Daily Stock News Today – 04.08.2017
* ADHUNIK METALIKS: Bankruptcy proceedings against the company, arm Orissa Manganese &
Minerals, and Zion Steel, a promoter group company, have been approved by the Kolkata bench of the National Company Law Tribunal.
* ALLCARGO LOGISTICS: Is looking at new opportunities to expand in the warehouse space and wants to ramp up capacity by five times to 10 mln sq ft in the next five years.
* DREDGING CORP OF INDIA: MERCATOR has shown preliminary interest in acquiring the
company.
* ELECTROSTEEL CASTING: Board has approved setting up of a submerged arc furnace for its ferro alloy plant along with a 4.5-MW power plant at Haldia in West Bengal.
* HEXAWARE TECHNOLOGIES: Has increased its focus on growth in Asia Pacific and Europe with a view to change its geography revenue mix and have a more balanced distribution of global operations.
* HINDUSTAN COPPER: The government has divested 6.83% stake in the company through offer for sale, the finance ministry said.
* HOUSING DEVELOPMENT & INFRASTRUCTURE: The National Company Law Tribunal has
admitted an insolvency application from UNION BANK OF INDIA against company's subsidiary
Guruashish Constructions.
* INDIAN OIL CORP: Will buy more crude oil from the US after placing an order last month for a cargo of American crude, the first-ever purchase of US oil by an Indian state-owned refiner.
- The company is looking at various possibilities for mergers and integration with other state-owned oil companies, including upstream player Oil India Ltd, Chairman Sanjiv Singh said.
* INFOSYS: Will award $10,000 each to the 10 most innovative teams every quarter in an effort to
recognise the best talents in the company, Chief Executive Officer Vishal Sikka said.
- The company will acquire London-based digital innovation and customer experience studio Brilliant Basics. The company has turned down a demand by co-founder N.R. Narayana Murthy that the report on its investigation into whistleblower complaints be made public.
* JBF INDUSTRIES: Will meet on Thursday to discuss restructuring of the overseas subsidiaries of the company for the reduction in the debt exposure of the company.
* JET AIRWAYS (INDIA): Will submit its financial results for the quarter ended Jun 30 on or before Sep 14. The pilots of a Boeing 737 of the company, involved in a "near miss" with a Vistara plane at Delhi airport in April, may have risked lives by trying to land at a speed that was too high, according a government committee report. Is looking to phase out all its expatriate pilots to control costs.
* JSW ENERGY: Is scrapping its plans to more than double capacity amid falling tariffs and a glut of
electricity in India.
* JSW STEEL: Will consider an investment from Japan's second-biggest mill as the company looks to acquire distressed companies in India. The company is in discussion with PIRAMAL ENTERPRISES for a partnership that could result in a joint bidding of assets currently going through the insolvency process.
* MAHINDRA & MAHINDRA: Has approved divestment of 9.7 mln shares, or 13.74% stake, through the initial public offering of subsidiary Mahindra Logistics.
* OBEROI REALTY: Has put off its plans to float a joint venture with private equity investors for its
upcoming malls.
* POWER FINANCE CORP: Is likely to set 7.10% as the coupon on its bonds maturing in five years and has received bids worth 33.95 bln rupees.
* PIRAMAL ENTERPRISES: The board will meet Tuesday to consider and approve the issuance of
unsecured non-convertible debentures worth up to 500 mln rupees, with an option to retain
oversubscription up to 2 bln rupees. Piramal Realty has sold commercial space, including an entire
building, in Kurla, Mumbai, to the company for 4.39 bln rupees.
* PNB HOUSING FINANCE: Reported Apr-Jun net profit of 1.8 bln rupees, up 92.7% on year. Revenue from operations was at 11.9 bln rupees, up 38.2% on year. Has raised 2 bln rupees through the issuance of non-convertible debentures maturing on Sep 15, 2020, at a coupon of 7.50%.
* PUNJAB NATIONAL BANK: The Delhi High Court has ordered the National Highways Authority of India to deposit 3.5 bln rupees in an escrow account towards a loan taken by Jetpur Somnath Tollways for a road project of NHAI. The bank was the lead banker for the project.
* RAMCO CEMENTS: The company will expand capacity of its grinding units at Visakhapatnam and Kolaghat from current 0.9 mln tn per annum to 2.0 mtpa each.
* RELIANCE COMMUNICATIONS: The National Company Law Tribunal has reserved its order till Thursday on admission of petitions filed by the company seeking approval for sale of its tower operations to Brookfield Group and a wireless business merger with Aircel.
* SYNGENE INTERNATIONAL: Is expanding its capital investment as it awaits completion of a 40- acre, $100-mln research facility in Mangaluru.
* TATA CHEMICALS: Has scrapped its plans to acquire Unnati Inorganics' precipitated silica operations located at Dahej, Gujarat.
* TITAN CO: Saw significant impact on its watch segment and sales of sunglasses in Apr-Jun ahead of the implementation of goods and services tax, the company said.
* VIDEOCON INDUSTRIES: A STATE BANK OF INDIA-led consortium of lenders has ordered a
forensic audit of the company' accounts to find out whether it floundered because of adverse business
conditions or financial mismanagement.
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* ADHUNIK METALIKS: Bankruptcy proceedings against the company, arm Orissa Manganese &
Minerals, and Zion Steel, a promoter group company, have been approved by the Kolkata bench of the National Company Law Tribunal.
* ALLCARGO LOGISTICS: Is looking at new opportunities to expand in the warehouse space and wants to ramp up capacity by five times to 10 mln sq ft in the next five years.
* DREDGING CORP OF INDIA: MERCATOR has shown preliminary interest in acquiring the
company.
* ELECTROSTEEL CASTING: Board has approved setting up of a submerged arc furnace for its ferro alloy plant along with a 4.5-MW power plant at Haldia in West Bengal.
* HEXAWARE TECHNOLOGIES: Has increased its focus on growth in Asia Pacific and Europe with a view to change its geography revenue mix and have a more balanced distribution of global operations.
* HINDUSTAN COPPER: The government has divested 6.83% stake in the company through offer for sale, the finance ministry said.
* HOUSING DEVELOPMENT & INFRASTRUCTURE: The National Company Law Tribunal has
admitted an insolvency application from UNION BANK OF INDIA against company's subsidiary
Guruashish Constructions.
* INDIAN OIL CORP: Will buy more crude oil from the US after placing an order last month for a cargo of American crude, the first-ever purchase of US oil by an Indian state-owned refiner.
- The company is looking at various possibilities for mergers and integration with other state-owned oil companies, including upstream player Oil India Ltd, Chairman Sanjiv Singh said.
* INFOSYS: Will award $10,000 each to the 10 most innovative teams every quarter in an effort to
recognise the best talents in the company, Chief Executive Officer Vishal Sikka said.
- The company will acquire London-based digital innovation and customer experience studio Brilliant Basics. The company has turned down a demand by co-founder N.R. Narayana Murthy that the report on its investigation into whistleblower complaints be made public.
* JBF INDUSTRIES: Will meet on Thursday to discuss restructuring of the overseas subsidiaries of the company for the reduction in the debt exposure of the company.
* JET AIRWAYS (INDIA): Will submit its financial results for the quarter ended Jun 30 on or before Sep 14. The pilots of a Boeing 737 of the company, involved in a "near miss" with a Vistara plane at Delhi airport in April, may have risked lives by trying to land at a speed that was too high, according a government committee report. Is looking to phase out all its expatriate pilots to control costs.
* JSW ENERGY: Is scrapping its plans to more than double capacity amid falling tariffs and a glut of
electricity in India.
* JSW STEEL: Will consider an investment from Japan's second-biggest mill as the company looks to acquire distressed companies in India. The company is in discussion with PIRAMAL ENTERPRISES for a partnership that could result in a joint bidding of assets currently going through the insolvency process.
* MAHINDRA & MAHINDRA: Has approved divestment of 9.7 mln shares, or 13.74% stake, through the initial public offering of subsidiary Mahindra Logistics.
* OBEROI REALTY: Has put off its plans to float a joint venture with private equity investors for its
upcoming malls.
* POWER FINANCE CORP: Is likely to set 7.10% as the coupon on its bonds maturing in five years and has received bids worth 33.95 bln rupees.
* PIRAMAL ENTERPRISES: The board will meet Tuesday to consider and approve the issuance of
unsecured non-convertible debentures worth up to 500 mln rupees, with an option to retain
oversubscription up to 2 bln rupees. Piramal Realty has sold commercial space, including an entire
building, in Kurla, Mumbai, to the company for 4.39 bln rupees.
* PNB HOUSING FINANCE: Reported Apr-Jun net profit of 1.8 bln rupees, up 92.7% on year. Revenue from operations was at 11.9 bln rupees, up 38.2% on year. Has raised 2 bln rupees through the issuance of non-convertible debentures maturing on Sep 15, 2020, at a coupon of 7.50%.
* PUNJAB NATIONAL BANK: The Delhi High Court has ordered the National Highways Authority of India to deposit 3.5 bln rupees in an escrow account towards a loan taken by Jetpur Somnath Tollways for a road project of NHAI. The bank was the lead banker for the project.
* RAMCO CEMENTS: The company will expand capacity of its grinding units at Visakhapatnam and Kolaghat from current 0.9 mln tn per annum to 2.0 mtpa each.
* RELIANCE COMMUNICATIONS: The National Company Law Tribunal has reserved its order till Thursday on admission of petitions filed by the company seeking approval for sale of its tower operations to Brookfield Group and a wireless business merger with Aircel.
* SYNGENE INTERNATIONAL: Is expanding its capital investment as it awaits completion of a 40- acre, $100-mln research facility in Mangaluru.
* TATA CHEMICALS: Has scrapped its plans to acquire Unnati Inorganics' precipitated silica operations located at Dahej, Gujarat.
* TITAN CO: Saw significant impact on its watch segment and sales of sunglasses in Apr-Jun ahead of the implementation of goods and services tax, the company said.
* VIDEOCON INDUSTRIES: A STATE BANK OF INDIA-led consortium of lenders has ordered a
forensic audit of the company' accounts to find out whether it floundered because of adverse business
conditions or financial mismanagement.
