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Syndicate Bank gains on plans to raise capital
Aug 17,2016

The announcement was made during market hours today, 17 August 2016.

Meanwhile, the BSE Sensex was down 74.65 points, or 0.27%, to 27,989.96.

On BSE, so far 1.75 lakh shares were traded in the counter, compared with an average volume of 4.5 lakh shares in the past one quarter. The stock hit a high of Rs 74.20 and a low of Rs 72.15 so far during the day. The stock hit a 52-week high of Rs 107 on 18 August 2015. The stock hit a 52-week low of Rs 49.40 on 17 February 2016. The stock had underperformed the market over the past one month till 16 August 2016, falling 10.35% compared with 0.82% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 13.86% as against the Sensexs 9.4% rise.

The mid-cap psu bank has an equity capital of Rs 798.50 crore. Face value per share is Rs 10.

Syndicate Bank said that committee of directors in a meeting today, 17 August 2016 fixed minimum issue price of Rs 73.18 per share for the proposed issue of equity shares to Government of India by way of preferential allotment. The banks board had on 4 August 2016 approved for issue of equity shares aggregating to Rs 776 crore. Based on the issue price of Rs 73.18 per share, 10.6 crore shares will be issued and allotted to the Government of India. The issue price was at a premium of 0.1% to the current ruling price of Rs 73.10.

Government of India currently holds 69.32% stake in Syndicate Bank and post issue of equity shares its stake would rise to 72.92%.

Syndicate Banks net profit fell 73.8% to Rs 79.13 crore on 1.5% rise in total income to Rs 6419.12 crore in Q1 June 2016 over Q1 June 2015.

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Strong Q1 earnings boost OCL India
Aug 17,2016

The result was announced after market hours yesterday, 16 August 2016.

Meanwhile, the S&P BSE Sensex was down 99.44 points or 0.35% at 27,965.17.

On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 4,959 shares in the past one quarter. The stock hit a high of Rs 795.05 and a low of Rs 775 so far during the day. The stock had hit a record high of Rs 800.75 on 26 July 2016. The stock had hit a 52-week low of Rs 390 on 25 February 2016. The stock had outperformed the market over the past one month till 16 August 2016, surging 17.99% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 40.72% as against Sensexs 9.4% rise.

The mid-cap company has equity capital of Rs 11.38 crore. Face value per share is Rs 2.

OCL India is in the business of cement and refractories.

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JSW Steel gains after completing acquisition of 74% stake in JSW Praxair Oxygen
Aug 17,2016

The announcement was made during market hours today, 17 August 2016.

Meanwhile, the S&P BSE Sensex was down 12.74 points or 0.05% at 28,051.87.

On BSE, so far 40.648 shares were traded in the counter as against average daily volume of 79,991 shares in the past two weeks. The stock hit a high of Rs 1,770, so far during the day, which is a record high for the stock. The stock hit low of Rs 1,741.50 so far during the day. The stock had hit a 52-week low of Rs 829.35 on 25 August 2015. The stock had outperformed the market over the past one month till 16 August 2016, rising 7.29% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 35.04% as against the Sensexs 9.4% rise.

JSW Steel has paid cash consideration of Rs 240 crore for the acquisition of 74% stake in JSW Praxair Oxygen Private Limited (JPOPL) from Praxair India Private Limited. Post acquisition, JPOPL has become a wholly owned subsidiary of JSW Steel. Earlier, JSW Steel held 26% of the equity shares of JPOPL. JSW Steel had announced during market hours yesterday, 16 August 2016, that it had executed a share purchase agreement for acquiring the entire 74% holding of Praxair India Private Limited in JPOPL.

JSW Steel said that the acquisition is strategic in nature as it will provide the company the benefit of backward integration. JSW Steel currently sources industrial gases from JPOPL amongst others at prices based on long term contracts. JPOPL is engaged in the business of production and sale of industrial gases such as oxygen, nitrogen and argon and has set up two air separation plants, each with a capacity of 2,500 tonnes per day, at Toranagallu, Bellary District, Karnataka.

On consolidated basis, JSW Steels net profit jumped 5133.6% to Rs 1109 crore on 2.4% rise in net sales to Rs 11542.38 crore in Q1 June 2016 over Q1 June 2015.

JSW Steel is an integrated steel company with an installed capacity of 18 million tonnes per annum.

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Infosys extends decline after losing a contract from RBS
Aug 17,2016

Meanwhile, the S&P BSE Sensex was down 63.79 points or 0.23% at 28,000.82.

On BSE, so far 1.39 lakh shares were traded in the counter as against average daily volume of 2.69 lakh shares in the past one quarter. The stock hit a high of Rs 1,051.90 and a low of Rs 1,035.30 so far during the day. The stock had hit a 52-week low of Rs 1,012.25 on 18 November 2015. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had underperformed the market over the past one month till 16 August 2016, sliding 1.99% compared with 0.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 13.43% as against Sensexs 9.4% rise.

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

Shares of Infosys have declined 2.35% in two trading sessions from its close of Rs 1,063.30 on 12 August 2016 after the company announced before market hours yesterday, 16 August 2016, about losing a contract from Royal Bank of Scotland (RBS) as RBS decided not to pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G). The stock had fallen 1.16% to settle at Rs 1,050.95 yesterday, 16 August 2016, after the announcement. Subsequent to this decision by RBS, Infosys will carry out an orderly ramp-down of about 3,000 employees, primarily in India, over the next few months. Infosys was a W&G program technology partner for consulting, application delivery and testing services.

As per reports, the decision of RBS will impact revenues of Infosys for the year ending 31 March 2017 (FY 2017) by about $40 million.

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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Volumes jump at Religare Enterprises counter
Aug 17,2016

Religare Enterprises clocked volume of 2.61 lakh shares by 13:19 IST on BSE, a 94.2-times surge over two-week average daily volume of 3,000 shares. The stock lost 5.86% at Rs 227.30.

Bhageria Industries notched up volume of 2.68 lakh shares, a 16.71-fold surge over two-week average daily volume of 16,000 shares. The stock surged 16.7% at Rs 314.10.

Info Edge (India) saw volume of 91,000 shares, a 4.92-fold surge over two-week average daily volume of 18,000 shares. The stock lost 0.96% at Rs 842.20.

BF Utilities clocked volume of 6.75 lakh shares, a 4.8-fold surge over two-week average daily volume of 1.41 lakh shares. The stock jumped 11.34% at Rs 572.60.

GM Breweries saw volume of 1.02 lakh shares, a 4.72-fold rise over two-week average daily volume of 22,000 shares. The stock surged 6.65% at Rs 583.75.

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KNR Constructions scales record high
Aug 17,2016

Meanwhile, the S&P BSE Sensex was up 83.56 points or 0.28% at 28,141.81.

On BSE, so far 16,097 shares were traded in the counter as against average daily volume of 14,923 shares in the past one quarter. The stock hit a high of Rs 725.90, so far during the day, which is a record high for the stock. The stock hit a low of Rs 640 so far during the day. The stock had hit a 52-week low of Rs 408 on 12 February 2016. The stock had outperformed the market over the past one month till 16 August 2016, rising 12.91% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 21.75% as against the Sensexs 9.4% rise.

The mid-cap company has equity capital of Rs 28.17 crore. Face value per share is Rs 10.

Shares of KNR Constructions rose 2.97% to Rs 640.70 yesterday, 16 August 2016 after the company announced strong Q1 results. The companys net profit jumped 86.6% to Rs 30.21 crore on 73.9% growth in net sales to Rs 303.64 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Sunday, 14 August 2016. The stock market remained closed on 15 August 2016, for a holiday.

KNR Constructions is an infrastructure development company providing engineering, procurement and construction services.

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S&P rating upgrade lifts Tata Motors
Aug 17,2016

Meanwhile, the S&P BSE Sensex was up 56.35 points or 0.2% at 28,120.96.

On BSE, so far 2.63 lakh shares were traded in the counter as against average daily volume of 8.71 lakh shares in the past one quarter. The stock hit a high of Rs 514.35 and a low of Rs 508.60 so far during the day. The stock had hit a 52-week high of Rs 522.20 on 8 August 2016. The stock had hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 16 August 2016, gaining 2.84% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 29.13% as against Sensexs 9.4% rise.

Global rating agency Standard & Poors Global Ratings (S&P) yesterday, 16 August 2016, upgraded its long-term corporate rating of Tata Motors to BB+ from BB earlier, citing improvement in Tata Motors competitive position following the better performance of its 100% subsidiary, Jaguar Land Rover Automotive PLC (JLR). S&P has simultaneously raised its issue rating on Tata Motors US-dollar-denominated senior unsecured notes to BB+ from BB. The outlook on the rating is stable. The stable outlook reflects S&Ps view that Tata Motors can maintain steady profitability, especially at JLR, supporting its financial position with ratio of funds from operations (FFO) to debt of about 40% over the next 12-24 months, the rating agency said.

According to S&P, JLR has launched new models successfully, extended existing ones, and expanded into new market segments. JLR also helped strengthen Tata Motors financial position and its ability to withstand moderate volatility and the risks from the UKs recent vote to leave the European Union (Brexit), the rating agency said in a statement. JLRs improved competitive position will enable Tata Motors to register good operating performance over the next two years in the form of revenue growth and higher EBITDA (earnings before interest, taxation, depreciation and amortization) margin, S&P said. JLR is British luxury car unit of Tata Motors.

Tata Motors consolidated net profit jumped 201.61% to Rs 5177.06 crore on 18.76% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015. The company is set to announce Q1 June 2016 results on 26 August 2016.

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

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Zee Learn & Tree House surge post board approval for revised scheme of merger
Aug 17,2016

Both the companies made the announcement during market hours today, 17 August 2016.

Meanwhile, the BSE Sensex was up 38.40 points, or 0.14%, to 28,103.01.

Zee Learn was up 17.05% to Rs 35.35. Tree House Education & Accessories surged 18.51% to Rs 27.45.

The board of directors of Zee Learn (ZLL) and Tree House Education & Accessories (THEAL) approved revised share swap ratio of 1:1 for the merger of THEAL with ZLL. The revised scheme of amalgamation will put to rest uncertainty and anxiety within different stakeholders and help mitigating the recent developments in operational performance of THEAL over the past few quarters, ZLL said in a statement. It will further strengthen ZLLs position in the educational landscape, it said. Both ZLL and THEAL are in similar line of business activities and with a view to consolidate the business operations, the board of directors of both the companies have decided to amalgamate the companies. Both ZLL and THEAL are primarily engaged into the business of pre-school activities.

The board of directors of both the companies on 23 December 2015 had approved a scheme of amalgamation of THEAL with ZLL subject to requisite statutory and regulatory approvals. On 1 June 2016, ZLL decided to keep on hold the scheme as part of evaluation of the results of THEAL for the quarter and year ended 31 March 2016. Following this, the board of directors of ZLL had authorised the Amalgamation Committee to suggest the way forward to salvage the deal of amalgamation to ensure consolidation of business in the best interest of the shareholders. Accordingly, the board of directors of both the companies accorded approval to the revised scheme including appointed date and share exchange ratio suggested by the Amalgamation Committee for the proposed amalgamation of the companies.

Zee Learns net profit surged 102.5% to Rs 8.02 crore on 17.5% increase in net sales to Rs 42.06 crore in Q1 June 2016 over Q1 June 2015.

Tree House Education & Accessories reported net loss of Rs 45.48 crore in Q1 June 2016 compared with net profit of Rs 18.02 crore in Q1 June 2015. Net sales fell 70.7% to Rs 20.21 crore in Q1 June 2016 over Q1 June 2015.

Zee Learn is an Essel Group company and is Indias leading company in education segment with the fastest growing chain of K-12 schools and Asias No 1 chain of pre-schools in its portfolio. Zee Learn has its preschool network Kidzee with more than 1,600 plus preschools in over 550 plus cities across India and is Asias largest network of preschool.

THEAL is also engaged in the business of pre-school activities.

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Vakrangee moves higher as Credit Suisse purchases bulk shares
Aug 17,2016

Meanwhile, the S&P BSE Sensex was up 24.38 points or 0.09% at 28,088.99.

On BSE, so far 1.71 lakh shares were traded in the counter as against average daily volume of 19.89 lakh shares in the past one quarter. The stock hit a high of Rs 181.90 and a low of Rs 178.95 so far during the day. The stock had hit a record high of Rs 228.90 on 9 March 2016. The stock had hit a 52-week low of Rs 86.95 on 26 August 2015. The stock had underperformed the market over the past one month till 16 August 2016, sliding 10.02% compared with 0.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.65% as against Sensexs 9.4% rise.

The mid-cap company has equity capital of Rs 52.92 crore. Face value per share is Rs 1.

Vakrangees consolidated net profit rose 45.3% to Rs 110.80 crore on 25.9% rise in net sales to Rs 879.93 crore in Q4 March 2016 over Q4 March 2015.

Vakrangee is the unique technology driven company focused on building Indias largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, e-commerce and ATM services to the unserved-rural, semi-urban and urban markets. These retail touch points known as Vakrangee Kendra act as one-stop shop for availing various services and products.

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InterGlobe Aviation gains on reports of brokerage upgrade
Aug 17,2016

Meanwhile, the S&P BSE Sensex was up 62.75 points or 0.22% at 28,127.36.

On BSE, so far 46,000 shares were traded in the counter as against average daily volume of 91,451 shares in the past one quarter. The stock hit a high of Rs 858 and a low of Rs 840 so far during the day. The stock had hit a record high of Rs 1,395.50 on 1 January 2016. The stock had hit a record low of Rs 702 on 11 February 2016. The stock had underperformed the market over the past one month till 16 August 2016, sliding 14.6% compared with 0.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 19.75% as against Sensexs 9.4% rise.

The large-cap company has equity capital of Rs 361.20 crore. Face value per share is Rs 10.

The foreign brokerage has reportedly said that given the asset-light structure and order book/delivery flexibility, InterGlobe Aviation will have 145 net aircraft by end of FY 2018. The brokerage said that A320neo planes delivery concerns are unwarranted. It may be recalled that InterGlobe Aviation had stated at the time of announcing its Q1 June 2016 earnings that the operation of A320neo planes in its fleet continues to be a challenge. The company was looking at slowing down taking deliveries of A320neo planes to allow the manufacturer of the engines for the A320neo planes to catch up on the production of upgraded engines, InterGlobe Aviation said at that time.

InterGlobe Aviations net profit declined 7.4% to Rs 591.77 crore on 8.5% growth in net sales to Rs 4545.19 crore in Q1 June 2016 over Q1 June 2015.

InterGlobe Aviation is the operator of low cost passenger airline IndiGo which is Indias largest airline with a market share of 38.10% in June 2016.

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Hero MotoCorp gains after Sunil Munjal cease to exist as promoter post realignment
Aug 17,2016

The announcement was made before market hours today, 17 August 2016.

Meanwhile, the S&P BSE Sensex was up 22.95 points or 0.08% at 28,087.56.

On BSE, so far 18,908 shares were traded in the counter as against average daily volume of 27,993 shares in the past one quarter. The stock hit a high of Rs 3,429 and a low of Rs 3,308.05 so far during the day. The stock had hit a record high of Rs 3,553.55 on 8 August 2016. The stock had hit a 52-week low of Rs 2,259.10 on 7 September 2015. The stock had outperformed the market over the past one month till 16 August 2016, rising 1.76% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.49% as against the Sensexs 9.4% rise.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorp said that Sunil Kant Munjals tenure as Joint Managing Director of the company ended on 16 August 2016. He has also resigned from the board of directors of the company with effect from the same date. In addition, the company said it has received a communication from the individual promoters of the company stating that pursuant to the aforesaid realignment, Sunil Kant Munjal will henceforth, not be classified as a promoter of the company. However, Sunil Kant Munjal will continue to hold 32,500 equity shares of the company representing 0.02% of the issued and paid up share capital of the company in his individual capacity.

Hero MotoCorp (HMCL) had announced on 28 July 2016 that keeping with the core values of the Hero Group as established by the late Dr. Brijmohan Lall Munjal, the companys promoter members of BML Munjal family decided to realign their businesses to achieve future growth and expansion. At that time, the company had said that matriarch of the Munjal family, Sunil Kant Munjal, Joint Managing Director, HMCL and Chairman, Hero Corporate Service, intends to focus his time and energy on his independent and core businesses, and to pursue new business interests and therefore, had expressed his desire to step down from the board of directors of HMCL once his tenure as the Joint Managing Director of the company comes to an end on 16 August 2016. This realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company, HMCL had said at that time.

On 9 August 2016, the board of directors of the company reappointed Pawan Munjal as the Chairman, Managing Director & Chief Executive Officer of the company for a period of five years with effect from 1 October 2016. His current tenure comes to an end on 30 September 2016.

Meanwhile, the companys promoter group entities had realigned their holding in the company via bulk deal mechanism on the NSE on 11 August 2016. Brij Mohan Lal Om Prakash sold 57.54 lakh shares of Hero MotoCorp (HMCL) at an average price of Rs 3,319 per share in a bulk deal on the NSE on 11 August 2016. Two other promoter group entities were the buyers in the bulk deal. Bahadur Chand Investments bought 48.80 lakh shares at Rs 3,319 per share and Hero Investcorp bought 8.73 lakh shares at Rs 3,319 per share.

The total holding of promoters in HMCL stood at 34.64% as on 30 June 2016.

Hero MotoCorps net profit rose 18.1% to Rs 883.10 crore on 7.1% growth in net sales to Rs 7289.59 crore in Q1 June 2016 over Q1 June 2015.

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

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Hero MotoCorp gains after completion of realignment of business interest among Munjal family
Aug 17,2016

The announcement was made before market hours today, 17 August 2016.

Meanwhile, the S&P BSE Sensex was up 22.95 points or 0.08% at 28,087.56.

On BSE, so far 18,908 shares were traded in the counter as against average daily volume of 27,993 shares in the past one quarter. The stock hit a high of Rs 3,429 and a low of Rs 3,308.05 so far during the day. The stock had hit a record high of Rs 3,553.55 on 8 August 2016. The stock had hit a 52-week low of Rs 2,259.10 on 7 September 2015. The stock had outperformed the market over the past one month till 16 August 2016, rising 1.76% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.49% as against the Sensexs 9.4% rise.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Sunil Kant Munjals resignation from the companys board of directors comes as his tenure as the Joint Managing Director of the company ended yesterday, 16 August 2016. Hero MotoCorp (HMCL) announced on 28 July 2016 that Sunil Kant Munjal decided to step down as Joint Managing Director of the company as part of a realignment of business interest amongst the promoter Munjal family. Sunil Kant Munjal will focus on his independent and core businesses, and will pursue new business interests. This realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company, HMCL had said at that time.

Sunil Kant Munjal will henceforth not be classified as a promoter of the company. However, he will continue to hold 32,500 equity shares of the company representing 0.02% of the issued and paid up share capital of the company in his individual capacity.

On 9 August 2016, the board of directors of the company reappointed Pawan Munjal as the Chairman, Managing Director & Chief Executive Officer of the company for a period of five years with effect from 1 October 2016. His current tenure comes to an end on 30 September 2016.

The total holding of promoters in HMCL stood at 34.64% as on 30 June 2016.

Hero MotoCorps net profit rose 18.1% to Rs 883.10 crore on 7.1% growth in net sales to Rs 7289.59 crore in Q1 June 2016 over Q1 June 2015.

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

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Just Dial slips after uninspiring Q1 results
Aug 17,2016

The result was announced after market hours yesterday, 16 August 2016.

Meanwhile, the S&P BSE Sensex was up 35.21 points or 0.13% at 28,099.82.

On BSE, so far 5.18 lakh shares were traded in the counter as against average daily volume of 2.40 lakh shares in the past one quarter. The stock hit a high of Rs 490 and a low of Rs 445.50 so far during the day. The stock had hit a record low of Rs 377.65 on 12 February 2016. The stock had hit a 52-week high of Rs 1,076.90 on 14 October 2015. The stock had underperformed the market over the past one month till 16 August 2016, sliding 12.18% compared with 0.82% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 33.38% as against Sensexs 9.4% rise.

The mid-cap company has equity capital of Rs 70.54 crore. Face value per share is Rs 10.

Just Dials board of directors at its meeting held yesterday, 16 August 2016, approved a draft scheme of arrangement between Just Dial and Just Dial Global Private (JDGPL) for demerger of Data and Information Undertaking (demerged undertaking) of JDGPL into the company, subject to requisite approvals. The scheme proposes to demerge the Data and Information Undertaking of JDGPL and consolidate it with the key elemental search business operations carried out by Just Dial.

Just Dial started offering local search services in 1996 under the Just Dial brand and is now the leading local search engine in India.

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Piramal Enterprises hits record high after announcing acquisition of US based firm
Aug 17,2016

The announcement was made after market hours yesterday, 16 August 2016.

Meanwhile, the S&P BSE Sensex was up 57.68 points or 0.21% at 28,122.29.

On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 30,760 shares in the past one quarter. The stock hit a high of Rs 1,850 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,807.85 so far during the day. The stock had hit a 52-week low of Rs 805 on 18 September 2015. The stock had outperformed the market over the past one month till 16 August 2016, surging 14.3% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 39.97% as against Sensexs 9.4% rise.

The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.

Piramal Enterprises (PEL) announced that its wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc., a US based contract development and manufacturing organisation (CDMO), in an all cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over the next six months. This potential transaction is expected to be completed by end of August, PEL said. This acquisition adds niche potent molecule manufacturing capabilities to the portfolio of services offered by PELs pharma solutions business, the company said. Ash Stevens reported revenue of about $18.3 million in FY 2015 (twelve months ended 30 September 2015).

On consolidated basis, Piramal Enterprises net profit rose 36.3% to Rs 230.93 crore on 26.7% growth in net sales to Rs 1761.05 crore in Q1 June 2016 over Q1 June 2015.

Piramal Enterprises is one of Indias large diversified companies, with a presence in healthcare, healthcare information management and financial services.

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Tata Power gains after subsidiary completes sale of 50% stake in OTP Geothermal
Aug 17,2016

The announcement was made after market hours yesterday, 16 August 2016.

Meanwhile, the S&P BSE Sensex, was currently off 2.43 points or 0.01% at 28,062.18.

On BSE, so far 25,160 shares were traded in the counter, compared with an average daily volume of 4.47 lakh shares in the past one quarter. The stock hit high of Rs 77.20 and low of Rs 76.60 so far during the trading session.

Tata Power International Pte. (TPIPL), a wholly-owned subsidiary of Tata Power Company in Singapore has completed the sale of its 50% stake in OTP Geothermal Pte. (OTP) to KS Orka Renewables Pte. An agreement for the sale of the stake was signed in April 2016. OTP, a 50:50 joint venture between Tata Power and Origin Energy, holds a 95% interest in Indonesias PT Sorik Marapi Geothermal Power (SMGP). SMGP is currently pursuing development of 240 megawatts Sorik Marapi Geothermal power project in North Sumatra.

Tata Power said in a statement that the divestment of stake in OTP is consistent with its strategy to constantly review its businesses and restructure, as required, to deliver long term value to shareholders. Tata Power further said that it has significant investments in Indonesia and that the company remains committed to development of Indonesian power and energy sector. The company also continues to explore thermal and renewable power project opportunities within the independent power producer (IPP) programs of Government of Indonesia.

Tata Power is Indias largest integrated power company with a growing international presence. The company has presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading.

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