Today's Stock News – 07.03.2019
* ABBOTT INDIA: The anti-profiteering body has held that US pharmaceutical company Abbott Healthcare did not pass on the benefits of the goods and services tax to customers after the new regime started in July 2017 and even when the rate was further reduced in November 2017.
* APOLLO TRICOAT TUBES: Has started commercial production of in-line galvanising pipes at its facility in Malur, Karnataka.
* BANDHAN BANK: Amid concerns that the bank overpaid for taking over GRUH FINANCE from
HOUSING DEVELOPMENT FINANCE CORP, the bank has defended the deal, contending that the
acquisition has happened without any controlling premium.
* BIOCON: The US Food and Drug Administration has issued Form 483 with six observations after a preapproval inspection of the company's oral insulin drug substance manufacturing facility in Bengaluru, conducted Feb 25-Mar 5.
* BRITANNIA INDUSTRIES: Expects its new products to boost volume growth by 100 basis points in 2020- 21 (Apr-Mar).
* DEWAN HOUSING FINANCE CORP: CRISIL Ratings reviewed its outstanding ratings on four mutual fund schemes that have exposure to debt securities of the company and have found them to be consistent with the rating of 'CRISIL AAAmfs'.
* ENTERTAINMENT NETWORK (INDIA): Radio Mirchi has expanded its footprint in the US with the launch of its stations in two new cities--Cleveland and Columbus--in Ohio.
* HIMACHAL FUTURISTIC COMMUNICATIONS: Has received an order worth 1.17 bln rupees from Tata Project for supply of optical fibre cables for creating optical fibre cable network infrastructure under Bharat Net Phase-II Project in Chhattisgarh.
* HOUSING AND URBAN DEVELOPMENT CORP: The board has approved raising funds through external commercial borrowings, medium-term note programme, bonds.
-Board will meet on Tuesday to consider raising up to 300 bln rupees through bonds or debentures in
2019-20 (Apr-Mar).
* HOUSING DEVELOPMENT FINANCE CORP: The board has approved an interim dividend of 3.50 rupees a share for 2018-19 (Apr-Mar).
* ICICI BANK: Loans amounting to 3.89 bln rupees to Deepak Kochhar's NuPower Renewables from VN Dhoot's Videocon Group and Nishant Kanodia's Firstland Holdings, received as alleged kickbacks in lieu of loan sanctioned by the bank when Chanda Kochhar was at the helm of the bank, are at the centre of the Enforcement Directorate's probe.
-The Enforcement Directorate, which is probing the violation of anti-money laundering laws in the
32.50-bln-rupee ICICI-Videocon loan case, has so far established that 5 bln rupees was received as kickbacks by the bank's former chief Chanda Kochhar and her family.
-The Central Bureau of Investigation has sought more documents from the bank relating to 18.75-blnrupee loans given to Videocon Group during the tenure of its former chief executive officer Chanda Kochhar, which is being probed by the agency.
* INDIAN OIL CORP: The 51.50-bln-rupee liquefied natural gas terminal at the Kamarajar port, Ennore, inaugurated by Prime Minister Narendra Modi, is expected to usher a 'green wave' in southeastern India by offering natural gas as a clean and economically viable fuel, which will also help reduce the carbon footprint.
* ITC: Said, it is seeking to expand its fast-moving consumer goods business in double digits next fiscal by quickening the pace of product launches, deepening distribution into the rural hinterland, and building integrated hubs for output, stocking and delivery of items such as cookies, packaged flour and soaps. Is working on an aggregator model to strengthen its back-end for its e-Choupal initiative which currently enables four mln farmers in the country digitally.
* JAYPEE INFRATECH: Resolution applicants for the company--NBCC (INDIA) and Sudhir Valiapromoted Suraksha ARC—have, their respective resolution plans, factored in the 7.50 bln rupees deposited by the insolvent developer's parent firm, which is lying with the National Company Law Tribunal as per the Supreme Court directive.
* JET AIRWAYS INDIA: Etihad Airways PJSC seems to have hit the pause button on equity infusion talks and has sought clarity on several contentious issues. It has not been able to find a local partner to replace Jet Air's founder-chairman Naresh Goyal, who will have to step down if the carrier invests in the airline. Among other contentions are India's foreign direct investment rules, and exemption from the open offer that may be triggered if the ownership structure of the company changes after Goyal's exit. Most importantly, it wants a commitment from banks.
* LAKSHMI VILAS BANK: Is in initial discussions with two non-banking finance companies, including INDIABULLS HOUSING FINANCE, to evaluate a potential merger that could help address its current struggle for growth capital.
* LARSEN & TOUBRO: L&T Finance's public issue of non-convertible debentures was oversubscribed on the first day. The company got subscriptions of over 18 bln rupees against the total issue size of up to 15 bln rupees.
* LT FOODS: Will invest 200 mln rupees in Daawat Foods by subscribing to its preference shares, to
strengthen the balance sheet of the subsidiary and improve its current ratio.
* MONSANTO INDIA: The protracted legal battle between global biotech major Bayer Monsanto and the local companies, which had licensed in its genetically modified cotton (Bollgard technology), seems to be increasingly going the US-based firm's way, with the Bombay High Court on Wednesday ordering Nuziveedu Seeds to deposit its 1.38 bln rupees dues to the innovator company within two weeks.
* NELCO: Wholly-owned subsidiary Tatanet Services has won a licence from the Department of
Telecommunications to provide in-flight and maritime connectivity services.
* NMDC: Has signed a memorandum of agreement with Geological Survey of India for sharing of Aero- Geophysical Data (Magnetic) for Mineral Exploration in part of Obvious Geological Potential (OGP Block-2) in Madhya Pradesh.
* OMAXE: Vijayalaxmi has resigned as chief operating officer of the company due to personal reasons.
* ORIENTAL BANK OF COMMERCE: The Reserve Bank of India fined the bank 20 mln rupees for delay in complying with directions related to the SWIFT messaging software.
* POWER FINANCE CORP: Will fund the acquisition of REC majorly through internal accruals, and expects to receive sanctions from about four state-run banks for up to 60 bln rupees in a week.
* RAYMOND: The development management agreement between the company and its subsidiary Colorplus Realty has been mutually terminated, effective Tuesday.
* RELAXO FOOTWEARS: Promoter Ramesh Kumar Dua sold 1.97% stake or 2.44 mln shares in the
company through open market Tuesday and Wednesday.
* RELIANCE INDUSTRIES: Is set to time its e-commerce debut with Diwali.
* SPENCERS RETAIL: HDFC Mutual Fund has sold 2.63 mln shares or 3.31% stake in the company through open market on Friday.
* TATA COMMUNICATIONS: Wholly-owned subsidiary Tata Communications Payment Solutions's white label automated teller machine network Indicash has signed a contract with banks and other financial institutions for 1,500 such units.
* TATA MOTORS: Will deploy its electric vehicle Tigor with Delhi-based Wise Travel India that is into people transport. Will launch the electric variant of recently-unveiled hatchback Altroz after successfully transitioning under the Bharat Stage VI emission norms, Chief Executive Officer Guenter Butschek said.
* THOMAS COOK INDIA: Will launch tour packages for women starting at 8,999 rupees for domestic packages and 39,900 rupees onwards for international packages.
* UNITED BANK OF INDIA: Has signed a bancassurance deal with private life insurer HDFC LIFE
INSURANCE CO.
* VEDANTA: Board has approved second interim dividend of 1.85 rupees per share for 2018-19 (Apr-Mar), amounting to 6.85 bln rupees.
-Has sought the High court's intervention to buy alumina from NATIONAL ALUMINIUM CO, which
is currently exploring surplus production even as domestic aluminium makers are reeling from shortage of alumina.
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