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STC India hits 5% lower circuit for second day on profit booking
Jan 04,2017

Meanwhile, the S&P BSE Sensex was up 37.82 points, or 0.14%, to 26,681.66.

On the BSE, 1,685 shares were traded in the counter so far as against an average daily volume of 1.07 lakh shares in the past one quarter. The stock was locked at a low of Rs 207.25 so far during the day. The stock had hit a 52-week low of Rs 71.20 on 26 February 2016.

The stock had outperformed the market over the past one month till 3 January 2017, jumping 86.29% compared with the 1.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 67.1% as against Sensexs 5.67% decline.

The small-cap company has equity capital of Rs 60 crore. Face value per share is Rs 10.

Shares of State Trading Corporation of India had surged 95.82% in eight sessions to settle at Rs 229.60 on 2 January 2017, which was also a 52-week high for the stock, from a close of Rs 117.25 on 21 December 2016.

After the exchanges sought clarification from the company with reference to increase in price on 28 December 2016 after the stock was locked at 10% upper circuit on that day, the company had clarified on the same day that it does not have any information/announcement which could have affected the price of the scrip.

On 23 December 2016, Smithblock Financial Services Private Limited bought 4 lakh shares of State Trading Corporation of India at Rs 142.25 per share on the NSE, the bulk deal data on NSE showed.

State Trading Corporation of India (STC India) reported net loss of Rs 4.77 crore in Q2 September 2016 compared with net loss of Rs 3.17 crore in Q2 September 2015. Net sales fell 87.6% to Rs 607.24 crore in Q2 September 2016 over Q2 September 2015.

STC is a premier international trading company that was set up in 1956. The company imports and exports large number of bulk commodities such as rice, wheat, sugar, pulses, edible oils, fertilisers, coal and bullion, etc. It also imports mass consumption items like wheat, sugar and pulses, etc. as and when called upon by the Government to do so.

The government of India holds 90% stake in the firm as per the shareholding pattern as on 30 September 2016.

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HCL Tech moves north after completing acquisition in US
Jan 04,2017

The announcement was made during market hours today, 4 January 2017.

Meanwhile, the S&P BSE Sensex was up 12.49 points or 0.05% at 26,655.73.

On the BSE, 56,000 shares were traded on the counter so far as against the average daily volumes of 96,793 shares in the past one quarter. The stock had hit a high of Rs 857.95 and a low of Rs 834.30 so far during the day.

The stock had hit a 52-week high of Rs 889.80 on 1 February 2016 and a 52-week low of Rs 706.50 on 11 May 2016. It had outperformed the market over the past one month till 3 January 2017, advancing 5.25% compared with the Sensexs 1.57% rise. The scrip had also outperformed the market over the past one quarter gaining 3.24% as against the Sensexs 5.67% fall.

The large-cap company has equity capital of Rs 282.24 crore. Face value per share is Rs 2.

HCL Technologies had announced in October 2016 regarding its acquisition of Butler America Aerospace, LLC (Butler Aerospace), an aerospace & defense engineering service provider to US aerospace and defense customers. Butler Aerospace is a wholly owned subsidiary of Butler America LLC. The acquisition is excluding the staffing business of Butler America Inc. The consideration for this acquisition was $85 million payable in cash.

On a consolidated basis, HCL Technologies net profit fell 1.92% to Rs 2015.60 crore on 1.61% growth in net sales to Rs 11519.21 crore in Q2 September 2016 over Q1 June 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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Jaiprakash Associates leads gainers in A group
Jan 04,2017

Jaiprakash Associates jumped 12.68% to Rs 9.24 at 12:45 IST. The stock topped the gainers in the BSEs A group. On the BSE, 69.68 lakh shares were traded on the counter so far as against the average daily volumes of 31.86 lakh shares in the past two weeks.

Jubilant Life Sciences surged 11.94% at Rs 714. The stock was the second biggest gainer in A group. On the BSE, 6.52 lakh shares were traded on the counter so far as against the average daily volumes of 94,000 shares in the past two weeks.

Jubilant Life Sciences announced that its wholly own subsidiary, Jubilant Pharma, through one of its units Jubilant DraxImage Inc. Montreal Canada (JDI), has signed long term contracts with distribution networks in the US. The announcement was made during market hours today, 4 January 2017.

The contracts are for the supply of products used for diagnostic and therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone scans to be supplied by JDI over a period of 39 months effective from January 2017.

GVK Power & Infrastructure jumped 7.97% to Rs 5.96. The stock was the third biggest gainer in A group. On the BSE, 38.27 lakh shares were traded on the counter so far as against the average daily volumes of 3.18 lakh shares in the past two weeks.

Shipping Corporation of India gained 6.06% at Rs 64.75. The stock was the fourth biggest gainer in A group. On the BSE, 4.21 lakh shares were traded on the counter so far as against the average daily volumes of 82,000 shares in the past two weeks.

Mangalore Refinery & Petrochemicals rose 4.94% to Rs 107.20. The stock was the fifth biggest gainer in A group. On the BSE, 14.09 lakh shares were traded on the counter so far as against the average daily volumes of 2.21 lakh shares in the past two weeks.

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MOIL gains after announcing price hike
Jan 04,2017

The announcement was made after market hours yesterday, 3 January 2017.

Meanwhile, the S&P BSE Sensex was down 14.22 points or 0.05% at 26,657.46.

On the BSE, 84,000 shares were traded on the counter so far as against the average daily volumes of 91,831 shares in the past one quarter. The stock had hit a high of Rs 386.10 and a low of Rs 376.95 so far during the day.

The stock had hit a record high of Rs 394 on 1 December 2016 and a record low of Rs 180.10 on 12 February 2016. The stock had underperformed the market over the past one month till 3 January 2017, advancing 0.47% compared with the Sensexs 1.57% rise. The scrip had, however, outerperformed the market over the past one quarter advancing 43.75% as against the Sensexs 5.67% fall.

The mid-cap company has equity capital of Rs 133.19 crore. Face value per share is Rs 10.

MOIL announced that price of ferro grade ore have been hiked by 10% on the existing prices prevailing since 1 December 2016 of all ferro grades of ore. Price of SMGR grade and fines have been raised by 15% each. Price of chemical grade ore have been raised by 10%. Price of Electrolytic Manganese Dioxide have been raised by 5%. MOIL announced that price hike is inline with the companys business practice of fixing/revising prices of manganese ore.

MOILs net profit declined 14.6% to Rs 41.47 crore on 32.07% rise in net sales to Rs 196.03 crore in Q2 September 2016 over Q2 September 2015.

MOIL produces and sells different grades of manganese ore. Government of India currently holds 75.58% stake in MOIL (as per the shareholding pattern as on 11 October 2016).

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NMDC extends gains after increasing iron ore prices
Jan 04,2017

Meanwhile, the S&P BSE Sensex was down 13.56 points or 0.05% at 26,656.80.

On the BSE, 6.45 lakh shares were traded on the counter so far as against the average daily volumes of 5.50 lakh shares in the past one quarter. The stock had hit a high of Rs 137.45 and a low of Rs 131.25 so far during the day.

The stock had hit a 52-week high of Rs 142.65 on 2 November 2016 and a 52-week low of Rs 75.20 on 12 February 2016. It had outperformed the market over the past one month till 3 January 2017, surging 11.8% compared with the Sensexs 1.57% rise. The scrip had also outperformed the market over the past one quarter advancing 20.1% as against the Sensexs 5.67% fall.

The large-cap company has equity capital of Rs 316.39 crore. Face value per share is Rs 1.

Shares of NMDC have risen 5.18% in two trading sessions from its close of Rs 128.20 on 2 January 2017 after the company at the fag end of market hours yesterday, 3 January 2017, announced increase in iron ore prices with effect from 3 January 2017. In response to this announcement, the stock had risen 1.6% to settle at Rs 130.25 yesterday, 3 January 2017.

The company has fixed the price of lump ore at Rs 2,225 wet metric tonne (WMT) as against earlier price of Rs 2,100 WMT announced on 29 November 2016. The price of fines was fixed at Rs 1,985 WMT as against earlier price of Rs 1,860 WMT. The prices are excluding royalty, District Mineral Foundation (DMF), National Mineral Exploration Trust (NMET), cess, forest permit fee etc.

Shares of NMDC have been on a rising trend recently. The stock has risen 11.35% in five straight trading sessions from its close of Rs 121.10 on 28 December 2016 to its current ruling market price.

NMDCs net profit fell 5.6% to Rs 770.76 crore on 8.5% growth in net sales to Rs 1739.15 crore in Q2 September 2016 over Q2 September 2015.

NMDC is Indias largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 74.94% stake in NMDC as on 14 October 2016.

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Indiabulls Housing Finance drops after reducing home loan rates
Jan 04,2017

The announcement was made after market hours yesterday, 3 January 2017.

Meanwhile, the S&P BSE Sensex was down 15.34 points or 0.06% at 26,629.51.

On the BSE, 79,085 shares were traded in the counter so far as against average daily volume of 1.18 lakh shares in the past one quarter. The stock had hit a high of Rs 667.80 and a low of Rs 652.30 so far during the day. The stock had hit a record high of Rs 895 on 20 October 2016. The stock had hit a 52-week low of Rs 551 on 24 February 2016.

The stock had underperformed the market over the past one month till 3 January 2017, falling 9.99% compared with the 1.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 22.5% as against Sensexs 5.67% decline.

The large-cap company has equity capital of Rs 84.75 crore. Face value per share is Rs 2.

Indiabulls Housing Finance said that the home loan rate for upto Rs 75 lakh loan will be 8.7%, for Rs 75 lakh to Rs 3 crore it will be 8.75% and for Rs 3 crore to Rs 5 crore the rate stands at 8.85%. The home loan rates for women will be 5 basis points lower in the above categories of home loans.

Gagan Banga, Vice chairman and Managing Director, Indiabulls Housing Finance said home loan rates are now at their lowest in six years and tremendously improves buyers, affordability. The cut in rotes, the recently announced enhancement in Prime Ministers Awas Yojana subsidies and tax deductions against home loan repayments, make the EMI cheque smaller than the rent cheque for buyers of affordable houses for the first time in more thon a decade, he added.

Indiabulls Housing Finances consolidated net profit rose 23.2% to Rs 684.31 crore on 28% growth in net sales to Rs 2874.95 crore in Q2 September 2016 over Q2 September 2015.

Indiabulls Housing Finance is a housing finance company. The company also provides other loans, such as loan against residential properties for home improvement and to small businesses, commercial vehicle loans, and corporate loans for housing projects.

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Just Dial declines on reports of brokerage sell call
Jan 04,2017

Meanwhile, the S&P BSE Sensex was down 13.72 points or 0.05% at 26,629.52.

On the BSE, 78,000 shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one quarter. The stock had hit a high of Rs 350.50 and a low of Rs 342.20 so far during the day.

The stock had hit a 52-week high of Rs 903 on 20 April 2016 and a record low of Rs 318.20 on 27 December 2016. It had underperformed the market over the past one month till 3 January 2017, sliding 6.48% compared with the Sensexs 1.57% rise. The scrip had also underperformed the market over the past one quarter declining 19.95% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 70.57 crore. Face value per share is Rs 10.

The brokerage reportedly said that valuation of Just Dial looks good but future of the company looks uncertain. Risk-reward doesnt look attractive at this stage, it said.

Just Dials net profit fell 26.8% to Rs 29.62 crore on 10% growth in net sales to Rs 180.32 crore in Q2 September 2016 over Q2 September 2015.

Just Dial is a leading local search engine in India.

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Godrej Properties advances after getting overwhelming response for residential project
Jan 04,2017

The announcement was made before market hours today, 4 January 2017.

Meanwhile, the S&P BSE Sensex was up 38.97 points, or 0.15%, to 26,682.21.

On the BSE, so far 5,411 shares were traded in the counter, compared with average daily volumes of 32,049 shares in the past one quarter. The stock had hit a high of Rs 331.50 and a low of Rs 323 so far during the day. The stock had hit a 52-week high of Rs 386 on 9 August 2016. The stock had hit a 52-week low of Rs 266.40 on 29 February 2016.

The stock had outperformed the market over the past one month till 3 January 2017, gaining 6.83% compared with the 1.57% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 8.79% as against Sensexs 5.67% decline.

The mid-cap company has equity capital of Rs 108.18 crore. Face value per share is Rs 5.

Godrej Properties said that it has seen an overwhelming customer response to its project Godrej Greens, which was launched shortly after the governments demonetisation announcement in early November.

The company announced that it has sold over 300 apartments within two months of launch of its project Godrej Greens in Pune. This represents more than 75% of the 400 apartments that were opened for sale, making this one of the most successful recent residential launches.

On a consolidated basis, net profit of Godrej Properties declined 77.4% to Rs 23.48 crore on 76.6% decline in net sales to Rs 305.60 crore in Q2 September 2016 over Q2 September 2015.

Godrej Properties is a real estate developer.

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Oudh Sugar Mills gains as CARE upgrades rating of bank facilities
Jan 04,2017

The announcement was made after market hours yesterday, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 68.91 points or 0.26% at 26,712.15.

On the BSE, 41,000 shares were traded on the counter so far as against the average daily volumes of 64,327 shares in the past one quarter. The stock had hit a high of Rs 116.50 and a low of Rs 112.50 so far during the day.

The stock had hit a 52-week high of Rs 160.95 on 16 June 2016 and a 52-week low of Rs 33 on 12 February 2016. The stock had outperformed the market over the past one month till 3 January 2017, advancing 6.21% compared with the Sensexs 1.57% rise. The scrip had also outperformed the market over the past one quarter advancing 7.18% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 11.56 crore. Face value per share is Rs 10.

Oudh Sugar Mills announced that rating agency Credit Analysis & Research (CARE) has upgraded and assigned CARE BBB- (Triple B Minus) rating to long-term bank facilities from banks so accepted by the company.

Oudh Sugar Mills reported net profit of Rs 18.63 crore in Q2 September 2016, as compared to net loss of Rs 19.15 crore in Q2 September 2015. Net sales advanced 31.7% to Rs 330.29 crore in Q2 September 2016 over Q2 September 2015.

Oudh Sugar Mills is engaged in sugar manufacturing. Its segments include sugar, distillery, co-generation and food processing.

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Nandan Denim jumps as RBI raises foreign investment ceiling
Jan 04,2017

Meanwhile, the S&P BSE Sensex was up 28.13 points or 0.11% at 26,671.37.

On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 74,097 shares in the past one quarter. The stock had hit a high of Rs 126.85 and a low of Rs 114 so far during the day.

The stock had hit a 52-week high of Rs 165.80 on 18 May 2016 and a 52-week low of Rs 97.20 on 12 February 2016. It had underperformed the market over the past one month till 3 January 2017, sliding 6.23% compared with the Sensexs 1.57% rise. The scrip had also underperformed the market over the past one quarter declining 18.62% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 48.05 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) yesterday, 3 January 2017, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 49% of the paid-up capital of Nandan Denim under the Portfolio Investment Scheme (PIS).

The central bank has stated that Nandan Denim has passed resolutions at its board of directors level and a special resolution by the shareholders, agreeing for enhancing the limit from default 24% to 49% for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

FIIs held 11.95% stake in Nandan Denim end September 2016.

Nandan Denims net profit rose 4.4% to Rs 16.30 crore on 2.8% growth in net sales to Rs 302.63 crore in Q2 September 2016 over Q2 September 2015.

Nandan Denim is engaged in textile business.

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Ramco Systems spurts after signing multi-million dollar deal
Jan 04,2017

The announcement was made during market hours today, 4 January 2017.

Meanwhile, the BSE Sensex was up 55.02 points, or 0.21%, to 26,698.26.

Higher than average volumes were witnessed on the counter. On the BSE, 78,436 shares were traded in the counter so far, compared with average daily volume of 40,473 shares in the past one quarter. The stock had hit a high of Rs 378.60 and a low of Rs 346.50 so far during the day. The stock had hit a 52-week high of Rs 814 on 3 May 2016. The stock had hit a 52-week low of Rs 286 on 15 December 2016.

The stock had outperformed the market over the past one month till 3 January 2017, rising 6.33% compared with the 1.57% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 26.25% as against Sensexs 5.67% decline.

The small-cap aviation software provider has equity capital of Rs 30.34 crore. Face value per share is Rs 10.

Panasonic Group of companies in Malaysia has signed a multi-million-dollar strategic deal with Ramco Systems Sdn. Bhd. Malaysia part of Ramco Systems to digitize and transform HR and payroll operations for nearly 20,000 employees nationwide on a unified platform.

Panasonic Group of companies in Malaysia, part of the leading Japanese electronics manufacturer, said employees in 21 entities using multiple systems currently will now be powered by integrated Ramco HR software giving a seamless HR experience, group-wide.

Ramco Systems Human Capital Management (HCM) solution will integrate with multiple enterprise applications and finance systems in individual companies for statutory and payroll requirements.

Panasonic Group of companies in Malaysia will lead the digital HR transformation initiative with a cloud-hosted Ramco HCM suite covering core HR, time & attendance, talent management, recruitment, planning & analytics in addition to payroll.

With this initiative, the role of HR Management in Panasonic Group will evolve from administrative roles to more strategic and business transformation roles by leveraging the reporting and analytical capabilities of this new system.

On the part of employees by using this new integrated system, all the tedious and time consuming HR processes will be simplified and fully automated. Employees can now be able to apply leave, manage claims, and pull pay slips using self-service features across various platforms including smart phones, tablets and desktops.

Ramco Systems reported consolidated net loss of Rs 1.17 crore in Q2 September 2016 compared with consolidated net profit of Rs 0.9 crore in Q1 June 2016. Consolidated net sales rose 2.48% to Rs 112.39 crore in Q2 September 2016 over Q1 June 2016.

Ramco Systems is an enterprise software player offering multi-tenanted cloud and mobile-based enterprise software in the area of HCM and Global Payroll, ERP and M&E MRO for Aviation.

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Bajaj Hindusthan extends gains
Jan 04,2017

Meanwhile, the S&P BSE Sensex was up 68.32 points or 0.26% at 26,711.56.

On the BSE, 3.51 lakh shares were traded on the counter so far as against the average daily volumes of 4.37 lakh shares in the past one quarter. The stock had hit a high of Rs 15.66 and a low of Rs 15.25 so far during the day.

The stock had hit a 52-week high of Rs 24.20 on 13 June 2016 and a 52-week low of Rs 12.65 on 12 February 2016. It had outperformed the market over the past one month till 3 January 2017, surging 9.5% compared with the Sensexs 1.57% rise. The scrip had, however, underperformed the market over the past one quarter declining 8.76% as against the Sensexs 5.67% fall.

The small-cap company has equity capital of Rs 113.36 crore. Face value per share is Rs 1.

Shares of Bajaj Hindusthan Sugar have risen 4.39% in two trading sessions from its close of Rs 14.78 on 2 January 2017, after the companys announcement after market hours on 2 January 2017, that its board of directors considered seeking necessary approval of shareholders for sale of co-generation business comprising of power generation facility aggregating to 449 megawatts (MW). The stock had risen 2.17% to settle at Rs 15.10 yesterday, 3 January 2017.

The company will seek shareholders nod for entering into contracts/arrangements in respect of the transaction with Lalitpur Power Generation Company (LPGCL) for sale of co-generation power business and also transactions of purchase of power and steam, sale of bagasse, bio gas and water, right to use agreement for use of common facilities, etc.

It may be recalled that the companys board on 20 December 2016, approved the sale and transfer of co-generation power business aggregating 449 MW capacity located at 14 locations to LPGCL, a group company, for a lumpsum cash consideration of about Rs 1800 crore, as a going concern on slump sale basis. The company had at that time said that entire amount of cash consideration is proposed to be utilised by it towards advance repayment of its existing term debt.

Shares of Bajaj Hindusthan Sugar are on a roll recently. The stock has rallied 19.24% in five straight trading sessions from its close of Rs 12.94 on 28 December 2016 to its current ruling price.

Bajaj Hindusthan Sugar reported net loss of Rs 137.71 crore in Q2 September 2016, lower than net loss of Rs 282.72 crore in Q2 September 2015. Net sales rose 13% to Rs 850.08 crore in Q2 September 2016 over Q2 September 2015.

Bajaj Hindusthan Sugar is a sugar and ethanol manufacturing company.

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Jubilant Life surges after subsidiary signs long term contracts in radiopharma biz
Jan 04,2017

The announcement was made during market hours today, 4 January 2017.

Meanwhile, the BSE Sensex was up 40.20 points, or 0.15%, to 26,683.44.

On the BSE, 90,238 shares were traded in the counter so far, compared with average daily volumes of 1.29 lakh shares in the past one quarter. The stock had hit a high of Rs 674 and a low of Rs 638 so far during the day.

The stock had hit a record high of Rs 726.40 on 1 December 2016. The stock had hit a 52-week low of Rs 272.50 on 20 January 2016. The stock had underperformed the market over the past one month till 3 January 2017, falling 7.75% compared with the 1.57% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, declining 2.3% as against Sensexs 5.67% decline.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

Jubilant Life Sciences announced that its wholly own subsidiary, Jubilant Pharma, through one of its units Jubilant DraxImage Inc. Montreal Canada (JDI), has signed long term contracts with distribution networks in the US.

The contracts are for the supply of products used for diagnostic and therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone scans to be supplied by JDI over a period of 39 months effective from January 2017.

Commenting on the occasion, Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman and Managing Director, Jubilant Life Sciences said that these contracts provide visibility on companys future revenues with the differentiated and niche products in specialty pharma business and will strengthen the company for its growth, going forward.

On a consolidated basis, net profit of Jubilant Life Sciences rose 14.5% to Rs 144.77 crore on 5.2% decline in net sales to Rs 1359.70 crore in Q2 September 2016 over Q2 September 2015.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients and drug discovery solutions.

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HDFC inches up after higher dividend income in Q3
Jan 04,2017

The announcement was made after market hours yesterday, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 10.84 points or 0.04% at 26,654.08.

On the BSE, 12,000 shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past two weeks. The stock had hit a high of Rs 1,221.05 and a low of Rs 1,197.55 so far during the day.

The stock had hit a record high of Rs 1,463.25 on 7 September 2016 and a 52-week low of Rs 1,012 on 25 February 2016. It had underperformed the market over the past one month till 3 January 2017, sliding 2% compared with the Sensexs 1.57% rise. The scrip had also underperformed the market over the past one quarter declining 14.73% as against the Sensexs 5.67% fall.

The large-cap company has equity capital of Rs 317.02 crore. Face value per share is Rs 2.

HDFCs profit on sale of investments declined 94.73% to Rs 3 crore in Q3 December 2016 over Q3 December 2015.

The company under the loan assignment route sold loans amounting to Rs 3355 crore in Q3 December 2016 to HDFC Bank. Loans sold in the preceding twelve months amounted to Rs 15201 crore. The figures are subject to limited review by the statutory auditors of the company.

HDFCs consolidated net profit rose 16.1% to Rs 2446.21 crore on 16.5% increase in total income to Rs 14526.69 crore in Q2 September 2016 over Q2 September 2015.

HDFC is Indias first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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Hikal jumps after concluding process of sale of R&D property
Jan 04,2017

The announcement was made after market hours yesterday, 3 January 2017.

Meanwhile, the BSE Sensex was up 52.90 points, or 0.11%, to 26,673.11.

On the BSE, 8,980 shares were traded in the counter so far, compared with an average volume of 12,568 shares in the past one quarter. The stock had hit a high of Rs 227.40 and a low of Rs 222 so far during the day.

Hikal said that the proceeds of the sale will be used towards the current operations of the company. The company had consolidated its research & development (R&D) operations at its main site in Pune in 2014 and had transferred all respective equipment and personnel to that site.

The Bengaluru property was lying vacant and had no ongoing operations for close to two years.

Hikals net profit jumped 216.2% to Rs 15.24 crore on 13.9% rise in net sales to Rs 232.31 crore in Q2 September 2016 over Q2 September 2015.

Hikal is engaged in research and development (R&D), manufacturing and marketing of fine chemicals for the pharmaceutical and agrochemical industries.

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