Daily Stock News Today – 08.11.2017
* ABB INDIA: Swiss engineering group ABB said it will expand its traction transformer business in India to drive competitiveness.
* ADITYA BIRLA CAPITAL: Having received approval from the Reserve Bank of India for its asset
reconstruction company on Sep 25, the company is putting in place the capital and team for the venture, with an aim to launch operations in four to six months.
* AKZO NOBEL INDIA: The board has approved the sale of its speciality chemical operations to an affiliate entity of Akzonobel Group for 3.2 bln rupees.
* AXIS BANK: The board will on Friday consider raising funds through the issue of equity or equity-linked securities.
* BANK OF BARODA: The bank requires provisions of 12 bln rupees for its exposure to stressed accounts mentioned in the first and second lists of the Reserve Bank of India that were to be taken to the National Company Law Tribunal for resolution, Papia Sengupta, executive director, said.
* BANK OF INDIA: The bank's exposure to 16-17 accounts flagged by the RBI in the second list of stressed assets is about 40 bln rupees, Managing Director and Chief Executive Officer Dinabandhu Mohapatra said.
* BAJAJ AUTO: Has raised prices of motorcycles by 500 rupees with effect from Nov 1. Had first seen a revival in its volumes of two wheelers in September, owing to the start of the festive season, which helped the company to maintain a strong 19% market share in the motorcycle segment.
* BHARTI AIRTEL: The Company’s home broadband customers can now carry forward unused data and add it to the next month's billing cycle. A Qatari investor plans to sell 5% stake in the company for about $1.46 bln, adding to the gulf nation's recent stake sales in foreign companies.
* CASTROL INDIA: The Company’s board approved the issue of bonus shares in the ratio of 1:1.
* CIPLA: Aims to introduce its respiratory products in China with the help of a collaboration, as it feels the air pollution issue in the country could drive growth for the drugmaker.
* DCB BANK: The Bank and IFMR Capital have subscribed to the securitization transaction of a twowheeler pool of Home Credit India Finance, through which the latter has raised 453 mln rupees.
* DCM SHRIRAM: The board has recommended paying 4 rupees per share interim dividend. The company's board has approved investment of 5 bln rupees to increase manufacturing capacity to 38,000 tn of cane per day.
* DOLLAR INDUSTRIES: Has raised 1.08 bln rupees by allotting 2.5 mln shares to its promoter group firm Simplex Impex on a preferential basis.
* ESSEL PROPACK: The board of the company has approved raising up to 2 bln rupees through nonconvertible debentures.
* FUTURE CONSUMER: Tesco is rethinking about operationalising the joint venture between Future Consumer and Booker Group in this country. Tesco bought Booker, the UK-based wholesaler, for $4.7 bln.
* GAYATRI PROJECTS: The company got clearance from the National Company Law Tribunal, Hyderabad Bench, for restructuring its road assets business.
* HERO MOTOCORP: The company said it is looking to set up separate retail outlets for selling its premium motorcycles such as Karizma ZMR and Xtreme Sports. Is preparing to launch a 200 cc adventure bike based on the Xpulse concept.
* HINDUSTAN COPPER: Is seeking to increase its borrowing limit to fuel expansion plans at a time when global copper prices have started climbing up.
* ICICI PRUDENTIAL LIFE INSURANCE CO: Has sold 2.4% stake in ORTEL COMMUNICATIONS on the exchanges on Monday. Fund managers of the company are turning their attention to the technology and pharmaceutical sectors following bumper payoffs from a contrarian bet on the country's telecommunications sector.
* IDEA CELLULAR: Partnered with Sony India to give bundled 4G data offer to customers purchasing Sony Xperia R1 and R1 Plus smartphones.
* INDIABULLS HOUSING FINANCE: Indiabulls Housing Finance Ltd has raised 7.05 bln rupees through the issuance of two sets of non-convertible debentures.
* INDOCO REMEDIES: Has its final response on remedial measures at its Goa plant to the US FDA and will seek an audit from the regulator, the management said.
* INFOSYS: Has developed end-to-end online staffing platform 'Adia' for Adecco Group. Singapore- and Chennai-based Crayon Data has raised an undisclosed amount from the company's co-founder Kris Gopalakrishnan.
- Is opening an innovation hub in Indiana, US, and will hire 2,000 people for it, with plans to set up many more such hubs in the country.
* JSW ENERGY: The firm has bagged a short-term order to supply 200 MW power to Power Co of
Karnakata from Nov 8, 2017 to May 21, 2018.
* JSW STEEL: Is likely to partner Piramal-Bain fund in an effort to make a joint bid for the unlisted Bhushan Power and Steel, currently undergoing insolvency.
* JYOTHY LABORATORIES: Henkel AG & Co KGaA has decided not to exercise its option to buy 26% stake in the company.
* LARSEN & TOUBRO: Schneider Electric SE, the French industrial multinational company, along with its consortium partner Temasek, has entered final rounds of negotiations with the company to acquire its electric and automation division for 150-170 bln rupees.
* L&T TECHNOLOGY SERVICES: The board has decided to pay an interim dividend of 4 rupees per share.
* LUPIN: Expects the US Food and Drug Administration's combined warning letter for its formulation plants at Goa and Pithampur to hit 25-30 potential launches till 2018-19 (Apr-Mar).
* MAGADH SUGAR & ENERGY: The company's board has approved raising up to 1 blnrupees through the issue of debt or equity.
* MANAPPURAM FINANCE: The board will pay an interim dividend of 0.50 rupee per share. Board approved infusion of a further 500 mln rupees into subsidiary Asirvad Microfinance.
* NMDC: Plans to bid $9 bln diamond project in Madhya Pradesh.
* OK PLAY INDIA: The company's board cleared an agreement with JM Financial Group for a line of credit of 650 mln rupees to repay existing loans and for additional working capital requirements.
* OIL AND NATURAL GAS CORP: Has sought higher gas prices from the government for a block it plans to develop in the KG Basin, warning that it will otherwise have to mothball the $600 mln-project.
* PARAG MILK FOODS: Has received the final approval for incentives applicable to mega project at Manchar, Pune, from Maharashtra government.
* POWER GRID CORP OF INDIA: Is planning to bid for transmission packages in Brazil on engineering, procurement and construction basis by December-end, as the company looks for opportunities abroad on account of poor thermal power generation activity within the country in the last couple of years.
* PUNJAB NATIONAL BANK: May have to invest around 1.5 bln rupees in its Nepalese joint venture Everest Bank--which is planning to merge with another Nepalese bank--in order to maintain its shareholding at 20%.
- Even as the bank is gearing up to raise 50 bln rupees of fresh equity through qualified institutional
placement or follow-on public offer, Executive Director K. V. Brahmaji Rao said that an additional tier-I bond issue is also "on the cards".
* RELIANCE COMMUNICATIONS: Private equity players such as KKR, Carlyle Group and TPG Capital and BHARTI AIRTEL, Vodafone, Reliance Jio and Telstra Australia are believed to have expressed interest in buying 51% stake in non-wireless assets of the company, comprising undersea cables, data centres and enterprise operations.
* STATE BANK OF INDIA: The bank will exercise the 10-year call option on subordinated upper tier-II bonds issued by erstwhile State Bank of Patiala in 2007.
* TATA MOTORS: Owner of luxury car brand Jaguar Land Rover is raising funds from the international syndicated loan markets after a gap of almost two years in a bid to lock in one of the lowest borrowing costs for a non-investment grade borrower.
* TATA STEEL: A contender for Essar Steel assets has secured an informal commitment from the Adani group for use of its port in Hazira, Gujarat, if the Tata group company wins the bid for the bankrupt steelmaker's assets located in the vicinity.
* TUBE INVESTMENTS OF INDIA: Has received shareholders' approval to issue non-convertible
debentures of 4 bln rupees on a private placement basis.
* UNITED BANK OF INDIA: Is likely to set 9.05% as the coupon on its issuance of Basel-III compliant, tier-I bonds with tenure of 10 years.
CLICK HERE
*********************************************************************************
* ADITYA BIRLA CAPITAL: Having received approval from the Reserve Bank of India for its asset
reconstruction company on Sep 25, the company is putting in place the capital and team for the venture, with an aim to launch operations in four to six months.
* AKZO NOBEL INDIA: The board has approved the sale of its speciality chemical operations to an affiliate entity of Akzonobel Group for 3.2 bln rupees.
* AXIS BANK: The board will on Friday consider raising funds through the issue of equity or equity-linked securities.
* BANK OF BARODA: The bank requires provisions of 12 bln rupees for its exposure to stressed accounts mentioned in the first and second lists of the Reserve Bank of India that were to be taken to the National Company Law Tribunal for resolution, Papia Sengupta, executive director, said.
* BANK OF INDIA: The bank's exposure to 16-17 accounts flagged by the RBI in the second list of stressed assets is about 40 bln rupees, Managing Director and Chief Executive Officer Dinabandhu Mohapatra said.
* BAJAJ AUTO: Has raised prices of motorcycles by 500 rupees with effect from Nov 1. Had first seen a revival in its volumes of two wheelers in September, owing to the start of the festive season, which helped the company to maintain a strong 19% market share in the motorcycle segment.
* BHARTI AIRTEL: The Company’s home broadband customers can now carry forward unused data and add it to the next month's billing cycle. A Qatari investor plans to sell 5% stake in the company for about $1.46 bln, adding to the gulf nation's recent stake sales in foreign companies.
* CASTROL INDIA: The Company’s board approved the issue of bonus shares in the ratio of 1:1.
* CIPLA: Aims to introduce its respiratory products in China with the help of a collaboration, as it feels the air pollution issue in the country could drive growth for the drugmaker.
* DCB BANK: The Bank and IFMR Capital have subscribed to the securitization transaction of a twowheeler pool of Home Credit India Finance, through which the latter has raised 453 mln rupees.
* DCM SHRIRAM: The board has recommended paying 4 rupees per share interim dividend. The company's board has approved investment of 5 bln rupees to increase manufacturing capacity to 38,000 tn of cane per day.
* DOLLAR INDUSTRIES: Has raised 1.08 bln rupees by allotting 2.5 mln shares to its promoter group firm Simplex Impex on a preferential basis.
* ESSEL PROPACK: The board of the company has approved raising up to 2 bln rupees through nonconvertible debentures.
* FUTURE CONSUMER: Tesco is rethinking about operationalising the joint venture between Future Consumer and Booker Group in this country. Tesco bought Booker, the UK-based wholesaler, for $4.7 bln.
* GAYATRI PROJECTS: The company got clearance from the National Company Law Tribunal, Hyderabad Bench, for restructuring its road assets business.
* HERO MOTOCORP: The company said it is looking to set up separate retail outlets for selling its premium motorcycles such as Karizma ZMR and Xtreme Sports. Is preparing to launch a 200 cc adventure bike based on the Xpulse concept.
* HINDUSTAN COPPER: Is seeking to increase its borrowing limit to fuel expansion plans at a time when global copper prices have started climbing up.
* ICICI PRUDENTIAL LIFE INSURANCE CO: Has sold 2.4% stake in ORTEL COMMUNICATIONS on the exchanges on Monday. Fund managers of the company are turning their attention to the technology and pharmaceutical sectors following bumper payoffs from a contrarian bet on the country's telecommunications sector.
* IDEA CELLULAR: Partnered with Sony India to give bundled 4G data offer to customers purchasing Sony Xperia R1 and R1 Plus smartphones.
* INDIABULLS HOUSING FINANCE: Indiabulls Housing Finance Ltd has raised 7.05 bln rupees through the issuance of two sets of non-convertible debentures.
* INDOCO REMEDIES: Has its final response on remedial measures at its Goa plant to the US FDA and will seek an audit from the regulator, the management said.
* INFOSYS: Has developed end-to-end online staffing platform 'Adia' for Adecco Group. Singapore- and Chennai-based Crayon Data has raised an undisclosed amount from the company's co-founder Kris Gopalakrishnan.
- Is opening an innovation hub in Indiana, US, and will hire 2,000 people for it, with plans to set up many more such hubs in the country.
* JSW ENERGY: The firm has bagged a short-term order to supply 200 MW power to Power Co of
Karnakata from Nov 8, 2017 to May 21, 2018.
* JSW STEEL: Is likely to partner Piramal-Bain fund in an effort to make a joint bid for the unlisted Bhushan Power and Steel, currently undergoing insolvency.
* JYOTHY LABORATORIES: Henkel AG & Co KGaA has decided not to exercise its option to buy 26% stake in the company.
* LARSEN & TOUBRO: Schneider Electric SE, the French industrial multinational company, along with its consortium partner Temasek, has entered final rounds of negotiations with the company to acquire its electric and automation division for 150-170 bln rupees.
* L&T TECHNOLOGY SERVICES: The board has decided to pay an interim dividend of 4 rupees per share.
* LUPIN: Expects the US Food and Drug Administration's combined warning letter for its formulation plants at Goa and Pithampur to hit 25-30 potential launches till 2018-19 (Apr-Mar).
* MAGADH SUGAR & ENERGY: The company's board has approved raising up to 1 blnrupees through the issue of debt or equity.
* MANAPPURAM FINANCE: The board will pay an interim dividend of 0.50 rupee per share. Board approved infusion of a further 500 mln rupees into subsidiary Asirvad Microfinance.
* NMDC: Plans to bid $9 bln diamond project in Madhya Pradesh.
* OK PLAY INDIA: The company's board cleared an agreement with JM Financial Group for a line of credit of 650 mln rupees to repay existing loans and for additional working capital requirements.
* OIL AND NATURAL GAS CORP: Has sought higher gas prices from the government for a block it plans to develop in the KG Basin, warning that it will otherwise have to mothball the $600 mln-project.
* PARAG MILK FOODS: Has received the final approval for incentives applicable to mega project at Manchar, Pune, from Maharashtra government.
* POWER GRID CORP OF INDIA: Is planning to bid for transmission packages in Brazil on engineering, procurement and construction basis by December-end, as the company looks for opportunities abroad on account of poor thermal power generation activity within the country in the last couple of years.
* PUNJAB NATIONAL BANK: May have to invest around 1.5 bln rupees in its Nepalese joint venture Everest Bank--which is planning to merge with another Nepalese bank--in order to maintain its shareholding at 20%.
- Even as the bank is gearing up to raise 50 bln rupees of fresh equity through qualified institutional
placement or follow-on public offer, Executive Director K. V. Brahmaji Rao said that an additional tier-I bond issue is also "on the cards".
* RELIANCE COMMUNICATIONS: Private equity players such as KKR, Carlyle Group and TPG Capital and BHARTI AIRTEL, Vodafone, Reliance Jio and Telstra Australia are believed to have expressed interest in buying 51% stake in non-wireless assets of the company, comprising undersea cables, data centres and enterprise operations.
* STATE BANK OF INDIA: The bank will exercise the 10-year call option on subordinated upper tier-II bonds issued by erstwhile State Bank of Patiala in 2007.
* TATA MOTORS: Owner of luxury car brand Jaguar Land Rover is raising funds from the international syndicated loan markets after a gap of almost two years in a bid to lock in one of the lowest borrowing costs for a non-investment grade borrower.
* TATA STEEL: A contender for Essar Steel assets has secured an informal commitment from the Adani group for use of its port in Hazira, Gujarat, if the Tata group company wins the bid for the bankrupt steelmaker's assets located in the vicinity.
* TUBE INVESTMENTS OF INDIA: Has received shareholders' approval to issue non-convertible
debentures of 4 bln rupees on a private placement basis.
* UNITED BANK OF INDIA: Is likely to set 9.05% as the coupon on its issuance of Basel-III compliant, tier-I bonds with tenure of 10 years.
