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Director's Report
Home >> Markets >> Corporate Information >> Director's Report
MT Educare LtdIndustry : Miscellaneous
BSE Code:534312
ISIN Demat:INE472M01018
Book Value(Rs):30.98
Div & Yield %:0
Market Cap (Rs Cr.):67.53
Face Value(Rs):10
  Change Company 


The Members of

MT Educare Limited

Your Directors take pleasure in presenting the Thirteenth Annual Report of the Company together with Audited Financial Statements for the year ended March 31, 2019. This report states compliance as per the requirements of the Companies' Act, 2013 ("the Act"), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and other rules and regulations as applicable to the Company.


Pursuant to Section 134 of the Companies Act, 2013 (‘the Act'), in relation to the Audited Financial Statements for the Financial Year 2018-2019, your Directors confirm that:

a The Financial Statements of the Company - comprising of the Balance Sheet as at March 31, 2019 and the Statement of Profit & Loss for the year ended on that date, have been prepared on a going concern basis following applicable accounting standards and that no material departures have been made from the same;

b Accounting policies selected were applied consistently and the judgments and estimates related to these financial statements have been made on a prudent and reasonable basis, so as to give a true and fair view of the state of affairs of the Company as at March 31, 2019, and of the profit of the Company for the year ended on that date;

c Proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, to safeguard the assets of the Company and to prevent and detect fraud and other irregularities;

d Requisite internal financial controls to be followed by the Company were laid down and that such internal financial controls are adequate and operating effectively; and

e Proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.


The Financial performance of your Company for the year ended March 31, 2019 is summarized below:

Rs. in lakhs


Standalone Year ended

Consolidated Year ended

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Revenue from Operations 18,200.31 18,111.00 22,856.12 22,262.41
Other Income 1,965.00 1,441.84 2,078.88 1,450.10
Total Income 20,165.31 19,552.84 24,935.00 23,712.51
Total Expenses 16,185.74 34,355.57 20,007.19 39,448.74
Operating Profit/Loss 3,979.57 (14,802.73) 4,927.81 (15,736.23)
Less: Finance Cost 1,632.05 2,054.64 1,977.15 2,297.90
Less: Depreciation 1,433.61 1,860.98 1,813.09 2,136.34
Profit/ (Loss) before Tax 913.91 (18,718.35) 1137.57 (20,170.47)
Tax expense 183.46 (6,571.32) 225.50 (6,987.91)
Profit/Loss after Tax 730.45 (12,147.03) 912.07 (13,182.56)
Less : Appropriations 0.00 0.00 0.00 0.00
Transferred to debenture Redemption Reserve 0.00 0.00 0.00 0.00
Interim Equity Dividend 0.00 0.00 0.00 0.00
Tax on Interim Equity Dividend 0.00 0.00 0.00 0.00
Balance carried To Balance Sheet 730.44 (12,147.03) 912.07 (13,182.56)
Other comprehensive income carried to balance sheet 9.95 6.68 32.11 6.96

There have been no material changes and commitments that have occurred after close of the financial year till the date of this report, which affect the financial position of the Company. Based on the internal financial control framework and compliance systems established in the Company, the work performed by Statutory, Internal, Secretarial Auditors and reviews performed by the management and/or relevant Audit and other Committees of the Board, your Board is of the opinion that the Company's internal financial controls were adequate and working effectively during financial year 2018-19.


In order to conserve the resources for future growth of the Company, your Directors do not recommend dividend for the year under review.


With the objective of GREAT Global Reach in Education and Training, your company is committed to take Education to every home across India. ‘Teachers + technology = Toppers' has been our ethos. Digital content for learning, teaching and assessments along with innovative pedagogy has been the hallmark of our exceptional academic laurels year after year.

Your company is truly a national player with multi-city presence and a diverse product portfolio, standing a class apart due to technology enabled business processes, digital content delivery and 24 x 7 online support for the courses offered.

Company has registered Standalone Revenue of Rs.18,200.31 Lakhs in FY19 compared to Rs. 18,111.00 Mn in FY18. Operating EBITDA stood at Rs. 3,979.57 Lakhs in FY19, compared to Rs. (14,802.72) Lakhs in FY18 . PBT stood at Rs. 913.91 Lakhs in FY19, compared to Rs. (18,718.35) Lakhs in FY18. PAT stood at Rs.730.45 Lakhs in FY19, compared to Rs. (12,147.03) Lakhs in FY18.

Company has registered Consolidated Revenue of 22,856.12 Lakhs in FY19, compared to Rs. 22,262.41 Lakhs in FY18. Operating EBITDA stood at Rs. 4,927.81 Lakhs in FY19, compared to Rs. (15,736.21) Lakhs in FY18. PBT stood at Rs 1137.57 Lakhs in FY18, compared to Rs. (20,170.45) Lakhs in FY18. PAT stood at Rs. 912.07 Lakhs in FY19, compared to (13,182.54) Lakhs in FY18.


The Board, at its meeting held on February 14, 2018 had accorded its approval to issue and allot 3,19,64,200 Equity Shares as preferential allotment to Zee Learn Limited (ZLL) for an aggregate amount of Rs. 200 crores (Rs. 200,00,00,000) approx. Post preferential allotment, the ZLL holds a 44.53% stake in Company. The subscription to preferential allotment triggered an open offer under Regulation 3, 4 and other applicable provisions of the SEBI (Substantial Acquisition of shares and Takeover) Regulation, 2011 for the acquisition of 26% from the shareholders of the Company for which ZLL appointed M/s Axis Capital Limited, Merchant Bankers as the Manager to the offer for the Open offer process. ZLL had acquired 1,07,36,973 Equity Shares of Rs. 10/- each from Company's Shareholders at an open offer price of 72.76/- per Equity Share. The total Shareholding of ZLL in the Company as on March 31, 2019 aggregates to 4,27,01,173 Equity shares of Rs. 10/- each constituting 59.12% of total paid-up share capital of the Company. As on March 31, 2019 ZLL is holding Company of the MT Educare Limited.


During the year under review your company had acquired 1,08,000 Equity shares of Labh Ventures India Private Limited (LVIPL) at consideration of Rs. 16,28,00,000(Rupees Sixteen Crores Twenty Eight Lakhs Only) by executing Share Purchase Agreement. LVIPL is into business of construction and renting of various colleges, universities, schools, coaching classes, residential educational campus, play schools, preschools, day care Institutions and all kinds of Institutions imparting knowledge, language, education, training, personality Development, entertainment, vocation, computer training etc. LVIPL is a wholly owned subsidiary of the company with effect from September 1, 2018.


During the year under review, your Company had allotted 443,070 Fully paid-up Equity Shares of Rs.10/- each to employees under MT Educare ESOP Scheme, 2016 on December 20, 2018.

This has resulted an increase in the paid-up equity share capital of the Company from Rs. 71,78,49,840 to Rs. 72,22,80,540 comprising of 7,22,28,054 equity shares of Rs.. 10/- each.


The Company implemented the Employee Stock Options Scheme "ESOP 2016" and "MT EDUCARE LTD ESOP 2018" in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. In accordance with ESOP 2016, Out of 8,00,000 options 7,38, 450 options were granted on December 18, 2017. During the current financial year 4,43,070 options were vested and are allotted on December 20, 2018.

The Nomination & Remuneration Committee and the Board of Directors of the Company approved and recommended the MT Educare Limited Employee Stock Option Scheme 2018 through resolutions passed at its meeting held on February 14, 2018, which was approved by the members at the Extra-ordinary General Meeting held on March 12, 2018. Further, the members approved an increase in the number of Stock Options equivalent to 5% of the expanded post preferential allotment Issued, Subscribed and Paid-up Share Capital of the Company, which is 3,589,249 Stock Options (5% of 71,784,984 Equity Shares of Rs.10/- each).

The applicable disclosures as stipulated under the said Regulations as at March 31, 2019 are provided in note no.28 of (Standalone) financial statement.


As at March 31, 2019, your company had seven subsidiaries, namely, MT Education Services Pvt. Ltd., Lakshya Forrum For Competitions Pvt. Ltd. (formerly known as Lakshya Educare Pvt Ltd), Chitale's Personalised Learning Pvt. Ltd., Sri Gayatri Educational Services Pvt. Ltd., Robomate Edutech Pvt. Ltd., Letspaper Technologies Pvt. Ltd and Labh Ventures India Pvt Ltd. The Company does not have any associate or joint venture companies.

In compliance with Section 129 of the Companies Act, 2013, a statement containing requisite details including financial highlights of the operations of all subsidiaries is annexed to this report.

In accordance with Indian Accounting Standard AS - 110 Consolidated Financial Statements read with Indian Accounting Standard AS - 28 Accounting for Investments in Associates, and Indian Accounting Standard - 111 Financial Reporting of Interests in Joint Ventures, the audited Consolidated Financial Statements are provided in and forms part of this Annual Report as per Ind As format.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements including the consolidated financial statements and related information of the Company and audited accounts of each of the subsidiaries are available on the website of the Company www.mteducare.com. These documents will also be available for inspection during business hours at the Registered Office of the Company.


Your Company is in compliance with the Corporate Governance requirements mentioned in Listing Regulations. In terms of Schedule V of Listing Regulations, a detailed report on Corporate Governance along with Compliance Certificate issued by the Statutory Auditors of the Company is attached and forms an integral part of this Annual Report. All Board members and senior management personnel have affirmed compliance with the Code of Conduct for the year 2018-19. A declaration to this effect signed by the Whole-Time Director of the company is contained in this Annual Report. The Whole-Time Director and Chief Financial Officer have certified to the Board with regard to the financial statements and other matters as required under Regulation 17(8) of the Listing Regulations and the said certificate is contained in this Annual Report. Management Discussion and Analysis Report as per Listing Regulations are presented in separate sections forming part of the Annual Report.

In compliance with the requirements of Section 178 of the Companies Act, 2013, the Nomination & Remuneration Committee of your Board had fixed various criteria for nominating a person on the Board which inter alia include desired size and composition of the Board, age limits, qualification / experience, areas of expertise and independence of individual. Your Company has also adopted a Remuneration Policy, salient features where of is annexed to this report.

In compliance with the requirements of Companies Act, 2013 and Listing Regulations, your Board has approved various Policies including Code of Conduct for Directors & Senior Management, Material Subsidiary Policy, Insider Trading Code, Document Preservation Policy, Material Event Determination and Disclosure Policy, Fair Disclosure Policy, Whistle Blower and Vigil Mechanism Policy, Related Party Transaction Policy and Remuneration Policy. All these policies and codes have been uploaded on Company's corporate website www.mteducare.com. Additionally, Directors Familiarisation Programme and Terms and Conditions for appointment of Independent Directors can be viewed on Company's corporate website www.mteducare.com.


As on April 01, 2018 the Corporate Social Responsibility Committee comprised of Mr. Uday Lajmi, as a Chairman, Dr. Chhaya Shastri, and Mr. Mahesh Shetty, as its Members. Subsequently on June 5, 2018 the CSR Committee was reconstituted by induction of Dr. Manish Agarwal as a Chairman, Dr. Sangeeta Pandit and Mr. Himanshu Mody as members to the Committee. Further Mr. Uday Lajmi, Dr. Chhaya Shastri and Mr. Mahesh Shetty ceased to be the members of the CSR Committee w.e.f the closing hours of June 5, 2018.

As at March 31, 2019, in compliance with requirements of Section 135 read with Schedule VII of the Companies Act, 2013, the Board has constituted Corporate Social Responsibility Committee comprising of Dr. Manish Agarwal, as Chairman, Dr. Sangeeta Pandit and Mr. Himanshu Mody as members of the Committee.

The said Committee has been entrusted with the responsibility of formulating and recommending to the Board, a Corporate Social Responsibility Policy indicating the activities to be undertaken by the Company, monitoring the implementation of the framework of the CSR Policy and recommending the amount to be spent on CSR activities.

As part of its initiative under the Corporate Social Responsibility ('CSR'), our aim is to help students to pursue a dignified life. We not only mentor and coach students according to the syllabus to attain 100% results, but also encourage and guide them towards quality education. We focus on Maths, Science and English although other subjects are also taken up as per the school requirements. We give monthly tests for assessment of what has been taught. Motivation and counselling lectures are conducted with regular doubt solving sessions to help the students improve their scores. Parent and teacher meeting is held to keep the parents in loop with the students' progress and help them support their child for better academic performance. Special batches for weak students are held separately for remedial lectures. Weak students are also helped with special lectures through Robomate+ App. Question Bank of every chapter of all subjects is given to students so that they can practice and improve their grades.

In the year 2018-19 we have conducted grade improvement classes for a total of 31,704 under privileged students, which includes 3,000 students for standard V VII; 3,724 students of standard VIII; 12,563 students of standard IX and 12,417 students of standard X. These figures include 3,037 ST/SC students.

The Report on CSR Activities as required under Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as Annexure 3 forming part of this Report. Apart from the CSR Activities under the Companies Act, 2013 the Company continues to voluntarily support the following social initiatives / NGO's like (a) Aasara, (b) AmchaGhar, (c) Justice Chainani Old Age Home etc. to name a few.


Based on recommendation of the Nomination and Remuneration Committee, the Board of Directors at the meeting held on June 05, 2018, had approved the appointment of Mr. Ajey Kumar as an Executive Director, Mr. Himanshu Mody, as a Non-Executive Chairman , Dr. Manish Agarwal as a Non-Executive Independent Director, Dr. Sangeeta Pandit as a Non-Executive Independent Director. Further, Mr. Naarayanan Iyer, Dr. Chhaya Shastri, Ms. Drushti Desai and Mr. Uday Lajmi resigned from Board of the Company w.e.f the closing hours of June 05, 2018.

Mr. Debshankar Mukhopadhyay was inducted as an Additional Director on the Board of the Company w.e.f August 9, 2018 in the category of an Executive Director. . At the Annual General Meeting of the Company held on September 24, 2018, the shareholders approved the appointment of Mr. Ajey Kumar and Mr. Debshankar Mukhopadhyay as Executive Directors for a period of three years we.f. June 5, 2018 and August 9, 2018 respectively. Further, the shareholders also approved the appointment of Independent Directors Dr. Manish Agarwal and Dr. Sangeeta Pandit for a period of three years from June 5, 2018. All the Executive Directors were appointed for the period of 3 years which was approved by the members of the Company vide Annual General Meeting held on September 24, 2018.

Your Board currently comprises of 6 Directors including 2 (two) Non-Executive-Independent Directors, 1(one) other Non-Executive Director and 3(Three) Executive Director. Independent Directors provide their declarations both at the time of appointment and annually confirming that they meet the criteria of independence as prescribed under Companies Act, 2013 and Listing Regulations. During FY 2018-2019, your Board met 5 (five) times details of which are available in Corporate Governance Report annexed to this report.

Mr. Himanshu Mody, Chairman and Non-Executive Non-Independent Director is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible he has offered himself for re-appointment. Your Board recommends his re-appointment with all his earlier terms and conditions of appointment remaining same. A resolution to the effect is placed in the Notice for the ensuing Annual General Meeting for consideration / approval of the members for your consideration and approval. Changes in the Key Managerial Personnel (KMP) during the year.

Name of the KMP Appointment / Resignation/ No change With effect from
Mr. Mahesh R. Shetty Appointment (Change in designation from Chairman & Managing Director to Whole-Time Director August 09, 2018
Mr. Sandesh Naik Chief Financial Officer Mr. Mandar Chavan No Change Appointed as Company Secretary NA August 09, 2018

The information as required to be disclosed under the Listing Regulations in case of re-appointment of the director is provided in Report on Corporate Governance annexed to this report and in the notice of the ensuing Annual General Meeting.

The disclosure in pursuance of Schedule V to the Companies Act, 2013 and SEBI Listing Regulation pertaining to the remuneration, incentives etc. to the Directors is given in the Corporate Governance Report.


In a separate meeting of Independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated. Based on such report of the meeting of Independent Directors and taking into account the views of directors the Board had evaluated its performance on various parameters such as Board composition and structure, effectiveness of board processes, effectiveness of flow of information, contributions from each Directors, etc.


In compliance with the requirements of Companies Act, 2013 and Listing Regulations, your Board had constituted various Board Committees including Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee. Details of the constitution of these Committees, which are in accordance with regulatory requirements, have been uploaded on the website of the Company viz. www.mteducare.com. Details of scope, constitution, terms of reference, number of meetings held during the year under review along with attendance of Committee Members therein form part of the Corporate Governance Report annexed to this report.


The Statutory Auditors M/s. MSKA & Associates, Chartered Accountants, Mumbai (Firm Registration No. 105047W) (formerly known as M/s. MZSK & Associates) were appointed at the tenth Annual General Meeting (‘AGM') of the Company held on September 28, 2016. Accordingly, M/s. MSKA & Associates, Chartered Accountants shall hold office from the conclusion of tenth Annual General Meeting (‘AGM')for a term of consecutive five years till conclusion of fifteenth Annual General Meeting (‘AGM') which shall be subject to the ratification of their appointment by the members at every AGM.

Your Company has received confirmation from the Auditors to the effect that their appointment, with the limits specified under the Companies Act, 2013 and the firm satisfies the criteria specified in Section 141 of the Companies Act, 2013 read with Rule 4 of the Companies (Audit & Auditors) Rules, 2014.

In accordance with Section 139 of the Companies Amendment Act, 2017, notified w.e.f May 7, 2018, by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting. Hence, M/s. MSKA & Associates shall continue as Statutory Auditors for the remaining period of the term until the conclusion of fifteenth Annual General Meeting of the Company.


Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, amended rules, 2014, the cost audit records maintained by the Company in respect of its education services, other than such similar services falling under philanthropy or as part of social spend which do not form part of any business is required to be Audited.

Your Directors had, on the recommendation of the Audit Committee and on ratification of its Members appointed M/s Joshi Apte &Associates, Cost Accountants (Firm Registration No 00240) for conduct of audit of the cost records of the Company for the financial year 2019-20.


During the year, Secretarial Audit was carried out by M/s. R. Bhandari & Co, Company Secretaries, Mumbai in compliance with Section 204 of the Companies Act, 2013.

The reports of Statutory Auditor, Cost Auditor and Secretarial Auditor do not contain any qualification, reservation or adverse remarks. The reports of Statutory Auditor, Secretarial Auditor forming part of this Annual report. During the year the Statutory Auditors had not reported any matter under Section 143 (12) of the Act, therefore no detail is required to be disclosed under Section 134 (3) (ca) of the Act.


I. Particulars of loans, guarantees and investments:

Particulars of loans, guarantees and investments made by the Company required under section 186 (4) of the Companies Act, 2013 are contained in Note No. 5, 6 and 12 to the Standalone Financial Statements.

ii. Transactions with Related Parties:

None of the transactions with related parties fall under the scope of Section 188(1) of the Act. Information on material transactions with related parties pursuant to Section 134(3)(h) of the Act, read with rule 8(2) of the Companies (Accounts) Rules, 2014, in Form AOC-2 is annexed to this report.

iii. Risk Management:

The Company's approach to addressing business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanism of such risks.

iv. Internal Financial Controls:

Internal Financial Controls includes policies and procedures adopted by the company for ensuring orderly and efficient conduct of its business, accuracy and completeness of the accounting records, and timely preparation of reliable financial information.

The Company has in place a proper and adequate Internal Financial Control System with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.

v. Deposits:

Your Company has not accepted any public deposits under Chapter V of the Companies Act, 2013.

vi. Extract of Annual Return:

The extract of Annual Return in Form MGT-9 as required under Section 92(3) of the Act read with Companies (Management & Administration) Rules, 2014 is annexed to this report.

vii. Sexual Harassment:

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. During the year under review no complaints on sexual harassment was received.

viii. Regulatory Orders:

No significant or material orders were passed by the regulators or courts or tribunals which impact the going concern status and Company's operations in future.

ix. Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

b) Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except ESOP referred to in this Report.

c) Neither the Managing Director nor the Whole-time Directors of the Company received any remuneration or commission from any of its subsidiaries.


Conservation of energy

The particulars as required under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy have not been provided considering the nature of activities undertaken by the Company during the year under review

Technology absorption

During the year, the Company has not absorbed or imported any technology.

Foreign exchange earnings and outgoings

During the year, there were Rs. 34.20 Lakhs Foreign Exchange Earnings and the Foreign Exchange outgo stood at Rs. 67.16 Lakhs.


The information required under Section 197 (12) of the Companies Act, 2013 read with Companies (Amendment and remuneration of Managerial Personnel) Rules, 2014 and forming part of the Directors Report for the year ended March 31, 2019.

The particulars of employees in compliance of provisions of Section 134(3)(q) read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this report. The above referred Annexure is also available for inspection by members at the Registered Office of the Company, for a period of 21 days before the ensuing 13th Annual General Meeting and up to the date of the AGM between 11.00 a.m to 1.00 p.m. on all working days (except Saturday and Public Holidays).

None of the employee listed on the said Annexure is a relative of any Director of the Company. None of the employee holds (by himself or along with his spouse and dependent children) more than two percent of the Equity Shares of the Company.


Your Directors wish to express their appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review.

Your Directors also express their appreciation to all the visiting faculty, lecturers, and employees of MT Educare FAMILY for their hard work, commitment, dedicated services and collective contribution.


Statements in the Board's Report and the Management Discussion and Analysis describing the company's objectives, projections, estimates and expectations may constitute ‘forward looking statements' within the meaning of applicable laws and regulations. Actual results may differ materially from those either expressed or implied. Important factors that could affect the company's operations include significant political and / or economic environment in India, tax laws, litigations, interest and other costs.

For and on behalf of the Board
Mahesh Shetty Debshankar Mukhopadhyay
Whole-Time Director Executive Director
DIN:01526975 DIN:08194567
Place: Mumbai
Date: May 13, 2019


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