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Sun TV jumps after brokerage upgrade
Apr 20,2017

Meanwhile, the S&P BSE Sensex was up 82.17 points, or 0.28% to 29,418.74.

On the BSE, 2.57 lakh shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 895.80 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 860.40 so far during the day. The stock hit a 52-week low of Rs 334 on 24 June 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 11.48% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.30% as against Sensexs 7.43% rise.

The large-cap company has equity capital of Rs 197.04 crore. Face value per share is Rs 5.

Sun TV Networks net profit rose 11% to Rs 240.09 crore on 2.8% growth in net sales to Rs 589.43 crore in Q3 December 2016 over Q3 December 2015.

Sun TV Network is one of the largest television broadcasters in India, operating thirty-two TV channels and forty-five FM Radio stations in several Indian languages.

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NTPC drops amid volatility
Apr 20,2017

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 84.55 points or 0.29% at 29,421.12.

On the BSE, 1.65 lakh shares were traded on the counter so far as against the average daily volumes of 3.46 lakh shares in the past one quarter. The stock had lost 0.91% at the days low of Rs 163.20 so far during the day. It rose 0.18% at the days high of Rs 165 so far during the day.

The stock had hit a 52-week high of Rs 177.80 on 27 January 2017 and a 52-week low of Rs 133.50 on 19 May 2016. It had outperformed the market over the past one month till 19 April 2017, advancing 2.87% compared with the Sensexs 1.05% fall. The scrip had, however, underperformed the market over the past one quarter, sliding 5.37% as against the Sensexs 7.43% rise.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPC said that its board of directors accorded approval for updating and upsizing the $4 billion medium term notes (MTN) programme upto $6 billion for raising debt from international markets to part finance the capital expenditure on new/ongoing projects, coal mining projects, renovation and modernization of power stations and for other permissible end uses.

The board of directors has approved the proposal to issue Notes up to Rs 5000 crore (Rupee denominated bonds) and/or upto $750 million equivalent (foreign currency bonds other than Rupee denominated) in the international markets either under the MTN programme or on standalone basis, in one or more tranches on the terms and conditions as may be agreed with the prospective investor(s) to finance the capital expenditure of new/ongoing projects, coal mining projects, renovation and modernization of power stations and/or for such other purposes as permissible under the ECB guidelines of the RBI.

Shares of NTPC had risen 3.48% in the preceding two trading sessions to settle at Rs 164.70 yesterday, 19 April 2017, from its closing of Rs 159.15 on 17 April 2017.

NTPCs net profit fell 7.5% to Rs 2468.72 crore on 11.1% rise in net sales to Rs 19287.47 crore in Q3 December 2016 over Q3 December 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business. The government of India held 69.75% stake in the firm as on 31 December 2016, as per the shareholding pattern.

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Jay Bharat Maruti spurts after strong Q4 results
Apr 20,2017

The result was announced after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 30.54 points, or 0.10% to 29,367.11.

On the BSE, 1.10 lakh shares were traded in the counter so far, compared with average daily volumes of 15,722 shares in the past one quarter. The stock had hit a high of Rs 506.75 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 466.30 so far during the day. The stock hit a 52-week low of Rs 138.10 on 18 July 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 1.47% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.12% as against Sensexs 7.43% rise.

The small-cap company has equity capital of Rs 10.83 crore. Face value per share is Rs 5.

Jay Bharat Marutis net profit rose 35.1% to Rs 53.77 crore on 17.3% increase in net sales to Rs 1526.63 crore in the year ended March 2017 over the year ended March 2016.

Jay Bharat Maruti is engaged in manufacturing components for automobiles.

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RIL inches up after commissioning ethane plant at Dahej
Apr 20,2017

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 35.35 points or 0.12% at 29,371.92.

On the BSE, 53,000 shares were traded on the counter so far as against the average daily volumes of 2.05 crore shares in the past one quarter. The stock had hit a high of Rs 1,386.90 and a low of Rs 1,370 so far during the day.

The stock had hit a 52-week high of Rs 1,448.50 on 6 April 2017 and a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 19 April 2017, advancing 5.32% compared with the Sensexs 1.05% fall. The scrip had also outperformed the market over the past one quarter, gaining 32.51% as against the Sensexs 7.43% rise.

The large-cap company has equity capital of Rs 3251.33 crore. Face value per share is Rs 10.

Reliance Industries (RIL) announced the successful and flawless completion of its Ethane project including commissioning of its ethane receipt & handling facilities and ethane cracking at its Dahej manufacturing facility in Gujarat in a record time of less than 3 years.

The Shale gas industry in North America has grown exponentially in the past 5 years. Consequently ethane has become one of the most competitively priced feedstock for US crackers, RIL said.

The supply of Ethane to RILs crackers at Dahej, Hazira and Nagothane will provide feedstock security and flexibility enabling it to select the most optimal feed mix based on market conditions, the company said. This will improve the cost competitiveness of its existing crackers and enable it to optimize the portfolio in a volatile market environment, RIL said in a statement.

RILs consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Reliance Industries (RIL) is Indias largest private sector company. RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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Kitex Garments jumps on bonus issue plan
Apr 20,2017

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 38.26 points, or 0.13% to 29,374.83.

On the BSE, 8,806 shares were traded in the counter so far, compared with average daily volumes of 16,640 shares in the past one quarter. The stock had hit a high of Rs 468.65 and a low of Rs 444.80 so far during the day. The stock hit a 52-week high of Rs 543.20 on 4 July 2016. The stock hit a 52-week low of Rs 354 on 22 November 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 1.59% compared with 0.50% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.05% as against Sensexs 7.43% rise.

The small-cap company has equity capital of Rs 4.75 crore. Face value per share is Re 1.

A meeting of the board of directors of Kitex Garments is scheduled be held on Friday, 28 April 2017, to consider a proposal for issue of bonus shares. The board will also consider audited financial results of the company for the year ended 31 March 2017.

Kitex Garments net profit rose 31.9% to Rs 31.75 crore on 15.9% growth in net sales to Rs 127.47 crore in Q3 December 2016 over Q3 December 2015.

Kitex Garments is a producer of childrens apparel.

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Network 18 Media spurts about 13% in two sessions
Apr 20,2017

Meanwhile, the S&P BSE Sensex was up 53.42 points, or 0.18% to 29,475.81.

On the BSE, 6.92 lakh shares were traded in the counter so far, compared with average daily volumes of 2.39 lakh shares in the past one quarter. The stock had hit a high of Rs 46.25 and a low of Rs 40.80 so far during the day. The stock hit a 52-week high of Rs 49.20 on 29 September 2016. The stock hit a 52-week low of Rs 30.50 on 27 December 2016.

The stock had outperformed the market over the past one month till 20 April 2017, rising 17.99% compared with 0.87% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.82% as against Sensexs 8.83% rise.

The mid-cap company has equity capital of Rs 523.47 crore. Face value per share is Rs 5.

The board of directors of Network 18 Media & Investments at its meeting held yesterday, 19 April 2017, evaluated the proposal of restructuring its business of food and restaurant search and recommendation engine operated under the name of BURRP, which has insignIficant contribution to the revenue of the company.

The board has given in-principle approval to sell/transfer/dispose-off or transfer BURRP to any other entity including a related party/getting a strategic investor.

In this regard, the board has authorised certain directors and officers of the company to evaluate the various options and take such further action in the matter, as may be suitable, after complying with necessary regulatory requirements.

The announcement was made after market hours on Wednesday, 19 April 2017. Shares of Network 18 Media & Investments rose 3.22% to end at Rs 41.65 yesterday, 20 April 2017. The stock has risen 12.76% in two trading session from its close of Rs 40.35 on Wednesday, 19 April 2017.

On a consolidated basis, Network 18 Media & Investments reported net loss of Rs 33.32 crore in Q4 March 2017 as against net loss of Rs 24.99 crore in Q4 March 2016. Net sales declined 18.08% to Rs 387.67 crore in Q4 March 2017 over Q4 March 2016.

Network18 Media and Investments is a media and entertainment company with interests in television, internet, filmed entertainment, digital business, magazines, mobile content and allied businesses.

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Nucleus Software jumps on buyback plan
Apr 20,2017

The announcement was made during trading hours today, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 72.64 points, or 0.25% to 29,409.21.

On the BSE, 33,000 shares were traded in the counter so far, compared with average daily volumes of 19,189 shares in the past one quarter. The stock had hit a high of Rs 279.70 and a low of Rs 261 so far during the day. The stock hit a 52-week high of Rs 303.30 on 9 December 2016. The stock hit a 52-week low of Rs 171 on 29 September 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 7.25% compared with 0.50% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 6.87% as against Sensexs 7.43% rise.

The small-cap company has equity capital of Rs 32.38 crore. Face value per share is Rs 10.

A meeting of the board of directors of Nucleus Software Exports will be held on Tuesday, 25 April 2017, to consider the proposal of buyback of fully paid up equity shares of the company, up to such amount of the aggregate of companys paid up equity share capital and free reserves.

On a consolidated basis, Nucleus Software Exports net profit rose 16.37% to Rs 15.92 crore on 2.57% decline in net sales to Rs 93.14 crore in Q3 December 2016 over Q2 September 2016.

Nucleus Software is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas.

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Future Retail jumps after board OKs demerger of home retail ops
Apr 20,2017

The announcement was made during trading hours today, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 49.77 points, or 0.17% to 29,386.34.

On the BSE, 1.96 lakh shares were traded in the counter so far, compared with average daily volumes of 1.21 lakh shares in the past one quarter. The stock had hit a high of Rs 312.85 so far during the day, which is also record high for the counter. The stock had hit a low of Rs 290.40 so far during the day. The stock hit a record low of Rs 116.10 on 5 December 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 15.14% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 76.42% as against Sensexs 7.43% rise.

The large-cap company has equity capital of Rs 94.36 crore. Face value per share is Rs 2.

Future Retail announced that its board approved demerging the companys home retail business operated via HomeTown stores into Praxis Home Retail. Post the demerger, the company will list Praxis Home retail on stock exchanges. Praxis Home will issue 1 share to Future Retail shareholders for every 20 shares held, the filing said.

Further, the companys board also approved raising the firms foreign investment limit to 49% from 24%.

Future Retails net profit rose 87.7% to Rs 101.05 crore on 77.4% increase in net sales to Rs 4321.75 crore in Q3 December 2016 over Q3 December 2015.

Future Retail operates hypermarket and home solutions retail formats.

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Yes Bank slips as sticky loans rise in Q4
Apr 20,2017

The result was announced after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 38.06 points or 0.13% at 29,374.63.

On the BSE, 1.76 lakh shares were traded on the counter so far as against the average daily volumes of 1.70 lakh shares in the past one quarter. The stock had hit a high of Rs 1,574.40 and a low of Rs 1,501 so far during the day.

The stock had hit a record high of Rs 1,638 on 13 April 2017 and a 52-week low of Rs 871.45 on 25 April 2016. It had outperformed the market over the past one month till 19 April 2017, advancing 6.46% compared with the Sensexs 1.05% fall. The scrip had also outperformed the market over the past one quarter, gaining 19.17% as against the Sensexs 7.43% rise.

The large-cap bank has equity capital of Rs 456.67 crore. Face value per share is Rs 10.

Yes Banks net profit rose 30.2% to Rs 914.10 crore on 29.4% rise in total income to Rs 5606.38 crore in Q4 March 2017 over Q4 March 2016.

The banks gross non-performing assets (NPAs) rose to Rs 2018.56 crore as on 31 March 2017 as against Rs 1005.85 crore as on 30 December 2016 and Rs 748.98 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances rose to 1.52% as on 31 March 2017 as against 0.85% as on 31 December 2016 and 0.76% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.81% as on 31 March 2017 as against 0.29% as on 31 December 2016 and 0.29% as on 31 March 2016.

The banks provisions and contingencies (excluding tax provisions) rose 66.11% to Rs 309.73 crore in Q4 March 2017 over Q4 March 2016.

The board of directors of the bank recommended the payment of final dividend Rs 12 per share for the year ended 31 March 2017 (FY 2017).

The board has also approved raising of funds by way of issuance of debt securities including but not limited to non-convertible debentures, MTN (medium term notes), bonds upto Rs 20000 crore (in Rupee or foreign currency) by the bank to eligible investors on private placement, subject to approval of the shareholders.

Yes Bank is one of the leading private sector banks in India.

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Manaksia Inds extends post-result slide
Apr 19,2017

Meanwhile, the S&P BSE Sensex was up 21.53 points or 0.07% at 29,340.63. The S&P BSE Small-Cap index was up 114.29 points or 0.77% at 14,958.40.

On the BSE, 2.33 lakh shares were traded on the counter so far as against the average daily volumes of 20,938 shares in the past one quarter. The stock had hit a high of Rs 36.90 and a low of Rs 33.45 so far during the day.

The stock had hit a record high of Rs 40.95 on 17 April 2017 and a 52-week low of Rs 3.20 on 9 May 2016. It had outperformed the market over the past one month till 18 April 2017, advancing 26.62% compared with the Sensexs 1.11% fall. The scrip had also outperformed the market over the past one quarter, gaining 60.07% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 6.55 crore. Face value per share is Rs 1.

Shares of Manaksia Industries have fallen 14.23% in three trading sessions from its closing of Rs 39 on 13 April 2017, after the company reported weak Q4 March 2017 results on Saturday, 15 April 2017.

Manaksia Industries consolidated net profit declined 55.8% to Rs 6.30 crore on 80.9% rise in net sales to Rs 60.81 crore in Q4 March 2017 over Q4 March 2016.

Manaksia Industries is engaged in the business of metal packaging products and aluminum semi rigid containers.

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IndusInd Bank turns volatile after Q4 results
Apr 19,2017

The result was announced during trading hours today, 19 April 2017.

Meanwhile, the S&P BSE Sensex was down 30.44 points, or 0.10% to 29,288.66.

On the BSE, 3.31 lakh shares were traded in the counter so far, compared with average daily volumes of 1.40 lakh shares in the past one quarter.

Trading in the counter turned volatile after result announcement. The stock rose 0.79% at the days high of Rs 1,443 in intraday trade. The stock fell 1.23% at the days high of Rs 1414.10 in intraday trade. The stock hit a record high of Rs 1,444.55 on 13 April 2017. The stock hit a 52-week low of Rs 965.65 on 21 April 2016.

The stock had outperformed the market over the past one month till 18 April 2017, rising 3.63% compared with 0.68% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.64% as against Sensexs 7.56% rise.

The large-cap private sector bank has equity capital of Rs 598.20 crore. Face value per share is Rs 10.

IndusInd Banks net profit rose 25.43% to Rs 2867.89 crore on 22.47% increase in total income to Rs 18577.16 crore in the year ended March 2017 over the year ended March 2016.

The banks gross non-performing assets (NPAs) stood at Rs 1054.87 crore as on 31 March 2017 as against Rs 971.62 crore as on 30 December 2016 and Rs 776.82 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 0.93% as on 31 March 2017 as against 0.94% as on 31 December 2016 and 0.87% as on 31 March 2016.

The ratio of net NPAs to net advances stood at 0.39% as on 31 March 2017 as against 0.39% as on 31 December 2016 and 0.36% as on 31 March 2016.

The banks provisions and contingencies (excluding tax provisions) rose 101.32% to Rs 430.13 crore in Q4 March 2017 over Q4 March 2016.

Induslnd Bank caters to the needs of both consumer and corporate customers. As on 31 March 2017, Induslnd Bank has 1200 branches, and 2036 ATMs spread across 683 geographical locations of the country.

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Orchid Pharma rallies 7.21% in two sessions
Apr 19,2017

Meanwhile, the S&P BSE Sensex was down 10.01 points, or 0.03% at 29,329.11. The S&P BSE Small-cap index was up 63.91 points, 0.43% at 14,908.02.

On the BSE, 3.43 lakh shares were traded on the counter so far as against the average daily volumes of 1.99 lakh shares in the past one quarter. The stock had hit a high of Rs 37.90 and a low of Rs 36.75 so far during the day.

The stock had hit a 52-week high of Rs 45.90 on 22 April 2016 and a 52-week low of Rs 23.70 on 22 November 2016. The stock had outperformed the market over the past one month till 18 April 2017, advancing 30.07% compared with the Sensexs 1.11% decline. The scrip had also outperformed the market over the past one quarter advancing 28.02% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 88.96 crore. Face value per share is Rs 10.

Shares of Orchid Pharma have rallied 7.21% in two trading sessions from its close of Rs 34.70 on 17 April 2017, after the company announced during market hours yesterday, 18 April 2017, that it received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) based on the successful inspection of the formulation manufacturing facility located in Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in December 2016. The stock had rallied 5.33% to settle at Rs 36.55 yesterday, 18 April 2017.

Separately, Orchid Pharma said that Credit Analysis & Research (CARE) has revised the ratings on the long-term bank facilities of the company to CARE D from CARE B-. It has revised the ratings on the short-term bank facilities of the company to CARE D from CARE A4.

The revision in ratings assigned to the bank facilities of Orchid Pharma takes into account instances of delay in debt servicing. The announcement was made after market hours on Monday, 17 April 2017.

Orchid Pharma reported net loss of Rs 60.98 crore in Q3 December 2016, compared with net loss of Rs 94.02 crore in Q3 December 2015. Net sales declined 13.1% to Rs 177.27 crore in Q3 December 2016 over Q3 December 2015.

Orchid Pharma is a globally recognized, integrated pharmaceutical company with core competencies in the development and manufacture of Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms as well as in drug discovery.

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Coal India moves north on reports of brokerage upgrade
Apr 19,2017

Meanwhile, the S&P BSE Sensex was down 0.54 point at 29,318.56.

On the BSE, 2.21 lakh shares were traded on the counter so far as against the average daily volumes of 4.61 lakh shares in the past one quarter. The stock had hit a high of Rs 283.35 and a low of Rs 276.05 so far during the day.

The stock had hit a 52-week high of Rs 349.85 on 17 August 2016 and a 52-week low of Rs 272.65 on 4 May 2016. It had underperformed the market over the past one month till 18 April 2017, sliding 3.68% compared with the Sensexs 1.11% fall. The scrip had also underperformed the market over the past one quarter, declining 9.57% as against the Sensexs 7.56% rise.

The large-cap company has equity capital of Rs 6207.41 crore. Face value per share is Rs 10.

The potential upside in Coal India stock price is in addition to around 6% dividend yield and is very attractive compared to its cost of equity, the broker reportedly said.

Coal India deserves a premium over other metal and mining stocks due to its dominant position in the Indian markets and its current coal pricing being very competitive, which has virtually no downside risk, the brokerage added.

Meanwhile, Coal India after market hours yesterday, 18 April 2017, issued clarification to the stock exchanges with respect to news appeared in media on 17 April 2017 titled 177 mines of Coal India downgraded on quality concernsn++. The company said that coal is a heterogeneous mineral, susceptible to qualitative variation particularly in Indian context because of its origin and formation. As per earlier practice, annual declaration of grade proposed by coal companies on the basis of own sample collection and analysis at government accredited laboratories, which was being approved by Coal Controller in due course.

As per statutory provisions, subject of maintenance of grades requires monitoring which is vested with Coal Controller Organization (CCO). Annual declaration of grades is a routine exercise, being carried out by coal companies as per directives and methodology prescribed by CCO, Coal India said. During FY16-17, 52 mines/seams were regarded. Again, during reassessment another 22 mines were regarded, the company said.

During FY17-18, as per directives of government, Coal Controller announced new methodology for declaration of grade. Under revised methodology, sampling and analysis of different seams/loading points was carried out through academic institutions and based on their results, CCO finalized the grades, Coal India said.

Independent certification of coal grade through CC0 and analysis through CIMFR will help Coal India to achieve consumers confidence and satisfaction besides less slippages in future, the company said. Re-calibration of entire grading methodology is also going to help government in its mission to make cheap power available to common person, it added.

Coal Indias consolidated net profit fell 20.3% to Rs 2884.47 crore on 3.9% rise in net sales to Rs 19704.45 crore in Q3 December 2016 over Q3 December 2015.

Coal India (CIL) as an organized state owned coal mining corporate. The government of India held 78.86% stake in the company as per shareholding pattern as on 31 March 2017.

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Jain Irrigation spurts after acquisition in US
Apr 19,2017

The announcement was made during trading hours today, 19 April 2017.

Meanwhile, the S&P BSE Sensex was down 7.64 points, or 0.03% to 29,311.46.

On the BSE, 27.13 lakh shares were traded in the counter so far, compared with average daily volumes of 4.56 lakh shares in the past one quarter. The stock had hit a high of Rs 109.55 and a low of Rs 99.60 so far during the day. The stock hit a 52-week high of Rs 109.55 on 19 April 2017. The stock hit a 52-week low of Rs 59.90 on 29 April 2016.

The stock had outperformed the market over the past one month till 18 April 2017, rising 4.25% compared with 0.68% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.41% as against Sensexs 7.56% rise.

The mid-cap company has equity capital of Rs 92.03 crore. Face value per share is Rs 2.

Jain Irrigation Systems (JISL), through its US-based wholly owned subsidiary, agreed to acquire 80% stake in two US-based entities. Two of the United States largest micro-irrigation dealers - Agri-Valley Irrigation, Inc. (AVI) and Irrigation Design and Construction, Inc. (IDC), have entered into an agreement to merge ownership of their businesses into a newly formed distribution company. The new organization is an un-paralleled leader in design, construction, service, and innovative Ag Technology. This entity will provide a unique platform to help growers implement state-of-the-art irrigation technology and achieve More Crop Per Drop. AVI and IDC have been long tenured stable companies with operations in United States of America.

This is a key strategic investment by JISL into one of the largest irrigation markets in the world. JISL already has a presence in US micro irrigation market through its wholly owned subsidiary Jain Irrigation, Inc., (JIl) which is headquartered in Fresno, California. California drought has now eroded with significant rains over the last few months. Therefore, now there is strong irrigation business opportunity in the next 18-24 months for the merged distribution company as well as JIl.

The merger will help Jain Irrigation to forward integrate itself in the value chain and build direct relationship with growers. This fits into companys strategy to participate in end-to-end project solutions to harness companys unique capabilities in Integrated Irrigation project solutions. No government or regulatory approvals are required to complete the transaction. The transaction is expected to be completed in the next few weeks.

The consideration for transaction will be paid in cash not exceeding $48.50 million and subject to net working capital adjustments at the time of closing. Transaction is expected to be closed in the next few weeks.

On a consolidated basis, Jain Irrigation Systems reported net profit of Rs 6.15 crore in Q3 December 2016 compared with net loss of Rs 23.01 crore in Q3 December 2015. Net sales rose 4.5% to Rs 1417.82 crore in Q3 December 2016 over Q3 December 2015.

Jain Irrigation Systems is engaged in manufacturing of micro irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.

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Nalco leads losers in BSEs A group
Apr 19,2017

National Aluminium Company (Nalco) declined 7.49% at Rs 67.95 at 13:46 IST. The stock topped the losers in A group. On the BSE, 8.17 lakh shares were traded on the counter so far as against the average daily volumes of 2.05 lakh shares in the past two weeks.

Jindal Steel & Power (JSPL) fell 5.98% at Rs 111.65. The stock was the second biggest loser in A group. On the BSE, 23.71 lakh shares were traded on the counter so far as against the average daily volumes of 14.94 lakh shares in the past two weeks.

TV18 Broadcast skid 2.92% at Rs 41.60. The stock was the third biggest loser in A group. On the BSE, 11.38 lakh shares were traded on the counter so far as against the average daily volumes of 6.23 lakh shares in the past two weeks.

NLC India was down 2.67% at Rs 102. The stock was the fourth biggest loser in A group. On the BSE, 35,000 shares were traded on the counter so far as against the average daily volumes of 58,000 shares in the past two weeks.

Religare Enterprises lost 2.56% at Rs 200.10. The stock was the fifth biggest loser in A group. On the BSE, 5,208 shares were traded on the counter so far as against the average daily volumes of 10,000 shares in the past two weeks.

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