Daily Stock News Today – 05.01.2018
* ABG SHIPYARD: ICICI BANK has initiated insolvency proceeding against Western India Shipyard, a subsidiary of the company.
* ALPS MOTOR FINANCE: Board has approved a move to apply for a housing finance company licence from National Housing Bank.
* APOLLO PIPES: Kotak Mahindra Mutual Fund bought 275,000 shares or 5.5% stake in the company at 655.61 rupees per share in a bulk deal on the BSE.
* ASHIANA HOUSING: Has approved raising up to 2.5 bln rupees through the issuance of non-convertible debentures or any other debt securities.
* BHARTI AIRTEL: Has partnered Samsung to provide cashback of 1,500 rupees on four models of the handset maker's fourth-generation phones.
* BLISS GVS PHARMA: The board will meet on Jan 11 to consider disinvestment of subsidiary business.
* DEWAN HOUSING FINANCE CORP: Board will on Tuesday consider raising funds through a public or private issue of secured or unsecured bonds denominated in either rupees or dollars.
* DREDGING CORP OF INDIA: The government has invited bids from transaction advisors for the sale process of three public sector units, including the company.
* EICHER MOTORS: Director Srinivasan Sandilya, who along with directors of other companies had filed a petition against the government's move to disqualify them as board members, withdrew the petition after being offered an amnesty scheme.
* ELECTROSTEEL STEEL: Tatas, the Dalmia Group, Vedanta and fund backed by Edelweiss are among the four who have submitted binding bids to buy the company which is facing bankruptcy proceedings.
* EXIDE INDUSTRIES: Has launched a new range of batteries, including its premium offering 'Epiq', which comes with a six-year warranty.
* GITANJALI GEMS: Macquarie Finance (India) sold 2.5 mln shares or 2.1% stake in the company at 73.5 rupees a share through a bulk deal on the National Stock Exchange.
* GTL INFRASTRUCTURE: Has cut its estimate for total tower tenancy at the end of 2017-18 (Apr-Mar) to 47,000 from 56,000 due to consolidation in the telecom industry. Lenders to Aircel and the company have come up with a solution to clear the combined debt of the firms.
* HCL TECHNOLOGIES: Great American Insurance Co and the company mutually terminated their joint venture HCL Eagle to reduce operational costs.
* HIL: Has launched its non-asbestos roofing product--Charminar Fortune.
* HINDALCO INDUSTRIES: Has submitted a $2.5-bln bid to acquire US-based aluminium maker Aleris Corp.
* IDEA CELLULAR: Will raise a total of 67.5 bln rupees through preferential allotment of shares and other routes such as qualified institutional placement to strengthen the balance sheet of the merged entity it will form with Vodafone India.
* INDIAN ENERGY EXCHANGE: Average price of spot electricity on Indian Energy Exchange fell 15% on month to 3.00 rupees per unit in December. However, the prices rose 29% compared with 2.32 rupees in December 2016.
* INDIAN OVERSEAS BANK: Will utilise the funds in its share premium account to write off accumulated losses of over 69.78 bln rupees at the end of previous fiscal.
* INFOSYS: Has entered into a pact with ValGenesis to provide digital services to the healthcare sector.
* JAYPEE INFRATECH: Jaypee Group aims to complete the construction of pending 24,000 flats in Noida by 2020 at a cost of about 80 bln rupees and deliver it to home buyers.
* JSW ENERGY: has incorporated a subsidiary JSW Solar to pursue business opportunities in renewable energy and related segments.
* K.P. ENERGY: Board has approved raising funds by issuance of up to 1.1 mln equity share warrants on a preferential basis.
* MAHINDRA & MAHINDRA: Total vehicle production in December was down 10.22% at 29,047 units, against 32,355 units in the year-ago period.
* MONNET ISPAT & ENERGY: The committee of creditors for the company, has asked the Aion Capital-JSW Steel combine to improve its offer and are meeting next week to decide on their course of action.
* MOTHERSON SUMI SYSTEMS: Promoter Samvardhana Motherson International has announced the acquisition of MS Global India from the Korea-based MS Group.
* RAMA STEEL TUBES: Has started commercial production at its wholly-owned subsidiary Lepakshi Tubes' facility near Bengaluru.
* SOUTH INDIAN BANK: The board of directors will meet on Tuesday to consider raising 200 mln rupees through equity.
* STARLOG ENTERPRISES: ALBA Asia, an equal joint venture between the company and French shipping firm Louis Dreyfus Armateurs, will open a new coal terminal at VO Chidambaranar Port Trust in Tamil Nadu.
* STATE BANK OF INDIA: The executive committee of the central board of the bank will meet on Monday to consider long-term fund raising of up to $2 bln through senior unsecured notes in US dollars or any other convertible currency. Under pressure from the government, the bank is understood to be reviewing its minimum balance requirement which is currently 3,000 rupees in urban centres.
* SUKHJIT STARCH & CHEMICALS: Subsidiary Sukhjit Mega Food Park & Infra has received 150 mln rupees as the first instalment of subsidy from the Ministry of Food Processing Industries.
* TRANSCORP INTERNATIONAL: Board has approved a slump sale of its money-transfer services business in India to You First Money Express for 471.5 mln rupees.
* UNITED BREWERIES: A Delhi court declared businessman Vijay Mallya a proclaimed offender after he failed to appear in court despite repeated summons in a case filed by the Enforcement Directorate relating to alleged violation of the erstwhile Foreign Exchange Regulation Act.
* VARUN BEVERAGES: Has entered into an agreement with PepsiCo India for marketing and distribution rights of Tropicana juices, Gatorade and Quaker dairy products in north and east India.
* YES BANK: Nearby Technologies has tied up with the company to provide Aadhaar-enabled cardless and pinless automated teller machine service by which customers can deposit or withdraw money at retailers' place.
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* ALPS MOTOR FINANCE: Board has approved a move to apply for a housing finance company licence from National Housing Bank.
* APOLLO PIPES: Kotak Mahindra Mutual Fund bought 275,000 shares or 5.5% stake in the company at 655.61 rupees per share in a bulk deal on the BSE.
* ASHIANA HOUSING: Has approved raising up to 2.5 bln rupees through the issuance of non-convertible debentures or any other debt securities.
* BHARTI AIRTEL: Has partnered Samsung to provide cashback of 1,500 rupees on four models of the handset maker's fourth-generation phones.
* BLISS GVS PHARMA: The board will meet on Jan 11 to consider disinvestment of subsidiary business.
* DEWAN HOUSING FINANCE CORP: Board will on Tuesday consider raising funds through a public or private issue of secured or unsecured bonds denominated in either rupees or dollars.
* DREDGING CORP OF INDIA: The government has invited bids from transaction advisors for the sale process of three public sector units, including the company.
* EICHER MOTORS: Director Srinivasan Sandilya, who along with directors of other companies had filed a petition against the government's move to disqualify them as board members, withdrew the petition after being offered an amnesty scheme.
* ELECTROSTEEL STEEL: Tatas, the Dalmia Group, Vedanta and fund backed by Edelweiss are among the four who have submitted binding bids to buy the company which is facing bankruptcy proceedings.
* EXIDE INDUSTRIES: Has launched a new range of batteries, including its premium offering 'Epiq', which comes with a six-year warranty.
* GITANJALI GEMS: Macquarie Finance (India) sold 2.5 mln shares or 2.1% stake in the company at 73.5 rupees a share through a bulk deal on the National Stock Exchange.
* GTL INFRASTRUCTURE: Has cut its estimate for total tower tenancy at the end of 2017-18 (Apr-Mar) to 47,000 from 56,000 due to consolidation in the telecom industry. Lenders to Aircel and the company have come up with a solution to clear the combined debt of the firms.
* HCL TECHNOLOGIES: Great American Insurance Co and the company mutually terminated their joint venture HCL Eagle to reduce operational costs.
* HIL: Has launched its non-asbestos roofing product--Charminar Fortune.
* HINDALCO INDUSTRIES: Has submitted a $2.5-bln bid to acquire US-based aluminium maker Aleris Corp.
* IDEA CELLULAR: Will raise a total of 67.5 bln rupees through preferential allotment of shares and other routes such as qualified institutional placement to strengthen the balance sheet of the merged entity it will form with Vodafone India.
* INDIAN ENERGY EXCHANGE: Average price of spot electricity on Indian Energy Exchange fell 15% on month to 3.00 rupees per unit in December. However, the prices rose 29% compared with 2.32 rupees in December 2016.
* INDIAN OVERSEAS BANK: Will utilise the funds in its share premium account to write off accumulated losses of over 69.78 bln rupees at the end of previous fiscal.
* INFOSYS: Has entered into a pact with ValGenesis to provide digital services to the healthcare sector.
* JAYPEE INFRATECH: Jaypee Group aims to complete the construction of pending 24,000 flats in Noida by 2020 at a cost of about 80 bln rupees and deliver it to home buyers.
* JSW ENERGY: has incorporated a subsidiary JSW Solar to pursue business opportunities in renewable energy and related segments.
* K.P. ENERGY: Board has approved raising funds by issuance of up to 1.1 mln equity share warrants on a preferential basis.
* MAHINDRA & MAHINDRA: Total vehicle production in December was down 10.22% at 29,047 units, against 32,355 units in the year-ago period.
* MONNET ISPAT & ENERGY: The committee of creditors for the company, has asked the Aion Capital-JSW Steel combine to improve its offer and are meeting next week to decide on their course of action.
* MOTHERSON SUMI SYSTEMS: Promoter Samvardhana Motherson International has announced the acquisition of MS Global India from the Korea-based MS Group.
* RAMA STEEL TUBES: Has started commercial production at its wholly-owned subsidiary Lepakshi Tubes' facility near Bengaluru.
* SOUTH INDIAN BANK: The board of directors will meet on Tuesday to consider raising 200 mln rupees through equity.
* STARLOG ENTERPRISES: ALBA Asia, an equal joint venture between the company and French shipping firm Louis Dreyfus Armateurs, will open a new coal terminal at VO Chidambaranar Port Trust in Tamil Nadu.
* STATE BANK OF INDIA: The executive committee of the central board of the bank will meet on Monday to consider long-term fund raising of up to $2 bln through senior unsecured notes in US dollars or any other convertible currency. Under pressure from the government, the bank is understood to be reviewing its minimum balance requirement which is currently 3,000 rupees in urban centres.
* SUKHJIT STARCH & CHEMICALS: Subsidiary Sukhjit Mega Food Park & Infra has received 150 mln rupees as the first instalment of subsidy from the Ministry of Food Processing Industries.
* TRANSCORP INTERNATIONAL: Board has approved a slump sale of its money-transfer services business in India to You First Money Express for 471.5 mln rupees.
* UNITED BREWERIES: A Delhi court declared businessman Vijay Mallya a proclaimed offender after he failed to appear in court despite repeated summons in a case filed by the Enforcement Directorate relating to alleged violation of the erstwhile Foreign Exchange Regulation Act.
* VARUN BEVERAGES: Has entered into an agreement with PepsiCo India for marketing and distribution rights of Tropicana juices, Gatorade and Quaker dairy products in north and east India.
* YES BANK: Nearby Technologies has tied up with the company to provide Aadhaar-enabled cardless and pinless automated teller machine service by which customers can deposit or withdraw money at retailers' place.
