Daily Stock News Today – 01.12.2017
* ASHAPURA INTIMATES FASHION: Board has approved raising 2.5 bln rupees through american depositary receipts, global depositary receipts, and foreign currency convertible bonds.
* ALLAHABAD BANK: Has set a medium term target to sell its 30% stake at Universal Sompo General Insurance Co as the government is insisting sale of non-core assets.
* BHARAT FINANCIAL INCLUSION: Completed loan securitisation transaction of 4.2 bln rupees, its second in 2017-18 (Apr-Mar).
* BHUSHAN STEEL: Bhushan Steel Chief Financial Officer Nittin Johari has resigned as a whole-time director (finance).
* DISH TV INDIA: National Company Law Tribunal on Wednesday admitted a plea filed by the company against Macro Commerce to initiate insolvency proceedings against the latter for a payment default of 37.2 mln rupees.
* EDELWEISS FINANCIAL SERVICES: Edelweiss Tokio Life Insurance announced an equity capital infusion of 6.7 bln rupees from the company and Tokio Marine to fund business expansion, develop its bancassurance channel, and explore inorganic growth opportunities.
* EROS INTERNATIONAL MEDIA: Trinity Pictures, the company's franchise feature studio, will release "Haathi Mere Saathi" film in Diwali 2018.
* HATSUN AGRO PRODUCT: The board will meet on Wednesday to consider raising funds through shares or any other permissible securities.
* LAURUS LABS: Received US Food and Drug Administration's tentative approval for tenofovir disoproxil fumarate, a generic of VIREAD tablets.
* LT FOODS: Plans to invest $20 mln to increase sales of branded products in Europe to 30,000 tn in four years from 5,000 tn currently.
* MAHINDRA & MAHINDRA: Announced a strategic partnership with Renesas, a supplier of advanced semiconductor solutions, under which the latter will become the official technology partner for its Formula E team while also working together on electric racing and road cars.
* MCLEOD RUSSEL INDIA: Nomura India bought 8.37 mln shares or 7.6% stake in the company at 205.10 rupees apiece, in two bulk deals on BSE.
* MPHASIS: Announced appointment of Guru Grewal as head of Europe business.
* PIRAMAL ENTERPRISES: Has acquired the Digeplex and the associated brands from Shreya Lifesciences for an undisclosed sum to expand its consumer products business.
* PNB HOUSING FINANCE: General Atlantic has bought 1.5% more stake in the company.
* PROCTER GAMBLE HYGIENE & HEALTH CARE: Sales at the Indian unit of Procter & Gamble fell 14% during the year ended March 2017, its worst performance since it entered the market more than two decades ago.
* PUNJAB NATIONAL BANK: Has raised its interest rate on bulk deposits over 10 mln rupees by 50 basis points, to 5%, a day after STATE BANK OF INDIA, decided to raise its rate on these deposits across tenors by 100 bps.
* RAMCO CEMENTS: Has got clearance from the environment ministry for addition of a third packer unit of 120-tn-perhour capacity at its Ramasamy Raja Nagar plant in Tamil Nadu, documents on the ministry's website showed.
* RELIANCE CAPITAL: Arm Reliance General Insurance has received final observation from Securities and Exchange Board of India for the proposed initial public offering of 67.08 mln shares.
* RELIANCE COMMUNICATIONS: Said that a majority of lenders have decided to oppose the insolvency petition filed against the company by China Development Bank. Reliance group said it will file a 50-bln-rupee defamation suit against Congress spokesperson Abhishek Singhvi for making "false and defamatory statements".
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has partnered with Xiaomi to launch the latter's latest affordable smartphone, Redmi 5A, at an effective price of 3,999 rupees.
* RELIANCE POWER: Completed phase-I of the liquefied natural gas terminal in Bangladesh.
* STATE BANK OF INDIA: Kept its marginal cost of funds-based ending rates unchanged for December.
* STERLING BIOTECH: The Enforcement Directorate conducted seven raids in the Delhi-National Capital Region in connection with a 50-bln-rupee money laundering probe against directors and associates of the company.
* TATA MOTORS: India is not on the radar for the company's Jaguar Land Rover when it comes to global expansion plans, even as it remains on an expansion spree in many other markets, led by China, Chief Executive Officer Ralph Speth said. Amidst allegations levelled by Congress Vice-President Rahul Gandhi that Gujarat government has wasted 330 bln rupees of taxpayers' money on the company's Sanand project, the company chose to clear the air by clarifying the matter of loan extended by the state government to it.
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* ALLAHABAD BANK: Has set a medium term target to sell its 30% stake at Universal Sompo General Insurance Co as the government is insisting sale of non-core assets.
* BHARAT FINANCIAL INCLUSION: Completed loan securitisation transaction of 4.2 bln rupees, its second in 2017-18 (Apr-Mar).
* BHUSHAN STEEL: Bhushan Steel Chief Financial Officer Nittin Johari has resigned as a whole-time director (finance).
* DISH TV INDIA: National Company Law Tribunal on Wednesday admitted a plea filed by the company against Macro Commerce to initiate insolvency proceedings against the latter for a payment default of 37.2 mln rupees.
* EDELWEISS FINANCIAL SERVICES: Edelweiss Tokio Life Insurance announced an equity capital infusion of 6.7 bln rupees from the company and Tokio Marine to fund business expansion, develop its bancassurance channel, and explore inorganic growth opportunities.
* EROS INTERNATIONAL MEDIA: Trinity Pictures, the company's franchise feature studio, will release "Haathi Mere Saathi" film in Diwali 2018.
* HATSUN AGRO PRODUCT: The board will meet on Wednesday to consider raising funds through shares or any other permissible securities.
* LAURUS LABS: Received US Food and Drug Administration's tentative approval for tenofovir disoproxil fumarate, a generic of VIREAD tablets.
* LT FOODS: Plans to invest $20 mln to increase sales of branded products in Europe to 30,000 tn in four years from 5,000 tn currently.
* MAHINDRA & MAHINDRA: Announced a strategic partnership with Renesas, a supplier of advanced semiconductor solutions, under which the latter will become the official technology partner for its Formula E team while also working together on electric racing and road cars.
* MCLEOD RUSSEL INDIA: Nomura India bought 8.37 mln shares or 7.6% stake in the company at 205.10 rupees apiece, in two bulk deals on BSE.
* MPHASIS: Announced appointment of Guru Grewal as head of Europe business.
* PIRAMAL ENTERPRISES: Has acquired the Digeplex and the associated brands from Shreya Lifesciences for an undisclosed sum to expand its consumer products business.
* PNB HOUSING FINANCE: General Atlantic has bought 1.5% more stake in the company.
* PROCTER GAMBLE HYGIENE & HEALTH CARE: Sales at the Indian unit of Procter & Gamble fell 14% during the year ended March 2017, its worst performance since it entered the market more than two decades ago.
* PUNJAB NATIONAL BANK: Has raised its interest rate on bulk deposits over 10 mln rupees by 50 basis points, to 5%, a day after STATE BANK OF INDIA, decided to raise its rate on these deposits across tenors by 100 bps.
* RAMCO CEMENTS: Has got clearance from the environment ministry for addition of a third packer unit of 120-tn-perhour capacity at its Ramasamy Raja Nagar plant in Tamil Nadu, documents on the ministry's website showed.
* RELIANCE CAPITAL: Arm Reliance General Insurance has received final observation from Securities and Exchange Board of India for the proposed initial public offering of 67.08 mln shares.
* RELIANCE COMMUNICATIONS: Said that a majority of lenders have decided to oppose the insolvency petition filed against the company by China Development Bank. Reliance group said it will file a 50-bln-rupee defamation suit against Congress spokesperson Abhishek Singhvi for making "false and defamatory statements".
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has partnered with Xiaomi to launch the latter's latest affordable smartphone, Redmi 5A, at an effective price of 3,999 rupees.
* RELIANCE POWER: Completed phase-I of the liquefied natural gas terminal in Bangladesh.
* STATE BANK OF INDIA: Kept its marginal cost of funds-based ending rates unchanged for December.
* STERLING BIOTECH: The Enforcement Directorate conducted seven raids in the Delhi-National Capital Region in connection with a 50-bln-rupee money laundering probe against directors and associates of the company.
* TATA MOTORS: India is not on the radar for the company's Jaguar Land Rover when it comes to global expansion plans, even as it remains on an expansion spree in many other markets, led by China, Chief Executive Officer Ralph Speth said. Amidst allegations levelled by Congress Vice-President Rahul Gandhi that Gujarat government has wasted 330 bln rupees of taxpayers' money on the company's Sanand project, the company chose to clear the air by clarifying the matter of loan extended by the state government to it.
