Today's Stock News - 13.08.2019: 09.00 Am
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* ADANI ENTERPRISES: Said it hoped its Carmichael coal mine in Australia would start production in the last part of 2020-21 (Apr-Mar) Apr-Jun quarter and plans to invest another $575 mln on the project.
* ADANI POWER: Gujarat Urja Vikas Nigam has approached the electricity regulator to withdraw support of higher tariff to the company's imported coal-based Mundra power plant, alleging breach of terms of the relief package.
* ADANI TRANSMISSION: The company may allocate nearly 40 bln rupees for capital expenditure in 2019- 20 (Apr-Mar), of which 12 bln rupees is earmarked for Mumbai power distribution business.
* ALLAHABAD BANK: Will reduce its marginal cost of funds-based lending rate by 15-20 basis points across tenures from Wednesday.
* ANDHRA BANK: Will reduce its marginal cost of funds-based lending rate by 25 basis points across tenures from Aug 16.
* AXIS BANK: Has reappointed Rajiv Anand as executive director, wholesale banking, and Rajesh Dahiya as executive director, corporate centre.
* AVENUE SUPERMARTS: Promoter Radhakishan Shivkishan Damani has sold 6.23 mln shares or around 1% of the company's stake in the open market to meet the minimum public shareholding norm set by the Securities and Exchange Board of India.
* BHARTI AIRTEL: Has said there was no proposal to sell a stake in the company, responding to a news report that said SoftBank was in preliminary talks to acquire a stake directly or indirectly in the telecom company.
* BRITANNIA INDUSTRIES: Is looking to set up a new manufacturing unit at an international location and evaluating opportunities in Bangladesh, Myanmar and other South East Asian countries.
* COFFEE DAY ENTERPRISES: Is planning to expand its board by appointing a full-time chairman.
* DEWAN HOUSING FINANCE CORP: Promoters had pledged 39.2% stake in the company with UNION BANK OF INDIA on Aug 1 as a part of a debt-restructuring scheme with the lenders.
* EMAMI PAPER MILLS: An economic slowdown and a tightening in lending by banks have forced the company to defer the setting up its 20-bln-rupees greenfield plant at Gujarat.
* GRASIM INDUSTRIES: Board to mull raising funds via non-convertible debentures on Wednesday.
* GUJARAT ALKALIES & CHEMICALS: Has resumed operations at its caustic soda plant and anhydrous aluminium chloride plant at Dahej complex in Gujarat.
* HIMATSINGKA SEIDE: Has decided to divest 26% equity in Himatsingka Energy, an associate company, through sale of shares to its promoters for 26,000 rupees.
* INDIAN OIL CORP: The Central Public Sector Enterprises Exchange-Traded Fund had to buy some shares of the company from the open market to maintain the company's weightage in the CPSE index.
* INDIAN OVERSEAS BANK: Has reduced its marginal cost of funds-based lending rate by 10-15 basis points across tenures from Saturday.
* JAIPRAKASH ASSOCIATES: The Competition Commission of India has imposed a penalty of nearly 140 mln rupees on the company for abusing its dominant market position by imposing "unfair" and "discriminatory" conditions on homebuyers.
* JET AIRWAYS (INDIA): A day after submitting an expression of interest for the company, Anil Agarwal on Monday said he did not wish to pursue it any further, thereby pulling out of the race.
- Etihad, which holds 24% stake in the company, on Monday said it has decided not to reinvest in the
airline due to unresolved issues concerning liabilities.
* JSW STEEL: Total production of crude steel fell 4% on year to 1.32 mln tn in July.
- Has decided not to bid aggressively for Odisha iron ore blocks in the next auction due to weak steel
demand.
* MAHINDRA HOLIDAYS & RESORTS INDIA: Setting an ambitious target to quadruple its client base to a million, the company is designing new products to cater to different demographics - millennials and senior citizens - and a "club concept" on the lines of five-star hospitality chains.
* MARUTI SUZUKI INDIA: Has opened bookings for its new multipurpose vehicle XL6, which will be launched across the company's NEXA showrooms on Aug 21.
Has launched the diesel variant of its Tour M car priced at 981,689 rupees, ex-showroom Delhi.
* NATCO PHARMA: Has said the US health regulator has made six observations after the completion of inspection of active pharmaceutical ingredient facility in Mekaguda village, near Hyderabad.
* NEW DELHI TELEVISION: The government has prevented promoters Prannoy Roy and Radhika Roy from travelling abroad on account of a case filed by the Central Bureau of Investigation over a loan taken by RRPR Holdings.
* NIIT: Will buy back up to 26.8 mln shares at a price of 125 rupees apiece.
* PC JEWELLER: The board has decided to cancel the transfer of its export division to subsidiary PCJ Gems & Jewellery.
* PENINSULA LAND: Will meet on Sep 5 to consider raising up to 7.5 bln rupees through non-convertible debentures.
* RELIANCE CAPITAL: Is all set to file 100-bln-rupees defamation suit against its erstwhile auditor Price Waterhouse & Co.
- The company which owns a 100% stake in Reliance Health Insurance, has approached three
companies — the Ajay Piramal group, TVS Capital Funds, and PremjiInvest — to sell its entire stake in the company. A deal could be finalised by next month.
* RELIANCE INDUSTRIES: After investing 5.4 trln rupees in expanding its petrochemical, telecom and retail operations over the last five years, the company now plans to cut its net debt to zero within the next 18 months, Chairman and Managing Director Mukesh Ambani said.
- Reliance Jio Infocomm will commercially launch its fibre broadband service on Sep 5, and will offer
tariff at about a tenth of the global average for speeds starting at 100 Mbps.
- Saudi Arabian Oil Co, also known as Saudi Aramco, has entered into a non-binding pact to buy a
20% stake in the company's oil-to-chemicals segment at an enterprise value of $75 bln.
* RELIANCE INFRASTRUCTURE: Audit firm BSR & Co LLP has resigned as one of the statutory auditors of the company and RELIANCE POWER, effective Friday.
* SH KELKAR AND CO: Wholly-owned subsidiary Keva Fragrances will invest up to 100 mln rupees in the company's step-down subsidiary VN Creative Chemicals to meet its funding requirements.
* SINTEX PLASTICS TECHNOLOGY: Will sell 100% stake in its subsidiary Sintex NP SAS to Xtech Invest SAS for 155 mln euros (about 12.5 bln rupees).
* SUZLON ENERGY: Is not aware of any action being contemplated by bondholders and has not received any notice.
* SUNDARAM FASTENERS: Will go ahead with its capital expenditure plans despite slowdown in the automobile sector.
* TATA COMMUNICATIONS: International Business Machines Corp and the company have joined the governing council of Hedera Hashgraph, a distributed public ledger platform that aims to be faster and runs at a larger scale than current blockchain technologies.
* TATA CONSULTANCY SERVICES: Has launched a new robotic process automation solution for
semiconductor companies to improve quality of their electronic chips.
Artificial intelligence platform Ignio has crossed $60 mln in annual revenue and the company is doubling down on the product strategy it has created for the unit.
* TATA MOTORS: Retail sales of subsidiary Jaguar Land Rover up 5% on year to 37,945 units in July. S&P Global Ratings has affirmed the company's rating at "B+" with negative outlook on account of continued cash outflows at Jaguar Land Rover, Brexit and trade tensions, and slowdown in domestic automobile sector.
* TECH MAHINDRA: Will pay $70 mln to acquire 65% in US-based strategic design consultancy firm Mad*Pow.
* VARROC ENGINEERING: The board has approved the acquisition of 74% stake in CarIQ Technologies, a vehicle solution provider to original equipment manufacturers, fleet owners and insurance companies.
* VEDANTA: Has raised the prices of aluminium products by more than 1% with effect from Wednesday.
* VODAFONE IDEA: The Aditya Birla Group is raising its stake in the company by buying shares from the open market instead of buying them from its partner Vodafone Plc at a far higher price.
* YES BANK: Has appointed Anurag Adlakha as chief financial officer.
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