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Den Networks jumps on bargain hunting
Dec 26,2016

Meanwhile, the BSE Sensex was down 207.85 points, or 0.80%, to 25,832.85.

On the BSE, so far 1.39 lakh shares were traded in the counter, compared with average daily volumes of 51,272 shares in the past one quarter. The stock had hit a high of Rs 71 and a low of Rs 63.05 so far during the day.

The stock hit a 52-week high of Rs 116 on 30 December 2015. The stock hit a 52-week low of Rs 60.50 on 15 February 2016. The stock had underperformed the market over the past 30 days till 23 December 2016, falling 5.78% compared with the 0.70% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.36% as against Sensexs 9.17% decline.

The small-cap company has equity capital of Rs 194.03 crore. Face value per share is Rs 10.

Shares of Den Networks fell 14.60% in eight trading sessions to settle at Rs 64.35 on Friday, 23 December 2016, from its close of Rs 75.35 on 13 December 2016.

Den Networks reported net loss of Rs 47.87 crore in Q2 September 2016 as against net loss of Rs 97.76 crore in Q2 September 2015. Net sales rose 20.85% to Rs 257.30 crore in Q2 September 2016 over Q2 September 2015.

Den Networks is Indias leading cable TV distribution company reaching an estimated 13 million households in over 200 cities across 13 key states in India.

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Sasken Comm slips after fixing buyback terms
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 157.59 points or 0.61% at 25,883.11.

On the BSE, 6,164 shares were traded on the counter so far as against the average daily volumes of 8,650 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 392.25 so far during the day.

The stock had hit a 52-week high of Rs 448.40 on 21 December 2016 and a 52-week low of Rs 233.10 on 29 February 2016. It had outperformed the market over the past one month till 23 December 2016, advancing 8.18% compared with the Sensexs 0.04% fall. The scrip had also outperformed the market in past one quarter, surging 17.78% as against the Sensexs 9.17% fall.

The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.

Sasken Communication Technologies on Saturday, 24 December 2016 announced to the exchanges that the buyback committee of the board of directors, at its meeting held on Friday, 23 December 2016, fixed the buyback price of Rs 410 per share and the total consideration for buyback at Rs 120.04 crore excluding the transaction costs. This represents 16.52% of the total issued and paid-up equity share capital of the company as on 31 March 2016.

Sasken Communication Technologies consolidated net profit fell 9.2% to Rs 9.58 crore on 7.4% decline in net sales to Rs 118.40 crore in Q2 September 2016 over Q2 September 2015.

Sasken Communication Technologies is a leader in providing engineering R&D and productized IT services to global tier I customers in the communications & devices, retail, insurance and independent software space.

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L&T gains after construction arm wins orders
Dec 26,2016

The announcement was made during trading hours today, 26 December 2016.

Meanwhile, the BSE Sensex was down 158.26 points, or 0.61%, to 25,882.44.

On the BSE, so far 53,000 shares were traded in the counter, compared with average daily volumes of 2.33 lakh shares in the past one quarter. The stock had hit a high of Rs 1,342 and a low of Rs 1,319.50 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 23 December 2016, falling 1.15% compared with the 0.70% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 10.68% as against Sensexs 9.17% decline.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&T said that under its construction arm, the water & effluent treatment business segment won orders worth Rs 1422 crore. The power transmission & distribution business segment secured major orders worth Rs 1036 crore. The heavy civil infrastructure business segment won an order worth Rs 359 crore. The metallurgical and material handling business segment bagged an order worth Rs 222 crore.

On a consolidated basis, L&Ts net profit jumped 84.31% to Rs 1434.63 crore on 8.48% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a brand of L&T.

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Volumes jump at Swiss Glascoat Equipments counter
Dec 26,2016

Swiss Glascoat Equipments clocked volume of 18.11 lakh shares by 13:25 IST on BSE, a 515.91-times surge over two-week average daily volume of 4,000 shares. The stock rose 6.29% to Rs 138.50.

Divis Laboratories notched up volume of 15.74 lakh shares, a 11.90-fold surge over two-week average daily volume of 1.32 lakh shares. The stock fell 10.92% to Rs 771.50.

Cairn India saw volume of 9.69 lakh shares, a 5.39-fold surge over two-week average daily volume of 1.80 lakh shares. The stock fell 2.73% to Rs 237.

State Trading Corporation of India clocked volume of 5.76 lakh shares, a 5.32-fold surge over two-week average daily volume of 1.08 lakh shares. The stock hit an upper circuit limit of 19.97% at Rs 172.10.

MMTC saw volume of 11.78 lakh shares, a 3.60-fold rise over two-week average daily volume of 3.27 lakh shares. The stock rose 4.37% to Rs 53.75.

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Gujarat Pipavav Port hits 52-week low
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 222.61 points or 0.85% at 25,818.09.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 71,556 shares in the past one quarter. The stock hit a low of Rs 121.20 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 129.60 so far during the day.

The stock had hit a 52-week high of Rs 197.35 on 9 September 2016. It had underperformed the market over the past one month till 23 December 2016, sliding 7.59% compared with the Sensexs 0.04% fall. The scrip had also underperformed the market in past one quarter, declining 24.48% as against the Sensexs 9.17% fall.

The mid-cap company has equity capital of Rs 483.44 crore. Face value per share is Rs 10.

Gujarat Pipavav Ports net profit fell 32.1% to Rs 59.42 crore on 17.8% growth in net sales to Rs 163.95 crore in Q2 September 2016 over Q2 September 2015.

Gujarat Pipavav Port is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group.

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Lupin gains after receiving tentative approval from USFDA for generic drug
Dec 26,2016

The announcement was made during trading hours today, 26 December 2016.

Meanwhile, the S&P BSE Sensex was down 229.51 points or 0.88 % at 25,811.19.

On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 91,201 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.23% at the days high of Rs 1463.15 so far during the day. The stock lost as much as 1.65% at the days low of Rs 1421.50 so far during the day.

The stock had hit a 52-week high of Rs 1911.55 on 9 February 2016 and a 52-week low of Rs 1294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 23 December 2016, declining 2.82% compared with the Sensexs 0.04% fall. The scrip had, however, outperformed the market over the past one quarter falling 2.92% as against the Sensexs 9.71% fall.

The large-cap company has equity capital of Rs 90.28 crore. Face value per share is Rs 2.

Lupin said that it has received tentative approval for its Olmesartan Medoximil Tablets, 5 mg, 20 mg and 40 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Daiichi Sankyo Daiichi Sankyo Incs Benicar Tablets, 5 mg, 20 mg and 40 mg.

Olmesatan Medoximil Tablets are indicated for the treatment of hypertension, along or with other antihypertensive agents to lower blood pressure.

Benicar Tablets had annual US sales of $1.06 billion as per the IMS MAT September 2016.

Lupins consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredient (API) globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, central nervous system (CNS), GI, anti-infective and NSAID space and holds global leadership position in the Anti-TB segment.

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Divis Lab slumps over 30% in two sessions
Dec 26,2016

Meanwhile, the BSE Sensex was down 247.61 points, or 0.95%, to 25,793.09.

On the BSE, so far 15.06 lakh shares were traded in the counter, compared with average daily volumes of 60,581 shares in the past one quarter. The stock had hit a high of Rs 855 and a low of Rs 745 so far during the day.

The stock hit a record high of Rs 1,380 on 16 September 2016. The stock hit a 52-week low of Rs 745 on 26 December 2016. The stock had underperformed the market over the past 30 days till 23 December 2016, falling 24.37% compared with the 0.70% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 35.07% as against Sensexs 9.17% decline.

The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Shares of Divis Laboratories slumped 21.87% to Rs 866.10 on Friday, 23 December 2016, following media reports of adverse observations from the US Food and Drug Administration (USFDA) made on its Vizag facility in Andhra Pradesh. Divis Laboratories is in the process of replying to the observations raised by USFDA. Due process of reply to these observations requires Divis Laboratories to respond in detail and this is being done in time, the company said in a response to the clarification sought by the stock exchanges on the steep fall. These observations have not impacted the companys operations, the company added. USFDA inspected the Unit-2 plant from 29 November 2016 to 6 December 2016 and issued a Form 483 with five observations pertaining to breaches in data integrity, improper controls and violations of current good manufacturing practices (cGMP). The company issued the clarification after market hours on Friday, 23 December 2016.

The stock has fallen 30.18% in two trading sessions from its close of Rs 1,108.60 on Thursday, 22 December 2016.

Divis Laboratories net profit fell 24.6% to Rs 223.85 crore on 3.11% growth in net sales to Rs 991.82 crore in Q2 September 2016 over Q2 September 2015.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics, custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants, building blocks for peptides, building blocks for nucleotides, carotenoids and chiral ligands.

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Asian Oilfield drops on profit booking
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 267.39 points or 1.03% at 25,773.31.

On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 115.75 and a low of Rs 108.50 so far during the day.

The stock had hit a 52-week high of Rs 124 on 14 December 2016 and a 52-week low of Rs 27.90 on 12 February 2016. It had outperformed the market over the past one month till 23 December 2016, advancing 54.64% compared with the Sensexs 0.04% fall. The scrip had also outperformed the market in past one quarter, surging 90.22% as against the Sensexs 9.17% fall.

The small-cap company has equity capital of Rs 22.32 crore. Face value per share is Rs 10.

Shares of Asian Oilfield Services surged 9.2% to settle at Rs 115.75 on Friday, 23 December 2016 after the company announced after market hours on 22 December 2016 that it has scheduled a board meeting on 27 December 2016, to consider allotment of warrants.

Meanwhile, the companys shareholders at its extraordinary general meeting (EGM) held on Friday, 23 December 2016, approved issue of up to 1.45 crore warrants of Rs 80 each in one or more tranches to a promoter entity Oilmax Energy (1 crore warrants ) and a non-resident investor Balram Chainrai (45 lakh warrants). The warrants are convertible into equity shares at an issue price of Rs 80 per warrant, at any time within 18 months from the date of allotment of the warrants.

Asian Oilfield Services reported consolidated net loss of Rs 11.12 crore in Q2 September 2016 as against net profit of Rs 4.09 crore in Q2 September 2015. Net sales declined 94.7% to Rs 3.09 crore in Q2 September 2016 over Q2 September 2015.

Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.

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Panacea Biotec gains after launching fully-liquid vaccine
Dec 26,2016

The announcement was made during trading hours today, 26 December 2016.

Meanwhile, the BSE Sensex was down 229.51 points, or 0.88%, to 25,811.19.

On the BSE, so far 31,000 shares were traded in the counter, compared with average daily volumes of 16,189 shares in the past one quarter. The stock had hit a high of Rs 127 and a low of Rs 110.10 so far during the day.

The stock hit a 52-week high of Rs 155 on 25 July 2016. The stock hit a 52-week low of Rs 83.90 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 December 2016, rising 3.19% compared with the 0.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.03% as against Sensexs 9.17% decline.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Re 1.

Panacea Biotec announced launch of Tetravalent Vaccine Easyfour-TT for active primary immunization and booster dose against diphtheria, tetanus and pertussis (DTP) and Haemophilus Influenza Type B (Hib).

Panacea Biotec is committed to protect children from vaccine-preventable diseases, Easyfour TT (DTwP-Hib), worlds first fully liquid Tetravalent vaccine launch in India will protect infant from Dn++ptheria, Tetanus, Whopping Cough, Hib-Meningitis.

Easyfour-TT is a sterile and uniform suspension, manufactured using CDAP technology with WHO pre-qualified antigens which ensures good quality, high immurogenicity and less reactogenicity. Being fully liquid, product requires, no reconstitution, therefore saves time and minimizes chance of error. Easyfour-TT comes with a legacy of being a tried and tested brand in pediatric clinical trials ensuring good ethnic response with a better reactogenicity profile.

Panacea Biotec reported net loss of Rs 11.84 crore in Q2 September 2016 as against net loss of Rs 17 crore in Q2 September 2015. Net sales declined 18.3% to Rs 131.56 crore in Q2 September 2016 over Q2 September 2015.

Panacea Biotec is one of Indias leading research based health management companies with established research, manufacturing and marketing capabilities.

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Welspun Enterprises gains after board approves divesting stake in Welspun Energy
Dec 26,2016

The announcement was made on Saturday, 24 December 2016.

Meanwhile, the BSE Sensex was down 230.23 points, or 0.88%, to 25,810.47.

On the BSE, so far 2.33 lakh shares were traded in the counter, compared with average daily volumes of 1.23 lakh shares in the past one quarter. The stock had hit a high of Rs 63.40 and a low of Rs 60.30 so far during the day.

The stock hit a 52-week high of Rs 75.30 on 3 November 2016. The stock hit a 52-week low of Rs 43 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 December 2016, rising 3.03% compared with the 0.70% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.47% as against Sensexs 9.17% decline.

The small-cap company has equity capital of Rs 174.28 crore. Face value per share is Rs 10.

Welspun Enterprises (WEL) announced that the board of directors of the company has approved sale of its entire investment of 6.04 crore equity shares, representing 15.49% stake, in the paid up equity share capital of Welspun Energy.

Post sale of its renewable business, WELs 15.49% minority stake in Welspun Energy does not contribute to the consolidated results of the company. In order to unlock value for the company, the board of WEL authorised the monetization of this stake, subject to shareholders approval.

As against its investment of Rs 91.10 crore, the stake is proposed to be sold to Welshop Trading, for a consideration of approximately Rs 290 crore plus contingent consideration, thereby implying more than three times returns to the company on its investment.

In addition to buying out WELs stake, Welshop Trading, part of Welspun Group, has agreed to buy out the stake of other shareholders in Welspun Energy at equivalent consideration.

Last week, Welspun Enterprises announced that it plans to buyback up to 25% of its share capital at Rs 62 per share. With a view of utilising the companys substantial cash reserves and in order to enhance shareholder value, the companys board approved buy back of 25% of the companys share capital. The buyback would be at Rs 62 per share in cash for an aggregate consideration not exceeding Rs 270 crore. The promoter group, except the foreign co-promoters holding 2.17%, have indicated their intention to participate in the proposed buyback. The announcement was made after market hours on Thursday, 22 December 2016.

Net profit of Welspun Enterprises rose 116.67% to Rs 2.86 crore on 16.9% rise in net sales to Rs 33.22 crore in Q2 September 2016 over Q2 September 2015.

Welspun Enterprises (WEL), formerly Welspun Projects, part of the Welspun Group, is an operating the company in the infrastructure business. The company also has investments in oil & gas exploration. The company, in its current form was created through the merger of Welspun Enterprises, Welspun Infratech, Welspun Plastics and Welspun Infra Projects with Welspun Projects through the scheme of amalgamation and arrangement made effective from 11 May 2015.

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Deepak Nitrite extends falling trend despite Reliance MFs buying
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 220.40 points or 0.85% at 25,820.30.

On the BSE, 1.10 lakh shares were traded on the counter so far as against the average daily volumes of 59,159 shares in the past one quarter. The stock had hit a high of Rs 87.25 and a low of Rs 75.80 so far during the day.

The stock had hit a record high of Rs 134.25 on 9 September 2016 and a 52-week low of Rs 56.10 on 12 February 2016. It had underperformed the market over the past one month till 23 December 2016, sliding 8.03% compared with the Sensexs 0.04% fall. The scrip had also underperformed the market in past one quarter, declining 30.06% as against the Sensexs 9.17% fall.

The small-cap company has equity capital of Rs 23.26 crore. Face value per share is Rs 2.

Shares of Deepak Nitrite tumbled 15.69% in seven straight trading sessions from its close of Rs 99.10 on 15 December 2016.

On Friday, 23 December 2016, Quest Investment Advisors sold 35.35 lakh shares of Deepak Nitrite at an average price of Rs 85.12 per share in bulk deals on the NSE. Reliance Mutual Fund-Reliance Small Cap Fund bought 35.73 lakh shares at Rs 85.06 a piece. Quest is an investment management services firm.

Deepak Nitrites net profit rose 4.3% to Rs 15.41 crore on 10.6% decline in net sales to Rs 299.07 crore in Q2 September 2016 over Q2 September 2015.

Deepak Nitrite is a multi-division and multi-product company. The companys portfolio is a wide spectrum of products with diverse applications ranging from agrochemicals, rubber, pharmaceuticals, paper, textile, detergent, colourants, petrochemicals to speciality and fine chemicals.

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Camlin Fine Sciences gains on acquisition plan
Dec 26,2016

The announcement was made after market hours on Friday, 23 December 2016.

Meanwhile, the BSE Sensex was down 209.30 points, or 0.80%, to 25,831.40.

On the BSE, so far 66,000 shares were traded in the counter, compared with average daily volumes of 2.10 lakh shares in the past one quarter. The stock had hit a high of Rs 103.10 and a low of Rs 98.95 so far during the day.

The stock hit a 52-week high of Rs 119.60 on 26 October 2016. The stock hit a 52-week low of Rs 76.10 on 29 February 2016. The stock had underperformed the market over the past 30 days till 23 December 2016, falling 5.85% compared with the 0.70% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.27% as against Sensexs 9.17% decline.

The small-cap company has equity capital of Rs 10.33 crore. Face value per share is Re 1.

Camlin Fine Sciences said it entered into share purchase agreement to acquire 51% stake in Chinas Ningbo Wanglong Flavors & Fragrances Company (NWFFCL). The cost of proposed acquisition will be disclosed after the completion of the transaction, it added. The acquisition is subject to Reserve Bank of Indias (RBI) approval and will get completed on or before 30 June 2017.

NWFFCL was incorporated on 20 November 2015 and is a part of proposed joint venture with Wanglong Group Company. Ningbo is engaged in research, development and manufacture of flavours and fragrances products (Vanillin); import and export of goods and technologies.

On a consolidated basis, Camlin Fine Sciences reported net loss of Rs 0.80 crore in Q2 September 2016 as against net profit of Rs 5.06 crore in Q2 September 2015. Net sales declined 3.97% to Rs 109.14 crore in Q2 September 2016 over Q2 September 2015.

Camlin Fine Sciences is a provider of high-quality shelf life extension solutions including antioxidants, aroma ingredients and performance chemicals.

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Apar Industries gains as board to consider share buyback
Dec 26,2016

The announcement was made after market hours on Friday, 23 December 2016.

Meanwhile, the S&P BSE Sensex was down 204.46 points or 0.79% at 25,836.24.

On the BSE, 1,830 shares were traded on the counter so far as against the average daily volumes of 14,833 shares in the past one quarter. The stock had hit a high of Rs 589.25 and a low of Rs 574.90 so far during the day.

The stock had hit a record high of Rs 633.55 on 1 August 2016 and a 52-week low of Rs 406 on 29 February 2016. The stock had outperformed the market over the past one month till 23 December 2016, advancing 1.32% compared with the Sensexs 0.04% fall. The scrip had also outperformed the market over the past one quarter falling 2.89% as against the Sensexs 9.71% fall.

The small-cap company has equity capital of Rs 38.50 crore. Face value per share is Rs 10.

Apar Industries net profit rose 82.2% to Rs 45.66 crore on 1.5% rise in net sales to Rs 1252.58 crore in Q2 September 2016 over Q2 September 2015.

Apar Industries is engaged in the business of manufacture of conductors, transformer/specialty oils and power/telecom cables.

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Reliance Defence inches up as Morgan Stanley purchases bulk shares
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 238.94 points or 0.92% at 25,801.76.

On the BSE, 1.98 lakh shares were traded on the counter so far as against the average daily volumes of 5.37 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 2.66% at the days high of Rs 55.90 so far during the day. The stock rose 0.09% at the days low of Rs 54.50 so far during the day.

The stock had hit a 52-week high of Rs 114 on 28 December 2015 and a 52-week low of Rs 48.40 on 22 November 2016. It had outperformed the market over the past one month till 23 December 2016, advancing 7.61% compared with the Sensexs 0.04% fall. The scrip had, however, underperformed the market in past one quarter, declining 10.44% as against Sensexs 9.17% fall.

The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Valiant Mauritius Partners Offshore sold 68.82 lakh shares of Reliance Defence and Engineering (RDEL) at Rs 53.25 per share in a bulk deal on the BSE on Friday, 23 December 2016. Valiant Mauritius Partners offloaded 54.40 lakh shares at Rs 53.25 a piece. Morgan Stanley Mauritius Company bought the entire 1.23 crore shares in these deals.

Valiant Mauritius Partners owned 2.23% in RDEL end September 2016.

Reliance Defence and Engineering reported net loss of Rs 116.29 crore in Q2 September 2016, lower than net loss of Rs 170.49 crore in Q2 September 2015. Net sales rose 86.2% to Rs 96.85 crore in Q2 September 2016 over Q2 September 2015.

Reliance Defence and Engineering (formerly Pipavav Defence and Offshore Engineering Company) is into building defence warships.

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ONGC slips on plan to buy GSPC stake in KG basin block
Dec 26,2016

The announcement was made after market hours on Friday, 23 December 2016.

Meanwhile, the BSE Sensex was down 218.93 points, or 0.84%, to 25,821.77.

On the BSE, so far 45,000 shares were traded in the counter, compared with average daily volumes of 6.74 lakh shares in the past one quarter. The stock had hit a high of Rs 192.30 and a low of Rs 189.05 so far during the day.

The stock hit a 52-week high of Rs 210.11 on 13 December 2016. The stock hit a 52-week low of Rs 125.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 December 2016, rising 4.19% compared with the 0.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.13% as against Sensexs 9.17% decline.

The large-cap company has equity capital of Rs 6416.62 crore. Face value per share is Rs 5.

ONGC announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights, at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPCs stake and operatorship in NELPn++III block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

The transaction would be documented by signing a farm-in agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of production sharing contract of the block.

ONGCs net profit rose 6.3% to Rs 4974.92 crore on 10.3% decline in net sales to Rs 18286.62 crore in Q2 September 2016 over Q2 September 2015.

ONGC is Indias largest oil and gas exploration firm by sales.

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