Today's Stock News – 12.07.2019
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* AXIS BANK: Also joined STATE BANK OF INDIA by going public with its displeasure on the recent National Company Law Appellate Tribunal judgement on Essar Steel, putting secured creditors at par with the operational creditors.
* DEWAN HOUSING FINANCE CORP: Rubbished a media report that statutory auditors of the company may resign ahead of the board meeting, calling it "baseless and mere speculation."
- Lenders to the company are planning to ask the company's 86,000 non-convertible debenture holders to be part of the inter-creditor agreement to pre-empt likely litigation over dues.
- In a meeting on Thursday, lenders to the company agreed to allow the firm to finalise and present a
resolution plan to the consortium within seven working days.
* FUTURE CONSUMER: Plans to venture into the detergents segment in the ongoing financial year, the company's Managing Director Ashni Biyani said.
* GRAVITA INDIA: Step-down subsidiary Gravita Tanzania has started commercial production of aluminium cast alloys at its new 6,000 tn per annum capacity plant in Tanzania.
* HIMACHAL FUTURISTIC COMMUNICATIONS: Subsidiary HTL has received an order worth 2 bln rupees from BHARAT ELECTRONICS to supply various types of optical fibre cables.
* IDBI BANK: The government may seek law ministry's opinion on whether the now privatised bank should be considered a state-run financial institution, or be treated on a par with private banks as classified by the Reserve Bank of India.
* INFIBEAM AVENUES: Will seek shareholder nod for the removal of EY-affiliate SRBC & Co as one of its joint statutory auditors through a special resolution, in compliance with the order from the corporate affairs ministry.
* INTERGLOBE AVIATION: The government wants Securities And Exchange Board Of India to probe the role of all board members and every entity associated with the two main promoter groups of the company, and take strict action for all wrongdoings. SEBI is probing whether the management of the company misled shareholders by downplaying the true extent of differences between the co-founders.
* KPR MILL: Has informed the Securities and Exchange Board of India that the company is unable to go ahead with its share buyback issue citing the Union Budget for 2019-20 (Apr-Mar)'s proposal to tax such transactions at 20%.
* LARSEN & TOUBRO: Plans to nurture the unique culture of MINDTREE and will set up a council that will help in the exchange of best practices between the conglomerate and the company it has just acquired, Chief Executive Officer S.N. Subrahmanyan said.
* MANPASAND BEVERAGES: Promoter Dhirendra Singh has pledged his entire 44.32% stake in the
company along with other assets to avail 1-bln-rupee loan to meet working capital needs.
* MCLEOD RUSSEL INDIA: Lenders to the company, the tea growing entity which is part of the Khaitans' Williamson Magor group, have asked SBI Caps to formulate a plan to tide over the company's debt woes.
* NTPC: Plans to raise at least 5 bln rupees through issuance of bonds maturing in 10 years, and has invited bids on Monday.
* RELIANCE COMMUNICATIONS: Lenders to the Anil Ambani-led Reliance Group entities are initiating a forensic audit of the company's books and two other group entities for a period of nearly five years.
* SALZER ELECTRONICS: Has bought 45,899 shares or 72.32% stake in KAYCEE INDUSTRIES at 3,475 rupees apiece through a bulk deal on BSE.
* STATE BANK OF INDIA: Is placing Rajashree Sugars and Chemicals and Shree Vaishnavi Ispat for sale to asset reconstruction companies, non-banking finance companies and other financial institutions to recover over 3.09 bln rupees.
* TATA STEEL: After the collapse of its proposed partnership with thyssenkrupp, does not plan to form a joint venture for European operations in the near future. It will, instead, try to make the European operations sustainable on its own.
* UNITED BREWERIES: Has appointed Berend Odink as chief financial officer, effective Aug 15.
* YES BANK: Has for the first time used blockchain to facilitate issuance of commercial paper of 1 bln rupees for VEDANTA.
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