunity in each of the three underlying businesses of Max India. With only about 5% penetration of health insurance and 1.3 hospital beds per 1000 people, both healthcare and health insurance sectors have very low penetration and therefore huge headroom for growth, he said. Senior living is a sunrise industry in which Antara Senior Living is a pioneer, Khosla said.

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Bharat Forge slips as foreign brokerage maintains sell rating
Jul 14,2016

Meanwhile, the S&P BSE Sensex was down 32.28 points or 0.12% at 27,782.90.

The stock declined on heavy volumes. On BSE, so far 3.44 lakh shares were traded in the counter as against average daily volume of 75,420 shares in the past one quarter. The stock hit a high of Rs 740 and a low of Rs 722.50 so far during the day. The stock had hit a 52-week low of Rs 686.80 on 24 June 2016. The stock had hit a 52-week high of Rs 1,292.50 on 20 August 2015. The stock had underperformed the market over the past one month till 13 July 2016, advancing 0.3% compared with 5.37% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 9.98% as against Sensexs 8.54% rise.

The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.

The foreign brokerage has reportedly cut its earnings per share (EPS) estimates for Bharat Forge by 11% for FY 2017-18 on weak export outlook. The brokerage reportedly said that the companys exports will remain under stress and margins will decline in the current financial year due to operating leverage.

Bharat Forges net profit fell 19% to Rs 164.52 crore on 17.4% decline in net sales to Rs 987.07 crore in Q4 March 2016 over Q4 March 2015.

Bharat Forge is the flagship company of Kalyani Group. It is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, oil & gas, power, construction & mining, aerospace and rail & marine.

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Jewellery makers shine as Govt relaxes excise duty rules
Jul 14,2016

Shares of Gitanjali Gems were up 1.72% at Rs 41.50. Tara Jewels was up 8.6% at Rs 40.40. Titan Company was up 2% at Rs 412.55. Tribhovandas Bhimji Zaveri was up 2.89% at Rs 72.90. Rajesh Exports was up 0.78% at Rs 452.75. PC Jeweller was up 2.7% at Rs 381. Goldiam International was up 2.33% at Rs 81.15. Thangamayil Jewellery was up 1.18% at Rs 288. Vaibhav Global was up 1.71% at Rs 294.85.

Meanwhile, the S&P BSE Sensex was down 35.31 points or 0.13% at 27,779.87.

There will be no requirement for jewellers to submit any ground plan of the premises for taking excise registration. In case the invoice does not show excise duty separately, the value for VAT will be treated as cum duty value. The records maintained for state VAT and other private records showing details of inputs, stocks, manufactured goods, sold/exported goods, etc. will be accepted for excise purposes.

When a retail customer brings jewellery (other than in form of gold or any precious metal) to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges charged, subject to the maintenance of certain records. Repairs and alterations, which do not change the identity, character and use of the goods and do not result in a new item, will not attract excise duty. The government also said that excise duty will not be payable on the sale of traded goods. The government further said that no excise audit will be carried out for the first two years for units whose duty payment (cash plus credit) is less than Rs 1 crore i.e. turnover of manufactured goods less than Rs 100 crore.

The government has also decided to increase the SSI eligibility limit for the imposition of excise duty to Rs 15 crore from Rs 12 crore for manufacturers of articles of jewellery or parts of articles of jewellery or both. The SSI exemption limit has been raised to Rs 10 crore from Rs 6 crore in a financial year and Rs 85 lakh for the month of March 2016.

It may be recalled that the government imposed excise duty of 1% without input and capital goods credit or 12.5% with input tax credit on articles of jewellery in the Union Budget 2016-17.

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Mandhana slumps as IFCI and Kotak offload bulk shares
Jul 14,2016

Meanwhile, the S&P BSE Sensex was down 37.49 points or 0.13% at 27,777.69.

On BSE, so far 6,482 shares were traded in the counter as against average daily volume of 55,897 shares in the past one quarter. The stock opened with a downward gap and remained locked at 5% lower circuit level at Rs 66.90 so far during the day, which is a record low for the counter. The stock had hit a record high of Rs 345 on 22 March 2016. The stock had underperformed the market over the past one month till 13 July 2016, sliding 74.95% compared with 5.37% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 77.68% as against Sensexs 8.54% rise.

The small-cap company has equity capital of Rs 33.12 crore. Face value per share is Rs 10.

IFCI sold 2 lakh shares of Mandhana Industries at Rs 70.40 per share in a bulk deal on the BSE. IFCI offloaded 3 lakh shares of company at Rs 70.35 per share on the NSE. Kotak Mahindra (International) Ltd A/C Premier Investment sold 2.34 lakh shares of the company at Rs 70.35 per share on the NSE. ECL Finance sold 2 lakh shares of the company at Rs 70.40 per share on the BSE. ECL Finance sold 15.53 lakh shares of the company at Rs 70.38 per share on the NSE.

Mandhana Industries net profit rose 3.8% to Rs 15.93 crore on 5.9% growth in net sales to Rs 472.27 crore in Q4 March 2016 over Q4 March 2015.

Mandhana is a multi divisional textile company spread over multiple geographical locations. The company engages in manufacturing of textiles and garments with state-of-the-art infrastructure. The scope of Mandhanas business includes designing, yarn dyeing, weaving, processing, printing and garment manufacturing.

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NBCC moves higher after Cabinet Committee approves Govts stake divestment
Jul 14,2016

The announcement was made after trading hours yesterday, 13 July 2016.

Meanwhile, the S&P BSE Sensex was almost unchanged at 27,816.13.

On BSE, so far 3.69 lakh shares were traded in the counter as against average daily volume of 1.51 lakh shares in the past one quarter. The stock hit a high of Rs 242 and a low of Rs 231 so far during the day. The stock had hit a record high of Rs 267 yesterday, 13 July 2016. The stock had hit a 52-week low of Rs 162 on 12 February 2016. The stock had outperformed the market over the past one month till 13 July 2016, surging 23.09% compared with 5.37% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 15.96% as against Sensexs 8.54% rise.

The large-cap company has equity capital of Rs 120 crore. Face value per share is Rs 2.

The NBCC (India) stock slumped 10.72% to settle at Rs 229.80 yesterday, 13 July 2016, as investors awaited details regarding the quantum of the stake sale after media reports suggested that the government had approved divestment in the state-run firm. The divestment of stake will be carried out through the offer for sale (OFS) route via the stock exchanges mechanism. In order to inculcate a sense of belongingness amongst the employees of NBCC, GoI has decided to allot additional shares to the eligible and willing employees of the company at a discount of 5% to the issue/discovered (lowest cut off) price of the OFS. NBCC (India) is engaged in construction, engineering and project management consultancy services.

The Government of India currently holds 90% stake in NBCC (India) (as per shareholding pattern as on 31 March 2016).

On a consolidated basis, net profit of NBCC (India) rose 5.9% to Rs 141.48 crore on 38.8% rise in net sales to Rs 2251.14 crore in Q4 March 2016 over Q4 March 2015.

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