Today Sector News – 23.02.2018
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The Supreme Court has rejected Essar Bulk Terminal's plea challenging the Gujarat government's decision to allow expansion of the limit of Hazira Port, operated by the company.
* ADANI ENTERPRISES: The battle to build one of the world's biggest coal mines has suffered a fresh setback after the company conceded it would fail to meet a March deadline to arrange A$3 bln ($2.3 bln) in financing for the project.
* ADANI TRANSMISSION: The Company has received a letter of intent from PFC Consulting, a wholly-owned subsidiary of POWER FINANCE CORP, to construct, own, operate and maintain a transmission project in Rajasthan.
* AXIS BANK: Has asked its president and chief information officer Amit Sethi to resign.
* BAJAJ AUTO: The Company on Thursday launched Avenger Street in 180cc, which is an upgrade to existing Avenger Street 150.
* BANK OF BARODA: Has clarified it has no exposure against letters of undertaking issued by PUNJAB NATIONAL BANK for some of its gems and jewellery sector clients in news and said all such authorizations are "duly controlled".
* BANK OF MAHARASHTRA: The Reserve Bank of India has allowed the bank to retire about 15 bln rupees of bonds well before the stipulated call option.
* BHARTI INFRATEL: The company and Indus Towers are planning to merge their businesses.
* BHUSHAN STEEL: Liberty House will be approaching the National Company Law Tribunal regarding its bid rejection by creditors to acquire the debt-laden Bhusan Power & Steel.
* CENTURY ENKA: Camden Industries has sold 1.9% and Cygnet Industries has acquired 1.9% stake in the company through open market on Tuesday.
* DILIP BUILDCON: Has received letter of award from Ircon International for a 1.6 bln-rupee road project in Karnataka.
* EICHER MOTORS: The facilities of VE Commercial Vehicles, a joint venture between the Volvo Group and the company, are running at near-full capacity, thanks to the strong demand for commercial vehicles due to rising infrastructure activity and delivery of e-commerce shipments by leaders like Flipkart and Amazon.
* FEDERAL BANK: Board of directors of bank has approved acquisition of up to 26% stake in Equirus Capital.
* FORTIS HEALTHCARE: The Registrar of Companies, Punjab and Chandigarh has asked the company to submit certain information and documents by Mar 3. The company will be excluded from trading in the derivatives segment if it fails to disclose its quarterly earnings for Jul-Sep and Oct-Dec by Mar 1, the National Stock Exchange said.
- The promoters of the company, brothers Malvinder and Shivinder Singh, have issued a statement to
shareholders, saying they would address with sincerity and responsibility all the issues plaguing the company. The father of Adya Singh, the seven-year-old who passed away after being treated at Fortis Memorial Research Institute for dengue shock syndrome, plans to move a writ petition before the Supreme Court to curb the issue of overcharging by private hospitals. Earc Trust sold 3.6 mln shares, or 0.71% stake, in the company at 147.42 rupees a share through a bulk deal on the National Stock Exchange.
- ECL Finance on Tuesday invoked pledge on 14.90 mln shares of the company that were mortgaged by its promoter Fortis Healthcare Holdings, the company informed stock exchanges.
* GAIL INDIA: Is likely to see a delay in liquefied natural gas shipments from the US as its supplier's storage tanks in that country have been shut down due to a massive leak.
* GITANJALI GEMS: The Gems & Jewellery Export Promotion Council may cancel the membership of Nirav Modi, the company and related companies after PUNJAB NATIONAL BANK named them in a complaint of alleged fraud.
* HDFC BANK: The combined market value of all listed state-owned banks has plunged below that of the bank after a massive sell-off in shares of public sector banks in the wake of the biggest banking fraud in India.
* INDIABULLS HOUSING FINANCE: Has raised 30 bln rupees through the issue of non-convertible debentures maturing in 10 years, the company said in an exchange filing.
* INDIABULLS REAL ESTATE: Orient Global Cinnamon has sold 16.4 mln shares, or 3.46% stake in the company at 211.01 rupees a share through a bulk deal on the National Stock Exchange.
* INFOSYS: Is reported to have filed a counter-claim of over 1 bln rupees against former chief financial officer Rajiv Bansal for alleged breach of confidentiality agreements.
* IRB INFRASTRUCTURE DEVELOPERS: Australia's Macquarie Infrastructure and Real Assets, Canada's Brookfield Infrastructure Group, and a ROADIS-National Infrastructure Investment Fund combine have submitted bids for operational toll highway projects.
* ITC: Has merged its tobacco leaf and agri-business divisions to scale it up, considering the critical back-end support the combination could provide to the conglomerate's expansion in the fast moving consumer goods sector, particularlypackaged food, where it has ambitions to become the countrys largest.
* JAYPEE INFRATECH: The JSW Group has emerged as the highest bidder for the company, offering a little over 99 bln rupees to banks amid claims from homebuyers that they should be considered on par with financial lenders in the resolution plan for the company.
* JET AIRWAYS INDIA: With chances of nearly 50 senior pilots moving out of the company, the airline could be in trouble as it faces a shortage of captains.
* KARNATAKA BANK: Macquaire Emerging Markets Asian Trading sold 1.75 mln shares or 0.62% stake in the bank at 128.72 rupees apiece, through a bulk deal on the National Stock Exchange.
* MAHINDRA & MAHINDRA: Stake of promoters--KIRLOSKAR INDUSTRIES and the company--in SWARAJ ENGINES has risen to 50.75% from 50.61% as on Dec 31, after a buyback of hares by the company.
* MAHANAGAR GAS: Plans to start mobile dispensing of compressed natural gas in Mumbai this year, especially in regions with last-mile connectivity issues and problems of land acquisition.
* MANGALAM CEMENT: Camden Industries sold 800,000 shares or 3% stake in the company through open market on Tuesday.
* MERCK: The board has declared to pay a dividend of 15 rupees per share.
* MULTI COMMODITY EXCHANGE OF INDIA: Has established and maintains an investor protection fund 'Multi Commodity Exchange Investor (Client) Protection Fund', has reviewed the present limits of compensation and has decided to revise it.
* PUNJAB NATIONAL BANK: Has sought shareholders' approval to raise up to 54.73 bln rupees through a preferential allotment of 334.99 mln shares to the government at 163.38 rupees per share. Sources in the Central Bureau of Investigation claimed the agency has strong evidence to make a water-tight case against Vipul Ambani, presidentfinance, Firestar International, in the 114-bln-rupee the bank fraud case.
- Chartered accountants' apex body ICAI said it has issued show-cause notices to the auditors of the bank and GITANJALI GEMS in connection with the 114 bln rupees fraud at the public sector lender. Has appointed auditor PwC to conduct an investigation into the alleged 114-bln-rupee fraud involving jewellers Nirav Modi, Mehul Choksi and their companies. In response to a letter written by Nirav Modi, said the billionaire jeweller was getting its letters of undertaking issued illegally and hence the state-run lender was compelled to bring these activities to the notice of enforcement agencies.
- Has transferred 1,415 employees after the scam involving 114 bln rupees, using fake letters of undertakings to diamond jeweller Nirav Modi and associates, surfaced earlier this month. Despite holding debt papers worth over 32 bln rupees of the bank, mutual fund houses are confident that there would be minimal impact even if there is a rating downgrade of the bank.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm, the telecommunications subsidiary of the company, has informed customers of its payments wallet JioMoney, that transfer of money from the wallet to banks, will be suspended, effective Tuesday.
* RELIGARE ENTERPRISES: Price Waterhouse on Thursday said that it had qualified the accounts of the company, which is currently under central bank investigation, and that the current auditor did not make any "adverse remark" on the global firm by stating that the latter "submitted an unmodified" audit report.
* RUCHI SOYA INDUSTRIES: Malaysias Sime Darby Plantation said it has submitted an expression of interest for the company.
* SANOFI INDIA: The board has declared to pay a final dividend of 53 rupees per share.
* SEAMEC: The company has entered into a contract with Kreuz Subsea for the charter hire of vessel, Revelation, to undertake a job in the western coast of India.
* STATE BANK OF INDIA: The government has authorised four branches of the bank to issue and encash electoral bonds from Mar 1 to Mar 10.
* ULTRATECH CEMENT: Is leading the race to take over Binani Cement by offering around 62 bln rupees and a 20% stake in the company to unsecured financial creditors.
* UNITECH: The apex consumer commission has asked the company to refund over 43 mln rupees to a home buyer after the real estate firm failed to hand over the possession of a property even after four years of the promised delivery date.
* YES BANK: Has raised 30 bln rupees through the issuance of Basel-III compliant tier-II bonds maturing in 10 years.
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* ADANI ENTERPRISES: The battle to build one of the world's biggest coal mines has suffered a fresh setback after the company conceded it would fail to meet a March deadline to arrange A$3 bln ($2.3 bln) in financing for the project.
* ADANI TRANSMISSION: The Company has received a letter of intent from PFC Consulting, a wholly-owned subsidiary of POWER FINANCE CORP, to construct, own, operate and maintain a transmission project in Rajasthan.
* AXIS BANK: Has asked its president and chief information officer Amit Sethi to resign.
* BAJAJ AUTO: The Company on Thursday launched Avenger Street in 180cc, which is an upgrade to existing Avenger Street 150.
* BANK OF BARODA: Has clarified it has no exposure against letters of undertaking issued by PUNJAB NATIONAL BANK for some of its gems and jewellery sector clients in news and said all such authorizations are "duly controlled".
* BANK OF MAHARASHTRA: The Reserve Bank of India has allowed the bank to retire about 15 bln rupees of bonds well before the stipulated call option.
* BHARTI INFRATEL: The company and Indus Towers are planning to merge their businesses.
* BHUSHAN STEEL: Liberty House will be approaching the National Company Law Tribunal regarding its bid rejection by creditors to acquire the debt-laden Bhusan Power & Steel.
* CENTURY ENKA: Camden Industries has sold 1.9% and Cygnet Industries has acquired 1.9% stake in the company through open market on Tuesday.
* DILIP BUILDCON: Has received letter of award from Ircon International for a 1.6 bln-rupee road project in Karnataka.
* EICHER MOTORS: The facilities of VE Commercial Vehicles, a joint venture between the Volvo Group and the company, are running at near-full capacity, thanks to the strong demand for commercial vehicles due to rising infrastructure activity and delivery of e-commerce shipments by leaders like Flipkart and Amazon.
* FEDERAL BANK: Board of directors of bank has approved acquisition of up to 26% stake in Equirus Capital.
* FORTIS HEALTHCARE: The Registrar of Companies, Punjab and Chandigarh has asked the company to submit certain information and documents by Mar 3. The company will be excluded from trading in the derivatives segment if it fails to disclose its quarterly earnings for Jul-Sep and Oct-Dec by Mar 1, the National Stock Exchange said.
- The promoters of the company, brothers Malvinder and Shivinder Singh, have issued a statement to
shareholders, saying they would address with sincerity and responsibility all the issues plaguing the company. The father of Adya Singh, the seven-year-old who passed away after being treated at Fortis Memorial Research Institute for dengue shock syndrome, plans to move a writ petition before the Supreme Court to curb the issue of overcharging by private hospitals. Earc Trust sold 3.6 mln shares, or 0.71% stake, in the company at 147.42 rupees a share through a bulk deal on the National Stock Exchange.
- ECL Finance on Tuesday invoked pledge on 14.90 mln shares of the company that were mortgaged by its promoter Fortis Healthcare Holdings, the company informed stock exchanges.
* GAIL INDIA: Is likely to see a delay in liquefied natural gas shipments from the US as its supplier's storage tanks in that country have been shut down due to a massive leak.
* GITANJALI GEMS: The Gems & Jewellery Export Promotion Council may cancel the membership of Nirav Modi, the company and related companies after PUNJAB NATIONAL BANK named them in a complaint of alleged fraud.
* HDFC BANK: The combined market value of all listed state-owned banks has plunged below that of the bank after a massive sell-off in shares of public sector banks in the wake of the biggest banking fraud in India.
* INDIABULLS HOUSING FINANCE: Has raised 30 bln rupees through the issue of non-convertible debentures maturing in 10 years, the company said in an exchange filing.
* INDIABULLS REAL ESTATE: Orient Global Cinnamon has sold 16.4 mln shares, or 3.46% stake in the company at 211.01 rupees a share through a bulk deal on the National Stock Exchange.
* INFOSYS: Is reported to have filed a counter-claim of over 1 bln rupees against former chief financial officer Rajiv Bansal for alleged breach of confidentiality agreements.
* IRB INFRASTRUCTURE DEVELOPERS: Australia's Macquarie Infrastructure and Real Assets, Canada's Brookfield Infrastructure Group, and a ROADIS-National Infrastructure Investment Fund combine have submitted bids for operational toll highway projects.
* ITC: Has merged its tobacco leaf and agri-business divisions to scale it up, considering the critical back-end support the combination could provide to the conglomerate's expansion in the fast moving consumer goods sector, particularlypackaged food, where it has ambitions to become the countrys largest.
* JAYPEE INFRATECH: The JSW Group has emerged as the highest bidder for the company, offering a little over 99 bln rupees to banks amid claims from homebuyers that they should be considered on par with financial lenders in the resolution plan for the company.
* JET AIRWAYS INDIA: With chances of nearly 50 senior pilots moving out of the company, the airline could be in trouble as it faces a shortage of captains.
* KARNATAKA BANK: Macquaire Emerging Markets Asian Trading sold 1.75 mln shares or 0.62% stake in the bank at 128.72 rupees apiece, through a bulk deal on the National Stock Exchange.
* MAHINDRA & MAHINDRA: Stake of promoters--KIRLOSKAR INDUSTRIES and the company--in SWARAJ ENGINES has risen to 50.75% from 50.61% as on Dec 31, after a buyback of hares by the company.
* MAHANAGAR GAS: Plans to start mobile dispensing of compressed natural gas in Mumbai this year, especially in regions with last-mile connectivity issues and problems of land acquisition.
* MANGALAM CEMENT: Camden Industries sold 800,000 shares or 3% stake in the company through open market on Tuesday.
* MERCK: The board has declared to pay a dividend of 15 rupees per share.
* MULTI COMMODITY EXCHANGE OF INDIA: Has established and maintains an investor protection fund 'Multi Commodity Exchange Investor (Client) Protection Fund', has reviewed the present limits of compensation and has decided to revise it.
* PUNJAB NATIONAL BANK: Has sought shareholders' approval to raise up to 54.73 bln rupees through a preferential allotment of 334.99 mln shares to the government at 163.38 rupees per share. Sources in the Central Bureau of Investigation claimed the agency has strong evidence to make a water-tight case against Vipul Ambani, presidentfinance, Firestar International, in the 114-bln-rupee the bank fraud case.
- Chartered accountants' apex body ICAI said it has issued show-cause notices to the auditors of the bank and GITANJALI GEMS in connection with the 114 bln rupees fraud at the public sector lender. Has appointed auditor PwC to conduct an investigation into the alleged 114-bln-rupee fraud involving jewellers Nirav Modi, Mehul Choksi and their companies. In response to a letter written by Nirav Modi, said the billionaire jeweller was getting its letters of undertaking issued illegally and hence the state-run lender was compelled to bring these activities to the notice of enforcement agencies.
- Has transferred 1,415 employees after the scam involving 114 bln rupees, using fake letters of undertakings to diamond jeweller Nirav Modi and associates, surfaced earlier this month. Despite holding debt papers worth over 32 bln rupees of the bank, mutual fund houses are confident that there would be minimal impact even if there is a rating downgrade of the bank.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm, the telecommunications subsidiary of the company, has informed customers of its payments wallet JioMoney, that transfer of money from the wallet to banks, will be suspended, effective Tuesday.
* RELIGARE ENTERPRISES: Price Waterhouse on Thursday said that it had qualified the accounts of the company, which is currently under central bank investigation, and that the current auditor did not make any "adverse remark" on the global firm by stating that the latter "submitted an unmodified" audit report.
* RUCHI SOYA INDUSTRIES: Malaysias Sime Darby Plantation said it has submitted an expression of interest for the company.
* SANOFI INDIA: The board has declared to pay a final dividend of 53 rupees per share.
* SEAMEC: The company has entered into a contract with Kreuz Subsea for the charter hire of vessel, Revelation, to undertake a job in the western coast of India.
* STATE BANK OF INDIA: The government has authorised four branches of the bank to issue and encash electoral bonds from Mar 1 to Mar 10.
* ULTRATECH CEMENT: Is leading the race to take over Binani Cement by offering around 62 bln rupees and a 20% stake in the company to unsecured financial creditors.
* UNITECH: The apex consumer commission has asked the company to refund over 43 mln rupees to a home buyer after the real estate firm failed to hand over the possession of a property even after four years of the promised delivery date.
* YES BANK: Has raised 30 bln rupees through the issuance of Basel-III compliant tier-II bonds maturing in 10 years.
