Today Stock News – 01.08.2018
* ASIAN PAINTS: Has cut product prices by 3-11% to pass on the benefits of the reduction in the goods and services tax rate on paints, the company said in a public notice.
* ATUL AUTO: The company is firming up plans to set up a new manufacturing facility near Ahmedabad in Gujarat and aims to commence production by October next year.
* AXIS BANK: WhatsApp has updated its privacy policy for payment services in India and has added the bank and HDFC BANK to its list of partner banks, which already includes ICICI BANK.
* BANK OF BARODA: Has closed its branch at Bahamas from Thursday, the one at Oman from Jul 2, and the branch at Bahrain from Jun 28 as part of its plan to rationalise overseas operations.
* BANK OF INDIA: Has identified seven-eight accounts with an exposure aggregating 20-30 bln rupees, to be shifted to the proposed asset management company, which has been envisaged for resolution by the Sunil Mehta panel under Project Sashakt.
* BHARTI AIRTEL: The company's enterprise, or 'business-to-business arm', will act as a major growth engine, and the company is digitising this business to spur growth and acquire new customers.
-Razorpay has partnered with the company to help the latter's customers make seamless online payments through unified payment interface on the telecom firm's website and mobile app.
* C & C CONSTRUCTIONS: HDFC Mutual Fund has sold 581,615 shares or 2.29% stake in the company through the open market on Monday.
* COAL INDIA: Is considering outsourcing coal bed methane production to global operators and will set aside 30 bln rupees to part-finance the initiative, company executives said.
* FORTIS HEALTHCARE: Chief Executive Officer Bhavdeep Singh and Chief Financial Officer Gagandeep Singh Bedi were aware of and approved loans worth 4.94 bln rupees to three entities allegedly linked to the former promoters of the hospital chain--Malvinder and Shivinder Singh.
* GATI: The company's Chief Financial Officer Manoj Gupta has resigned.
* HATHWAY CABLE & DATACOM: Promoters of the company are set to infuse 3.5 bln rupees in the company over the next 18 months.
* HDFC BANK: The bank has closed its equity issue comprising a mix of qualified institutional placement and American Depository Receipts, worth 155 bln rupees, and set an issue price of 2,160 rupees a share, which is at a discount of 0.88% to the floor price.
* ICE MAKE REFRIGERATION: Has forayed into manufacturing of ammonia-based refrigeration equipment and turnkey projects management.
* ICICI BANK: Has said provisions against bad loans are expected to remain at elevated levels in the current financial year as the lender would have to earmark more funds for meeting the Reserve Bank of India norms.
* IDEA CELLULAR: The company expects its merger with Vodafone Group's India operations to be
completed by the end of August. Has added the most number of users in June with the addition of 6.3 mln users on its network.
* INDIAN OIL CORP: Is ready with a back-up plan in case there is a shortfall in supply of crude oil from Iran due to re-imposition of sanctions by the US on the West Asian country, the state-owned company's Chairman and Managing Director Sanjeev Singh said.
* INFOSYS: Has decided not to completely sever ties with Panaya and Skava, the two companies it has put on the block.
* INOX LEISURE: HDFC Mutual Fund has bought 4.5 mln shares or 4.66% stake in the company at 195 rupees each through a bulk deal on the BSE.
* ITC: The company is re-structuring its branded apparel business.
* JET AIRWAYS INDIA: Will introduce new flights from Wednesday on the Indore-Chandigarh, IndoreHyderabad, and Bengaluru-Guwahati routes. Has informed its employees that they will have to take a salary cut of up to 25% as cost of operations for airlines is increasing on the back of rising crude and falling rupee.
* JINDAL STEEL & POWER: Has secured an order from Indian Railways to supply 100,000 tn of rails for a year.
* JK TYRE & INDUSTRIES: Subsidiary Cavendish Industries Ltd posted a net loss of 136.2 mln rupees for 2017-18 (Apr-Mar), compared to a net profit of 283.2 mln rupees the previous year, according to the company's annual report.
* JSW STEEL: Lenders of Bhushan Power & Steel have received only one revised bid, which has been from the company, as the other two suitors--TATA STEEL and Liberty House--have not amended the offers they previously made.
* KARUR VYSYA BANK: StarAgri Finance, a subsidiary of StarAgri Warehousing and Collateral
Management, and the bank have entered into a strategic tie-up for co-lending against agriculture commodities stored in StarAgri's warehouses.
* LAKSHMI VILAS BANK: Will cut its overnight, one-month and six-month marginal cost of funds-based lending rates by 5 basis points, effective Wednesday.
* LARSEN & TOUBRO: Sees greater business prospects in high-speed and conventional railway projects, metro rail and mass rapid transport systems due to increased spending by the government on the infrastructure sector.
* LYCOS INTERNET: The board has approved raising up to 600 mln rupees through the issue of equity.
* MAHINDRA & MAHINDRA: Will launch its multi-purpose vehicle Mahindra Marazzo in Jul-Sep. Is placing a bold bet on an all-new multi-purpose vehicle in the upcoming festival season, as it aims to accelerate volume growth and regain lost share in the highly competitive yet growing market.
* NBCC (INDIA): Has emerged as the front-runner to acquire two public sector consultancy firms, HSCC (India), formerly known as Hospital Services Consultancy, and Engineering Projects (India).
* NTPC: The company's management has blamed three of its engineers for the Unchahar plant accident, which killed over 30 persons in November 2017, an internal inquiry committee report said.
* ORIENT REFRACTORIES: The board of the company has approved the merger of RHI India and RHI Clasil--companies owned by its parent RHI Magnesita Group--with itself to simplify its corporate structure.
* PUNJAB NATIONAL BANK: Has kept its marginal cost of funds-based lending rates unchanged for August.
-The Registrar of Companies has not received any complaint forwarded by the Prime Minister's Office regarding the fraud in the bank.
* RELIANCE INDUSTRIES: An arbitration panel has issued an award in favour of Reliance-led consortium in the so-called gas migration dispute case, the company said.
* RUCHI SOYA INDUSTRIES: Lenders of the company are scheduled to meet on Wednesday to consider a offer submitted by Adani Wilmar, which emerged as the highest bidder with 60 bln rupees bid to acquire the firm.
* SOLAR INDUSTRIES INDIA: Has raised the price at which it supplies bulk explosives to its largest customer Coal India Ltd by 7.5% in April, Chief Financial Officer Nilesh Panpaliya said.
* STATE BANK OF INDIA: The bank's subsidiary, SBI Capital Markets, has discontinued offering services to private companies on debt syndication and resolution.
* STERLING BIOTECH: The committee of creditors has approved the appointment of Sundaresh Bhat as the resolution professional of the company.
* TALWALKARS LIFESTYLES: Smaller Cap World Fund has sold 1.33 mln shares or 4.30% stake in the company at 135.52 rupees apiece through a bulk deal on the National Stock Exchange.
* TATA CONSULTANCY SERVICES: The company, ROLTA INDIA and the Centre for Development of Advanced Computing have placed initial bids for building and maintaining a re-designed Long-Range Identification and Tracking system for ships, for the government. Will be the technology partner of the Indian Railways, which plans to hire about 100,000 people this year through phase-wise online examinations, commencing Aug 9.
* TATA MOTORS: Will shut its manufacturing operations in Thailand in the current financial year ending March, as the business is sub-scale and not sustainable.
-The government is likely to issue a show-cause notice to the company seeking reasons for not scrapping the first bulk order for electric cars, as it alleges that the automaker was reneging on the contract.
* TATA STEEL: The committee of creditors to Bhushan Power & Steel has picked the company as the highest qualified bidder-for the second time-after a marathon meeting.
* TEJAS NETWORKS: Will provide Algeria-based ICOSNET high-speed internet through its optical products.
* TRIBHOVANDAS BHIMJI ZAVERI: Aims to increase its footprint on a pan-India basis and focus on growth in same-store sales.
* ULTRATECH CEMENT: D.D. Rathi resigned as company's non-executive director on Friday.
* VEDANTA: Has abandoned its plan of setting up a greenfield integrated steel plant in Jharkhand.
-Subsidiary Vedanta Resources on Tuesday made a $1-bln offer to buy 33.47% non-promoter shares, which values the company at $3.07 bln.
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* ATUL AUTO: The company is firming up plans to set up a new manufacturing facility near Ahmedabad in Gujarat and aims to commence production by October next year.
* AXIS BANK: WhatsApp has updated its privacy policy for payment services in India and has added the bank and HDFC BANK to its list of partner banks, which already includes ICICI BANK.
* BANK OF BARODA: Has closed its branch at Bahamas from Thursday, the one at Oman from Jul 2, and the branch at Bahrain from Jun 28 as part of its plan to rationalise overseas operations.
* BANK OF INDIA: Has identified seven-eight accounts with an exposure aggregating 20-30 bln rupees, to be shifted to the proposed asset management company, which has been envisaged for resolution by the Sunil Mehta panel under Project Sashakt.
* BHARTI AIRTEL: The company's enterprise, or 'business-to-business arm', will act as a major growth engine, and the company is digitising this business to spur growth and acquire new customers.
-Razorpay has partnered with the company to help the latter's customers make seamless online payments through unified payment interface on the telecom firm's website and mobile app.
* C & C CONSTRUCTIONS: HDFC Mutual Fund has sold 581,615 shares or 2.29% stake in the company through the open market on Monday.
* COAL INDIA: Is considering outsourcing coal bed methane production to global operators and will set aside 30 bln rupees to part-finance the initiative, company executives said.
* FORTIS HEALTHCARE: Chief Executive Officer Bhavdeep Singh and Chief Financial Officer Gagandeep Singh Bedi were aware of and approved loans worth 4.94 bln rupees to three entities allegedly linked to the former promoters of the hospital chain--Malvinder and Shivinder Singh.
* GATI: The company's Chief Financial Officer Manoj Gupta has resigned.
* HATHWAY CABLE & DATACOM: Promoters of the company are set to infuse 3.5 bln rupees in the company over the next 18 months.
* HDFC BANK: The bank has closed its equity issue comprising a mix of qualified institutional placement and American Depository Receipts, worth 155 bln rupees, and set an issue price of 2,160 rupees a share, which is at a discount of 0.88% to the floor price.
* ICE MAKE REFRIGERATION: Has forayed into manufacturing of ammonia-based refrigeration equipment and turnkey projects management.
* ICICI BANK: Has said provisions against bad loans are expected to remain at elevated levels in the current financial year as the lender would have to earmark more funds for meeting the Reserve Bank of India norms.
* IDEA CELLULAR: The company expects its merger with Vodafone Group's India operations to be
completed by the end of August. Has added the most number of users in June with the addition of 6.3 mln users on its network.
* INDIAN OIL CORP: Is ready with a back-up plan in case there is a shortfall in supply of crude oil from Iran due to re-imposition of sanctions by the US on the West Asian country, the state-owned company's Chairman and Managing Director Sanjeev Singh said.
* INFOSYS: Has decided not to completely sever ties with Panaya and Skava, the two companies it has put on the block.
* INOX LEISURE: HDFC Mutual Fund has bought 4.5 mln shares or 4.66% stake in the company at 195 rupees each through a bulk deal on the BSE.
* ITC: The company is re-structuring its branded apparel business.
* JET AIRWAYS INDIA: Will introduce new flights from Wednesday on the Indore-Chandigarh, IndoreHyderabad, and Bengaluru-Guwahati routes. Has informed its employees that they will have to take a salary cut of up to 25% as cost of operations for airlines is increasing on the back of rising crude and falling rupee.
* JINDAL STEEL & POWER: Has secured an order from Indian Railways to supply 100,000 tn of rails for a year.
* JK TYRE & INDUSTRIES: Subsidiary Cavendish Industries Ltd posted a net loss of 136.2 mln rupees for 2017-18 (Apr-Mar), compared to a net profit of 283.2 mln rupees the previous year, according to the company's annual report.
* JSW STEEL: Lenders of Bhushan Power & Steel have received only one revised bid, which has been from the company, as the other two suitors--TATA STEEL and Liberty House--have not amended the offers they previously made.
* KARUR VYSYA BANK: StarAgri Finance, a subsidiary of StarAgri Warehousing and Collateral
Management, and the bank have entered into a strategic tie-up for co-lending against agriculture commodities stored in StarAgri's warehouses.
* LAKSHMI VILAS BANK: Will cut its overnight, one-month and six-month marginal cost of funds-based lending rates by 5 basis points, effective Wednesday.
* LARSEN & TOUBRO: Sees greater business prospects in high-speed and conventional railway projects, metro rail and mass rapid transport systems due to increased spending by the government on the infrastructure sector.
* LYCOS INTERNET: The board has approved raising up to 600 mln rupees through the issue of equity.
* MAHINDRA & MAHINDRA: Will launch its multi-purpose vehicle Mahindra Marazzo in Jul-Sep. Is placing a bold bet on an all-new multi-purpose vehicle in the upcoming festival season, as it aims to accelerate volume growth and regain lost share in the highly competitive yet growing market.
* NBCC (INDIA): Has emerged as the front-runner to acquire two public sector consultancy firms, HSCC (India), formerly known as Hospital Services Consultancy, and Engineering Projects (India).
* NTPC: The company's management has blamed three of its engineers for the Unchahar plant accident, which killed over 30 persons in November 2017, an internal inquiry committee report said.
* ORIENT REFRACTORIES: The board of the company has approved the merger of RHI India and RHI Clasil--companies owned by its parent RHI Magnesita Group--with itself to simplify its corporate structure.
* PUNJAB NATIONAL BANK: Has kept its marginal cost of funds-based lending rates unchanged for August.
-The Registrar of Companies has not received any complaint forwarded by the Prime Minister's Office regarding the fraud in the bank.
* RELIANCE INDUSTRIES: An arbitration panel has issued an award in favour of Reliance-led consortium in the so-called gas migration dispute case, the company said.
* RUCHI SOYA INDUSTRIES: Lenders of the company are scheduled to meet on Wednesday to consider a offer submitted by Adani Wilmar, which emerged as the highest bidder with 60 bln rupees bid to acquire the firm.
* SOLAR INDUSTRIES INDIA: Has raised the price at which it supplies bulk explosives to its largest customer Coal India Ltd by 7.5% in April, Chief Financial Officer Nilesh Panpaliya said.
* STATE BANK OF INDIA: The bank's subsidiary, SBI Capital Markets, has discontinued offering services to private companies on debt syndication and resolution.
* STERLING BIOTECH: The committee of creditors has approved the appointment of Sundaresh Bhat as the resolution professional of the company.
* TALWALKARS LIFESTYLES: Smaller Cap World Fund has sold 1.33 mln shares or 4.30% stake in the company at 135.52 rupees apiece through a bulk deal on the National Stock Exchange.
* TATA CONSULTANCY SERVICES: The company, ROLTA INDIA and the Centre for Development of Advanced Computing have placed initial bids for building and maintaining a re-designed Long-Range Identification and Tracking system for ships, for the government. Will be the technology partner of the Indian Railways, which plans to hire about 100,000 people this year through phase-wise online examinations, commencing Aug 9.
* TATA MOTORS: Will shut its manufacturing operations in Thailand in the current financial year ending March, as the business is sub-scale and not sustainable.
-The government is likely to issue a show-cause notice to the company seeking reasons for not scrapping the first bulk order for electric cars, as it alleges that the automaker was reneging on the contract.
* TATA STEEL: The committee of creditors to Bhushan Power & Steel has picked the company as the highest qualified bidder-for the second time-after a marathon meeting.
* TEJAS NETWORKS: Will provide Algeria-based ICOSNET high-speed internet through its optical products.
* TRIBHOVANDAS BHIMJI ZAVERI: Aims to increase its footprint on a pan-India basis and focus on growth in same-store sales.
* ULTRATECH CEMENT: D.D. Rathi resigned as company's non-executive director on Friday.
* VEDANTA: Has abandoned its plan of setting up a greenfield integrated steel plant in Jharkhand.
-Subsidiary Vedanta Resources on Tuesday made a $1-bln offer to buy 33.47% non-promoter shares, which values the company at $3.07 bln.
