Today's Stock News – 15.07.2019
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The board has approved raising up to $700 mln through issuance of dollar-denominated foreign currency bonds.
* ALKEM LABORATORIES: Has received tentative approval from the US Food & Drug Administration for the Sildenafil drug.
* ALLAHABAD BANK: Said it had informed the Reserve Bank of India about 17.74-bln-rupee borrowing fraud by Bhushan Power and Steel.
* BHARAT DYNAMICS: Is embarking on expansion by setting up new facilities besides increasing capacity of the existing unit in Visakhapatnam, according to Chairman and Managing Director Siddharth Mishra.
* BHARAT HEAVY ELECTRICALS: Has bagged a 1-bln-rupee order from NTPC for setting up a 25-MW floating solar photovoltaic power plant at Simhadri in Andhra Pradesh.
* DEWAN HOUSING FINANCE CORP: BNP Paribas Arbitrage has sold 0.59% stake or 1.84 mln shares in the company at 69.94 rupees apiece in a bulk deal on the National Stock Exchange.
-Is likely to finalise a stake sale in the next two weeks as it cleans up the asset-liability mismatch with
loan restructuring.
* GRINDWELL NORTON: Has signed an agreement with Japan-based Shinagawa Refractories Co to form a private limited company to manufacture tap hole clay refractory products for the steel industry.
* GVK POWER & INFRASTRUCTURE: Canada's Public Sector Pension Investment Board is joining forces with the Abu Dhabi Investment Authority-National Investment and Infrastructure Fund consortium to buy 49% of GVK Airport Holdings for about 60 bln rupees.
* HCL TECHNOLOGIES: With technological innovations reshaping lives, the company sees artificial intelligence as a growth driver going ahead.
* HDFC BANK: Managing Director Aditya Puri said there was "excessive pessimism" over GDP growth in the country, based on a slowdown seen for just a quarter.
* HOUSING AND URBAN DEVELOPMENT CORP: Board will meet on Thursday to consider raising up to 12.5 bln rupees through issue of taxable bonds in the nature of debentures on a private placement basis.
* HT MEDIA: BSR and Associates has been appointed as statutory auditor, effective Thursday.
* INFOSYS: Board has approved additional investment of $6 mln in US-based enterprise software company Trifacta Inc.
-American Depository Receipts of the company surged 7% in early trade as investors cheered the
company's higher sales growth guidance and capital allocation policy.
* INDUSIND BANK: S R Batliboi & Co has resigned as statutory auditor of the bank.
* INTERGLOBE AVIATION: One of the company's promoters--Rahul Bhatia's InterGlobe Enterprises--hit out at co-founder Rakesh Gangwal, claiming that his allegations of corporate misgovernance at India's largest airline were baseless.
-The Directorate General of Civil Aviation on Friday served showcause notice to the company-run
IndiGo after a surprise safety audit found deficiencies in training and flight safety.
-Some IndiGo board members are set to question co-founder Rakesh Gangwal next week on the nature of what one of them characterised as "exclusive parleys" with engine maker Pratt & Whitney ahead of the airline's latest engine order.
-The board of the company will seek clarification from co-promoter Rakesh Gangwal on his allegations that independent directors failed to take 'independent' decisions on corporate governance lapses, at the board meeting on Friday.
-Co-founder, Rahul Bhatia, has claimed that he bore most of the financial risk to grow the once
fledgling airline, while his estranged partner, Rakesh Gangwal, restricted his investment to less than 150 mln rupees, justifying the wider powers vested on him to run IndiGo.
* ITC: Is set to foray into new categories and sub-segments in the fast-moving consumer goods vertical, and is also looking at strategic acquisitions, Chairman and Managing Director Sanjiv Puri said.
* JET AIRWAYS (INDIA): The SBI-commissioned forensic audit against the airline has revealed
misappropriation of funds relating to provisions of loans and fraudulent billing for JP Miles.
The committee of creditors for the airline will Tuesday likely finalise details to start the process to find it a new investor.
* LAURUS LABS: US Food and Drug Administration has not issued any observation to the company's unit-4 in Visakhapatnam, Andhra Pradesh.
* MARUTI SUZUKI INDIA: Suzuki Motor Corp plans to tap the popular multipurpose vehicle Ertiga to build its second electric vehicle for India.
* NTPC: National Solar Energy Federation of India has urged the government to cap tariff from all renewable energy sources at 3 rupees per unit for auctions by the company and Solar Energy Corp.
* OIL & NATURAL GAS CORP: The government wants the company to sell its golf courses in Ahmedabad and Vadodara in Gujarat, sending the company into a tizzy as one of them has two producing oil wells.
* PARAG MILK FOODS: ICRA has upgraded the company's long-term rating to 'A+' from 'A'.
* PIRAMAL ENTERPRISES: A potential investment by Japanese multinational conglomerate SoftBank into the financial services arm of the Piramal Group will likely depend on the Indian company's willingness to aggressively move into the consumer finance segment away from its current wholesale focus.
* POWER FINANCE CORP: UBS Principal Capital Asia has sold 2.4% stake or 63.5 mln shares in the company at 124.85 rupees apiece through a bulk deal on the National Stock Exchange.
* QUESS CORP: Subsidiary Conneqt Business Solutions has acquired additional 1.23 mln shares or 12.03% stake in Allsec Technologies through an open offer on Wednesday.
* REC: Integrated Core Strategies (Asia) has bought 0.52% stake or 10.29 mln shares in the company at 148.16 rupees apiece through a bulk deal on the National Stock Exchange.
* RELIANCE COMMUNICATIONS: Accounting firm BDO India LLP has neither submitted any report nor raised any queries or discussed their findings with the company with respect to the alleged 55-bln-rupee transaction.
* RELIANCE HOME FINANCE: The company and Reliance Commercial Finance are at an advanced stage to close inter-creditor agreement with their respective lenders.
* RELIANCE INDUSTRIES: Subsidiary Reliance Brands has partnered with Italian firm Percassi to launch men's cosmetics brand WOMO, in India.
-Reliance Jio Infocomm's first project on which pilots have started is to build a B2B platform is
targeted at merchants who run grocery, fruits and vegetable stores in the neighbourhood markets.
* STATE BANK OF INDIA: Securities and Exchange Board of India has questioned the bank over its failure to comply with new corporate governance norms.
* STERLITE TECHNOLOGIES: Has roped in a lobbyist in the US for advocating its cause among the American lawmakers on trade-related issues, specifically on application of the US Generalized System of Preferences to certain products from India.
* SYNDICATE BANK: Will reduce its marginal cost of funds-based lending rate by 5 basis points across tenures, effective today.
* TATA STEEL: The company European arm sold 2.27 mln tn provisionally in Apr-Jun. The european arm produced 2.66 mln tn provisionally in Apr-Jun.
-In India, the company produced 4.37 mln tn provisionally in Apr-Jun and sold 3.87 mln tn
provisionally in the same period.
* TECH MAHINDRA: Is eyeing opportunities in Bangladesh as the company considers it a politically stable and growing economy.
* THOMAS COOK INDIA: Has refuted allegations that an investigation is underway concerning its foreign exchange business breaching the 147-mln-rupee foreign exchange reserve mark at the Cochin International Airport.
* UNITECH: Has deferred the board meeting to declare its earnings for Jan-Mar and 2018-19 (Apr-Mar) to Jul 19.
-An alleged siphoning of over 16 bln rupees by the company's promoters has come under the scanner
of the Enforcement Directorate.
* UNITED BREWERIES: Birds flying through finished products warehouse, their faeces lying on packages of beer cans and restrooms for employees lacking toilet paper--these were some of the observations of the US food regulator USFDA's investigator who inspected the Panvel plant of the company in August last year..
* ZEE ENTERTAINMENT ENTERPRISES: Amazon Prime Video and the over-the-top service of the
company ZEE5 are in talks for a partnership.
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