Daily Stock News Today – 23.08.2017

Daily Stock News Today – 23.08.2017

CLICK HERE




* ASHOK LEYLAND: Signed a memorandum of understanding with the Indian Institute of Technology, Madras, to sponsor the institute's Centre of Battery Engineering.

* BANK OF BARODA: Said some of its customers may face disruption in banking operations as the lender is upgrading its information technology system.

* BHARTI AIRTEL: Added 602,771 users in July, compared with 2 mln users in June. The market share of the company stands at 29.61%.

* CARE RATINGS: The board has recommended interim dividend of 6 rupees per share.

* ERIS LIFESCIENCES: Foreign portfolio investors will now be able to invest up to 49% in the company, against 24% earlier, according to a notification on the Reserve Bank of India's website. Non-resident Indians will now be able to invest up to 24%, against 10% earlier.

* FORTIS HEALTHCARE: Rekha Rakesh Jhunjhunwala has bought 4.5 mln shares or 0.9% stake in the company through a bulk deal on the National Stock Exchange at 134.65 rupees a share.

* GAIL INDIA: Has signed three time-swap deals to sell some of its US liquefied natural gas as it rejigs the supply portfolio in line with domestic demand.

* HIMACHAL FUTURISTIC COMMUNICATIONS: Will on Saturday consider raising funds through the issue of shares, global and American depository receipts, and foreign currency convertible bonds, among others.

* HINDALCO INDUSTRIES: After undertaking six price hikes in a row, the company has cut the prices of aluminium products by up to 1% from Tuesday.

* HINDUSTAN COPPER: Will invest about 50 bln rupees over the next three-four years to ramp up capacity of both its mining and manufacturing activities, Chairman and Managing Director S.K. Diwan said. Is implementing mine expansion projects to increase production capacity by four times. The company is also investing 30.25 bln rupees to set up a plant in Chhattisgarh.

* HOUSING DEVELOPMENT & INFRASTRUCTURE: Netherlands-based Stichting Pension Fund has bought 2.33 mln shares or 0.5% stake in the company through a bulk deal on the National Stock Exchange at 58.76 rupees apiece.

* IDEA CELLULAR: The company net-lost 2.3 mln users in July, data from Cellular Operators Association of India showed.

* INFOSYS: Co-founder N.R. Narayana Murthy will talk to investors and analysts in a conference call arranged by broker Investec India later today. Murthy has begun reaching out to investors to explain his stand on the public battle with the company's board and the management.
 - Large institutional investors, proxy advisory firms, brokerages, top executives and some of the company's 200,000-odd employees have been questioning as to why the board decided to release the six-page note blaming Murthy for chief executive officer Vishal Sikka's exit. Co-chairman Ravi Venkatesan Tuesday called on Finance Minister Arun Jaitley and briefed him about the developments at the company. He assured the minister of no let-up in corporate governance standards at the company.

* LARSEN & TOUBRO: Is betting on the government's thrust on defence and infrastructure for growth in its order book this year, Chief Executive Officer and Managing Director S.N. Subrahmanyan said.

* NIIT: The board has given an in-principle approval for the liquidation of its Netherlands-based subsidiary NIIT Antilles NV.

* NTPC: To seek the approval of its shareholders to raise up to 150 bln rupees through an issue of non-convertible debentures through private placement.

* ORCHID PHARMA: The Chennai bench of National Company Law Tribunal has admitted a plea for initiating insolvency proceedings against the company.

* ORIENTAL BANK OF COMMERCE: Plans to raise 5 bln rupees through Basel III-compliant tier-I bonds.

* POWER GRID CORP OF INDIA: To seek shareholder approval to raise up to 200 bln rupees through bonds.

* RURAL ELECTRIFICATION CORP: Plans to raise at least 5 bln rupees through the issue of three-year-one-month bonds and has invited  bids from merchant bankers at 1100 IST on Wednesday.

* STATE BANK OF INDIA: Various government departments as well as the bank have shown interest in buying the properties to be auctioned by Air India in Mumbai.

* SHOPPERS STOP: Will sell food and books online by the next fiscal.

* SHREE RENUKA SUGARS: Reiterated that it had issued 481.84 mln convertible preference shares of 16.27 rupees to Wilmar Sugar Holdings, subsidiary of Wilmar International, as part of a debt restructuring package.

* TATA MOTORS: Shareholders of the company have questioned the performance of the standalone business, and the fact that the company did not pay any dividend in 2016-17 (Apr-Mar). Former chairman Cyrus Mistry has alleged that lending without adequate risk assessment, particularly for the Nano model and small commercial vehicles, resulted in major losses for the automaker and Tata Motors Finance. The company will take a "concerted decision" on the Tata Nano, Chairman N. Chandrasekaran said.

* VEDANTA: After raising prices of primary aluminium products by nearly 10% this month, the company has cut prices by up to 1%.

* VIDEOCON INDUSTRIES: Offers during the festival season are seen leading to a more than 50% on-year rise in sales in Kerala during Aug-Sep.

* VISA STEEL: Operations at its plant in Kalinganagar were suspended after a strike by local truck owners' association.