Today's Stock News - 13.11.2019: 09.00 Am

Today's Stock News - 13.11.2019: 09.00 Am
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* ADANI ENTERPRISES: Plans to spend 260 bln rupees in capital expenditure over the next five years, most of which will go towards expansion of its airports business.

* AVANTI FEEDS: Income tax authorities conducted a search on the premises of the company and its subsidiary, Avanti Frozen Foods, from Thursday till Monday.

* BALMER LAWRIE & CO: The board has approved issue of bonus shares in a ratio of one share for every two held.

* BANK OF BARODA: The Banks Board Bureau has recommended the name of Sanjiv Chadha for the post of managing director and chief executive of the bank.

* BHARAT PETROLEUM CORP: State-owned entities may be barred from bidding for the Centre's stake in the company, which could fetch close to 700 bln rupees or two-third of the disinvestment revenue target of 1.05 trln for this fiscal, as it does not want to repeat PSU-to-PSU deals similar to ONGC-HPCL or PFC-REC.

* BHARTI AIRTEL: VODAFONE IDEA and the company are set to file a review petition this week, which may include seeking a reduction in the penalties and interest component of the dues, as well as question some components of the non-core items that the Supreme Court says should be included while computing adjusted gross revenue of telcos.
-The company, BHARTI INFRATEL and private equity firm Varde Partners are among six companies
that have bid for the assets of RELIANCE COMMUNICATIONS and its units Reliance Telecom and Reliance Infratel, although Reliance Jio Infocomm was conspicuously absent.

* CG POWER AND INDUSTRIAL SOLUTIONS: Plans to re-examine its accounts over the past three fiscal years to ascertain whether similar transactions may have escaped detection after an internal probe into current performance revealed nine such deals.
-Has entered into an inter-creditor agreement with some of its lenders, called off a merger of a whollyowned subsidiary, and initiated a recovery process.
-Has asked companies linked to promoter Gautam Thapar among others to return over 33 bln rupees
and has initiated the second phase of the probe to fix responsibility for the alleged fraudulent transactions.

* DEWAN HOUSING FINANCE CORP: Lenders to the company have filed an intervention petition at the Bombay High Court, to be part of the main petition filed by mutual funds against the company. Lenders want the court to lift stay on payments.

* EMAMI PAPER MILLS: After putting its 20-bln-rupee greenfield plant in Gujarat "on hold", citing the economic slowdown, the company has now returned the 100-acre land that was allotted to it by the state government.

* EMBASSY OFFICE PARKS REIT: Embassy Property Developments could raise as much as 65 bln rupees from the sale of office space to Embassy Office Parks Reit, its real estate investment trust joint venture with Blackstone.

* GENERAL INSURANCE CORP OF INDIA: Board on Monday approved appointment of Suchita Gupta as the next chief financial officer, in place of Sashikala Muralidharan, with effect from Dec 1.

* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Managing director Navneet Saluja will head the residual unlisted business of the company after Hindustan Unilever completes the acquisition of its portfolio of Horlicks and Boost health drinks.

* HINDALCO INDUSTRIES: Will sign a definitive agreement for the sale of Aleris Corp's plant in Duffel, Belgium, by the end of this month, Managing Director Satish Pai said.

* ICICI BANK: Former managing director and chief executive officer Chanda Kochhar has so far not abided by the order of the bank to return the money she got as bonus and the stock options between April 2009 and March last year.

* INDIAN BANK: Will issue 117.2 mln shares to the government on a preferential basis at 216.09 rupees per share.

* INFOSYS: Has received a second whistleblower complaint accusing Chief Executive Salil Parekh of misdemeanours, days after a similar letter prompted the company's board to institute an independent probe.
-The government will consider on Friday the proposals of TATA CONSULTANCY SERVICES and
the company to set up special economic zones in IT sector.

* JAMMU & KASHMIR BANK: Jammu and Kashmir government has appointed Bipul Pathak, Indian Administrative Services officer and principal secretary to Jammu & Kashmir Lieutenant Governor Girish Chandra Murmu, as nominee director on the board of the bank.

* JAYPEE INFRATECH: Lenders will meet on Monday to take forward the process of insolvency resolution after the Supreme Court directed early this month to complete the process within 90 days.

* KESORAM INDUSTRIES: Has got the nod of the National Company Law Tribunal for demerging its tyre business, which would now be listed separately.

* LARSEN & TOUBRO: IRB INFRASTRUCTURE DEVELOPERS, Cube Highways and a consortium of the company and National Investment and Infrastructure Fund have bid for the third bundle of highway projects under the toll-operate-transfer model.
-Is looking to reduce its holding in its infrastructure unit to 25% and is in advanced talks with investors such as Canadian pension fund OMERS Infrastructure for a stake sale.

* LUPIN: Has entered into a definitive agreement to sell its entire stake in Japanese subsidiary Kyowa Pharmaceutical Industry Co to Unison, a private equity fund in Japan.

* MAHANAGAR TELEPHONE NIGAM: Over 80,000 employees of Bharat Sanchar Nigam and the
company have already applied for the voluntary retirement scheme notified by the companies last week.

* MAHINDRA & MAHINDRA: IPG Mediabrands' Lodestar UM has managed to retain the media account of the company after a four-month-long competitive pitch.

* MMTC: Has extended its tender offer to sell up to 6% stake in the Reliance ADAG-anchored Indian Commodity Exchange for a fifth time till Nov 29, following a low response from investors.

* NATCO PHARMA: Said its first crop protection product, which is based on chlorantraniliprole insecticide, is facing patent infringement case.

* OBEROI REALTY: Global investment bank Morgan Stanley is picking up nearly 800,000 sq ft of
commercial space in Oberoi Realty’s Commerz project in Goregaon suburb of Mumbai in what is being billed as one of the largest built-to-suit office space deals in the country.

* OIL & NATURAL GAS CORP: Is likely to revise the terms of the much-hyped production enhancement plan for 64 oil and gas fields, after concerns raised by prospective bidders over the operating cost and other bidding criteria.
-Is seeking buyers for the first gas from its KG basin fields, which would begin production next month after years of delay.

* PVR: Is adopting a multi-pronged strategy of tapping into micro-markets in big cities and at the same time it is entering new tier-3 and tier-4 territories through its low-cost multiplex model PVR Utsav.

* RELIANCE INDUSTRIES: The Securities Appellate Tribunal is today likely to hear an appeal by the company against a Securities and Exchange Board of India order that had barred the company and 12 of its promoter group entities from dealing in equity derivatives.

* SHEELA FOAM: The board has approved the appointment of Dhruv Chandra Mathur as chief financial officer.

* SINTEX PLASTICS TECHNOLOGY: IDBI Trusteeship Services sold 11.85 mln shares or 1.9% stake in the company at 0.97 rupee apiece through a bulk deal on the BSE on Monday.

* TATA CONSULTANCY SERVICES: Announced an expansion of its long-term partnership with Phoenix Group, Europe's largest life and pension consolidator, to drive the growth and transformation of the Standard Life business and meet the future needs of its customers, workplace clients, and their advisers.

* TATA MOTORS: Retail sales of the company's subsidiary Jaguar Land Rover in October were at 41,866 units, down 5.5% from a year ago. For Apr-Oct, sales were down 6.3% on year at 299,434 units.
-The board of the company will meet on Thursday to consider raising 5 bln rupees through non-convertible debentures in three tranches.
-Moody's on Tuesday assigned a rating of Ba3 negative to the company's proposed issuance of senior
unsecured debt instruments.
-Tata Group, the owner of Jaguar Land Rover, has approached carmakers including China's Zhejiang
Geely Holding Group and BMW AG as it seeks partnerships for beleaguered British automotive business.

* ULTRATECH CEMENT: Will sell its entire stake in Bangladesh-based Emirates Cement Bangladesh and Emirates Power Co to Germany's HeidelbergCement for an enterprise value of $29.5 mln.

* VODAFONE IDEA: Vodafone Group chief executive Nick Read described the status of its joint venture in India as "critical" in the wake of a Supreme Court order that left the telecom company facing additional statutory dues.

* WIPRO: Bengaluru-based corporate transport service startup Lithium Urban Technologies has forged a strategic partnership with the company for its employees' commute across the country.

* YES BANK: Sunil Munjal, chairman of Hero Corporate Services, and Hemendra Kothari, veteran
investment banker and founder of DSP Group, have held separate talks with the bank to purchase stakes of 5- 10% each in the cash-starved private lender.

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