Daily Stock News Today – 30.11.2017
* ACTION CONSTRUCTION EQUIPMENT: GMO Emerging Domestic Opportunities Fund bought 1.1 mln shares, or 0.9% stake, in the company for 136.84 rupees apiece through a bulk deal on the National Stock Exchange.
* ADANI POWER: Has said that findings of the Directorate of Revenue Intelligence in the probe into alleged overinvoicing of Indonesian coal imports by the company will affect the compensation it received from discoms in Haryana.
* ALLAHABAD BANK: Will cut marginal cost of funds-based lending rates by 5 basis points across tenures from Friday.
* BANK OF BARODA: Is scaling down its overseas presence as part of a rationalisation process, and is planning to shut down a branch in Hong Kong and a representative office in Thailand.
* BHARAT PETROLEUM CORP: The board has appointed Rajiv Bansal as government nominee director in place of Anant Kumar with effect from Nov 28.
* CADILA HEALTHCARE: The company, along with The Indian Council of Medical Research, has launched new diagnostic kits to detect infections in livestock.
* CAMLIN FINE SCIENCES: Will raise funds by issuing up to 9 mln warrants on preferential basis which are convertible into shares within 18 months.
* DEN NETWORKS: Norges Bank on Account of the Government Pension Fund Global has bought 2.39 mln shares or 1.20% stake in the company at 92.75 rupees apiece through a bulk deal on BSE.
* DLF: The company's board will meet on Friday to approve its proposals to issue equity shares to institutional investors and warrants or debentures to promoters.
* FUTURE ENTERPRISES: Arm Future Supply Chain Solutions plans to diversify its customer basket to cut dependence on group companies that currently contribute 60% of its topline, Future Group CFO Sanjay Jain said.
* FUTURE RETAIL: Shares of the company will move back to the rolling segment from Dec 13, from the trade-for-trade segment now, said a National Stock Exchange circular.
* ICICI LOMBARD GENERAL INSURANCE CO: National Insurance Co and the company may take a combined hit of 3 bln rupees from the fire that gutted the manufacturing unit of Haldiram's.
* INDIA MOTOR PARTS & ACCESSORIES: Has acquired 90% stake in CAPL Motor Parts, a spare parts distributor, for 45 mln rupees.
* INFOSYS: EdgeVerve Systems, a subsidiary of the company, has launched a block chain-based trade finance solution for banks.
* INTERGLOBE AVIATION: Delhi International Airport has submitted a report to high court on bifurcation of operations of the company, SPICEJET and GoAir between Terminal-1 and Terminal-2 of the Delhi airport.
* IVRCL: The consortium of bankers to the company may consider starting bankruptcy proceedings against the company under the Insolvency and Bankruptcy Code 2016.
* KARNATAKA BANK: Has roped in Boston Consulting Group to advise on its proposed business transformation, which will focus on seven key areas, including bad loan management, profitability and branding.
* LAKSHMI VILAS BANK: Will cut its marginal cost of funds-based lending rates by 10-30 basis points from Friday.
* L&T FINANCE HOLDINGS: Plans to raise up to 15 bln rupees through the issue of non-convertible debentures.
* LUPIN: Is recalling a single lot of Pravastatin Sodium USP tablets in the US, according to the US Food and Drug Administration.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Securities Issue Committee approved issuance of 25 mln shares at 422 rupees on preferential basis to promoter MAHINDRA & MAHINDRA. Plans to launch an online marketplace for insurance, Paybima.com, which will allow customers to browse through and buy policies offered by various insurers.
* MAJESCO: The company will provide its insurance billing software, Majesco Billing, to New York State Insurance Fund.
* NESTLE INDIA: Plans to appeal against an order of the district administration of Shahjahanpur, Uttar Pradesh, levying penalty on it after its Maggi noodle sample allegedly failed quality tests.
* OIL & NATURAL GAS CORP: Said it should also be allowed to participate in the auction for oil and gas fields discovered by national oil companies, and given the same concessional terms that were being offered to the private bidders.
* POWER FINANCE CORP: Is likely to set a semi-annual coupon of 3.75% on its green dollar bonds.
* RELIANCE COMMUNICATIONS: The company, which earlier this month defaulted on dollar notes, told bondholders that they would be treated the same as bank lenders in terms of their ability to recover funds, according to Citigroup Inc.
* RELIGARE ENTERPRISES: Resurgence PE Investments has requested the Delhi High Court to stop promoters from selling stake in Religare Finvest as the company was in "financial doldrums" and its value was "eroding rapidly".
* SRS FINANCE: Board has extended the tenure of Chief Executive Officer Ashutosh Singh by three months, with effect from Wednesday.
* TATA STEEL: The formal approval for Tata Steel Special Economic Zone's multi-product special economic zone in Gopalpur, Odisha, which was to expire next month, has been extended by a year by the government.
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* ADANI POWER: Has said that findings of the Directorate of Revenue Intelligence in the probe into alleged overinvoicing of Indonesian coal imports by the company will affect the compensation it received from discoms in Haryana.
* ALLAHABAD BANK: Will cut marginal cost of funds-based lending rates by 5 basis points across tenures from Friday.
* BANK OF BARODA: Is scaling down its overseas presence as part of a rationalisation process, and is planning to shut down a branch in Hong Kong and a representative office in Thailand.
* BHARAT PETROLEUM CORP: The board has appointed Rajiv Bansal as government nominee director in place of Anant Kumar with effect from Nov 28.
* CADILA HEALTHCARE: The company, along with The Indian Council of Medical Research, has launched new diagnostic kits to detect infections in livestock.
* CAMLIN FINE SCIENCES: Will raise funds by issuing up to 9 mln warrants on preferential basis which are convertible into shares within 18 months.
* DEN NETWORKS: Norges Bank on Account of the Government Pension Fund Global has bought 2.39 mln shares or 1.20% stake in the company at 92.75 rupees apiece through a bulk deal on BSE.
* DLF: The company's board will meet on Friday to approve its proposals to issue equity shares to institutional investors and warrants or debentures to promoters.
* FUTURE ENTERPRISES: Arm Future Supply Chain Solutions plans to diversify its customer basket to cut dependence on group companies that currently contribute 60% of its topline, Future Group CFO Sanjay Jain said.
* FUTURE RETAIL: Shares of the company will move back to the rolling segment from Dec 13, from the trade-for-trade segment now, said a National Stock Exchange circular.
* ICICI LOMBARD GENERAL INSURANCE CO: National Insurance Co and the company may take a combined hit of 3 bln rupees from the fire that gutted the manufacturing unit of Haldiram's.
* INDIA MOTOR PARTS & ACCESSORIES: Has acquired 90% stake in CAPL Motor Parts, a spare parts distributor, for 45 mln rupees.
* INFOSYS: EdgeVerve Systems, a subsidiary of the company, has launched a block chain-based trade finance solution for banks.
* INTERGLOBE AVIATION: Delhi International Airport has submitted a report to high court on bifurcation of operations of the company, SPICEJET and GoAir between Terminal-1 and Terminal-2 of the Delhi airport.
* IVRCL: The consortium of bankers to the company may consider starting bankruptcy proceedings against the company under the Insolvency and Bankruptcy Code 2016.
* KARNATAKA BANK: Has roped in Boston Consulting Group to advise on its proposed business transformation, which will focus on seven key areas, including bad loan management, profitability and branding.
* LAKSHMI VILAS BANK: Will cut its marginal cost of funds-based lending rates by 10-30 basis points from Friday.
* L&T FINANCE HOLDINGS: Plans to raise up to 15 bln rupees through the issue of non-convertible debentures.
* LUPIN: Is recalling a single lot of Pravastatin Sodium USP tablets in the US, according to the US Food and Drug Administration.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Securities Issue Committee approved issuance of 25 mln shares at 422 rupees on preferential basis to promoter MAHINDRA & MAHINDRA. Plans to launch an online marketplace for insurance, Paybima.com, which will allow customers to browse through and buy policies offered by various insurers.
* MAJESCO: The company will provide its insurance billing software, Majesco Billing, to New York State Insurance Fund.
* NESTLE INDIA: Plans to appeal against an order of the district administration of Shahjahanpur, Uttar Pradesh, levying penalty on it after its Maggi noodle sample allegedly failed quality tests.
* OIL & NATURAL GAS CORP: Said it should also be allowed to participate in the auction for oil and gas fields discovered by national oil companies, and given the same concessional terms that were being offered to the private bidders.
* POWER FINANCE CORP: Is likely to set a semi-annual coupon of 3.75% on its green dollar bonds.
* RELIANCE COMMUNICATIONS: The company, which earlier this month defaulted on dollar notes, told bondholders that they would be treated the same as bank lenders in terms of their ability to recover funds, according to Citigroup Inc.
* RELIGARE ENTERPRISES: Resurgence PE Investments has requested the Delhi High Court to stop promoters from selling stake in Religare Finvest as the company was in "financial doldrums" and its value was "eroding rapidly".
* SRS FINANCE: Board has extended the tenure of Chief Executive Officer Ashutosh Singh by three months, with effect from Wednesday.
* TATA STEEL: The formal approval for Tata Steel Special Economic Zone's multi-product special economic zone in Gopalpur, Odisha, which was to expire next month, has been extended by a year by the government.
