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BPCL gains on foreign brokerage buy call
Jan 03,2017

Meanwhile, the S&P BSE Sensex was up 73.94 points or 0.28% at 26,669.39.

On the BSE, 1.10 lakh shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 657 and a low of Rs 636.50 so far during the day.

The stock had hit a record high of Rs 694.75 on 18 October 2016 and a 52-week low of Rs 366.10 on 23 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 4.62% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter gaining 4.17% as against the Sensexs 4.56% fall.

The large-cap company has equity capital of Rs 1446.17 crore. Face value per share is Rs 10.

BPCLs net profit rose 26.2% to Rs 1305.18 crore on 3.4% decline in net sales to Rs 44646.41 crore in Q2 September 2016 over Q2 September 2015.

BPCL is a state-run oil refining-cum-marketing company. The Government of India held 54.93% stake in BPCL (as per the shareholding pattern as on 30 September 2016).

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GE Shipping gains after signing contract to buy 2 Suezmax Crude Carriers
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 70.36 points or 0.26% at 26,665.81.

On the BSE, 3,143 shares were traded on the counter so far as against the average daily volumes of 19,922 shares in the past one quarter. The stock had hit a high of Rs 375 and a low of Rs 368.55 so far during the day.

The stock had hit a 52-week high of Rs 397.60 on 1 November 2016 and a 52-week low of Rs 275 on 2 March 2016. The stock had outperformed the market over the past one month till 2 January 2017, advancing 2.74% compared with the Sensexs 1.39% rise. The scrip also outperformed the market over the past one quarter rising 4.38% as against the Sensexs 4.56% fall.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

GE Shipping Company said that the company has signed contract to buy 2 Suezmax Crude Carriers of about 1.57 lakh deadweight tonnage (dwt) each. The 2010 and 2011 vessels are expected to join the companys fleet in Q4 March 2017.

The companys current fleet stands at 38 vessels, comprising 24 tankers (7 crude carriers, 15 product tankers, 2 LPG carriers) and 14 dry bulk carriers (1 Capesize, 7 Kamsarmaxes, 6 Supramaxes) with an average age of 9.89 years aggregating 2.94 million dwt. It also has 2 secondhand Aframaxes, 1 secondhand Suezmax and l newbuilding Kamsarmax on order. After delivery of these 6 contracted vessels, the company will have a fleet of 44 vessels.

On a consolidated basis, G E Shippings net profit fell 23.99% to Rs 268.75 crore on 21.12% decline in net sales to Rs 794.51 crore in Q2 September 2016 over Q2 September 2015.

G E Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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Aban Offshore edges higher after completing stake sale in two subsidiaries
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the BSE Sensex was up 76.39 points, or 0.29%, to 26,675.33.

On the BSE, so far 2.15 lakh shares were traded in the counter, compared with average daily volumes of 5.7 lakh shares in the past one quarter. The stock had hit a high of Rs 239.60 and a low of Rs 233.50 so far during the day. The stock had hit a 52-week high of Rs 286 on 25 October 2016. The stock had hit a 52-week low of Rs 142.50 on 12 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, falling 4.89% compared with Sensexs 1.39% rise. The scrip had, however, outperformed the market in past one quarter, rising 17.8% as against Sensexs 4.56% decline.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshore announced that it has completed the sale of 59% equity shares held by Aban Offshore in Aban Green Power Private Limited and Radhapuram Wintech Private Limited - subsidiaries of Aban Offshore.

Aban Offshores board of directors at a meeting held on 29 September 2016, had approved the sale of 59% of equity shares held by Aban Offshore in Aban Green Power Private Limited and Radhapuram Wintech Private Limited. The stake was bought by Haryana Aban Power Company, a part of the promoter group companies.

Aban Offshore also completed the acquisition of 49% equity shares in Aban Drilling Services Private Limited. Aban Offshores committee of directors on 16 December had decided to invest 49% in the equity shares of Aban Drilling Services Private Limited to explore opportunity in deep water drilling.

On a consolidated basis, Aban Offshore reported net loss of Rs 274.74 crore in Q2 September 2016 as against net profit of Rs 59.56 crore in Q2 September 2015. Net sales declined 59.7% to Rs 399.01 crore in Q2 September 2016 over Q2 September 2015.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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Panacea Biotec spurts on increased availability of Cilamin 250 capsules
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 70.27 points or 0.26% at 26,665.72.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 15,120 shares in the past one quarter. The stock had hit a high of Rs 128 and a low of Rs 118.55 so far during the day.

The stock had hit a 52-week high of Rs 155 on 25 July 2016 and a 52-week low of Rs 83.90 on 12 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 2.07% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter surging 6.72% as against the Sensexs 4.56% fall.

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

Panacea Biotec now has improved supply of Cilamin 250 capsules which has been made available in the retail market. Cilamin 250 capsules are used for treatment of Wilsons disease, Rheumatoid Arthritis and other conditions. The company had been witnessing short supply of these capsules in the market during the last few months due to non-availability of raw material D-Penicillamine in India.

On 9 December 2016, the company had released limited quantities of Cilamin 250 capsule to select stockiest all over India. Now, additional quantity of the same has been made available starting from 2 January 2017 at different stockiest all over India.

Panacea Biotec said it is in regular touch with Department of Pharmaceuticals, NPPA and Drug Controller General of India for facilitating regular supplies of Cilamin 250 capsules in the market.

Panacea Biotec reported net loss of Rs 11.84 crore in Q2 September 2016, lower than 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 biotechnology companies with established research, manufacturing and marketing capabilities.

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Suven Life gets healthy after securing two product patents
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the BSE Sensex was up 38.94 points, or 0.15%, to 26,634.39.

On the BSE, 27,878 shares were traded in the counter so far, compared with average daily volume of 64,034 shares in the past one quarter. The stock had hit a high of Rs 179.50 and a low of Rs 171 so far during the day. The stock had hit a 52-week high of Rs 269.40 on 5 January 2016. The stock had hit a 52-week low of Rs 144.35 on 19 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, falling 3.86% compared with Sensexs 1.39% rise. The scrip had also underperformed the market in past one quarter, dropping 13.57% as against Sensexs 4.56% decline.

The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.

Suven Life Sciences announced the grant of one product patent from Eurasia and one product patent from Norway corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2032 and 2025 respectively.

The granted claims of the patents are from the mechanism of action include the class of selective H3 Inverse agonist compounds and 5HT6 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimers disease, Attention deficient hyperactivity disorder (ADHD), Huntingtons disease, Major Depressive disorder (MDD), Parkinson and Schizophrenia.

Suven Life Sciences net profit rose 5.2% to Rs 26.56 crore on 1.2% decline in net sales to Rs 115.55 crore in Q2 September 2016 over Q2 September 2015.

Suven Life Sciences is a biopharmaceutical company specializing in drug discovery and developmental activities in central nervous system disorders and contract research and manufacturing services (CRAMS).

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Balrampur Chini Mills gains after setting record date for share buyback plan
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 69.55 points or 0.26% at 26,665

On the BSE, 4.20 lakh shares were traded on the counter so far as against the average daily volumes of 2 lakh shares in the past one quarter. The stock had hit a high of Rs 137.90 and a low of Rs 132.50 so far during the day.

The stock had hit a 52-week high of Rs 138 on 1 August 2016 and a 52-week low of Rs 70.15 on 1 January 2016. The stock had outperformed the market over the past one month till 2 January 2017, advancing 9.95% compared with the Sensexs 1.39% rise. The scrip had also outperformed the market over the past one quarter advancing 20.97% as against the Sensexs 4.56% fall.

The mid-cap company has equity capital of Rs 24.50 crore. Face value per share is Re 1.

Balrampur Chini Mills said that the buyback committee of the board of directors at its meeting held yesterday, 2 January 2017 has fixed 13 January 2017 as the record date for the buyback of equity shares. The companys board had on 15 November 2016 approved buyback of upto 1 crore equity shares representing upto 4.08% of the total paid-up share capital of the company. The buyback price is Rs 175 per share payable in cash for an aggregate amount of upto Rs 175 crore. The buyback will be on a proportionate basis through the tender offer route.

Balrampur Chini Mills reported net profit of Rs 106 crore in Q2 September 2016, as compared to net loss of Rs 13.59 crore in Q2 September 2015. Net sales rose 77.1% to Rs 887.48 crore in Q2 September 2016 over Q2 September 2015.

Balrampur Chini Mills is one of the largest integrated sugar manufacturing companies in India. Its allied business consists of manufacturing and marketing of ethyl alcohol and ethanol, generation and selling of power. The company has sugar 10 factories located in UP having an aggregate crushing capacity of 76,500 tons per day.

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Titan jumps after impressive business update in Q3
Jan 03,2017

The company issued the business update after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 37.63 points or 0.14% at 26,633.08.

On the BSE, 1.34 lakh shares were traded on the counter so far as against the average daily volumes of 3.25 lakh shares in the past one quarter. The stock had hit a high of Rs 351.55 and a low of Rs 339 so far during the day.

The stock had hit a 52-week high of Rs 445 on 7 September 2016 and a 52-week low of Rs 296.30 on 21 November 2016. It had outperformed the market over the past one month till 2 January 2017, surging 6.47% compared with the Sensexs 1.39% rise. The scrip had, however, underperformed the market over the past one quarter declining 15.82% as against the Sensexs 4.56% fall.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Rs 1.

Titan said it had one of its best festive seasons in the last few years with both Tanishq and Watches performing well above expectations.

Titan said that post the announcement of demonetization on 8 November 2016, all consumer facing businesses of the company witnessed a drastic slowdown for a few days after which recovery was clearly visible in modern retail and dedicated retail channels.

While the sale in these channels has recovered to pre-demonetisation levels, the sale in the trade channel in Watches (the multi brand outlets) has taken a hit and is yet to recover as most transactions in these outlets have been on cash basis, the company said.

The company is in the process of introducing multiple modes of electronic payment in all its stores, including UPI, E-wallets etc in order to provide customers with a plethora of payment options.

The company will continue the thrust on all its growth levers and introduce well designed products and collections to attract customers, Titan said. It also plans to continue with store expansions and investment plans in order to capitalize on the opportunities for growth and expansion.

Titan Companys net profit rose 23.5% to Rs 180.76 crore on 0.7% decline in net sales to Rs 2636.44 crore in Q2 September 2016 over Q2 September 2015.

Titan Companys main business lines are watches, jewellery and eyewear.

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MEP Infra strengthens after receiving fee collection rights for toll plaza
Jan 03,2017

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the BSE Sensex was unchanged at 26,595.68.

On the BSE, 23,297 shares were traded in the counter so far, compared with average daily volume of 45,621 shares in the past one quarter. The stock had hit a high of Rs 39 and a low of Rs 36.30 so far during the day. The stock had hit a 52-week high of Rs 50 on 23 September 2016. The stock had hit a record low of Rs 34 on 24 November 2016.

The stock had outperformed the market over the past one month till 2 January 2017, rising 3.56% compared with Sensexs 1.39% rise. The scrip had, however, underperformed the market in past one quarter, dropping 10.57% as against Sensexs 4.56% decline.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers announced that it has received the letter of acceptance (LOA) dated 2 January 2017 from National Highways Authority of India (NHAI) informing that it has been engaged as the contractor for the collection of user fee through competitive bidding on e-tender basis only for Brijghat fee plaza for the section of Hapur-Garhmuketeshwar of National Highways No. 24 in Uttar Pradesh.

The period of the contract is one year. The contractual amount for the project is Rs 60.03 crore payable to NHAI on a weekly basis over a period of one year.

The operations will commence within two days after complying the statutory formalities namely, submission of performance security, signing of contract as per the letter of acceptance.

MEP Infrastructure Developers consolidated net profit jumped 655.8% to Rs 62.42 crore on 1.2% drop in net sales to Rs 437.70 crore in Q2 September 2016 over Q2 September 2015.

MEP Infrastructure Developers is among the leading players in tolling operations in the road infrastructure sector.

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SML Isuzu advances after decent monthly sales
Jan 03,2017

The sales figures were announced after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 1.86 points or 0.01% at 26,593.59.

On the BSE, 2,111 shares were traded on the counter so far as against the average daily volumes of 12,058 shares in the past one quarter. The stock had hit a high of Rs 1,157.45 and a low of Rs 1,139.40 so far during the day.

The stock had hit a 52-week high of Rs 1,433.85 on 31 August 2016 and a 52-week low of Rs 645.50 on 29 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 3.29% compared with the Sensexs 1.39% rise. The scrip had, however, underperformed the market over the past one quarter declining 11.21% as against the Sensexs 4.56% fall.

The small-cap company has equity capital of Rs 14.47 crore. Face value per share is Rs 10.

SML Isuzus net profit rose 52.4% to Rs 9.69 crore on 13.5% growth in net sales to Rs 303.08 crore in Q2 September 2016 over Q2 September 2015.

SML Isuzu is a commercial vehicle manufacturer. Sumitomo Corporation, Japan and Isuzu Motors, Japan respectively held 43.96% and 15% stake in SML Isuzu (as per the shareholding pattern as on 30 September 2016).

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ICICI Bank drops after reducing MCLR by 0.7%
Jan 03,2017

The announcement was made after market hours yesterday, 2 January 2017.

Meanwhile, the BSE Sensex was down 96.78 points, or -0.39%, to 26,491.39.

On the BSE, 47,741 shares were traded in the counter so far, compared with average daily volume of 15.41 lakh shares in the past one quarter. The stock had hit a high of Rs 252.70 and a low of Rs 249.35 so far during the day. The stock had hit a 52-week high of Rs 298.20 on 10 November 2016. The stock had hit a 52-week low of Rs 180.80 on 26 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, falling 3.02% compared with Sensexs 1.39% rise. The scrip had, however, outperformed the market in past one quarter, dropping 0.2% as against Sensexs 4.56% decline.

The large-cap private sector bank has equity capital of Rs 1164.11 crore. Face value per share is Rs 2.

ICICI Banks marginal cost of funds based lending rate (MCLR) for overnight loans will be 8%, the rate for one month will be 8% and for three months it will be 8.1%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.2%, the bank said.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

ICICI Banks net profit rose 2.4% to Rs 3102.27 crore on 41.3% increase in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015.

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

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Tata Motors inches up after reporting December sales
Jan 03,2017

The sales figures were announced after market hours yesterday, 2 January 2017.

Meanwhile, the S&P BSE Sensex was down 86.33 points or 0.32% at 26,509.12.

On the BSE, 1.07 lakh shares were traded on the counter so far as against the average daily volumes of 2.86 lakh shares in the past two weeks. The stock had hit a high of Rs 492.75 and a low of Rs 489.15 so far during the day.

The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 266 on 11 February 2016. It had outperformed the market over the past one month till 2 January 2017, surging 12.52% compared with the Sensexs 1.39% rise. The scrip had, however, underperformed the market over the past one quarter declining 8.88% as against the Sensexs 4.56% fall.

The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

The companys domestic sales of Tata commercial and passenger vehicles rose 1% to 35,825 units in December 2016 over December 2015. Exports surged 12% to 5,119 units in December 2016 over December 2015.

Tata Motors reported consolidated net profit of Rs 848.16 crore in Q2 September 2016, compared with net loss of Rs 1740.20 crore in Q2 September 2015. Net sales rose 6.7% to Rs 65140.75 crore in Q2 September 2016 over Q2 September 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British unit JLR sells premium luxury cars.

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Hero MotoCorp skids after weak sales in December
Jan 03,2017

The announcement was made before market hours today, 3 January 2017.

Meanwhile, the BSE Sensex was down 41.44 points, or 0.16% to 26,550.23.

On the BSE, so far 1,476 shares were traded in the counter, compared with average daily volumes of 27,493 shares in the past one quarter. The stock had hit a high of Rs 3,005.70 and a low of Rs 2,966 so far during the day.

Hero MotoCorps manufacturing facilities at Gurgaon, Neemrana and Haridwar were closed from 26-31 December 2016 on account of annual maintenance.

The companys sales rose 4.3% to 67.62 lakh units in calendar year 2016 over calendar year 2015. It was the highest ever sales in a calendar year.

Net profit of Hero MotoCorp rose 27.7% to Rs 1004.22 crore on 14.2% rise in net sales to Rs 7669.53 crore in Q2 September 2016 over Q2 September 2015.

Hero MotoCorp is the worlds largest two-wheeler manufacturer in terms of production capacity.

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Auto stocks accelerate as banks slash lending rates
Jan 02,2017

Escorts (up 7.76%), Tata Motors (up 3.55%), TVS Motor Company (up 1.25%) and Ashok Leyland (up 1%) edged higher. Hero MotoCorp (down 0.5%) edged lower.

Meanwhile, the S&P BSE Sensex was down 36.53 points or 0.14% at 26,589.93. The BSE Auto index rose 1.96%, outperforming the Sensex.

Key public sector banks viz. State Bank of India, Punjab National Bank and Kotak Mahindra Bank among others have slashed their marginal cost of funds based lending rates (MCLR) with effect from 1 January 2017.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

The S&P BSE Auto index had outperformed the market over the past one month till 30 December 2016, advancing 0.56% compared with the Sensexs 0.1% fall. The index had, however, underperformed the market over the past one quarter declining 8.88% as against the Sensexs 4.45% fall.

Maruti Suzuki India rose 2.52%. The company said its total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Bajaj Auto fell 1.43% after the company announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Eicher Motors rose 3.15% after the company said its total motorcyles sales surged 42% to 57,398 units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Separately, Eicher Motors announced yesterday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

Mahindra & Mahindra (M&M) rose 3.66% after the company said its total tractor sales rose 9% to 14,047 units in December 2016 over December 2015. The company announced the monthly sales volume during market hours today, 2 January 2017. The companys total auto sales declined 4% to 36,363 units in December 2016 over December 2015.

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Realty stocks spurt after banks announce steep cut in MCLRs
Jan 02,2017

Meanwhile, the S&P BSE Sensex was up 11.86 points or 0.04% at 26,638.32.

DLF (up 8.04%), D B Realty (up 4.95%), Sobha (up 2.39%), Indiabulls Real Estate (up 6.45%), Unitech (up 6.45%), NBCC (up 5.29%), Godrej Properties (up 3.07%), Housing Development & Infrastructure (HDIL) (up 4.18%), and Oberoi Realty (up 5.21%) edged higher.

The BSE Realty index had underperformed the market over the past one month till 30 December 2016, sliding 1.39% compared with 0.1% drop in the Sensex. The index had also underperformed the market in past one quarter, dropping 16.42% as against Sensexs 4.45% fall.

Meanwhile, Kotak Mahindra Bank said it has reduced the marginal cost of funds based lending rate by up to 45 basis points for various tenors with effect from 1 January 2017. State Bank of India announced slashing of its marginal cost of lending rate by 90 basis points across all maturities. Punjab National Bank announced that it has reduced marginal cost of funds based lending rate by 70 basis points across various maturities with effect from 1 January 2017.

The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. The cut in MCLR would revive demand for properties. Purchases of both residential and commercial property are largely driven by finance.

Meanwhile, Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.

In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.

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Kotak Mahindra Bank declines after slashing MCLR
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 25.13 points or 0.09% at 26,651.59.

On the BSE, 3.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 720.05 and a low of Rs 708.15 so far during the day.

The stock had hit a record high of Rs 836 on 15 November 2016 and a 52-week low of Rs 586.50 on 29 February 2016. It had underperformed the market over the past one month till 30 December 2016, sliding 4.91% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter declining 7.67% as against the Sensexs 4.45% fall.

The large-cap bank has equity capital of Rs 919.64 crore. Face value per share is Rs 5.

Kotak Mahindra Bank (KMBL) has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 8.2% from 8.6%. The rate for one month is reduced to 8.25% from 8.7% and for three months it is reduced to 8.4% from 8.85%.

The MCLR on 6-month loans will be 8.65% from earlier 9.05% and for one-year loans the rate will be 9% from 9.2%, the bank said. MCLR on two-year loans was reduced to 9% from 9.25% and for three-year loans the rate will be 9% from 9.25% earlier.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Kotak Mahindra Banks net profit rose 42.8% to Rs 813.29 crore on 13.5% growth in total income to Rs 5243.58 crore in Q2 September 2016 over Q2 September 2015.

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

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