Daily Stock News Today – 08.08.2017
* APOLLO TYRES: Company's management said it expects demand to improve in the September
quarter, aided by a likely anti-dumping duty on radial tyres imported from China.
* BAJAJ FINSERV: Amid the current stalemate between the company and Allianz SE over the price at which the latter would increase stake in two insurance joint ventures, Managing Director Sanjiv Bajaj has agreed that the stake sale could only occur at market prices, as per regulatory norms.
* BHARTI AIRTEL: Is learnt to be in process to offload 3.7% stake in BHARTI INFRATEL for about 25 bln rupees.
* BRITANNIA INDUSTRIES: Will invest about 10 bln rupees to set up a plant in Maharashtra, which when completed would be the company's "biggest-ever" manufacturing unit in the country, Managing Director Varun Berry said.
* DR LAL PATHLABS: Board has approved buying of 70% stake in Dr Lal PathLabs Bangladesh.
* GAIL INDIA: Seeks to renegotiate price of the liquefied natural gas it has contracted from the US,
following a similar one with Australia, to reflect current market realities.
* GPT INFRAPROJECTS: Prominent investor Porinju Veliyath bought 640,000 shares of the company through a bulk deal on the National Stock Exchange at 125.68 rupees apiece. EQ India Fund has bought 240,000 shares of the company in a bulk deal on the NSE at 125.74 rupees a share.
* GREAT EASTERN SHIPPING CO: The board of wholly-owned subsidiary Greatship (India) has
approved the merger of Greatship Global Holdings, Mauritius, the company's step-down arm, with itself.
* HOUSING DEVELOPMENT AND INFRASTRUCTURE: Lord Abbett Securities Trust sold 3.07 mln shares of the company at 71.78 rupees per share in a bulk deal on NSE. Societe Generale sold 2.53 mln shares of the company in a bulk deal on NSE at 70.92 rupees a share.
* IDEA CELLULAR: The Securities and Exchange Board of India and exchanges have given a
conditional go-ahead to the $23 bln merger deal between Idea Cellular and Vodafone India.
* IGARASHI MOTORS INDIA: Will supply three different kinds of motors to the US-based Tesla.
* IL&FS ENGINEERING AND CONSTRUCTION CO: The Mumbai Metropolitan Region Development Authority has told the Bombay High Court that it is evaluating the bids submitted by the company for Mumbai trans-harbour link project.
* JSW STEEL: With regards to a news item in The Economics Times on Saturday, titled "JSW Steel may partner Piramal-Bain Fund to bid for Bhushan Steel", the company said it does not want to comment on market rumour and speculation.
* KARUR VYSYA BANK: Has cut its marginal cost of funds-based loan rates by 5 basis points across some tenures. The lending rates are now in the range of 8.75-9.10%, with immediate effect.
* KOTAK MAHINDRA BANK: Is not looking to reduce the interest rate on savings bank deposits as it has helped the private player grow the base at nearly twice the industry rate.
* NTPC: Looks to take over the Uttar Pradesh government's 50% equity in the 1,320 MW Meja power project as it seeks to lower the cost of electricity in the state and bring about greater efficiency.
* OIL & NATURAL GAS CORP: The company's overseas arm ONGC Videsh plans to invest $150 mln in exploration in 2017-18 (Apr-Mar) to drill more wells in Colombia, Kazakhstan and Bangladesh.
* PUNJAB NATIONAL BANK: The bank, UNITED BANK OF INDIA, INDIAN OVERSEAS BANK and DENA BANK have put up for sale non-performing assets with outstanding dues of over 26.60 bln rupees. These lenders have floated tenders inviting bids from asset reconstruction companies and other financial institutions.
* TATA MOTORS: Subsidiary Jaguar Land Rover Automotive Plc sold 7,465 units in the UK in July,
down 0.7% from a year ago.
* TATA STEEL: Posted a consolidated net profit of 9.1 bln rupees for Apr-Jun, compared with a 32.1- bln-rupee loss a year ago. Revenue from operations was at 309.7 bln rupees, up 19.3% on year. Gross debt rose nearly 6% in Apr-Jun to 878.12 bln rupees on account of "foreign exchange impact", a rise in inventory ahead of the rollout of the goods and services tax, and seasonal weakness in European operations. Corporate governance advisory entity--Stakeholders' Empowerment Services has objected to two resolutions put up by the company regarding appointment of statutory auditors and an independent director.
* UNITED SPIRITS: Plans to raise 7.50 bln rupees through non-convertible debentures in order to reduce its finance cost by 50-75 basis points in 2017-18 (Apr-Mar).
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* APOLLO TYRES: Company's management said it expects demand to improve in the September
quarter, aided by a likely anti-dumping duty on radial tyres imported from China.
* BAJAJ FINSERV: Amid the current stalemate between the company and Allianz SE over the price at which the latter would increase stake in two insurance joint ventures, Managing Director Sanjiv Bajaj has agreed that the stake sale could only occur at market prices, as per regulatory norms.
* BHARTI AIRTEL: Is learnt to be in process to offload 3.7% stake in BHARTI INFRATEL for about 25 bln rupees.
* BRITANNIA INDUSTRIES: Will invest about 10 bln rupees to set up a plant in Maharashtra, which when completed would be the company's "biggest-ever" manufacturing unit in the country, Managing Director Varun Berry said.
* DR LAL PATHLABS: Board has approved buying of 70% stake in Dr Lal PathLabs Bangladesh.
* GAIL INDIA: Seeks to renegotiate price of the liquefied natural gas it has contracted from the US,
following a similar one with Australia, to reflect current market realities.
* GPT INFRAPROJECTS: Prominent investor Porinju Veliyath bought 640,000 shares of the company through a bulk deal on the National Stock Exchange at 125.68 rupees apiece. EQ India Fund has bought 240,000 shares of the company in a bulk deal on the NSE at 125.74 rupees a share.
* GREAT EASTERN SHIPPING CO: The board of wholly-owned subsidiary Greatship (India) has
approved the merger of Greatship Global Holdings, Mauritius, the company's step-down arm, with itself.
* HOUSING DEVELOPMENT AND INFRASTRUCTURE: Lord Abbett Securities Trust sold 3.07 mln shares of the company at 71.78 rupees per share in a bulk deal on NSE. Societe Generale sold 2.53 mln shares of the company in a bulk deal on NSE at 70.92 rupees a share.
* IDEA CELLULAR: The Securities and Exchange Board of India and exchanges have given a
conditional go-ahead to the $23 bln merger deal between Idea Cellular and Vodafone India.
* IGARASHI MOTORS INDIA: Will supply three different kinds of motors to the US-based Tesla.
* IL&FS ENGINEERING AND CONSTRUCTION CO: The Mumbai Metropolitan Region Development Authority has told the Bombay High Court that it is evaluating the bids submitted by the company for Mumbai trans-harbour link project.
* JSW STEEL: With regards to a news item in The Economics Times on Saturday, titled "JSW Steel may partner Piramal-Bain Fund to bid for Bhushan Steel", the company said it does not want to comment on market rumour and speculation.
* KARUR VYSYA BANK: Has cut its marginal cost of funds-based loan rates by 5 basis points across some tenures. The lending rates are now in the range of 8.75-9.10%, with immediate effect.
* KOTAK MAHINDRA BANK: Is not looking to reduce the interest rate on savings bank deposits as it has helped the private player grow the base at nearly twice the industry rate.
* NTPC: Looks to take over the Uttar Pradesh government's 50% equity in the 1,320 MW Meja power project as it seeks to lower the cost of electricity in the state and bring about greater efficiency.
* OIL & NATURAL GAS CORP: The company's overseas arm ONGC Videsh plans to invest $150 mln in exploration in 2017-18 (Apr-Mar) to drill more wells in Colombia, Kazakhstan and Bangladesh.
* PUNJAB NATIONAL BANK: The bank, UNITED BANK OF INDIA, INDIAN OVERSEAS BANK and DENA BANK have put up for sale non-performing assets with outstanding dues of over 26.60 bln rupees. These lenders have floated tenders inviting bids from asset reconstruction companies and other financial institutions.
* TATA MOTORS: Subsidiary Jaguar Land Rover Automotive Plc sold 7,465 units in the UK in July,
down 0.7% from a year ago.
* TATA STEEL: Posted a consolidated net profit of 9.1 bln rupees for Apr-Jun, compared with a 32.1- bln-rupee loss a year ago. Revenue from operations was at 309.7 bln rupees, up 19.3% on year. Gross debt rose nearly 6% in Apr-Jun to 878.12 bln rupees on account of "foreign exchange impact", a rise in inventory ahead of the rollout of the goods and services tax, and seasonal weakness in European operations. Corporate governance advisory entity--Stakeholders' Empowerment Services has objected to two resolutions put up by the company regarding appointment of statutory auditors and an independent director.
* UNITED SPIRITS: Plans to raise 7.50 bln rupees through non-convertible debentures in order to reduce its finance cost by 50-75 basis points in 2017-18 (Apr-Mar).
