Today's Stock View – 21.01.2019
* ALKEM LABORATORIES: The US Food and Drug Administration issued no observations to the
company's manufacturing facility at Daman, after concluding its inspection on Friday.
* AXIS BANK: The bank's new Chief Executive Officer Amitabh Chaudhry is in talks to hire FEDERAL BANK's Executive Director Ganesh Sankaran and HDFC BANK's Ravi Narayanan as part of the broader strategy to strengthen the leadership team at the Mumbai-based lender.
* BHARAT PETROLEUM CORP: Has launched an issue of $500-mln fixed-rate unsecured notes at a coupon of 4.375% per annum, payable semi-annually, with a three-year tenure.
* BHARTI AIRTEL: The National Company Law Tribunal, New Delhi, has approved the merger between Tata Teleservices, Bharti Hexacom and the company.
Aircel and its unit Dishnet Wireless have filed a petition in the Supreme Court, seeking a direction to the company and its subsidiary Hexacom to return about 1.12 bln rupees.
* BHARTI INFRATEL: Delhi High Court has quashed Income Tax Department's move to reassess income of the company beyond four years for 2008-09 for transfer of towers to Indus Towers.
* CANARA BANK: Employee Share Purchase Scheme committee has set issue price at 186 rupees per share for up to 20 mln shares to employees in the first tranche, out of the total 60 mln shares approved under Canara Bank-Employee Share Purchase Scheme.
* COAL INDIA: The ministries of coal and power have agreed to a slew of reforms suggested by the Cabinet Secretary P.K. Sinha-led panel, including allowing use of the company's contracts for short-term electricity trade, in a bid to resolve fuel stress at power plants.
The Centre has asked the company and NLC INDIA to identify the reasons behind coal projects worth over 110 bln rupees facing delays, and submit a report, an official said.
* COX & KINGS: Has received in-principle approval from BSE and National Stock Exchange for listing 72.85 mln shares of its wholly-owned subsidiary Cox & Kings Financial Service.
* DCB BANK: The Serious Fraud Investigation Office has sought cancellation of banking licence of the bank for its role in the National Spot Exchange Ltd scam.
* GAYATRI PROJECTS: Shares of the company will replace those of KPIT TECHNOLOGIES on the S&P BSE 500 index with effect from Jan 24, BSE said.
* IDBI BANK: The Supreme Court will hear a plea against Life Insurance Corp of India acquiring 51% stake in the bank on Jan 25.
* IDFC FIRST BANK: The Reserve Bank of India has approved the appointment of V. Vaidyanathan as managing director and chief executive officer of the bank for three years effective Saturday.
* INFIBEAM AVENUES: Has sold its shares, with control, in wholly-owned subsidiary Infinium (India) to Ingenius E-commerce for 600 mln rupees.
* INFOSYS: Has hired over 7,600 staff in the US - more than three-fourth of its target of recruiting 10,000 American workers - and said it is making recruitment from local schools a "sustained effort" in its largest market.
* IRB INFRASTRUCTURE DEVELOPERS: Has received an 'appointed date' from the National Highways Authority of India for the 23.7-km Padra-Vadodara Hybrid Annuity Model project.
* ISGEC HEAVY ENGINEERING: The board will meet on Feb 9 to consider and approve the proposal of sub-division of shares.
* ITI: Has signed a contract with Gujarat Fibre Grid Network to implement BharatNet Phase II project in one of the two packages in Gujarat.
* JET AIRWAYS INDIA: Banks have asked the airline's Chairman and Founder Naresh Goyal to bring in an equity of at least 25-30 bln rupees for them to agree on a long-term restructuring package to save the airline.
-Etihad Airways is expected to spell out its new terms for infusing capital in the airline by mid of this
week.
* JYOTHY LABORATORIES: The company is planning to expand its product portfolio in Bangladesh.
* LARSEN & TOUBRO: The Securities and Exchange Board of India has rejected the 60-mln-share buyback of the company.
* LARSEN & TOUBRO INFOTECH: Is said to be lining up to acquire VG Siddhartha's stake in MINDTREE.
* LIC HOUSING FINANCE: Has scrapped its plan to raise at least 5 bln rupees through bonds maturing in five years as the bids received were higher than what the company was willing to pay, a company official said.
* MINDA INDUSTRIES: Has raised 300 mln rupees through commercial papers maturing on Mar 28.
* MOIL: Has signed a memorandum of understanding with Gujarat Mineral Development Corp to jointly explore manganese bearing areas, their feasibility and conduct mining operations.
* NILESH ESTATES: Will exit from residential housing space after completion of 11 on-going residential projects.
* PHILIPS CARBON BLACK: Fid FDS Mauritius has sold 0.59% stake or 1.02 mln shares in the company at 186.84 rupees apiece in a bulk deal on the National Stock Exchange.
* PSP PROJECTS: Has received new work orders worth 5.72 bln rupees from various clients for industrial, residential and institutional projects.
* PUNJAB NATIONAL BANK: The government has removed the bank's executive directors K. Veera Brahmaji Rao and Sanjiv Sharan on Friday for charges over 130-bln-rupee fraud case involving jewellers Nirav Modi and Mehul Choksi. The Central Bureau of Investigation is likely to tell the Delhi High Court that it cannot hear the challenge to government clearance for prosecuting former bank executive directors K.V. Brahmaji Rao and Sanjiv Sharan.
* RAYMOND: The Securities and Exchange Board of India has issued a show-cause notice to the company alleging multiple securities market violations.
* RELIANCE INDUSTRIES: Subsidiary, Reliance Jio Infocomm, has told analysts that it sees no reason to raise tariffs now as it is generating strong revenue growth and robust customer additions at the prevailing levels. Is ready to enter into e-commerce business to take on the likes of Amazon India and Walmart-owned Flipkart. Has asked its partner Niko Resources to withdraw from eastern offshore KG-D6 gas block over default in payments for field development cost, but the Canadian firm has sought to stall the move by invoking arbitration, the companies said. Subsidiary, Reliance Jio Infocomm may pare debt by monetising fibre and tower assets through the infrastructure investment trust route.
* RELIANCE INFRASTRUCTURE: The Delhi High Court has set aside the over 45-bln-rupee arbitration award in favour of the company's subsidiary DAMEPL, which had pulled out from running the Airport Express metro line over safety issues.
* STATE BANK OF INDIA: Is in talks with a clutch of hedge funds and private equity players to sell its 154.31-bln-rupee loan to Essar Steel. Bank's Chairman Rajnish Kumar said around 280 bln rupees of debt is stuck in three large accounts referred to the National Company Law Tribunal under the bankruptcy code. The bank said Hitachi Payment Services has agreed to pick up 26% stake in SBI payment services, a card acceptance and digital payment platform.
* SUN PHARMACEUTICAL INDUSTRIES: The company clarified that it has not received the alleged whistleblower complaint and, therefore, is not privy to the contents of the document.
Has sought a probe by the Securities and Exchange Board of India into the distortion in its stock price caused by information asymmetry in the market regarding the company.
* TATA CHEMICALS: The National Company Law Tribunal, Mumbai, has slapped a cost of 1 mln rupees on the company for filing a petition fraudulently and with malicious intent to liquidate Raj Process Equipment and Systems.
* TATA STEEL: Vinaya Varma has been appointed as managing director and chief executive officer of mjunction services, an equal joint venture of the company and Steel Authority of India.
* VODAFONE IDEA: The Supreme Court on Friday issued notices to the government on a petition filed by the company, challenging a Delhi High Court order dismissing its demand for an income tax refund of over 50 bln rupees. Board will meet on Wednesday to finalise the contours of the company's planned 250-bln-rupee fundraise that it desperately needs to take on competition from BHARTI AIRTEL and Reliance Jio Infocomm. Has sought two-year moratorium on annual spectrum payment of about 100 bln rupees, citing high debt and stress on the balance sheet.
* WIPRO: Will issue one bonus share for every three shares held in the company.
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