Today Stock News – 11.07.2018

Today Stock News – 11.07.2018


* ADVANCED ENZYME TECHNOLOGIES: Has completed investment of 1.7 mln rupees by subscribing to 100,000 rights share issue of wholly-owned subsidiary Advanced Enzymes (Malaysia) Sdn Bhd.

* ANDHRA BANK: The board has approved raising funds through preferential issue of shares, qualified institutional placement, or follow-on public offer.

* AXIS BANK: At a meeting on Monday, the board of directors of the bank shortlisted three candidates for the post of managing director and chief executive.

* BANK OF BARODA: Will enter into a joint venture with South Korea's KB Financial Group to develop an  innovative payments business, which may include issuance of new branded cards.
 The bank has sought applications for the post of chief financial officer.

* BHARTI AIRTEL: Will make significant investments to expand high-speed network footprint across West Bengal as part of network transformation initiative called Project Leap.
 Plans to raise about 69 bln rupees through overseas loans as it aims to refinance its high-cost debt to free up cash for capital expenditure needed to expand its fourth generation network.
 The National Company Law Tribunal has given its nod to the merger of Bharti Digital Networks Private with the company.

* BIGBLOC CONSTRUCTION: The board has approved acquisition of Hilltop Concrete for 200 mln rupees and making it a wholly-owned subsidiary.

* BIOCON: Has decided to put the development of a biosimilar of etanercept on the backburner, as the Bengaluru-based company hopes to reap the benefits from partner Mylan's new tie-up with local drug maker LUPIN.

* CAPITAL FIRST: Will raise up to 2 bln rupees through the issue of non-convertible debentures maturing in 1,092 days, at a coupon of 9%.

* DAMODAR INDUSTRIES: Board will meet on Jul 28 to consider a proposal of sub-division of equity shares of the company.

* DREDGING CORP OF INDIA: The Bombay High Court has restrained Mumbai Port Trust

* IDBI BANK: Cash-rich Life Insurance Corp of India has "high holding capacity" and as such has no reason to panic with respect to acquiring majority stake in the bank, said Nilesh Sathe, whole time member-life at Insurance Regulatory and Development Authority of India told.
 The government may look at the option of selling its stake in the bank to Life Insurance Corp of India through preferential allotment followed by an open offer if required.
 LIC employee unions have said that they are against the proposal for the insurer to acquire 51% stake in the bank as it would hurt the interest of policyholders and their premium money.

* IDEA CELLULAR: Vodafone India and the company have received a letter of approval from the
Department of Telecommunications for their merger, Vodafone Group Plc Chief Executive Officer-designate Nick Read told.

* IFCI: Has devised a multi-pronged turnaround strategy to tackle the current weak asset quality issues and strengthen its balance sheet.

* INFOSYS: BlackRock has cut its stake in the American Depositary Shares of the company to under 5%.

* ITC: Has hired Dr Chandy Abraham from Narayana Health as chief executive of its upcoming hospital and healthcare business.

* JSW STEEL: Is looking to acquire smaller steel plants in India and overseas that produce specialised products.

* KEC INTERNATIONAL: Has received orders worth 13.57 bln rupees from its various businesses.

* KRIDHAN INFRA: Associate company Vijay Nirman Co has received an order worth 742 mln rupees for construction work at Indira Gandhi International Airport, Delhi.

* MAX VENTURES AND INDUSTRIES: The SEBI has rejected the request for exemption from making an open offer from Neeman Family Foundation (Trust) in the case of the company and MAX INDIA.

* MBL INFRASTRUCTURES: The board has allotted 63.30 mln shares to the promoter and promoter group of the company on a preferential basis.

* MUTHOOT FINANCE: Has set a target to achieve 30 bln-rupee assets under management in the personal loan segment by 2023.

* PETRONET LNG: K.D. Tripathi has ceased to be chairman and director of the company.

* PNB HOUSING FINANCE: In the aftermath of the over $2 bln alleged fraud at PUNJAB NATIONAL BANK by Nirav Modi, the state-owned lender along with its partner The Carlyle Group's Quality Investment Holdings are looking to sell a minimum of 51% stake in the company.

* PUNJAB NATIONAL BANK: Has segregated its loan appraisal and monitoring system and created various verticals to reduce credit risk, in the aftermath of the 140-bln-rupee Nirav Modi fraud.

* RELIANCE INDUSTRIES: India Gas Solutions, a 50:50 joint-venture of the company and BP Plc, has submitted technical bids for 15 geographical areas in the ninth round of auctions for city gas distribution licenses, while INDRAPRASTHA GAS has put in bids for another 13 geographical areas.

* RUCHI SOYA INDUSTRIES: Patanjali Ayurved will not back out from the race to acquire bankruptcybound the company and explore all options, including legal, to clinch the deal, its Managing Director Acharya Balkrishna said.

* SHALIMAR PAINTS: The board has approved raising up to 2.4 bln rupees through a rights issue of shares.

* SREI INFRASTRUCTURE FINANCE: Deccan Chronicle Holdings is headed towards liquidation as the resolution plan submitted by highest bidder--an arm of the company--failed to get requisite votes from creditors.

* STATE BANK OF INDIA: The Central Bureau of Investigation has filed a case against three Mumbaibased private companies and employees of the bank, linked to three separate frauds totaling 1.37 bln rupees. A consortium of lenders led by the bank has sought bids from consultants who will validate the costs associated with the running of Videocon Oil Ventures' upstream oil and gas assets in South America and South East Asia.

* TATA COFFEE: Taking its partnership with US-based Starbucks to the next level, the company has started supplying homegrown coffee to the Starbucks Reserve in Seattle on a pilot basis.

* TATA GLOBAL BEVERAGES: Has now four cafes in Bengaluru and plans to expand into other metros.

* TATA MOTORS: Wholly-owned subsidiary Tata Motors Finance Holdings has acquired 26% stake in TruckEasy.

* UTTAM SUGAR MILLS: Board has approved raising up to 5 bln rupees by issuances of securities through private placement/preferential allotment or otherwise, to fund capital expenditure and working capital requirements of the company.

* VEDANTA: The Vedanta Group will team up with Anglo American to bid for Indian coal mines when auctions are called.