Today's Stock News – 08.03.2019
* ADANI ENTERPRISES: With the formal proposal of handing over the six airports recently won by the company through an open bid not figuring on the Union Cabinet's agenda on Thursday, a cloud of uncertainty hangs over the prospects of the group's foray into airports.
-The business community in Kerala has upped their ante against the state government's questioning of the Airports Authority of India's move to grant the rights of operation, management and development of the Thiruvananthapuram international airport to the company.
* BANK OF MAHARASHTRA: Compensation committee of the bank will meet on Wednesday to consider issuing up to 100 mln shares to its eligible employees under Bank of Maharashtra Employee Share Purchase Scheme.
* BHARAT PETROLEUM CORP: Set a coupon of 8.02% on bonds maturing in five years and accepted bids worth 10 bln rupees.
* ECLERX SERVICES: The board will meet on Mar 14 to consider buyback of shares.
* ENDURANCE TECHNOLOGIES: The offer-for-sale by promoter of the company was subscribed 2.78 times as of Thursday, with the promoter receiving bids for 29.35 mln shares as against 10.55 mln shares on the offer.
* GITANJALI GEMS: An appellate tribunal stayed an order allowing the Enforcement Directorate to attach the assets of the company after lender ICICI BANK argued that this was preventing the bankruptcy process from going ahead.
* HDFC LIFE INSURANCE CO: The board has approved interim dividend of 1.63 rupees per share.
* HINDALCO INDUSTRIES: Cut prices of aluminium ingots and wire rods by more than 1% from Thursday.
* HINDUSTAN UNILEVER: Is in the eye of a storm over an advertisement for its tea brand Brooke Bond Red Label. It shows a man leaving his father in a crowd at the Kumbh before experiencing a change of heart. Reactions have been so sharp that #boycotthindustanunilever was among the top five trends on Twitter for a while on Thursday.
* INDIAN BANK: Will cut its marginal cost of funds-based lending rates by 10 basis points across tenures, with effect from today.
* INDIAN OIL CORP: A joint venture of the company and HINDUSTAN OIL EXPLORATION CO has won one block in Discovered Small Fields Bid Round-II.
* INFOSYS: Got contract from UK-based Rolls-Royce Plc to deliver digital and engineering services.
* JAMMU & KASHMIR BANK: The Reserve Bank of India has imposed a fine of 20 mln rupees on the bank for delay in complying with directions related to the SWIFT messaging software.
* JAYPEE INFRATECH: The committee of creditors of the company will form a core group of its members, who will hold deliberations with resolution applicants--NBCC (INDIA) and Suraksha ARC--on various modalities of their plans, and will work with both the companies to explore avenues to maximise the value of assets of the debt-laden real-estate developer.
* JET AIRWAYS INDIA: Has grounded four more aircraft due to ongoing liquidity crunch at the airline, taking the total count of grounded planes to 29.
Has grounded three more aircraft due to non-payment of outstanding dues to lessors.
* JINDAL STAINLESS: Odisha government has approved a proposal of the company for setting up a private industrial estate near Kalinga Nagar in Jajpur district.
* KNR CONSTRUCTIONS: Received an order worth 1.35 bln rupees from Karnataka Road Development Corp for the development of Kanchugaranahalli to Jigani, through Harohalli and Urgandoddi, and the Bidadi- Harohalli road in Bengaluru. Received a 9.2-bln-rupee project from National Highways Authority of India for four-laning of the Oddanchatram-Madathukulam section of National Highway-209 in Tamil Nadu on a hybrid annuity mode.
* LAKSHMI VILAS BANK: Qualified institutional placement opened on Thursday and the floor price has been set at 65.96 rupees per share.
-The role of two central bank nominees on the board of the bank would be in focus today when the
highest decision-making group at the lender meets to possibly consider a merger with a non-banking finance company.
* LARSEN & TOUBRO: L&T Finance has announced early closure of its public issue of non-convertible debentures as the issue was already oversubscribed.
* LT FOODS: SBI Mutual Fund has sold 3.50 mln shares or 1.09% stake in the company through the open market on Wednesday.
* LUPIN: Received the US Food and Drug Administration's approval for atorvastatin calcium tablets, a generic of Pfizer Inc's Lipitor tablets in 10 mg, 20 mg, 40 mg and 80 mg strengths.
* MAX FINANCIAL SERVICES: Max group promoter Analjit Singh has put together a plan to sell a
minority stake in the company, as well as some real estate assets to repay loans it had raised by pledging promoter shares in two listed companies.
* OIL & NATURAL GAS CORP: Signed a contract for Chinnewala Tibba gas field in Rajasthan, which it had discovered around 15 years ago but was taken away and auctioned by the government.
Has bagged five blocks under the Discovered Small Fields Bid Round-II of bidding.
* OIL INDIA: Has bagged two blocks in the Discovered Small Fields Bid Round-II of bidding.
* POWER FINANCE CORP: Plans to raise at least 5 bln rupees through bonds maturing in three years and five months.
* RAYMOND: The termination of the agreement between the company and its subsidiary Colorplus Realty will not impact the development of the Raymond Realty phase-I project.
* REC: Set a semi-annual coupon of 8.60% on its government-serviced bonds maturing in 10 years.
* RELIANCE CAPITAL: Plans to reduce debt by monetising stake in mutual fund, general insurance, and media assets.
* RELIANCE INDUSTRIES: The company, through a wholly-owned subsidiary, has entered into a
memorandum of understanding to sub-lease 4,000 acre of land at Navi Mumbai Special Economic Zone for an "initial payment" of 21.80 bln rupees.
* SADBHAV INFRASTRUCTURE PROJECT: Wholly-owned subsidiary Sadbhav Kim Expressway has submitted documents to National Highways Authority of India for financial closure of the 25-km eight-lane road project in Gujarat.
* SUN PHARMACEUTICAL INDUSTRIES: A whistleblower has alleged that the company used its
subsidiary Aditya Medisales to give gifts--including personalised websites and online promotion--to doctors in violation of industry guidelines.
* SUPRAJIT ENGINEERING: Securities and Exchange Board of India has exempted a promoter of the company from making the mandatory open offer after proposed changes to promoter shareholding, subject to certain riders.
* SUZLON ENERGY: Has hired Houlihan Lokey to help it restructure its foreign currency convertible bonds worth 12 bln rupees, whose payment is due in July.
* TATA COFFEE: Wholly-owned subsidiary Tata Coffee Vietnam Co has set up a 5,000-tn freeze-dried instant coffee production plant in Vietnam.
* TATA MOTORS: Overall sales of Jaguar Land Rover fell 4.1% on year in February because of weak market conditions in China, despite impressive sales in the US and modestly higher sales in the UK.
* TATA STEEL: thyssenkrupp and the company will not go very far in concessions to gain approval for a planned steel venture as their offer might not be enough to satisfy the European Commission.
* UNITED BREWERIES (HOLDINGS): British spirits maker Diageo has sought first access to and
restoration of attached shares of Vijay Mallya in the company and Watson Ltd to recover dues from its former joint venture partner.
* VEDANTA: Has cut prices of aluminium ingots and wire rods by more than 1% with effect from
Wednesday.
* WIPRO: Promoter Azim Premji Trust will sell 0.29% stake, or 17.77 mln shares, to raise a minimum $68.3 mln from the secondary market through block deals on Friday.
* ZENSAR TECHNOLOGIES: Will provide US-based Vyaire Medical digital services, which will include digital workplace and operation services, data centre, public cloud support, and maintenance of applications.
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