Today's Stock View – 13.12.2018
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* ADANI ENTERPRISES: Adani Group is set to pick up a significant stake in Alpha Design Technologies, a Bengaluru-based company that has a strong order book and partnerships with key manufacturers in Russia and Israel that are India's top suppliers of weapons, with an initial investment of more than 4 bln rupees.
* ADANI POWER: Has emerged as the first of the three power generators to finalise amended power
purchase agreement for its imported coal-based 4,600 MW Adani Power Mundra in Gujarat with the state distribution company Gujarat Urja Vikas Nigam.
* ADHUNIK METALIKS: Lenders to the company rejected UK-based Liberty House's offer to pay an outstanding amount of around 4.10 bln rupees in two installments by Jan 15.
* ASHOKA BUILDCON: The board will meet on Monday to consider and approve raising funds by issuing non-convertible debentures on a private placement basis.
* AXIS BANK: Has launched 'QuikPay' home loans under which monthly instalments for a customer will keep reducing gradually over the duration of the loan.
* BANDHAN BANK: Rahul Johri, retail banking head, and Prasanta Kumar Sahu, micro finance institutions lending chief, have left the bank recently to set up their own microfinance venture.
* BANK OF BARODA: The board of the bank will meet on Monday to consider raising funds through Basel- II compliant tier-II bonds.
* CORPORATION BANK: Has filed an application before the National Company Law Tribunal
against PREMIER LTD for the recovery of dues worth 519.9 mln rupees, including the principal amount of 311.7 mln rupees.
* DEEPAK FERTILISERS AND PETROCHEMICALS CORP: Has denied media report alleging it made bogus depreciation claims.
* DLF: Said its group Chief Financial Officer Saurabh Chawla has resigned from the company to explore new professional opportunities.
* EMKAY GLOBAL FINANCIAL SERVICES: Subsidiary Emkay Insurance Brokers will sell its entire insurance broking business to Ideal Insurance Brokers for 17.1 mln rupees.
* GENERAL INSURANCE CORP OF INDIA: The company and THE NEW INDIA ASSURANCE CO are likely to go for offer for sale in Jan-Mar.
* HOUSING AND URBAN DEVELOPMENT CORP: Cumulative loan sanctions stood at 120.14 bln rupees, while loan disbursals were at 113.5 bln rupees, as on Nov 30.
* ICICI BANK: Is close to appointing a forensic auditor to probe allegations of irregularities in 31 loan accounts, which were flagged by a whistleblower. The cases are being investigated by a white-collar crime specialist law firm.
* IL&FS TRANSPORTATION NETWORKS: Five flagships road project contractors have written to IL&FS Chairman Uday Kotak and marked it to the Prime Minister's Office seeking recovery of more than 20 bln rupees in dues from the company and IL&FS ENGINEERING AND CONSTRUCTION CO, a subsidiary of Infrastructure Leasing & Financial Services.
* INDIAN HOTELS CO: Is planning to spend 1.8-2.0 bln rupees to refurbish its loss-making budget brand Ginger, through a mix of a rights issue and sale, and leaseback arrangements.
* INTERGLOBE AVIATION: Moved the Supreme Court challenging Meghalaya High Court's last week order that asked it to finalise the date of commencing flying operations to the state's Umroi Airport at Shillong within a week. IndiGo's chief executive officer-appointee Greg Taylor has resigned from the company. IndiGo is in talks with Qatar Airways and Turkish Airlines for commercial partnerships, including interline and codeshares, as the carrier looks to expand its international footprint.
* ITC: Said its agri-biotech arm Technico Agri Sciences has entered into an agreement with UK-based James Hutton Institute to source 16 new varieties and 600 new clones of potato for trial and testing in India.
* JSW STEEL: JSW Group is planning to divest a quarter of the promoter holdings in its cement business through a public issue of around 45 bln rupees by 2020.
* LUPIN: The European Union general court has upheld the European Commission's decision holding the company liable to pay a fine of 40 mln euros (around $45.4 mln) in the Perindopril litigation.
* MAHANAGAR TELEPHONE NIGAM: The government said legacy staff cost, cut-throat tariff war, and absence of 4G services are some of the major reasons for losses at the company.
* MAHINDRA AND MAHINDRA: Subsidiary Mahindra Electric Mobility has signed an agreement with SmartE to deploy 1,000 Mahindra Treo and Treo Yaari electric three-wheelers in the Delhi-National Capital Region by March 2019.
* MAX INDIA: Private equity firm True North Managers Llp is close to buying out the company's entire 51% stake in standalone health insurer Max Bupa Health Insurance Co Ltd.
* NAGARJUNA OIL REFINERY: The Chennai bench of the National Company Law Tribunal has ordered liquidation of Nagarjuna Oil Corp, which is an associate firm of the company.
* PRICOL: The company and Pointer Telocation have signed a letter of intent to form a joint venture for telematics and internet of things solutions in India and South East Asia.
* PUNJAB & SIND BANK: The board has approved raising up to 5 bln rupees through qualified institutional placements and up to 15 bln rupees through tier-II bonds within a year.
- Board has also approved the issuance of up to 50 mln shares to employees/directors under the Employee Share Purchase Scheme.
* RELIANCE COMMUNICATIONS: Has told the Supreme Court that it cannot pay Ericsson 5.50 bln rupees by the Dec 15 deadline because the government has not cleared its spectrum sale to Reliance Jio Infocomm, raising fears that the company may be pushed into insolvency once again.
- Moved a contempt petition in the Supreme court against Department of Telecommunications for failing to provide the company with the no objection certificate for sale of its spectrum to Reliance Jio Infocom, within the court-directed 7-day time period.
* RELIANCE INDUSTRIES: Mukesh Ambani has an ambitious plan to utilise it's over 5,100-plus smaller Jio Point stores in more than 5,000 cities and towns as the last-mile connection point for its e-commerce venture to reach consumers without internet access or those who have never shopped online, two senior executives said. Is seeking to expand the capacity of its export-oriented oil refinery in the Special Economic Zone at Jamnagar, Gujarat, by 8.5% or 5.8 mln tn.
* SADBHAV ENGINEERING: Has received a 9.81-bln-rupee order from the National Highways Authority of India for the construction of a four-lane bypass, through the engineering, procurement and construction mode, at National Highway 24 in Uttar Pradesh.
* STRIDES PHARMA SCIENCE: Singapore-based step-down wholly-owned subsidiary Strides Pharma Global has received the US Food and Drug Administration's approval for lidocaine ointment, a generic of AstraZeneca Pharmaceuticals LP's Xylocaine ointment.
* SUN PHARMACEUTICAL INDUSTRIES: The Securities Exchange Board of India confirmed reports that it has received a whistleblower complaint against the company.
* UCO BANK: The Hong Kong Monetary Authority has enhanced supervisory arrangements on its Hong Kong Branch in view of the capital position of the bank as on Sep 30. Accordingly, the authority has asked the state-owned bank to maintain high quality liquid asset in Hong Kong, equivalent to 100% of unpledged deposits.
* UNITED BANK OF INDIA: Raised deposit rates across select maturities by 0.25%.
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