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Bharti Infratel tumbles after downgrade in rating from foreign brokerage
Jun 16,2016

Meanwhile, the S&P BSE Sensex was down 227.02 points or 0.85% at 26,499.32.

On BSE, so far 2.12 lakh shares were traded in the counter as against average daily volume of 80,005 shares in the past one quarter. The stock hit a high of Rs 365.70 and a low of Rs 344.50 so far during the day. The stock had hit a 52-week low of Rs 341.60 on 29 September 2016. The stock had hit a 52-week high of Rs 500 on 5 August 2015. The stock had underperformed the market over the past one month till 15 June 2016, sliding 2.53% compared with the Sensexs 4.85% rise. The scrip had also underperformed the market in past one quarter, sliding 1.47% as against the Sensexs 8.86% rise.

The large-cap company has equity capital of Rs 1896.67 crore. Face value per share is Rs 10

The stock lost 3.9% to settle at Rs 365.35 yesterday, 15 June 2016. The scrip has declined 8.43% in two trading sessions from its close of Rs 380.35 on 14 June 2016.

According to reports, the foreign brokerage has downgraded the Bharti Infratel stock as it expects slower than expected telecom data growth. The brokerage firm sees risk of rental renewals that may lead to telcom firms being offered discounts. The brokerage has reportedly slashed its projected earnings per share (EPS) for Bharti Infratel by 5-9 per cent for a period of three years from FY 2017 to FY 2019 factoring in higher-than-expected inflation in rental costs.

Meanwhile, Bharti Infratel has set 16 June 2016 as the record date for buyback of equity shares through the tender offer route. In April this year, Bharti Infratel announced an up to Rs 2000 crore share buyback programme. The buyback price has been fixed at Rs 425 per share.

Bharti Infratels consolidated net profit rose 18.7% to Rs 661.70 crore on 7.3% growth in net sales to Rs 3161.90 crore in Q4 March 2016 over Q4 March 2015.

Bharti Infratel is one of the worlds largest telecom tower infrastructure providers that deploys, owns and manages telecom towers and communication structures for wireless operators.

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Premier Explosives spurts ahead of NSE debut
Jun 16,2016

The announcement was made during trading hours today, 16 June 2016.

Meanwhile, the BSE Sensex was down 219.80 points, or 0.82%, to 26,511.84.

On BSE, so far 82,000 shares were traded in the counter, compared with an average volume of 7.13 lakh shares in the past one quarter. The stock hit a high of Rs 389.90 and a low of Rs 366.50 so far during the day. The stock hit a record high of Rs 519 on 7 January 2016. The stock hit a 52-week low of Rs 234.10 on 17 June 2015. The stock had underperformed the market over the past one month till 15 June 2016, falling 2.56% compared with 3.70% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.63% as against Sensexs 8.30% rise.

The small-cap company has an equity capital of Rs 8.86 crore. Face value per share is Rs 10.

Shares of Premier Explosives shall be traded in the normal market segment (rolling settlement) in compulsory demat for all investors on the National Stock Exchange (NSE).

Net profit of Premier Explosives rose 68.32% to Rs 3.40 on 39% rise in net sales to Rs 58.45 crore in Q4 March 2016 over Q4 March 2015.

Premier Explosives (PEL) is one of the major companies in India manufacturing the entire range of commercial explosives and accessories for the civil requirement.

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Info Edge gains after announcing investment in two startups
Jun 16,2016

Meanwhile, the S&P BSE Sensex was down 231.79 poitns or 0.87% at 26,494.55.

On BSE, so far 10,034 shares were traded in the counter as against average daily volume of 9,284 shares in the past one quarter. The stock hit a high of Rs 845 and a low of Rs 820 so far during the day. The stock had hit a 52-week high of Rs 935 on 23 July 2015. The stock had hit a 52-week low of Rs 690 on 1 March 2016. The stock had outperformed the market over the past one month till 15 June 2016, surging 9.74% compared with the Sensexs 4.85% rise. The scrip had underperformed the market in past one quarter, gaining 4.56% as against the Sensexs 8.86% rise.

The company has equity capital of Rs 120.92 crore. Face value per share is Rs 10.

Info Edge (India) has announced that it has invested a sum of Rs 3 crore through convertible preference shares for acquiring 11.5% stake on fully converted and diluted basis in contacts management venture Vcare Technologies Pvt Ltd. Diro Labs, run by Vcare Technologies Pvt. Ltd, allows users to make groups of contacts, back them up on cloud, and connect contacts with social media.

Separately, Info Edge (India) has invested a sum of Rs 4 crore through convertible preference shares for acquiring about 28.5% stake on fully converted and diluted basis in Unnati Online Pvt Ltd. Unnati operates as an employment exchange for informal sector workers in India.

Info Edge (India)s net profit fell 30.4% to Rs 57.18 crore on 18% growth in net sales to Rs 204.20 crore in Q4 March 2016 over Q4 March 2015.

Info Edge (India) is Indias premier online classifieds company in recruitment, matrimony, real estate, education and related services. It operates a slew of Internet properties including online recruitment classifieds portal Naukri.com, real estate portal 99acres.com and matrimonial website Jeevansathi.com.

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Indian Hotels gains on report of brokerage upgrade
Jun 16,2016

Meanwhile, the BSE Sensex was down 221.76 points, or 0.83%, to 26504.58.

On BSE, so far 2.16 lakh shares were traded in the counter, compared with an average volume of 41.38 lakh shares in the past one quarter. The stock hit a high of Rs 133 and a low of Rs 129.60 so far during the day. The stock hit a 52-week high of Rs 133 on 16 June 2016. The stock hit a 52-week low of Rs 80.75 on 7 September 2015. The stock had outperformed the market over the past one month till 15 June 2016, rising 10.35% compared with 3.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 35.32% as against Sensexs 8.30% rise.

The large-cap company has an equity capital of Rs 98.93 crore. Face value per share is Re 1.

According to reports, the brokerage says that the upgrade reflects scenario value increases of 30-83% driven by estimate changes and sale of Taj Boston and higher bull case probability of 30%. The company is planning to sell the Taj Boston hotel for at least $125 million, the brokerage reportedly added.

On a consolidated basis, Indian Hotels Company reported net loss of Rs 51.72 crore in Q4 March 2016 as against net loss of Rs 307.43 crore in Q4 March 2015. Net sales rose 10.94% to Rs 1228.45 crore in Q4 March 2016 over Q4 March 2015.

Indian Hotels Company is primarily engaged in the business of owning, operating & managing hotels, palaces and resorts.

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Wipro inches up after announcing launch of new analytics solution
Jun 16,2016

Meanwhile, the S&P BSE Sensex was down 236.79 points or 0.89% at 26,489.55.

On BSE, so far 5.48 lakh shares were traded in the counter as against average daily volume of 1.34 lakh shares in the past one quarter. The stock hit a high of Rs 549.25 and a low of Rs 542 so far during the day. The stock had hit a 52-week high of 613 on 1 October 2015. The stock had hit a 52-week low of Rs 508.90 on 29 February 2016. The stock had underperformed the market over the past one month till 15 June 2016, gaining 1.3% compared with the Sensexs 4.85% rise. The scrip had also underperformed the market in past one quarter, gaining 2.19% as against the Sensexs 8.86% rise.

The large-cap company has equity capital of Rs 494.14 crore. Face value per share is Rs 2.

Wipro said that its Data Discovery Platform solution provides pertinent business insights across the value chain of an industry through pre-defined apps. The solution will enable businesses to embark on an analytics journey with value added services of process simplification and business transformation. Leveraging techniques like visual sciences and storytelling with data, the Data Discovery Platform provides a unique value proposition around accelerated time to market for insights resulting in better adoption of insight driven decision making. The solutions modular, app driven approach coupled with machine learning, natural language processing, visualization and stream computing capability enables flexibility and scalability to meet evolving business requirements. The solution also plans to leverage capabilities from various partners to enhance the experience offered to the organizations.

Wipros consolidated net profit rose 0.04% to Rs 2235 crore on 6.1% growth in net sales to Rs 13741.70 crore in Q4 March 2016 over Q3 December 2015.

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

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3i Infotech spurts after debt restructuring approval
Jun 16,2016

The announcement was made during trading hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 251.24 points, or 0.94%, to 26,475.10.

On BSE, so far 24.84 lakh shares were traded in the counter, compared with an average volume of 2.29 crore shares in the past one quarter. The stock hit a high of Rs 5.25 and a low of Rs 4.70 so far during the day. The stock hit a 52-week high of Rs 6.80 on 25 June 2015. The stock hit a 52-week low of Rs 2.72 on 20 August 2015. The stock had outperformed the market over the past one month till 15 June 2016, 5.88% compared with 3.70% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, 5.63% as against Sensexs 8.30% rise.

The small-cap company has an equity capital of Rs 640.80 crore. Face value per share is Rs 10.

3i Infotech announced that Corporate Debt Restructuring Empowered Group (CDR EG) approved the companys debt restructuring scheme (DRS). The scheme mentions waiver of all unpaid interest dues from 1 April 2014 till 31 March 2016, including liquidated damages & penal interest. If there is any shortfall in servicing of interest/unpaid interest till 31 March 31 2014, the lenders would be allotted equity shares of the company at face value towards the shortfall amount unpaid amount.

The lenders have also approved conversion of 35% of the debt into non-convertible redeemable preference shares (NCPS), with a coupon rate of 0.10% and maturity of 10 years. Further, the lenders approved conversion of 40% of the debt into equity shares of the company at face value of Rs 10 each and retention of balance 25% net debt with elongated repayment schedule and revised interest rate.

The companys board had submitted the DRS to the lenders on 7 December 2015. The CDR EG issued the letter of approval dated 14 June 2016.

On a consolidated basis, 3i Infotech reported net loss of Rs 78.57 crore in Q3 December 2015 as against net loss of Rs 299.59 crore in Q3 December 2014. Net sales declined 10.40% to Rs 286.39 crore in Q3 December 2015 over Q3 December 2014.

3i Infotech provides software solutions and a wide range of IT services. The company has a customer base in geographies like South Asia, Middle East and Africa, Asia Pacific, Kingdom of Saudi Arabia and North America.

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Volumes jump at Zydus Wellness counter
Jun 16,2016

Zydus Wellness clocked volume of 80,000 shares by 13:07 IST on BSE, a 77.83-times surge over two-week average daily volume of 1,000 shares. The stock rose 6.91% to Rs 808.35.

State Bank of Mysore notched up volume of 3.15 lakh shares, a 15.14-fold surge over two-week average daily volume of 21,000 shares. The stock rose 19.36% to Rs 654.

Rana Sugars saw volume of 86.58 lakh shares, a 14.80-fold surge over two-week average daily volume of 5.85 lakh shares. The stock rose 19.04% to Rs 11.88.

Maxwell Industries clocked volume of 8.47 lakh shares, a 13.14-fold surge over two-week average daily volume of 64,000 shares. The stock rose 13.58% to Rs 62.30.

State Bank of Travancore saw volume of 5.42 lakh shares, a 12.16-fold rise over two-week average daily volume of 45,000 shares. The stock rose 16.93% to Rs 560.

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GAIL (India) moves higher ahead of Mahanagar Gas IPO
Jun 16,2016

Meanwhile, the S&P BSE Sensex was down 319.26 points or 1.19% at 26,407.08.

On BSE, so far 1.35 lakh shares were traded in the counter as against average daily volume of 1.23 lakh shares in the past one quarter. The stock hit a high of Rs 383.75 and a low of Rs 376.60 so far during the trading session. The stock had 52-week high of Rs 418 on 25 June 2015. The stock had hit 52-week low of Rs 260.25 on 25 August 2015. The stock had underperformed the market over the past one month till 15 June 2016, sliding 0.32 % compared with the Sensexs 4.85% rise. The scrip had outperformed the market in past one quarter, surging 11.17% as against the Sensexs 8.86% rise.

The large-cap firm has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

The GAIL (India) stock has risen 3.3% in four trading sessions from its close of Rs 369.10 on 10 June 2016.

GAIL (India) and BG Asia Pacific Holdings Pte, the two promoters of Mahanagar Gas (MGL), are selling about 1.23 crore shares each of MGL via an initial public offer (IPO) of MGL. MGL will not get any proceeds from the IPO. The IPO opens for bidding on 21 June 2016 and concludes on 23 June 2016. The price band for the IPO has been set at Rs 380 to Rs 421 per share.

GAIL (India) and BG Asia Pacific Holdings Pte (BGAPH) hold about 4.44 crore shares each in MGL, constituting 45% stake each. The Maharashtra state government holds the remaining 10% stake. BGAPH is headquartered in Singapore and is a part of the Shell Group, an international exploration and production and LNG group of companies.

MGL is one of the largest city gas distribution companies in India. It is presently the sole authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and the Raigad district of Maharashtra. The company distributes CNG for use in motor vehicles and PNG for domestic household use as well as for commercial and industrial use. MGLs net profit rose 2.55% to Rs 308.68 crore on 0.76% fall in revenue from operations to Rs 2078.92 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

State-run GAIL (India) is Indias largest natural gas company with a market share of over 80% in natural gas transmission. Apart from natural gas transmission, distribution and processing, GAIL has diversified business interests in LPG transmission, petrochemicals, city gas projects and exploration and production activities.

GAIL (India)s net profit 50.8% to Rs 769.99 crore on 18.3% decline net sales to Rs 11627.20 crore in Q4 March 2016 over Q4 March 2015.

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Pricol jumps after selling entire stake in subsidiary company
Jun 16,2016

The announcement was made after market hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 356.53 points, or 1.33%, to 26,369.81.

On BSE, so far 6.61 lakh shares were traded in the counter, compared with an average volume of 1.86 crore shares in the past one quarter. The stock hit a high of Rs 83.60 and a low of Rs 77.75 so far during the day. The stock hit a record high of Rs 83.60 on 16 June 2016. The stock hit a 52-week low of Rs 28.55 on 8 September 2015. The stock had outperformed the market over the past one month till 15 June 2016, rising 46.52% compared with 3.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 82.76% as against Sensexs 8.30% rise.

The small-cap company has an equity capital of Rs 9.48 crore. Face value per share is Re 1.

Integral Investments (IIL) is a non-banking financial company (non-deposit taking) registered with the Reserve Bank of India (RBI). Gross income from operation of IIL for the financial yar ending Mach 2016 was Rs 10 lakh, which constituted 0.01% of the consolidated turnover of Pricol.

None of the buyers of IIL are related parties and do not belong to promoter group companies, Pricol said. Accordingly, IIL is no longer a wholly-owned subsidiary of Pricol.

Pricol reported net profit of Rs 22.07 crore in Q4 March 2016 as against net loss of Rs 2.40 crore in Q4 March 2015. Net sales rose 52.49% to Rs 332.11 crore in Q4 March 2016 over Q4 March 2015.

Pricol makes automotive components for the global markets. It caters to two, three, four wheelers, commercial vehicles, tractors and off highway vehicles. The company has 8 manufacturing units and 7 business offices acrossthe globe including India, Indonesia, USA, Brazil, Germany, Singapore and Japan.

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Maruti skids as yen strengthens on global risk aversion
Jun 16,2016

Meanwhile, the S&P BSE Sensex was down 378.51 points or 1.42% at 26,347.83.

On BSE, so far 75,732 shares were traded in the counter as against average daily volume of 79,351 shares in the past one quarter. The stock hit a high of Rs 4,166.45 and a low of Rs 4,063.45 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 outperformed the market over the past one month till 15 June 2016, surging 9.43% compared with Sensexs 4.85% rise. The scrip had also outperformed the market in past one quarter, gaining 15.14% as against Sensexs 8.86% rise.

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

The Japanese yen surged against the dollar on global risk aversion generated by Brexit fears. The Japanese currency is perceived as a haven in times of global financial and global economic worries. Brexit refers to the referendum on 23 June 2016 by British voters to decide whether the country should remain a member of the European Union or leave it. The latest strength in the Japanese currency materialized after Japans central bank the Bank of Japan (BOJ) voted to leave its monetary policy unchanged after a policy review. The BOJ voted to keep its annual asset-purchase target unchanged at 80 trillion yen (around $760 billion) a year and its deposit rate steady at minus 0.1%. The decision was on expected lines.

A strong yen adversely impacts Maruti Suzuki Indias (Maruti) 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 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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Oil E&P stocks slide alongside fall in global crude oil prices
Jun 16,2016

Cairn India was off 1.39% at Rs 138.35. ONGC was off 1.26% at Rs 211. Oil India, however, was up 0.16% at Rs 350.45.

Index heavyweight Reliance Industries was off 1.10% at Rs 971.65.

Meanwhile, the S&P BSE Sensex was off 367.41 points or 1.38% at 26,357.88.

Lower crude oil prices will result in lower realization from crude oil sales for oil exploration & production (E&P) firms if the prices are sustained at lower level.

Crude oil prices edged lower on risk aversion in global markets ahead of a referendum in UK on 23 June 2016 that could end Britains membership in the European Union. Brent for August 2016 settlement was currently off 40 cents at $48.57 a barrel. Brexit refers to the referendum on 23 June 2016 by British voters to decide whether the country should remain a member of the European Union or leave it.

The Brent August contract lost 86 cents or 1.73% to settle at $48.97 a barrel yesterday, 15 June 2016.

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Ujjivan Financial Services slips as RBI places restrictions on further purchases by FPIs
Jun 16,2016

Meanwhile, the BSE Sensex was down 367.98 points, or 1.38%, to 26,358.36.

On BSE, so far 6.10 lakh shares were traded in the counter, compared with an average volume of 14.29 shares in the past two weeks. The stock hit a high of Rs 391.15 and a low of Rs 372.35 so far during the day.

The Reserve Bank of India (RBI) yesterday, 15 June 2016, notified that the aggregate foreign shareholdings through foreign institutional investors (FII)/registered foreign portfolios investors (RFPIs)/foreign direct investment (FDI)/non-resident Indians (NRI)/American depository receipts (ADR)/global depository receipts (GDR)/persons of Indian origin (PIO) in Ujjivan Financial Services has crossed the permissible limit. Hence no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPI/FDI/NRI/ADR/GDR/PIO.

Shares of Ujjivan Financial Services listed on the stock exchanges on 10 May 2016. The stock debuted at Rs 227, a premium of 8.10% to the initial public offer (IPO) price of Rs 210.

Ujjivan Financial Services reported net profit of Rs 122.30 crore on revenue from operations of Rs 713.20 crore for 9 months ended 31 December 2015. Net profit stood at Rs 75.78 crore on revenue from operations of Rs 599.31 crore for the year ended 31 March 2015.

Ujjivan Financial Services is transforming itself into a small finance bank (SFB). It is one amongst the 10 companies in India to receive in-principle approval from the RBI to set up a small finance bank. As per the regulatory requirements, the foreign shareholding in the company is to be brought down before it converts itself into a small finance bank. This is one of the reasons why existing foreign investors in the company are pruning their stake in Ujjivan Financial Services through the IPO.

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InterGlobe Aviation extends gains as Govt strives to boost regional connectivity
Jun 16,2016

Stock prices of two other aviation firms were in red. The decline in both these stocks in percentage terms was lower than the decline in the S&P BSE Sensex. SpiceJet was off 0.4% at Rs 66.10. Jet Airways (India) was off 0.4% at Rs 558.50. The Sensex was off 371.74 points or 1.39% at 26,354.60.

The stock price of InterGlobe Aviation has risen 2.78% in two trading sessions from its close of Rs 989.25 on 14 June 2016. The stock prices of SpiceJet, Jet Airways (India) and InterGlobe Aviation rose 0.21% to 3.5% yesterday, 15 June 2016, after media reports suggested that the Union Cabinet has approved the long awaited civil aviation policy. The official announcement of the governments nod for the civil aviation policy was made in the Press Information Bureau website after trading hours yesterday, 15 June 2016.

The civil aviation policy aims to enhance regional air connectivity through fiscal support. This will be implemented by way of revival of airstrips/airports as No-Frills Airports at an indicative cost of Rs 50 crore to Rs 100 crore. The selection of airports/airstrips for revival will be based on expected demand and in consultation with state government and airlines. Regional Connectivity Scheme (RCS) will available only in those states which reduce VAT on ATF to 1% or less, provide other support services and bear 20% of Viability Gap Funding (VGF). There will be no airport charges and lower services tax on tickets on 10% of the taxable value for 1 year initially. Airlines can avail lower excise duty at 2% on ATF picked at RCS airports.

The Viability Gap Funding (VGF) will be funded by a small levy per departure on all domestic routes other than Cat II/Cat IIA routes, RCS (Regional Connectivity Scheme) routes and small aircraft at a rate as decided by the Ministry of Civil Aviation from time to time. A detailed scheme will be put up in the public domain for stakeholders consultations. The VGF will be shared between the Ministry of Civil Aviation (MoCA) and state governments in the ratio of 80:20. For the North Eastern states, the ratio is 90:10.

In a major policy change, the government has abolished the requirement of 5 years of domestic flying as one of the two key prerequisites for starting international operations by an Indian carrier. Henceforth, an airline can commence international operations provided it deploys 20 aircrafts or 20% of its total capacity (in term of average number of seats on all departures put together), whichever is higher, for domestic operations.

The regime of bilateral rights and code share agreements will be liberalised leading to greater ease of doing business and wider choice to passengers. Open skies policy will be implemented on a reciprocal basis for SAARC countries and countries beyond 5,000 kilometer from Delhi. A method will be recommended by a committee headed by the Cabinet Secretary for the allotment of additional capacity entitlements wherever designated Indian carriers have not utilised 80% of their bilateral rights but the foreign airlines/countries have utilised their part and are pressing for increase in the capacity.

The civil aviation ministry will continue to encourage development of airports by the state government or the private sector or in public private partnership (PPP) mode and endeavour to provide regulatory certainty. Future greenfield and brownfield airports will have cost efficient functionality with no compromise on safety and security. Meanwhile, the existing ground handling policy is being replaced with a new framework to ensure fair competition. All domestic scheduled airline operators including helicopter operators will be free to carry out self-handling at all airports.

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Lux Inds jumps as Kolkata plant is commercially operational
Jun 16,2016

The announcement was made after market hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 359.10 points, or 1.34%, to 26,367.24.

On BSE, so far 3,844 shares were traded in the counter, compared with an average volume of 1,409 shares in the past two weeks. The stock hit a high of Rs 669.35 and a low of Rs 650 so far during the day. The stock hit a 52-week high of Rs 781 on 5 January 2016. The stock hit a 52-week low of Rs 534 on 29 February 2016.

Lux Industries said that 15 June 2016 is the commercial operation date (COD) of its Dankuni plant near Kolkata, West Bengal.

Net profit of Lux Industries rose 26.66% to Rs 15.44 crore on 6.86% decline in net sales to Rs 269.73 crore in Q4 March 2016 over Q4 March 2015.

Lux industries makes underwear. Its offerings include various kinds of hosiery products for men, women and children.

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SBI associate banks on a roll on reports of Govt go ahead for merger with parent
Jun 16,2016

State Bank of Mysore was locked at 20% upper circuit on BSE at Rs 657.45. State Bank of Travancore was up 18.6% at Rs 568. State Bank of Bikaner and Jaipur was up 17.9% at Rs 707.20. All these three stock rose by their respective 20% maximum permissible daily level yesterday, 15 June 2016. In just two trading sessions, the stock price of State Bank of Mysore has risen 43.98%, the stock price of State Bank of Travancore has jumped 42.32% and that of State Bank of Bikaner and Jaipur has jumped 41.52%.

The stock price of parent State Bank of India (SBI) was currently up 0.5% at Rs 216.85. The stock surged 3.9% to settle at Rs 215.65 yesterday, 15 June 2016.

Meanwhile, the S&P BSE Sesnex was off 299.71 points or 1.12% at 26,426.63

On 17 May 2016, SBI had announced that it was seeking in principle sanction of the Government of India (GoI) to enter into negotiation with its 5 subsidiary banks viz. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore to acquire their businesses including assets and liabilities. SBI also said at that time that it was considering acquisition of the newly-created Bharatiya Mahila Bank.

SBI holds 90% stake in State Bank of Mysore, 79.09% stake in State Bank of Travancore and 75.07% stake in State Bank of Bikaner and Jaipur. State Bank of Hyderabad and State Bank of Patiala are not listed on the bourses.

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