Advanced Enzyme IPO hits markets

The price band has been fixed at Rs 880- 896 per equity share. The issue will close on July 22 (Friday).

Advanced Enzyme Technologies Ltd IPO has hit capital markets with a 100 per cent book building initial public offering (IPO) of 46.03 lakh equity shares of face value of Rs 10 each.

The price band has been fixed at Rs 880- 896 per equity share. The issue will close on July 22 (Friday).

The company gathered around Rs 123 crore from as many as 15 anchor investors.

Kuwait Investment Authority Fund, DB International (Asia) Ltd, SBI Life Insurance Company Ltd, DSP Blackrock Equity Fund, L&T Mutual Fund Trustee Ltd and Tata AIA Life Insurance are among the anchor investors.

The company has allotted shares worth Rs.122.85 crore as part of the anchor book allotment.

Glenmark Pharma working on proprietary product rollout and other top pharma news

Sun Pharma today announced that one of its subsidiaries has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Crestor® , Rosuvastatin Calcium tablets 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base).

Glenmark Pharmaceuticals plans to to launch a number of proprietary products over the next decade as part of Its objective to become a specialty-driven firm. The company's long term focus Is to “launch Innovative and specialty products across markets with significant share of revenues coming from specialty and Innovation segment”, Glenmark Pharmaceuticals said In Its latest Investor presentation. It will also focus on organic growth and leveraging Internal capabilities across markets. It added. In the medium term, the emphasis Is on “continuing to grow base generics business" with the US, India and Europe to be main growth drivers, Glenmark said. 

Sun Pharma today announced that one of its subsidiaries has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Crestor® , Rosuvastatin Calcium tablets 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base).

Aurobindo Pharma Limited is pleased to announce that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Rosuvastatin Calcium Tablets, 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base). Aurobindo was one of the first ANDA applicants to submit a substantially complete ANDA with a paragraph IV certification, therefore, Aurobindo is eligible for 180 days of generic drug shared exclusivity. The product is launched in the US market.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Rosuvastatin Calcium Tablets,5 mg (base), 10 mg (base), 20 mg (base), and 40 mg (base), the generic version of Crestor Tablets, 5 mg,10 mg,20 mg,and 40 mg of IPR Pharmaceuticals, Inc. (IPR).
Government has not given permission to any pharma firm to increase prices of drugs beyond permissible limits, Parliament was informed yesterday.

Johnson & Johnson posted second-quarter profit earnings that beat analysts’ estimates, aided by the growing pharmaceutical division that is home to blockbuster products such as arthritis treatment Remicade. Remicade accounts for more than 21 per cent of drug revenue. 

To increase pharmaceutical export to the US, industries and the government should innovate and invest more on research and development of new drugs, say industry experts. Speaking at a seminar on ‘The march towards $500 billion trade’ organised by the Indo- American Chamber of Commerce, J Jayaseelan, Chairman, Indian Drug Manufacturers Association - Tamil Nadu, said though the country leads in terms of generic drug manufacturing impetus should be given to drug discovery to boost exports. India exports $5 billion worth generic drugs to the US, accounting for about 40 per cent of the drugs in the US market. India is the third largest exporter of generics but ranks 14th in terms of value. “Focus on drug discovery and capability building will increase the value of Indian drugs and improve exports,” Jayaseelan said. 

Ticel Biopark III in Coimbatore, the third such park in Tamil Nadu, is expected to be ready in 18 months, said Tamil Nadu Industry Secretary CV Sankar. Tamil Nadu was one of the first States to establish a biopark (Ticel I) for pharmaceutical and life science sectors in 2004, he said at the Indo-US Partnership Conclave – the march towards $500 billion trade – organised by the Indo-American Chamber of Commerce. 

Heightened uncertainty about the global economy following Britain’s decision to exit the European Union has dimmed the prospects of technology and select pharma stocks. Analysts are advising clients to avoid committing fresh money to most software stocks amid ambiguity about the impact of political risks of technology spending following Brexit. The Nifty IT Index has dropped 6.70% in the last month and fallen 4.72% in the last year. The Nifty Pharma index has risen 8.15% in the last month but has dived 12% in the last year. “I am not bullish on IT and pharma sectors owing to global volatility post-Brexit and cross-currency headwinds,” said Ritu Arora, director – investment, Canara HSBC Oriental Bank of Commerce Life Insurance. 

Buzzing stocks: Aurobindo Pharma zooms, Wipro drops, Anant Raj jumps

Check out the most important and latest stock news from NSE and BSE.

Aurobindo Pharma zoomed 4% after the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Rosuvastatin Calcium Tablets, 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base).

DHFL gained 1.7% post Q1 results. The company has posted a net profit after tax of Rs.2,014 million for the quarter ended June 30, 2016 as compared to Rs.1,732.80 million for the quarter ended June 30, 2015.

SpiceJet advanced 1% to Rs.63.50 after topping the list in reputation rankings among domestic private airlines.
 
Bharti Airtel and Idea Cellular trading lower after a media report the Department of Telecommunications (DoT) has started issuing demand notices to telecom operators for under-reporting revenues during the 2008-09 fiscal.

Bharat Heavy Electricals Limited gained 1.5% after the company has successfully commissioned the third unit of the 4x40 MW Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal.

Glenmark Pharmaceuticals jumped 1.9% to Rs.850 after the company said it has received final approval from the US health regulator USFDA for Rosuvastatin calcium tablets, used in lowering cholesterol.

Steel Strips Wheels Ltd climbed 1.6% after the company has bagged its maiden export order from Mobius Motors, Kinya. Supplies would be executed from SSWL'S Dappar plant in Punjab.

Anant Raj jumped 13% to Rs.53.15 the company's board has approved demerger of some operations. Under the plan, the company will demerge the real estate division of Anant Raj Agencies into Taurus Promoters & Developers and the remaining business of Anant Raj Agencies will be merged with Anant Raj. This demerger is being done to simplify the promoter holding structure in Anant Raj.

Wipro tumbled 3.3% to Rs.531. The company disappointed as consolidated Profit after tax (PAT) of the company stood at Rs. 2052 crore in Q1 FY17 as compared with Rs.2238 crore in Q4 FY16.

Piramal Enterprises soared 5% to Rs. 1645. The Board of Directors of the Company to consider and approve the issue of secured non-convertible debentures amounting to Rs. 1,000 crores on a private placement basis.

DLF gained 1.4% to Rs.154. DLF Home Developers Limited entered into joint venture agreements with Ridgewood Holdings Limited for development of seven residential projects in the cities of Bangalore, Chennai, Kochi and Indore.

Coal India rose 1.2% after the company has sought shareholders' approval for the buyback of 10.98 crore shares worth Rs.3,650 crore.

Crisil slipped 1.5% to Rs.2058. The company posted a net profit of Rs.698.10 mn for the quarter ended June 30, 2016 as compared to Rs.649.20 million for the quarter ended June 30, 2015.

Punjab & Sind Bank slipped 1.6% to Rs.48.80. The bank has revised interest rate on term deposits of less than Rupees one crore, for 1 year to 2 years from 7.55% to 7.40%, with effect from July 20, 2016.

Ultratech Cement rises 1% after the company reported consolidated net profit of Rs.780.11 crore for the quarter ended June 30, 2016, registering growth of 29.17% yoy.

MPS dropped 2.4% to Rs.682. The company's net profit increased 16.55% to Rs.16.76 crore in the quarter ended June 2016 as against Rs.14.38 crore during the previous quarter ended June 2015.

Hindalco trading marginally higher on BSE after Reserve Bank of India has approved Australian miner Metal X’s improved takeover offer for its subsidiary Aditya Birla Minerals Ltd (ABML).

JBM Auto surged 5.5%. The company said it will invest Rs.300 crore for development and manufacturing of electric and hybrid buses in India through its joint venture with Poland's Solaris Bus & Coach.

Linde India Limited slipped 2%. The company's net revenue for the quarter at Rs.428.5 crore, grew by 15% compared to same quarter last year.

Cupid gained 1.2% on BSE. Cupid has informed BSE that it has received confirmation from United Nations Population Fund (UNFPA) on extension of its non-exclusive long term agreement for male latex condoms for 3 years.

SBI signs MOU with Brookfield Asset Management for distress investments

The proposed JV will independently evaluate and invest in various stressed assets, and will rely upon Brookfield’s operational expertise to manage recapitalized businesses.

State Bank of India (SBI), India’s largest lender, as a part of its ongoing stress asset resolution process, has signed a Memorandum of Understanding (MoU) with Brookfield Asset Management Inc to collaborate on investments in stressed assets.

SBI and Brookfield propose to form a joint venture (JV), whereby Brookfield will commit approximately Rs 7000 crore and SBI up to 5% of total investments into stressed assets. The proposed JV will independently evaluate and invest in various stressed assets, and will rely upon Brookfield’s operational expertise to manage recapitalized businesses. The proposed JV may, at a later stage, seek participation from other lenders in the identified assets.

SBI Chairman, Arundhati Bhattacharya, expressed optimism that this approach of collaborating with global players will enable the banks in general and SBI, in particular, to find alternate solution for resolution of stressed assets. She opined that such approach will be more acceptable to both the lenders and the borrowers in cases where the promoters are not able to infuse funds and lenders are reluctant to take additional exposure.

Anuj Ranjan, Head of Brookfield India, said, “We’re very excited about this partnership with the State Bank of India. This is a great opportunity for us to continue to invest in the long-term India story, and we’re pleased to be further expanding our private equity platform here.”

DHFL Q1 net profit at Rs.201 crore, up 16.2%

The company's total income has increased from Rs.16,531.80 million for the quarter ended June 30, 2015 to Rs.19,593.20 million for the quarter ended June 30, 2016.

Dewan Housing Finance Corp. Ltd  has announced the following unaudited standalone results for the quarter ended June 30, 2016:

The company has posted a net profit after tax of Rs.2,014 million for the quarter ended June 30, 2016 as compared to Rs.1,732.80 million for the quarter ended June 30, 2015.

The company's total income has increased from Rs.16,531.80 million for the quarter ended June 30, 2015 to Rs.19,593.20 million for the quarter ended June 30, 2016.

During the quarter under review, NII up 15.6% at Rs.483 cr vs Rs.418 cr YoY

Axis Bank cuts base rate by 10 bps

The scrip opened at Rs. 565.75 and has touched a high and low of Rs. 565.75 and Rs. 559.2 respectively.

Axis Bank cuts base rate by 10 bps To 9.35% effective from July 27, 2016.

Axis Bank Ltd is currently trading at Rs. 560.25, down by Rs. 3.75 or 0.66% from its previous closing of Rs. 564 on the BSE.

The scrip opened at Rs. 565.75 and has touched a high and low of Rs. 565.75 and Rs. 559.2 respectively. So far 2983379(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 134657.25 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 603 on 20-Jul-2015 and a 52 week low of Rs. 366.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 576.85 and Rs. 551.15 respectively.

The promoters holding in the company stood at 29.71 % while Institutions and Non-Institutions held 57.25 % and 9.47 % respectively.

The stock is currently trading above its 50

Infosys reshuffles top deck

The company also witnessed another top-level exit in the form of company veteran Anup Uppadhayay.

Infosys chief executive Vishal Sikka has reshuffled his top management team and asked to take up new roles such as mergers & acquisitions and large deals, according to reports.

The company also witnessed another top-level exit in the form of company veteran Anup Uppadhayay, reports said.

Anantha Radhakrishnan was appointed earlier this year as his replacement at the helm of the BPO business. 

The company has appointed company veteran Deepak Padaki as the new head of mergers and acquisitions, while former SAP executive Ritika Suri  has been tasked to oversee large deals, say reports.

Sun Pharma gets FDA nod for generic Crestor; stock up 1%

Sun Pharmaceuticals Industries Ltd is currently trading at Rs. 790, up by Rs. 7.8 or 1% from its previous closing of Rs. 782.2 on the BSE.

Sun Pharma today announced that one of its subsidiaries has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Crestor® , Rosuvastatin Calcium tablets 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base).

These Rosuvastatin Calcium tablets are therapeutic equivalents of IPR Pharmaceuticals, Inc.’s Crestor® tablets. As per IMS MAT May 2016, these tablets have annual sales of approximately US$ 6.8 billion in the US. These tablets are indicated for the treatment of adult patients with Hypertriglyceridemia, Primary Dysbetalipoproteinemia (Type III Hyperlipoproteinemia) and adult patients with Homozygous Familial Hypercholesterolemia.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs. 790, up by Rs. 7.8 or 1% from its previous closing of Rs. 782.2 on the BSE.

The scrip opened at Rs. 785 and has touched a high and low of Rs. 790.45 and Rs. 782 respectively. So far 1751117(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 188256.29 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 965.15 on 20-Aug-2015 and a 52 week low of Rs. 706.4 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 794.75 and Rs. 765 respectively.

The promoters holding in the company stood at 54.97 % while Institutions and Non-Institutions held 35.37 % and 9.65 % respectively.

The stock is currently trading above its 200 DMA.

RIL to increase Jio investment to Rs.150 Bn

RIL Chairman Mukesh Ambani said, “At Reliance Jio, we have built an entire ecosystem that will allow Indians to live the digital life to the fullest. This transformational ecosystem consists of broadband connectivity, devices and powerful applications and services which will be available to every consumer in India.”

Reliance Industries Ltd (RIL) will invest an additional Rs.150 Billion in Reliance Jio Infocomm to expand its wireless network.

RIL Chairman Mukesh Ambani said, “At Reliance Jio, we have built an entire ecosystem that will allow Indians to live the digital life to the fullest. This transformational ecosystem consists of broadband connectivity, devices and powerful applications and services which will be available to every consumer in India.”

RJIL is the first telecom operator to hold a pan India Unified License. It has total liberalised spectrum holdings of 846.10 MHz, including 440.0 MHz in the 2300 MHz band (one block of 20 MHz in all 22 circles), 213.60 MHz in the 1800 MHz band (blocks ranging from 2x3 MHz to 2x10 MHz in 18 circles) and 192.50 MHz in the 800 MHz band (blocks ranging from 2x2.5 MHz to 2x5 MHz in all 22 circles, including spectrum acquired from Reliance Communications Limited (“RCOM”) across 13 circles).

BHEL commissions 40 MW Hydro Power Plant in West Bengal

Power generation from the Teesta project will result in reduction of green-house gas emissions and will help in achieving a low carbon development path for the state as well as the nation.

Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the third unit of the 4x40 MW Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal. A run-of-the-river greenfield project located in Darjeeling district of West Bengal, Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC), on the River Teesta.

The fourth and final unit of the project is also in advanced stages of execution. Power generation from the Teesta project will result in reduction of green-house gas emissions and will help in achieving a low carbon development path for the state as well as the nation. The order for Electrical & Mechanical (E&M) works for four units of 40 MW each was placed on BHEL by NHPC.

BHEL’s scope of work in the project comprised design, manufacture, supply, installation and commissioning of complete E&M works including vertical shaft Kaplan Turbines and matching generators. The equipment has been supplied by BHEL units at Bhopal, Jhansi, Rudrapur & Bengaluru and the execution of work on site is being carried out by the company’s Power Sector Eastern Region.

BHEL is presently executing Hydro Electric Projects of around 3,300 MW in the country which are under various stage of implementation. Other projects of NHPC currently under execution by BHEL are the 4x200 MW Parbati HEP Stage – II and 3x110 MW Kishanganga HEP. In West Bengal, BHEL is also executing the 3x40 MW Rammam Stage-III hydro-electric project of NTPC. Significantly, more than 500 hydro generating sets with a cumulative capacity of more than 29,000 MW of various ratings have been contracted on BHEL in India and abroad. Of this, equipment for about 5,700 MW generating capacity has been contracted outside India.

HGS announce availability of 250 new career opportunities at Windsor; gains 1%

The HGS job fair will take place in the Tecumseh Mall on Thursday, July 21 from 11 a.m. to 7 p.m. Applicants interested in a career with HGS are encouraged to bring their resume to the event or apply online at www.joinhgs.com. Previous customer service experience and basic computer skills are an asset.

Hinduja Global Solutions Limited  announced the availability of 250 new career opportunities at its Windsor customer experience center. HGS will hold a job fair this week to recruit for the permanent, full-time customer service representative positions, which support a leading telecommunications provider.

The HGS job fair will take place in the Tecumseh Mall on Thursday, July 21 from 11 a.m. to 7 p.m. Applicants interested in a career with HGS are encouraged to bring their resume to the event or apply online at www.joinhgs.com. Previous customer service experience and basic computer skills are an asset.

“Through the hard work and dedication of the Windsor team, we have a business need to hire more full-time positions,” said Tanya McLean, site director for HGS Windsor. “Windsor, one of more than 66 global locations for HGS, has been a very strong operating location for a year and a half and we want to continue giving back, both with the creation of more jobs and by fostering an active culture of involvement in our community.”

The July 21 event will also host a food drive in support of the community. HGS aims to collect more than 1,000 donation items.

Rakesh Naidu, CEO (interim) of the Windsor-Essex Economic Development Corporation said, “In 2013 HGS committed to growing their employee base to 600.  With this continued hiring we are confident they will surpass this goal.  On behalf of the Windsor-Essex Economic Development Corporation we congratulate HGS on their expansion announcement.  This is a clear indicator of their continued confidence in the ability of the Windsor-Essex workforce to allow HGS to provide first-rate customer service on behalf of their clients.  We are proud to have a marketing-leading company like HGS Canada call Windsor-Essex home.”

In addition to creating entry level positions, HGS is committed to career path development and has a proud reputation for promoting dedicated and successful team members to management positions. HGS provides a competitive compensation and benefits package, including healthcare, paid vacation, and bonus and incentive opportunities.

Hinduja Global Solutions Ltd is currently trading at Rs. 399.5, up by Rs. 3.25 or 0.82% from its previous closing of Rs. 396.25 on the BSE.

The scrip opened at Rs. 401.95 and has touched a high and low of Rs. 402 and Rs. 395.3 respectively. So far 1141(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 821.39 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 599.5 on 10-Aug-2015 and a 52 week low of Rs. 365 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 404.9 and Rs. 387.45 respectively.

The promoters holding in the company stood at 67.68 % while Institutions and Non-Institutions held 13.81 % and 18.51 % respectively.

The stock is currently trading below its 200 DMA.

Anant Raj jumps 12%; trades 52-week high

Under the plan, the company will demerge the real estate division of Anant Raj Agencies into Taurus Promoters & Developers and the remaining business of Anant Raj Agencies will be merged with Anant Raj. This demerger is being done to simplify the promoter holding structure in Anant Raj.

Anant Raj jumped 12% to Rs.52.75 on BSE. The Board of Directors of the Company has considered and approved the composite scheme of arrangement comprising of the following: -

1. Demerger of Real Estate Division (Demerged Undertaking 1) of Anant Raj Agencies Private Limited (ARAPL/ Demerged Company 1/Amalgamating Company) into Tauras Promoters & Developers Private Limited (TPDPL/ Resulting Company 1) and subsequent amalgamation of Remaining ARAPL with the Company.

2. Demerger of Project Division (Demerged Undertaking 2) of the Company into Anant Raj Global Limited (ARGL/ Resulting Company 2) (a WOS of the Company, under incorporation) and subsequent listing of ARGL at BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

The above provisions of the Scheme shall be effected in accordance with the provisions of Section 391 -394 of the Companies Act, 1956 or the corresponding provisions of the Companies Act, 2013.

The above scheme of arrangement shall be subject to the approval of High Court (s), Shareholders and Creditors of all the Companies. The Listing of ARGL is subject to exemption from SEBI in terms of Rule 19(2)(b) of Securities Contract (Regulations) Rules, 1957.

The scrip opened at Rs. 51.9 and has touched a high and low of Rs. 55 and Rs. 51.5 respectively. So far 6946753(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1388.45 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 54.45 on 03-Jun-2016 and a 52 week low of Rs. 27.55 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs. 50.9 and Rs. 46.5 respectively.

The promoters holding in the company stood at 63.44 % while Institutions and Non-Institutions held 7.91 % and 28.65 % respectively.

Yes Bank bets on Nirma by extending Rs.4000-4500 crore credit line

The bank has offered a Rs 4,000-4,500 crore credit line to Nirma through a combination of loans.

Yes Bank has given the largest commitment among a consortium of banks to Nirma-Lafarge deal, according to reports.

Reports say that the bank has offered a Rs 4,000-4,500 crore credit line to Nirma through a combination of loans and bonds for a 10-year period at an aggressive 9.5-10 per cent rate. 

Nirma is likely to fund the buyout largely through borrowed funds. 

Yes Bank Ltd is currently trading at Rs. 1156.25, up by Rs. 2.65 or 0.23% from its previous closing of Rs. 1153.6 on the BSE.

The scrip opened at Rs. 1152 and has touched a high and low of Rs. 1160.85 and Rs. 1149 respectively. So far 408396(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 48585.41 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1185.65 on 15-Jul-2016 and a 52 week low of Rs. 590 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 1185.65 and Rs. 1138.5 respectively.

The promoters holding in the company stood at 21.91 % while Institutions and Non-Institutions held 65.51 % and 12.58 % respectively.

The stock is currently trading above its 50 DMA.

Mahindra first choice plans to sell stake to raise Rs.250 crore and other top auto news

A brief round up of the top headlines that dominated the Auto sector, nationally and internationally.

Mahindra First Choice services, the used car services arm of Mahindra & Mahindra, plans to sell a stake to raise up to Rs. 250 crore and invest the proceeds in a startup initiative whereby it plans to aggregate car servicing centres.

Mercedes Benz ruled out using biodiesel to power its cars and other vehicles in India. The German luxury car maker clarified that it never committed any such possibility to Union transport minister Nitin Gadkari. 

Homegrown auto major Mahindra & Mahindra's investment in technology and product development has risen over 16-fold in ten years to touch Rs 1,938 crore in 2015-16. 

Two-wheeler manufacturer Suzuki Motorcycle India Private Limited, a subsidiary of Suzuki Motor Corporation, Japan, said it has appointed Sajeev Rajasekharan as its new Executive Vice President for Sales & After-Sales.

The National Green Tribunal (NGT) directed the Delhi government’s transport department to deregister diesel vehicles that are more than 10 years old. 

Toyota Innova Crysta is now ready to add a petrol engine in the line-up as the Japanese automaker has now made the new variant available for bookings for a token amount of 1 lakh. 

Auto component manufacturer JBM Auto said it will invest Rs 300 crore for development and manufacturing of electric and hybrid buses in India through its joint venture with Poland's Solaris Bus & Coach.

Wipro plunges 4% post Q1 results

The company posted a net profit after taxes, minority interest and share of profit of associates of Rs. 20519 million for the quarter ended June 30, 2016 as compared to Rs. 21918 mn for the quarter ended June 30, 2015.

Wipro Ltd stock was lower by 4% at Rs.526.The company posted a net profit after taxes, minority interest and share of profit of associates of Rs. 20519 million for the quarter ended June 30, 2016 as compared to Rs. 21918 mn for the quarter ended June 30, 2015. 

Total Income has increased from Rs. 129040 mn for the quarter ended June 30, 2015 to Rs. 142176 million for the quarter ended June 30, 2016.

The scrip opened at Rs. 511 and has touched a high and low of Rs. 527.5 and Rs. 511 respectively. So far 2256198(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 135741.77 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 613 on 01-Oct-2015 and a 52 week low of Rs. 508.9 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 577.5 and Rs. 545 respectively.

The promoters holding in the company stood at 73.34 % while Institutions and Non-Institutions held 16.18 % and 9.87 % respectively.

The stock is currently trading below its 200 DMA.