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Karur Vysya Bank gains ahead of board meet to consider stock split
Sep 19,2016

Meanwhile, the BSE Sensex was up 86.30 points, or 0.31%, to 28,686.98.

On BSE, so far 7,418 shares were traded in the counter, compared with an average volume of 24,327 shares in the past one quarter. The stock hit a high of Rs 478.95 and a low of Rs 469.90 so far during the day. The stock hit a 52-week high of Rs 541.40 on 11 July 2016. The stock hit a 52-week low of Rs 393.90 on 29 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 3.97% compared with Sensexs 1.9% rise. The scrip had also underperformed the market in past one quarter, dropping 1.41% as against Sensexs 7.82% rise.

The mid-cap private sector bank has an equity capital of Rs 121.86 crore. Face value per share is Rs 10.

Karur Vysya Banks net profit rose 8.7% to Rs 146.35 crore on 1.9% rise in total income to Rs 1547.31 crore in Q1 June 2016 over Q1 June 2015.

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Brigade Enterprises gains as subsidiary enters into agreement with Cornerstone Bay East Developers
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the S&P BSE Sensex was up 97.79 points, or 0.34%, to 28,696.82

On BSE, so far 61,777 shares were traded in the counter, compared with average daily volume of 16,373 shares in the past one quarter. The stock hit a high of Rs 180 and a low of Rs 176.90 so far during the day. The stock hit a 52-week high of Rs 186.80 on 17 June 2016. The stock hit a 52-week low of Rs 123.50 on 13 January 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 4% compared with 1.69% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 2.74% as against Sensexs 7.41% rise.

The small-cap company has an equity capital of Rs 113.22 crore. Face value per share is Rs 10.

Brigade Enterprises said that Mysore Projects, a wholly owned subsidiary of the company has entered into a joint development agreement with Cornerstone Bay East Developers (land owner) to develop 47 acres at Varthur and Gunjur, Off Whitefield region, Bangalore which will have a developable area of around 5 million sq. ft.

Separately, Brigade Enterprises said that the company has subscribed to the equity shares issued by Mysore Projects and has also acquired the equity shares from the existing shareholders of Mysore Projects. Due to this, Mysore Projects has become a wholly owned subsidiary of the company. The announcement was made on Saturday, 17 September 2016.

Brigade Enterprises consolidated net profit declined 22.02% to Rs 20.19 crore on 4.88% rise in net sales to Rs 441.33 crore in Q1 June 2016 over Q1 June 2015.

Brigade Enterprises is Brigade Groups flagship company. Brigade Group was established in 1986, with property development as its main focus.

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Heritage Foods gains on buzz Future Group plans to buy its retail business
Sep 19,2016

Meanwhile, the S&P BSE Sensex was up 91.75 points or 0.32% at 28,690.78.

On BSE, so far 18,281 shares were traded in the counter as against average daily volume of 13,077 shares in the past one quarter. The stock hit high of Rs 888, so far during the day, which is a record high for the stock. The stock hit low of Rs 838 so far during the day. The stock had hit a 52-week low of Rs 368 on 18 September 2015. The stock had outperformed the market over the past one month till 16 September 2016, gaining 28.36% compared with Sensexs 1.9% rise. The scrip had also outperformed the market in past one quarter, surging 54.22% as against Sensexs 7.82% rise.

The mid-cap company has equity capital of Rs 23.20 crore. Face value per share is Rs 10.

As per reports, if the deal fructifies, Kishore Biyani promoted Future Group would see an addition to its stable a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru.

Shares of Future Retail fell 0.17% to Rs 150.50. Shares of Future Enterprises rose 0.91% to Rs 16.60.

Heritage Foods consolidated net profit rose 54.1% to Rs 16.52 crore on 9.1% rise in net sales to Rs 619.45 crore in Q1 June 2016 over Q1 June 2015.

Heritage Foods operates in dairy, retail, agri, bakery and renewable energy segments.

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Cox & Kings gains after large bulk deal
Sep 19,2016

Meanwhile, the S&P BSE Sensex was up 105.68 points, or 0.37%, to 28,704.71

Bulk deal boosted volume on the scrip. On BSE, so far 17.72 lakh shares were traded in the counter, compared with average daily volume of 1.82 lakh shares in the past one quarter. The stock hit a high of Rs 242 and a low of Rs 225.10 so far during the day. The stock hit a 52-week high of Rs 276.80 on 4 November 2015. The stock hit a 52-week low of Rs 140.50 on 17 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 23.18% compared with 1.69% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 42.75% as against Sensexs 7.41% rise.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

Cox & Kings consolidated net profit fell 23.68% to Rs 108.07 crore on 2.84% decline in net sales to Rs 2062.46 crore in Q1 June 2016 over Q1 June 2015.

Cox & Kings is one of the leading holiday and education travel companies with operations in 22 countries across 4 continents.

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Motherson Sumi gains after successfully raising funds through QIP
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the BSE Sensex was up 67.10 points, or 0.23%, to 28,666.13.

On BSE, so far 32,113 shares were traded in the counter, compared with average daily volume of 3 lakh shares in the past one quarter. The stock hit a high of Rs 324.45 and a low of Rs 318.55 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 0.89% compared with Sensexs 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 9.06% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Re 1.

The qualified institutional placement (QIP) issue opened on 8 September 2016 and was closed for receiving applications from investors on 13 September 2016. 6.28 crore shares were issued to qualified institutional buyers at an issue price of Rs 317 per share constituting a discount of 2.79% or Rs 9.10 per share to the floor price of Rs 326.10 per share aggregating to Rs 1993.44 crore on 16 September 2016.

The company intends to use the net proceeds of the issue for meeting general corporate purpose and for achieving the companys objectives in five year plan Vision 2020, wherein company aims to have revenues of $18 billion by 2020.

Further, preferential allotment of 1.77 crore shares was made in favour of Sumitomo Wiring Systems (SWS) at the issue price of Rs 317 per share on 12 September 2016 aggregating Rs 563.07 crore. Post this preferential allotment and the QIP allotment, SWS shareholding continues to remain above 25%.

The board of directors in a meet on 3 August 2016 had resolved to evaluate various fund raising options including issue of qualified institutional placement and also a preferential issuance to SWS, one of the promoters of the company.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Motherson Sumi gains after successfully raising funds through QIP issue
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the BSE Sensex was up 67.10 points, or 0.23%, to 28,666.13.

On BSE, so far 32,113 shares were traded in the counter, compared with average daily volume of 3 lakh shares in the past one quarter. The stock hit a high of Rs 324.45 and a low of Rs 318.55 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 0.89% compared with Sensexs 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 9.06% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Re 1.

The qualified institutional placement (QIP) issue opened on 8 September 2016 and was closed for receiving applications from investors on 13 September 2016. 6.28 crore shares were issued to qualified institutional buyers at an issue price of Rs 317 per share constituting a discount of 2.79% or Rs 9.10 per share to the floor price of Rs 326.10 per share aggregating to Rs 1993.44 crore on 16 September 2016.

The company intends to use the net proceeds of the issue for meeting general corporate purpose and for achieving the companys objectives in five year plan Vision 2020, wherein company aims to have revenues of $18 billion by 2020.

Further, preferential allotment of 1.77 crore shares was made in favour of Sumitomo Wiring Systems (SWS) at the issue price of Rs 317 per share on 12 September 2016 aggregating Rs 563.07 crore. Post this preferential allotment and the QIP allotment, SWS shareholding continues to remain above 25%.

The board of directors in a meet on 3 August 2016 had resolved to evaluate various fund raising options including issue of qualified institutional placement and also a preferential issuance to SWS, one of the promoters of the company.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Vipul surges after receiving environmental clearance for project
Sep 19,2016

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the BSE Sensex was up 18.57 points, or 0.05% to 28,617.60.

On BSE, so far 78,113 shares were traded in the counter compared with an average daily volume of 2.04 lakh shares in the past one quarter. The stock hit a high of Rs 84.50, so far during the day, which is a 52-week high for the stock. The stock hit a low of Rs 78 so far during the day. The stock hit a 52-week low of Rs 40 on 22 March 2016. The stock had outperformed the market over the past one month till 16 September 2016, rising 8.41% compared with Sensexs 1.9% rise. The scrip had also outperformed the market in past one quarter, gaining 38.9% as against Sensexs 7.82% rise.

The small-cap realty firm has equity capital is Rs 12 crore. Face value per share is Re 1.

Vipul said it received environmental clearance from State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. By June 2016, it had already sold more than 26% of flats in Phase 1 of the project.

Further, the company said it had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore and this money was utilised toward pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, Vipul has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing, will be utilised towards pre-payment of the debt from DMI, resulting in interest and cash flow savings. Vipul will prepay debt to the tune of Rs 163 crore availed from DMI Finance, Vipul added.

Vipuls net profit fell 41.7% to Rs 0.07 crore on 28.6% drop in net sales to Rs 40.37 crore in Q1 June 2016 over Q1 June 2015.

Vipul is a real estate developer in National Capital Region (NCR) besides developing properties in Gurgaon, Ludhiana, Bawal, Bhubaneshwar and Faridabad.

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Axis Bank slips after signing agreement for acquiring partial stake in ACRE
Sep 19,2016

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 6.01 points or 0.02% at 28,605.04

On BSE, so far 58,300 shares were traded in the counter as against average daily volume of 7.07 lakh shares in the past one quarter. The stock hit a high of Rs 606.15 and a low of Rs 595.70 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 16 September 2016, rising 1.37% compared with 1.69% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 14.14% as against Sensexs 7.41% rise.

The large-cap private sector bank has equity capital of Rs 477.89 crore. Face value per share is Rs 2.

Shares of IFCI were up 1.96% to Rs 28.60. Axis Bank said that it has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India (RBI), Axis Bank said. The indicative time period for completion of transaction is January 2017, the bank said. ACRE had total assets of Rs 336 crore and total income of Rs 35.90 crore in the year ended 31 March 2016 (FY 2016). ACRE was registered with RBI as a securitisation company.

Separately, Axis Bank announced that the bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The banks MCLR for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The rates are with effect from 17 September 2016. The announcement was made after market hours on Friday, 16 September 2016.

Axis Banks net profit fell 21.38% to Rs 1555.53 crore on 13.22% growth in total income to Rs 13852.18 crore in Q1 June 2016 over Q1 June 2015.

Axis Bank is one of the biggest private sector banks in India.

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ICICI Bank gains as ICICI Prudential IPO to open for bidding
Sep 19,2016

Meanwhile, the BSE Sensex was up 27.41 points, or 0.1%, to 28,626.44

On BSE, so far 50,256 shares were traded in the counter, compared with average daily volume of 13.02 lakh shares in the past one quarter. The stock hit a high of Rs 272.60 and a low of Rs 268.10 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 5.81% compared with 1.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.25% as against Sensexs 7.41% rise.

The large-cap company has an equity capital of Rs 1163.66 crore. Face value per share is Rs 2.

The initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors ahead of the opening of the companys initial public offer (IPO). The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Banks net profit fell 24.99% to Rs 2232.35 crore on 6.06% increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.

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

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Yes Bank tumbles 6.5% in two sessions
Sep 16,2016

Meanwhile, the S&P BSE Sensex was up 188.98 points or 0.67% at 28,601.87.

On BSE, so far 9.70 lakh shares were traded in the counter as against average daily volume of 2.15 lakh shares in the past one quarter. The stock hit a high of Rs 1,239.50 and a low of Rs 1,159 so far during the day. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had underperformed the market over the past one month till 15 September 2016, sliding 5.36% compared with 0.93% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 14.12% as against Sensexs 6.31% rise.

The large-cap bank has equity capital of Rs 421.35 crore. Face value per share is Rs 10.

Shares of Yes Bank have fallen 6.51% in two trading sessions from its close of Rs 1,253.40 on 14 September 2016 in the wake of media reports that the stock market regulator Securities & Exchange Board of India (Sebi) is looking into discrepancies in the banks planned qualified institutional placement (QIP) of shares. The stock had fallen 2.52% to settle at Rs 1,221.80 yesterday, 15 September 2016. Sebi is reportedly looking into Yes Banks notices to stock exchanges about the planned QIP of shares, the surge in the stock in the run-up to the issue date and its intra-day fall before the announcement to call off the issue. Sebi is reportedly looking into why investment bankers failed to take note of the fact that there was no pre-intimation by Yes Bank to stock exchanges that there would be a board meeting.

It may be recalled that Yes Bank had announced on 8 September 2016 its decision to defer the earlier planned QIP of shares citing extreme volatility during trading day on 8 September 2016 because of misinterpretation of new QIP guidelines. The bank had on 7 September 2016 announced opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. Yes Bank had fixed Rs 1,371.84 per share as the floor price at that time.

Yes Banks net profit rose 32.8% to Rs 731.80 crore on 25.4% growth in total income to Rs 4762.83 crore in Q1 June 2016 over Q1 June 2015.

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

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GMR Infra extends losses post weak Q1 outcome
Sep 16,2016

Meanwhile, the BSE Sensex was up 224.32 points or 0.74% at 28,622.00.

On BSE, so far 15.83 lakh shares were traded in the counter, compared with average daily volume of 23.33 lakh shares in the past one quarter. The stock hit a high of Rs 14.50 and a low of Rs 13.66 so far during the day.

The stock had dropped 1.79% to Rs 14.30 yesterday, 15 September 2016 after the company reported weak Q1 results. GMR Infrastructure reported net loss of Rs 123.06 crore in Q1 June 2016 higher than net loss of Rs 1.33 crore in Q1 June 2015. Total income rose 35.99% to Rs 366.39 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Wednesday, 14 September 2016.

GMR Group is a leading global infrastructure conglomerate with interests in airports, energy, transportation and urban infrastructure.

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Hinduja Foundries extends Thursdays sharp slump
Sep 16,2016

Shares of Ashok Leyland were down 1.29% at Rs 80.50.

Meanwhile, the S&P BSE Sensex was up 225.65 points or 0.79% at 28,638.54.

On BSE, so far 3.04 lakh shares were traded in the counter of Hinduja Foundries, compared with average daily volume of 5,422 shares in the past one quarter. The stock hit a high of Rs 41.60 and a low of Rs 35.20 so far during the day. The stock had hit a 52-week low of Rs 27.30 on 12 February 2016. The stock had hit a 52-week high of Rs 65 on 7 July 2016. The stock had underperformed the market over the past one month till 15 September 2016, sliding 17.6% compared with 0.93% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 23.34% as against Sensexs 6.31% rise.

The small-cap company has equity capital of Rs 207.05 crore. Face value per share is Rs 10.

Shares of Hinduja Foundries tumbled by the maximum permissible level of 20% to settle at Rs 44 yesterday, 15 September 2016, after the board of directors of the company and Ashok Leyland approved a proposal for the merger of Hinduja Foundries with Ashok Leyland. As per the terms of the merger proposal, shareholders holding 100 shares in Hinduja Foundries will get 40 shares of Ashok Leyland. One thousand 2008 series global depository receipts (GDRs) of Hinduja Foundries will get 133 shares of Ashok Leyland. One 2006 series GDRs of Hinduja Foundries will get 4,800 shares of Ashok Leyland. The appointed date for the proposed transaction is 1 October 2016. Vinod Dasari, CEO and Managing Director of Ashok Leyland said that the amalgamation will result in operational efficiencies and help realize cost synergies.

The transaction is subject to various regulatory approvals and approval of shareholders of both the companies.

Hinduja Foundries reported net loss of Rs 36.58 crore in Q1 June 2016 compared with net loss of Rs 98.52 crore in Q1 June 2015. Net sales rose 10.2% to Rs 166.24 crore in Q1 June 2016 over Q1 June 2015.

Hinduja Foundries is one of the Indias leading foundry group with the capacity to produce cylinder block and head ranging from 25 kilograms (kgs) to 500 kgs. From castings for automobiles and tractors to industrial engines, construction equipment and power generation equipment, Hinduja Foundries meets the stringent requirement of diverse segments. It even caters to the exceptionally high standards of defence applications.

Ashok Leyland is one of the leading manufacturers of medium and heavy commercial vehicles in India.

Both, Ashok Leyland and Hinduja Foundries are a part of Hinduja Group.

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Dr Reddys gains after expanding strategic collaboration with Amgen in India
Sep 16,2016

The announcement was made during market hours today, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 170.30 points or 0.6% at 28,582.25.

On BSE, so far 12,741 shares were traded in the counter as against average daily volume of 39,288 shares in the past one quarter. The stock hit a high of Rs 3,177.50 and a low of Rs 3,155 so far during the day. The stock had hit a record high of Rs 4,382.95 on 20 October 2015. The stock had hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had outperformed the market over the past one month till 15 September 2016, gaining 4.55% compared with 0.93% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 1.83% as against Sensexs 6.31% rise.

The large-cap company has equity capital of Rs 85.39 crore. Face value per share is Rs 5.

Dr Reddys Laboratories announced that it has expanded its strategic collaboration with Amgen, one of the worlds leading independent biotechnology companies, to market and distribute three of Amgens medicines in India in the therapy areas of oncology and osteoporosis. Under the terms of the collaboration, Dr Reddys will commercialise XGEVA (denosumab), Vectibix (panitumumab) and Prolia (denosumab) in India.

In 2015, Dr Reddys announced an initial strategic collaboration with Amgen to execute a full range of regulatory and commercial services to seek approval of and launch Amgens Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India. The collaboration leverages the capabilities of both companies, combining Amgens innovative therapies with Dr Reddys deep understanding of patient and physician needs in India.

Dr Reddys Laboratories consolidated net profit fell 76.3% to Rs 153.50 crore on 14% decline in net sales to Rs 3212.30 crore in Q1 June 2016 over Q1 June 2015.

Dr Reddys Laboratories is an integrated global pharmaceutical company. It offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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Orient Paper drops on profit booking
Sep 16,2016

Meanwhile, the S&P BSE Sensex was up 157.86 points or 0.56% at 28,570.75.

On BSE, so far 4.46 lakh shares were traded in the counter as against average daily volume of 2.04 lakh shares in the past one quarter. The stock hit a high of Rs 82.80 and a low of Rs 76 so far during the day. The stock had hit a 52-week high of Rs 84.30 yesterday, 15 September 2016. The stock had hit a 52-week low of Rs 23.35 on 9 November 2015. The stock had outperformed the market over the past one month till 15 September 2016, surging 36.42% compared with 0.93% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 67.05% as against Sensexs 6.31% rise.

The small-cap company has equity capital of Rs 20.49 crore. Face value per share is Rs 1.

Shares of Orient Paper & Industries had rallied 9.86% in the preceding two trading sessions to settle at Rs 79.60 yesterday, 15 September 2016, from its close of Rs 72.45 on 12 September 2016.

Orient Paper & Industries board of directors at its meeting held yesterday, 15 September 2016, accorded in-principle consent for vertical demerger of consumer electric business of the company into a wholly owned subsidiary. The in-principle decision to demerge the electric division is to facilitate both paper and consumer electric businesses to focus on their core competencies and to pursue their independent strategies.

The companys board also decided to raise capital through rights issue of equity shares of the company for an amount aggregating to Rs 50 crore at a ratio, price, record date and other matters to be fixed at a later date, subject to necessary approvals.

Orient Paper & Industries reported net loss of Rs 3.43 crore in Q1 June 2016 as against net loss of Rs 5.90 crore in Q1 June 2015. Net sales declined 5.2% to Rs 392.34 crore in Q1 June 2016 over Q1 June 2015.

Orient Paper & Industries is engaged in the manufacture and sale of paper with a wide range of writing, printing, industrial and specialty papers.

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Essel Propack gains after announcing fund raising plans
Sep 16,2016

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

Meanwhile, the S&P BSE Sensex was up 177.98 points or 0.63% at 28,590.87.

On BSE, so far 703 shares were traded in the counter as against average daily volume of 9,353 shares in the past one quarter. The stock hit a high of Rs 219.75 and a low of Rs 213.25 so far during the day. The stock had hit a record high of Rs 233.10 on 25 August 2016. The stock had hit a 52-week low of Rs 132.50 on 20 January 2016. The stock had underperformed the market over the past one month till 15 September 2016, falling 0.98% compared with 0.93% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 12.92% as against Sensexs 6.31% rise.

The mid-cap company has equity capital of Rs 31.42 crore. Face value per share is Rs 2.

Essel Propack said commercial papers relating to secured working capital facilities will be issued on 20 September 2016 and have tenure of 90 days.

Essel Propacks consolidated net profit rose 6% to Rs 37.62 crore on 6.3% fall in net sales to Rs 517.64 crore in Q1 June 2016 over Q1 June 2015.

Essel Propack is a part of the Essel Group and is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space.

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