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Ramco Systems jumps after winning order
Sep 06,2016

The announcement was made during trading hours today, 6 September 2016.

Meanwhile, the BSE Sensex was up 308.37 points, or 1.08%, to 28,840.48.

On BSE, so far 16,000 shares were traded in the counter, compared with average daily volume of 2,680 shares in the past one quarter. The stock hit a high of Rs 532.65 and a low of Rs 484 so far during the day. The stock hit a 52-week high of Rs 900 on 9 November 2015. The stock hit a 52-week low of Rs 482 on 2 September 2016. The stock had underperformed the market over the past 30 days till 2 September 2016, sliding 11.43% compared with 2.95% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 31.77% as against Sensexs 6.29% rise.

The small-cap aviation software provider has equity capital of Rs 30.08 crore. Face value per share is Rs 10.

Ramco Systems announced that L-3 MAS, Canadas leading aircraft support service provider, will implement Ramco Aviation Suite V5.7 to manage the maintenance, repair and overhaul (MRO) operations of the Royal Canadian Air Force fleet of CC-150 Polaris aircraft.

Ramcos scalable and mobile-enabled MRO software built for the aviation industry will replace the incumbent legacy maintenance system in use for the CC-150 Polaris fleet with a full suite of aviation software covering engineering & programs, materials management, maintenance, compliance & quality, flight operations, and MRO sales, coupled with offline maintenance. The suite is expected to streamline L-3 MAS user processes and data infrastructure.

Ramcos flexible, modular, and scalable architecture provides the horizontal and vertical scalability that L-3 MAS was looking for, including the need for offline maintenance capability.

L-3 MAS, a division of L-3s Aerospace Systems business segment, is Canadas leading In-Service Support (ISS) integrator.

Ramco Systems consolidated net profit dropped 91.35% to Rs 0.90 crore on 11.01% fall in net sales to Rs 109.66 crore in Q1 June 2016 over Q4 March 2016.

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

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Ahluwalia Contracts (India) spurts after winning contracts
Sep 06,2016

The announcement was made during trading hours today, 6 September 2016.

Meanwhile, the BSE Sensex was up 280.61 points, or 0.98%, to 28,812.72.

On BSE, so far 54,000 shares were traded in the counter, compared with average daily volume of 4,832 shares in the past one quarter. The stock hit a high of Rs 336.20 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 302 so far during the day. The stock hit a 52-week low of Rs 210 on 25 February 2016. The stock had outperformed the market over the past 30 days till 2 September 2016, rising 4.34% compared with 2.95% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.15% as against Sensexs 6.29% rise.

The small-cap company has equity capital of Rs 13.40 crore. Face value per share is Rs 2.

Ahluwalia Contracts (India) said the new orders are for construction of hospital building, including electrical, plumbing and firefighting services for Chittaranjan National Cancer Institute at Kolkata. The total order inflow during the financial year ending March 2017 stands at Rs 1209.59 crore.

Net profit of Ahluwalia Contracts (India) rose 14.46% to Rs 21.53 crore on 15.84% rise in net sales to Rs 305.80 crore in Q1 June 2016 over Q1 June 2015.

Ahluwalia Contracts (India) is one of the leading civil contractors in India.

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Petronet LNG hits record high after strong Q1 earnings
Sep 06,2016

The result was announced yesterday, 5 September 2016, during which the stock market was closed on account of Ganesh Chaturthi.

Meanwhile, the S&P BSE Sensex was up 283.65 points or 0.99% at 28,815.76.

On BSE, so far 99,000 shares were traded in the counter as against average daily volume of 71,081 shares in the past one quarter. The stock hit a high of Rs 366.30 so far during the day, which is a record high for the counter. The stock hit a low of Rs 356.50 so far during the day. The stock had hit a 52-week low of Rs 169.35 on 28 September 2015. The stock had outperformed the market over the past one month till 2 September 2016, surging 13.9% compared with Sensexs 1.97% rise. The scrip had also outperformed the market in past one quarter, jumping 28.46% as against Sensexs 6.29% rise.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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Pennar Engineered Building Systems soars after winning orders
Sep 06,2016

The announcement was made during trading hours today, 6 September 2016.

Meanwhile, the BSE Sensex was up 283.29 points, or 0.99%, to 28,815.40.

On BSE, so far 9,530 shares were traded in the counter, compared with average daily volume of 2,394 shares in the past one quarter. The stock hit a high of Rs 204 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 175 so far during the day. The stock hit a record low of Rs 127 on 11 February 2016. The stock had underperformed the market over the past 30 days till 2 September 2016, falling 7.23% compared with 2.95% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.70% as against Sensexs 6.29% rise.

The small-cap company has equity capital of Rs 34.27 crore. Face value per share is Rs 10.

Pennar Engineered Building Systems said it won an order for a 400,000 square foot warehouse from GMR for Amazon India, coming up at Rajiv Gandhi International Airport, Hyderabad. The project incorporates Pennars Double Lok standing seam roofing system provided in collaboration with NCI, Inc.

Another order is for a 17-floor multi-story commercial complex at Hyderabad from Phoenix Group, Hyderbad. Further, it also won an order for a manufacturing facility for HAIER, China at Pune from Shapoorji Pallonji. Other orders are from Sun Pharma, Ultratech, L&T, Hetero Pharmaceuticals, Mussadilal Warehousing, Hero Future Energy and JBF Petrochemicals.

Pennar Engineered Building Systems net profit rose 14.9% to Rs 4.40 crore on 14.2% growth in net sales to Rs 93.92 crore in Q1 June 2016 over Q1 June 2015.

Pennar Engineered Building Systems is one of the leading custom designed building systems solutions providers in India.

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Telecom stocks decline after launch of Jios wireless services
Sep 06,2016

Bharti Airtel (down 1.74% at Rs 313.40), Idea Cellular (down 0.95% at Rs 83.25), Reliance Communications (down 0.91% at Rs 48.75), Tata Teleservices (Maharashtra) (down 1.96% at Rs 6.01) and Mahanagar Telephone Nigam (down 0.69% at Rs 21.70) edged lower.

Shares of Bharti Airtels telecom tower arm Bharti Infratel were down 0.03% at Rs 343.70.

Meanwhile, the S&P BSE Sensex was up 284.38 points or 1% at 28,816.49.

Reliance Industries (RIL) after market hours on Friday, 2 September 2016, announced that the companys telecom arm Reliance Jio Infocomm (Jio) has intimated the Department of Telecommunications (DOT), Telecom Regulatory Authority of India (TRAI) and the security agencies regarding the commencement of its wireless telecommunication services in all 22 service areas from 5 September 2016. The company has also filed the tariff plans for wireless services with TRAI. With these steps, the company has fulfilled all the requirements of Unified License for commencement of services, RIL said in a statement. It may be recalled that Jio had earlier announced its tariff plans under the n++Jio Welcome Offern++. Media reports suggested that the plans offered by Jio are highly competitive in nature.

Shares of RIL were up 0.27% at Rs 1,015.60.

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ENIL jumps after launching 3 new FM radio channels
Sep 06,2016

The announcement was made after market hours on Friday, 2 September 2016. The market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

Meanwhile, the BSE Sensex was up 280.21 points, or 0.98%, to 28,812.32.

On BSE, so far 610 shares were traded in the counter, compared with average daily volume of 819 shares in the past one quarter. The stock hit a high of Rs 770 and a low of Rs 750 so far during the day. The stock hit a 52-week high of Rs 792.55 on 31 March 2016. The stock hit a 52-week low of Rs 586 on 10 November 2015. The stock had underperformed the market over the past 30 days till 2 September 2016, rising 1.94% compared with 2.95% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.98% as against Sensexs 6.29% rise.

The mid-cap company has equity capital of Rs 47.67 crore. Face value per share is Rs 10.

Entertainment Network (India) (ENIL) said the new FM radio channels are in Ahmedabad (104 FM), Jaipur (104 FM) and Surat (91.9 FM). In each of these cities, these channels are the second channels belonging to the company. The first channels are branded Radio Mirchi (all 98.3 FM). The second channels will be branded Mirchi Love. Mirchi Love is a new brand that the company is launching. With these three launches, the company will be operating 44 channels in all.

Entertainment Network (India)s consolidated net profit dropped 41.6% to Rs 16.66 crore on 10.71% rise in net sales to Rs 109.10 crore in Q1 June 2016 over Q1 June 2015.

Entertainment Network (India) (ENIL) operates FM radio broadcasting stations through the brand Radio Mirchi.

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Triveni Turbine surges after fund buying
Sep 06,2016

Meanwhile, the S&P BSE Sensex was up 282.05 points or 0.99% at 28,814.16.

On BSE, so far 60,000 shares were traded in the counter as against average daily volume of 1.69 lakh shares in the past one quarter. The stock hit a high of Rs 130.55 and a low of Rs 126.50 so far during the day. The stock had hit a 52-week high of Rs 135 on Friday, 2 September 2016. The stock had hit a 52-week low of Rs 87.50 on 29 February 2016. The stock had outperformed the market over the past one month till 2 September 2016, gaining 3.43% compared with Sensexs 1.97% rise. The scrip had also outperformed the market in past one quarter, surging 16.12% as against Sensexs 6.29% rise.

The mid-cap company has equity capital of Rs 33 crore. Face value per share is Rs 1.

Promoter Rati Sawhney sold 75 lakh shares of Triveni Turbine at an average price of Rs 125 per share in bulk deals on the BSE on Friday, 2 September 2016. Franklin Templeton Mutual Fund Franklin India Smaller Companies Fund bought 20.96 lakh shares. Natwest Bank Plc as Trustee of the Jupiter India Fund bought 37.60 lakh shares.

Rati Sawhney held 4.15% stake in Triveni Turbine as per the shareholding pattern as on 30 June 2016.

Triveni Turbines consolidated net profit jumped 32.22% to Rs 26.84 crore on 29.02% growth in net sales to Rs 158.81 crore in Q1 June 2016 over Q1 June 2015.

Triveni Turbine offers steam turbine solutions for industrial captive and renewable power. The company manufactures steam turbines up to 100 MW.

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Equitas Holdings gains after kicking off small finance business
Sep 06,2016

The announcement was made during trading hours today, 6 September 2016.

Meanwhile, the BSE Sensex was up 275.20 points, or 0.96%, to 28,807.31.

On BSE, so far 87,000 shares were traded in the counter, compared with average daily volume of 5.57 lakh shares in the past one quarter. The stock hit a high of Rs 183.55 and a low of Rs 181 so far during the day. The stock hit a 52-week high of Rs 206 on 28 July 2016. The stock hit a 52-week low of Rs 134.15 on 21 April 2016. The stock had outperformed the market over the past 30 days till 2 September 2016, rising 4.17% compared with 2.95% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 3.60% as against Sensexs 6.29% rise.

The mid-cap company has equity capital of Rs 336.83 crore. Face value per share is Rs 10.

Equitas Holdings subsidiary Equitas Small Finance Bank today, 6 September 2016, commenced its banking operations with three branches in Chennai. This is the first private sector bank from Tamil Nadu post independence. By the end of financial year ending March 2017, Equitas Bank plans to have a network of 412 branches spread across 11 states. Of these 412 branches, Equitas plans to have 50% in South, 30% in West and the remaining 20% in North. About 25% of bank branches will be located in rural, unbanked villages. Currently the bank has advances of about Rs 6500 crore of which about 50% is micro finance, about 25% is used commercial vehicle finance and the remaining in micro and small enterprise (MSE) and affordable housing finance.

To enable physical support to its millions of customers, Equitas plan to have a net work of Business Correspondents (BC) at branch level taking banking services right to the doorstep of its clients.

The Reserve Bank of India (RBI) has issued licence dated 30 June 2016 to Chennai-based Equitas Equitas Small Finance Bank to carry on the Small Finance Bank (SFB) operations in India.

Small Finance Bank, previously known as Equitas Finance, obtained a certificate of registration from RBI on 1 September 2016, registering the company as a non-deposit taking systematically important core investment company in order to meet the requirements laid down by RBI while granting approval to the company to establish a small finance bank.

Equitas Small Finance Bank started its operations on 5 September 2016. It offers a range of banking and financial products that address the requirements of all customer segments. As of 30 June 2016, the consolidated asset under management (AUM) is about Rs 6500 crore out of which half is microfinance, 25% used commercial vehicle finance and rest MSE. Equitas Small Finance Bank will have 412 banking branches across 11 states by the end of the financial year 2016-2017.

On a consolidated basis, net profit of Equitas Holdings rose 63.64% to Rs 61.17 crore on 45.77% rise in total income to Rs 348.83 crore in Q1 June 2016 over Q1 June 2015.

Equitas Holdings is a diversified financial service provider focused on individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels.

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Dr Reddys Lab nudges higher after launch of generic drug in US
Sep 06,2016

The announcement was made after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

Meanwhile, the S&P BSE Sensex was up 258.96 points or 0.91% at 28,791.07.

On BSE, so far 1,992 shares were traded in the counter as against average daily volume of 39,263 shares in the past one quarter. The stock hit a high of Rs 3,142.85 and a low of Rs 3,123 so far during the day. The stock had hit a 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 2 September 2016, gaining 4.88% compared with Sensexs 1.97% rise. The scrip had, however, underperformed the market in past one quarter, declining 1.7% as against Sensexs 6.29% rise.

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

Dr Reddys Laboratorie (DRL) announced that it has launched Bupropion HCI extended-release tablets, USP (SR) in 100mg, 150mg and 200mg, a therapeutic equivalent generic version of Wellbutrin SR (bupropion HCI) sustained-release tablets in the United States market approved by the US Food and Drug Administration (USFDA). The Wellbutrin SR brand and generic had US sales of about $109.6 million for the recent twelve months ended July 2016 according to IMS Health data. DRLs Bupropion SR tablets are available in 100mg, 150mg and 200mg, in bottle count sizes of 60, 100 and 500.

Dr Reddys Laboratories consolidated net profit fell 76.3% to Rs 153.50 crore on 14.1% decline in total income to Rs 3289.50 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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Maruti Suzuki India record high after increase in production
Sep 06,2016

The announcement was made yesterday, 5 September 2016. The market was closed on that day on account of Ganesh Chaturthi.

Meanwhile, the BSE Sensex was up 236.42 points, or 0.83%, to 28,768.53.

On BSE, so far 9,002 shares were traded in the counter, compared with average daily volume of 79,205 shares in the past one quarter. The stock hit a high of Rs 5,245.50 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 5,190.10 so far during the day. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 2 September 2016, rising 5.54% compared with 2.95% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.24% as against Sensexs 6.29% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki India reported 12.2% growth in total sales to 1.32 lakh units in August 2016 over August 2015.

Marutis net profit rose 23% to Rs 1486.20 crore on 12.1% rise in net sales to Rs 14654.50 crore in Q1 June 2016 over Q1 June 2015.

Maruti is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 June 2016).

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Maruti Suzuki India hits record high after increase in production
Sep 06,2016

The announcement was made yesterday, 5 September 2016. The market was closed on that day on account of Ganesh Chaturthi.

Meanwhile, the BSE Sensex was up 236.42 points, or 0.83%, to 28,768.53.

On BSE, so far 9,002 shares were traded in the counter, compared with average daily volume of 79,205 shares in the past one quarter. The stock hit a high of Rs 5,245.50 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 5,190.10 so far during the day. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 2 September 2016, rising 5.54% compared with 2.95% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.24% as against Sensexs 6.29% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki India reported 12.2% growth in total sales to 1.32 lakh units in August 2016 over August 2015.

Marutis net profit rose 23% to Rs 1486.20 crore on 12.1% rise in net sales to Rs 14654.50 crore in Q1 June 2016 over Q1 June 2015.

Maruti is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 June 2016).

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Infosys gains after securing IT contract in Saudi Arabia
Sep 06,2016

The announcement was made after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

Meanwhile, the S&P BSE Sensex was up 246.14 points or 0.86% at 28,778.25.

On BSE, so far 5,726 shares were traded in the counter as against average daily volume of 3.03 lakh shares in the past one quarter. The stock hit a high of Rs 1,048.90 and a low of Rs 1,035 so far during the day. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had hit a 52-week low of Rs 1,009.20 on 22 August 2016. The stock had underperformed the market over the past one month till 2 September 2016, sliding 4.91% compared with Sensexs 1.97% rise. The scrip had also underperformed the market in past one quarter, declining 18.19% as against Sensexs 6.29% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys holds 70% while the rest 30% will he held by Saudi Prerogative Company (SPC) in the joint venture (JV). Infosys 70% in this JV is at a cash investment of $312,671 (SAR 1,172,501) by the company in the equity share capital of the proposed JV company. The agreement is subject to the approval of Saudi Arabian General Investment Authority (SAGIA).

On a consolidated basis, Infosys net profit fell 4.5% to Rs 3436 crore on 1.4% growth in revenue to Rs 16782 crore in Q1 June 2016 over Q4 March 2016. The results are as per International Financial Reporting Standards (IFRS).

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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Ballarpur Industries drops after reverse turnaround in Q1
Sep 02,2016

The result was announced after market hours yesterday, 1 September 2016.

Meanwhile, the S&P BSE Sensex was up 113.29 points or 0.4% at 28,536.77

On BSE, so far 3.56 lakh shares were traded on the counter as against average daily volume of 2.49 lakh shares in the past one quarter. The stock hit a high of Rs 13.60 and a low of Rs 13.17 so far during the day. The stock had hit a 52-week high of Rs 21.80 on 1 January 2016. The stock had hit a 52-week low of Rs 11.80 on 29 February 2016. The stock had underperformed the market over the past 30 days till 1 September 2016, falling 4.61% compared with 2.62% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 13.1% as against Sensexs 5.89% rise.

The small-cap company has an equity capital of Rs 131.10 crore. Face value per share is Rs 2.

Ballarpur Industries net sales fell 23.26% to Rs 102.42 crore in Q1 June 2016 over Q1 June 2015.

The Ballarpur Group is the largest manufacturer of writing and printing paper in India.

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RInfra gains on hopes of winning arbitration awards for projects
Sep 02,2016

Meanwhile, the BSE Sensex was up 144.29 points, or 0.51%, to 28,567.77.

On BSE, so far 7.06 lakh shares were traded in the counter, compared with average daily volume of 4.27 lakh shares in the past one quarter. The stock hit a high of Rs 616.90 and a low of Rs 584 so far during the day. The stock hit a 52-week high of Rs 622.05 on 5 January 2016. The stock hit a 52-week low of Rs 313.20 on 8 September 2015. The stock had underperformed the market over the past 30 days till 1 September 2016, rising 2.53% compared with 2.62% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.07% as against Sensexs 5.89% rise.

The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

Reliance Infrastructure (RInfra) said it welcomed the series of initiatives approved by the Cabinet Committee on Economic Affairs (CCEA) to revive the construction sector. CCEA on 31 August 2016 approved a series of initiatives to revive the construction sector. As per the new initiatives, CCEA allowed contractors to move to the new speedier arbitration process, approved release of 75% of the amount in dispute against margin free bank guarantee and provided for a conciliation board comprising of independent subject experts in order to ensure speedy disposal of pending or new cases.

Welcoming the move Lalit Jalan, CEO, Reliance Infrastruture, said that this landmark initiative by the CCEA will boost the stressed infrastructure sector and also help infuse much required liquidity in the system. It is a very positive and bold move by government to help revive the stalled projects which suffer due to long settlement periods, Jalan said.

Reliance Infrastructure said it has already won arbitration awards for two road projects of Rs 170 crore. In addition, over Rs 14000 crore are under advanced stages of arbitration for various projects.

Under the new initiative approved by CCEA, in case where arbitration award is in favour of the concessionaire/contractor but public sector undertaking (PSU)/Government agencies have challenged it, 75% of award amount will have to be released to concessionaire/contractor against bank guarantee. The move will ensure that projects are not stranded due to long arbitration disputes between concessionaire/contractor and government agencies and lack of funds.

Lalit Jalan further added that CCEA has created an enabling framework for government agencies/PSUs to release 75% of arbitration award to concessionaires/contractors, without worrying about subsequent scrutiny. He also lauded the governments initiative of allowing the disputing parties to migrate to new Act even if arbitration was initiated prior to enactment of amended Arbitration Act of 2015.

Under the new scheme of arrangement, all PSUs/departments may consider setting up conciliation committees comprising of independent experts to ensure speedy disposal of pending or new cases.

Reliance Infrastructures consolidated net profit rose 43.7% to Rs 659.85 crore on 3.2% fall in net sales to Rs 4260.87 crore in Q4 March 2016 over Q4 March 2015.

RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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Reliance Infra gains on hopes of winning arbitration for projects worth Rs 14000 crore
Sep 02,2016

Meanwhile, the BSE Sensex was up 144.29 points, or 0.51%, to 28,567.77.

On BSE, so far 7.06 lakh shares were traded in the counter, compared with average daily volume of 4.27 lakh shares in the past one quarter. The stock hit a high of Rs 616.90 and a low of Rs 584 so far during the day. The stock hit a 52-week high of Rs 622.05 on 5 January 2016. The stock hit a 52-week low of Rs 313.20 on 8 September 2015. The stock had underperformed the market over the past 30 days till 1 September 2016, rising 2.53% compared with 2.62% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.07% as against Sensexs 5.89% rise.

The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

Reliance Infrastructure (RInfra) said it welcomed the series of initiatives approved by the Cabinet Committee on Economic Affairs (CCEA) to revive the construction sector. CCEA on 31 August 2016 approved a series of initiatives to revive the construction sector. As per the new initiatives, CCEA allowed contractors to move to the new speedier arbitration process, approved release of 75% of the amount in dispute against margin free bank guarantee and provided for a conciliation board comprising of independent subject experts in order to ensure speedy disposal of pending or new cases.

Welcoming the move Lalit Jalan, CEO, Reliance Infrastruture, said that this landmark initiative by the CCEA will boost the stressed infrastructure sector and also help infuse much required liquidity in the system. It is a very positive and bold move by government to help revive the stalled projects which suffer due to long settlement periods.

Reliance Infrastructure said it has already won arbitration awards for two road projects of Rs 170 crore. In addition, over Rs 14000 crore are under advanced stages of arbitration for various projects.

Under the new initiative approved by CCEA, in case where arbitration award is in favour of the concessionaire/contractor but public sector undertaking (PSU)/Government agencies have challenged it, 75% of award amount will have to be released to concessionaire/contractor against bank guarantee. The move will ensure that projects are not stranded due to long arbitration disputes between concessionaire/contractor and government agencies and lack of funds.

Lalit Jalan further added that CCEA has created an enabling framework for government agencies/PSUs to release 75% of arbitration award to concessionaires/contractors, without worrying about subsequent scrutiny. He also lauded governments initiative of allowing the disputing parties to migrate to new Act even if arbitration was initiated prior to enactment of amended Arbitration Act of 2015.

Under the new scheme of arrangement, all PSUs/departments may consider setting up conciliation committees comprising of independent experts to ensure speedy disposal of pending or new cases.

Reliance Infrastructures consolidated net profit rose 43.7% to Rs 659.85 crore on 3.2% fall in net sales to Rs 4260.87 crore in Q4 March 2016 over Q4 March 2015.

RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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