Today Stock News – 17.09.2018
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The company and Jawaharlal Nehru Port Trust in Navi Mumbai are likely to bid for Dighi Port, which was declared bankrupt by the National Company Law Tribunal in April.
* ALOK INDUSTRIES: STATE BANK OF INDIA had withdrawn the nomination of Atanu Sen from the company's board effective Friday.
* ANDHRA BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged for September.
* ARIHANT SUPERSTRUCTURES: Has undertaken a new 264-flat project on a development management model at Panvel, Maharashtra.
* ARVIND LTD: Plans to invest 5 bln rupees per annum for the next 4-5 years with an aim to double revenue from its textile business to 120 bln rupees.
* ASTEC LIFESCIENCES: The board has approved the merger of the company with parent GODREJ AGROVET, which currently holds 57.39% stake in the company.
* AXIS BANK: The apex consumer forum has asked the bank to pay over 5 mln rupees to a customer for failing to return documents submitted by him while availing a loan, even after he repaid the amount.
* BANK OF INDIA: Has to pay a penalty of 10 mln rupees to the Reserve Bank of India by Wednesday.
-Has put on block 45 bad loans aggregating more than 88 bln rupees, including those of Essar Steel, Binani Cement, Bhushan Power and GMR Chhattisgarh.
-Is looking to raise nearly 10 bln rupees through selling stake in some of its non-core assets and real estate properties.
* BHARAT PETROLEUM CORP: Exxon Mobil Corp is interested in picking up stake in Bharat Oman Refineries, a joint venture of the company and Oman Oil Co, which runs a refinery at Bina, Madhya Pradesh, as global oil producers jostle for space in India's expanding refinery market.
* BHARTI AIRTEL: SB Energy, a joint venture between Japans SoftBank, Taiwan's Foxconn Technology Group and the company, urged the government to act fairly and address concerns of investors, even as it denied charges of cartelisation to drive up solar power tariffs at the auction to develop 3,000 MW solar projects, conducted by Solar Energy Corp in July.
* BSE: Is keen to develop physical delivery-based commodity futures contracts.
* CADILA HEALTHCARE: Aims to launch 50 products in the US during the current fiscal year.
* CHEMBOND CHEMICALS: Has acquired additional 53% stake in Chembond Distribution at 26 rupees a share.
* COAL INDIA: Aims to produce 676,000 tn of methanol per annum to boost clean energy initiatives, Chairman Anil Kumar Jha said.
* CORPORATION BANK: Has hiked its marginal cost of funds-based lending rates by 10 bps, across tenures, from Saturday.
* FORTIS HEALTHCARE: After withdrawing a petition against elder brother Malvinder Singh, former promoter Shivinder Singh said the siblings would try to reach an agreement on which one of them would deal with the ongoing litigation with Daiichi Sankyo and others.
-Goldman Sachs Singapore bought 0.5% stake in the company in a bulk deal on the National Stock Exchange.
* FUTURE SUPPLY CHAIN SOLUTIONS: Has entered into a pact with Voltbek Home Appliances, a joint venture company of VOLTAS, to manage the supply chain for the joint venture's consumer electronic products under the brand Voltas Beko.
-Is ramping up food and grocery supply chain, as this segment is set to be a battleground for global retailers, with Walmart buying Flipkart and Amazon eyeing stakes in grocery retailers.
* GAMMON INDIA: An Italy-based court has declared the company's step-down subsidiary SAE Powerlines S.r.l as bankrupt. Will receive 147 mln rupees from erstwhile wholly-owned subsidiary Patna Buxar Highways, as per an order passed by the Delhi High Court on Friday.
* GVK POWER & INFRASTRUCTURE: The GVK and GMR groups are in the final stages of selling in separate deals at least a fourth stake each in the holding companies that operate the Mumbai and Delhi airports with a combined value of around $1 bln.
* HDFC ASSET MANAGEMENT CO: The company and RELIANCE NIPPON LIFE ASSET
MANAGEMENT may be hit on reports that the Securities and Exchange Board of India may soon cut fess levied by mutual fund by up to 25%.
* HDFC BANK: Has sent nearly 250 summons through e-mail and WhatsApp to customers who evade compliance, and hopes to settle cases faster by adopting the newer methods of communication.
* HINDALCO INDUSTRIES: Has signed a memorandum of understanding with the Gujarat government to set up India's biggest aluminium extrusion and aluminium recycling plants in the state.
-Will seek shareholders' approval for the issue of non-convertible debentures on private placement basis for aggregating 60 bln rupees at its forthcoming annual general meeting next week.
* HINDUSTAN UNILEVER: The National Anti-Profiteering Authority is likely to give its ruling in a matter of alleged profiteering by the company early next month.
* HOUSING DEVELOPMENT FINANCE CORP: Has paid 8.25 bln rupees as advance tax for Jul-Sep.
* ICICI PRUDENTIAL LIFE INSURANCE CO: Is looking at using Blockchain technology for faster settlement of claims.
* IFCI: Has intensified its recovery process and expects resolution of several NPA cases worth 80 bln rupees during the course of the current financial year.
* IL&FS TRANSPORTATION NETWORKS: Life Insurance Corp of India may lend as much as 12 bln rupees to cash-strapped Infrastructure Leasing & Financial Services to help it tide over its liquidity crisis as the company's board meets to discuss strategy and various other measures to sell assets and raise funds.
-LIC Mutual Fund said that it has received the first tranche of 2 bln rupees from IL&FS Securities Services on Sep 11.
-S.B. Mathur, former chairman of Life Insurance Corp, will be the new chairman of Infrastructure Leasing & Financial Services.
* INDUSIND BANK: Has hiked its marginal cost of funds-based lending rates by 5 basis points across tenures, effective Sep 17.
* INFOSYS: Wholly-owned subsidiary Infosys Consulting will acquire the entire stake in Fluido Oy for up to 65 mln euro (around 5.45 bln rupees).
* INTERGLOBE AVIATION: IndiGo announced the launch of its fifth service to Singapore.
* KPIT TECHNOLOGIES: Subsidiary Sparta Consulting Inc's net liability in a lawsuit filed by Copart Inc has been reduced to $8 mln from $16 mln, following a court ruling in the US.
* L&T TECHNOLOGY SERVICES: Will co-develop advanced digital set-top box solutions with Taiwanese company Mstar.
* LINDE INDIA: The board has given an in-principle approval for sale of JSW-2 1800 tpd air separation unit, the company's shareholding in Bellary Oxygen Co, Hyderabad cylinder filling station, and Chennai cylinder filling station.
* MAHINDRA & MAHINDRA: Aims to become a carbon neutral company by 2040 with focus on energy efficiency and usage of renewable power.
-Is considering its first ground-up hatchback as part of its plan to have a range of cars to hold its own in the Indian passenger vehicles market.
* MANAPPURAM FINANCE: The Reserve Bank of India has not approved the company's proposed acquisition of stake in Indian School Finance Co.
* MARUTI SUZUKI INDIA: Said relocation of its first plant from Gurugram to another site is "inevitable" due to congestion and traffic hassles.
* MEP INFRASTRUCTURE DEVELOPERS: Has received a letter from the toll tax department to extend the suspension period for collection of toll tax from specified commercial vehicles to Sep 30.
* NBCC (INDIA): Clarified that it has not received any order from the Supreme Court to develop stalled projects of the Amrapali Group.
* RELIANCE COMMUNICATIONS: Global rating agency Moody's Investors Service has kept the ratings of GCX, a subsidiary of the company, on review for a downgrade, keeping in mind the financial stress the parent firm is going through.
* RELIANCE INDUSTRIES: Subsidiary Reliance Retail Ventures has acquired an additional 3.1% stake in Genesis Colors for 83.9 mln rupees.
-The law ministry has held that an international arbitration panel's ruling rejecting the government's demand for $1.5 bln from the company and its partners for allegedly siphoning gas from fields of OIL & NATURAL GAS CORP is a fit case for appeal.
-Micromax and subsidiary Reliance Jio has bagged a 15-bln-rupee order from the Chhattisgarh government to distribute 5 mln smartphones to women and students in the state.
* RELIANCE INFRASTRUCTURE: Is foraying into composites manufacturing for supply to aircraft makers with an initial investment of 850 mln rupees and it targeting exports of 3.15 bln rupees over next five years.
* RELIGARE ENTERPRISES: Allotted 4.47 mln shares at 42.30 rupees each to three convertible warrant holders.
* SADHANA NITRO CHEM: The board of the company will meet on Sep 24 to consider a proposal for a stock split of equity shares.
* SHRIRAM EPC: Will have to pay Rioglass Solar SA 4.7 mln euro (around 395 mln rupees), awarded by the International Court of Arbitration, following a Supreme Court judgement on Thursday.
* SREI INFRASTRUCTURE FINANCE: Has mulled floating defence offset funds to provide equity to micro, small and medium enterprises manufacturing defence equipment.
* STATE BANK OF INDIA: Said there was no laxity on its part in dealing with loan default by fugitive liquor baron Vijay Mallya's now defunct Kingfisher Airlines.
Instead of initiating bankruptcy proceedings against the defaulting companies, the bank is now looking to sell them to asset reconstruction companies.
* STERLITE TECHNOLOGIES: The board of the company has approved capital expenditure of 3.2 bln rupees to add capacity of 15 mln fibre km, nearly doubling the capacity to 33 mln fibre km.
* TATA CONSULTANCY SERVICES: Has won a contract worth about 5 bln rupees, which involves
infrastructure management services and application development, from Thomson Reuters.
* TATA MOTORS: Fitch Ratings has revised the outlook on the company's subsidiary Jaguar Land Rover, which is facing Brexit and currency headwinds, to negative from stable, but affirmed the rating on its debt at BB+.
-Is narrowing the gap with homegrown rival MAHINDRA & MAHINDRA to challenge the position of thirdbiggest passenger vehicle maker in India by sales.
* TATA STEEL: Has launched an ambitious project to significantly extend the operational life of one of the two huge blast furnaces of its UK's largest steelworks at Port Talbot in South Wales.
* TCI EXPRESS: Is looking to increase its staff strength by 500 as it sees sharp growth on the back of higher demand.
* TECH MAHINDRA: Has sacked its chief diversity officer, Richa Gautam, after an internal investigation found that she had discriminated against and harassed a former employee over his sexual orientation.
* UNITECH: The Supreme Court has allotted 210 mln rupees to the company to construct and deliver 514 flats to Unitech homebuyers.
* UNITED BANK OF INDIA: Has hiked its marginal cost of funds-based lending rates by 5 bps across tenures, effective Sep 14. Has decided to quit Antwerp diamond hub in Belgium as the branch did not generate expected business.
* VEDANTA: May have to fork out a few million dollars more to get an extension as the operator for its most prolific oil and gas producing asset in Barmer, Rajasthan.
* WIPRO: Subsidiary Wipro Gallagher Solutions and Mercury Network will jointly offer an appraisal
management platform for customers in the financial services space, including banks, mortgage companies, credit unions, underwriting and appraisal management companies.
* WOCKHARDT: A week after the Centre banned the manufacture, sale and distribution of 328 fixed dose combination drugs, the company moved the Delhi High Court against the health ministry's decision. The Delhi High Court allowed the company time till Tuesday to sell its anti-inflammatory medicine, which is among the 328 fixed dose combination drugs banned by the Centre a week ago.
* YES BANK: Has set a coupon rate of 9.1164% on its Basel III-compliant, tier-II bonds maturing in 10 years. -Has paid 7.5 bln rupees as advance tax for Jul-Sep, 27.11% higher than 5.9 bln rupees paid in the same quarter last year.
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* ALOK INDUSTRIES: STATE BANK OF INDIA had withdrawn the nomination of Atanu Sen from the company's board effective Friday.
* ANDHRA BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged for September.
* ARIHANT SUPERSTRUCTURES: Has undertaken a new 264-flat project on a development management model at Panvel, Maharashtra.
* ARVIND LTD: Plans to invest 5 bln rupees per annum for the next 4-5 years with an aim to double revenue from its textile business to 120 bln rupees.
* ASTEC LIFESCIENCES: The board has approved the merger of the company with parent GODREJ AGROVET, which currently holds 57.39% stake in the company.
* AXIS BANK: The apex consumer forum has asked the bank to pay over 5 mln rupees to a customer for failing to return documents submitted by him while availing a loan, even after he repaid the amount.
* BANK OF INDIA: Has to pay a penalty of 10 mln rupees to the Reserve Bank of India by Wednesday.
-Has put on block 45 bad loans aggregating more than 88 bln rupees, including those of Essar Steel, Binani Cement, Bhushan Power and GMR Chhattisgarh.
-Is looking to raise nearly 10 bln rupees through selling stake in some of its non-core assets and real estate properties.
* BHARAT PETROLEUM CORP: Exxon Mobil Corp is interested in picking up stake in Bharat Oman Refineries, a joint venture of the company and Oman Oil Co, which runs a refinery at Bina, Madhya Pradesh, as global oil producers jostle for space in India's expanding refinery market.
* BHARTI AIRTEL: SB Energy, a joint venture between Japans SoftBank, Taiwan's Foxconn Technology Group and the company, urged the government to act fairly and address concerns of investors, even as it denied charges of cartelisation to drive up solar power tariffs at the auction to develop 3,000 MW solar projects, conducted by Solar Energy Corp in July.
* BSE: Is keen to develop physical delivery-based commodity futures contracts.
* CADILA HEALTHCARE: Aims to launch 50 products in the US during the current fiscal year.
* CHEMBOND CHEMICALS: Has acquired additional 53% stake in Chembond Distribution at 26 rupees a share.
* COAL INDIA: Aims to produce 676,000 tn of methanol per annum to boost clean energy initiatives, Chairman Anil Kumar Jha said.
* CORPORATION BANK: Has hiked its marginal cost of funds-based lending rates by 10 bps, across tenures, from Saturday.
* FORTIS HEALTHCARE: After withdrawing a petition against elder brother Malvinder Singh, former promoter Shivinder Singh said the siblings would try to reach an agreement on which one of them would deal with the ongoing litigation with Daiichi Sankyo and others.
-Goldman Sachs Singapore bought 0.5% stake in the company in a bulk deal on the National Stock Exchange.
* FUTURE SUPPLY CHAIN SOLUTIONS: Has entered into a pact with Voltbek Home Appliances, a joint venture company of VOLTAS, to manage the supply chain for the joint venture's consumer electronic products under the brand Voltas Beko.
-Is ramping up food and grocery supply chain, as this segment is set to be a battleground for global retailers, with Walmart buying Flipkart and Amazon eyeing stakes in grocery retailers.
* GAMMON INDIA: An Italy-based court has declared the company's step-down subsidiary SAE Powerlines S.r.l as bankrupt. Will receive 147 mln rupees from erstwhile wholly-owned subsidiary Patna Buxar Highways, as per an order passed by the Delhi High Court on Friday.
* GVK POWER & INFRASTRUCTURE: The GVK and GMR groups are in the final stages of selling in separate deals at least a fourth stake each in the holding companies that operate the Mumbai and Delhi airports with a combined value of around $1 bln.
* HDFC ASSET MANAGEMENT CO: The company and RELIANCE NIPPON LIFE ASSET
MANAGEMENT may be hit on reports that the Securities and Exchange Board of India may soon cut fess levied by mutual fund by up to 25%.
* HDFC BANK: Has sent nearly 250 summons through e-mail and WhatsApp to customers who evade compliance, and hopes to settle cases faster by adopting the newer methods of communication.
* HINDALCO INDUSTRIES: Has signed a memorandum of understanding with the Gujarat government to set up India's biggest aluminium extrusion and aluminium recycling plants in the state.
-Will seek shareholders' approval for the issue of non-convertible debentures on private placement basis for aggregating 60 bln rupees at its forthcoming annual general meeting next week.
* HINDUSTAN UNILEVER: The National Anti-Profiteering Authority is likely to give its ruling in a matter of alleged profiteering by the company early next month.
* HOUSING DEVELOPMENT FINANCE CORP: Has paid 8.25 bln rupees as advance tax for Jul-Sep.
* ICICI PRUDENTIAL LIFE INSURANCE CO: Is looking at using Blockchain technology for faster settlement of claims.
* IFCI: Has intensified its recovery process and expects resolution of several NPA cases worth 80 bln rupees during the course of the current financial year.
* IL&FS TRANSPORTATION NETWORKS: Life Insurance Corp of India may lend as much as 12 bln rupees to cash-strapped Infrastructure Leasing & Financial Services to help it tide over its liquidity crisis as the company's board meets to discuss strategy and various other measures to sell assets and raise funds.
-LIC Mutual Fund said that it has received the first tranche of 2 bln rupees from IL&FS Securities Services on Sep 11.
-S.B. Mathur, former chairman of Life Insurance Corp, will be the new chairman of Infrastructure Leasing & Financial Services.
* INDUSIND BANK: Has hiked its marginal cost of funds-based lending rates by 5 basis points across tenures, effective Sep 17.
* INFOSYS: Wholly-owned subsidiary Infosys Consulting will acquire the entire stake in Fluido Oy for up to 65 mln euro (around 5.45 bln rupees).
* INTERGLOBE AVIATION: IndiGo announced the launch of its fifth service to Singapore.
* KPIT TECHNOLOGIES: Subsidiary Sparta Consulting Inc's net liability in a lawsuit filed by Copart Inc has been reduced to $8 mln from $16 mln, following a court ruling in the US.
* L&T TECHNOLOGY SERVICES: Will co-develop advanced digital set-top box solutions with Taiwanese company Mstar.
* LINDE INDIA: The board has given an in-principle approval for sale of JSW-2 1800 tpd air separation unit, the company's shareholding in Bellary Oxygen Co, Hyderabad cylinder filling station, and Chennai cylinder filling station.
* MAHINDRA & MAHINDRA: Aims to become a carbon neutral company by 2040 with focus on energy efficiency and usage of renewable power.
-Is considering its first ground-up hatchback as part of its plan to have a range of cars to hold its own in the Indian passenger vehicles market.
* MANAPPURAM FINANCE: The Reserve Bank of India has not approved the company's proposed acquisition of stake in Indian School Finance Co.
* MARUTI SUZUKI INDIA: Said relocation of its first plant from Gurugram to another site is "inevitable" due to congestion and traffic hassles.
* MEP INFRASTRUCTURE DEVELOPERS: Has received a letter from the toll tax department to extend the suspension period for collection of toll tax from specified commercial vehicles to Sep 30.
* NBCC (INDIA): Clarified that it has not received any order from the Supreme Court to develop stalled projects of the Amrapali Group.
* RELIANCE COMMUNICATIONS: Global rating agency Moody's Investors Service has kept the ratings of GCX, a subsidiary of the company, on review for a downgrade, keeping in mind the financial stress the parent firm is going through.
* RELIANCE INDUSTRIES: Subsidiary Reliance Retail Ventures has acquired an additional 3.1% stake in Genesis Colors for 83.9 mln rupees.
-The law ministry has held that an international arbitration panel's ruling rejecting the government's demand for $1.5 bln from the company and its partners for allegedly siphoning gas from fields of OIL & NATURAL GAS CORP is a fit case for appeal.
-Micromax and subsidiary Reliance Jio has bagged a 15-bln-rupee order from the Chhattisgarh government to distribute 5 mln smartphones to women and students in the state.
* RELIANCE INFRASTRUCTURE: Is foraying into composites manufacturing for supply to aircraft makers with an initial investment of 850 mln rupees and it targeting exports of 3.15 bln rupees over next five years.
* RELIGARE ENTERPRISES: Allotted 4.47 mln shares at 42.30 rupees each to three convertible warrant holders.
* SADHANA NITRO CHEM: The board of the company will meet on Sep 24 to consider a proposal for a stock split of equity shares.
* SHRIRAM EPC: Will have to pay Rioglass Solar SA 4.7 mln euro (around 395 mln rupees), awarded by the International Court of Arbitration, following a Supreme Court judgement on Thursday.
* SREI INFRASTRUCTURE FINANCE: Has mulled floating defence offset funds to provide equity to micro, small and medium enterprises manufacturing defence equipment.
* STATE BANK OF INDIA: Said there was no laxity on its part in dealing with loan default by fugitive liquor baron Vijay Mallya's now defunct Kingfisher Airlines.
Instead of initiating bankruptcy proceedings against the defaulting companies, the bank is now looking to sell them to asset reconstruction companies.
* STERLITE TECHNOLOGIES: The board of the company has approved capital expenditure of 3.2 bln rupees to add capacity of 15 mln fibre km, nearly doubling the capacity to 33 mln fibre km.
* TATA CONSULTANCY SERVICES: Has won a contract worth about 5 bln rupees, which involves
infrastructure management services and application development, from Thomson Reuters.
* TATA MOTORS: Fitch Ratings has revised the outlook on the company's subsidiary Jaguar Land Rover, which is facing Brexit and currency headwinds, to negative from stable, but affirmed the rating on its debt at BB+.
-Is narrowing the gap with homegrown rival MAHINDRA & MAHINDRA to challenge the position of thirdbiggest passenger vehicle maker in India by sales.
* TATA STEEL: Has launched an ambitious project to significantly extend the operational life of one of the two huge blast furnaces of its UK's largest steelworks at Port Talbot in South Wales.
* TCI EXPRESS: Is looking to increase its staff strength by 500 as it sees sharp growth on the back of higher demand.
* TECH MAHINDRA: Has sacked its chief diversity officer, Richa Gautam, after an internal investigation found that she had discriminated against and harassed a former employee over his sexual orientation.
* UNITECH: The Supreme Court has allotted 210 mln rupees to the company to construct and deliver 514 flats to Unitech homebuyers.
* UNITED BANK OF INDIA: Has hiked its marginal cost of funds-based lending rates by 5 bps across tenures, effective Sep 14. Has decided to quit Antwerp diamond hub in Belgium as the branch did not generate expected business.
* VEDANTA: May have to fork out a few million dollars more to get an extension as the operator for its most prolific oil and gas producing asset in Barmer, Rajasthan.
* WIPRO: Subsidiary Wipro Gallagher Solutions and Mercury Network will jointly offer an appraisal
management platform for customers in the financial services space, including banks, mortgage companies, credit unions, underwriting and appraisal management companies.
* WOCKHARDT: A week after the Centre banned the manufacture, sale and distribution of 328 fixed dose combination drugs, the company moved the Delhi High Court against the health ministry's decision. The Delhi High Court allowed the company time till Tuesday to sell its anti-inflammatory medicine, which is among the 328 fixed dose combination drugs banned by the Centre a week ago.
* YES BANK: Has set a coupon rate of 9.1164% on its Basel III-compliant, tier-II bonds maturing in 10 years. -Has paid 7.5 bln rupees as advance tax for Jul-Sep, 27.11% higher than 5.9 bln rupees paid in the same quarter last year.
