Today Stock News – 16.02.2018
* 8K MILES SOFTWARE SERVICES: Has launched blockchain platform 8K Miles Health Edge to provide solutions for the healthcare sector.
* AXIS BANK: Axis Asset Management Co, a unit of the bank, is padding up to foray into the real estate funds business through the alternative investment fund route.
* BHUSHAN STEEL: Resolution professionals of the company and Bhushan Power and Steel are likely to meet creditors of the bankrupt firms today.
* FUTURE CONSUMER: Has tied up with UK's CDC Group to raise 2 bln rupees through the issuance of non-convertible debentures.
* GITANJALI GEMS: Federal investigative agencies swung into action to probe a fraud of around 114 bln rupees in PUNJAB NATIONAL BANK and seized gold, diamonds and precious stones worth around 51 bln rupees from 17 premises of Nirav Modi and the company.
* HOUSING AND URBAN DEVELOPMENT CORP: The sub-committee of the board will meet on Wednesday to consider raising 3 bln rupees through non-convertible debentures maturing on Apr 15, 2021. Is likely to set a coupon of 7.73% on its bonds maturing in April 2021.
* HOUSING DEVELOPMENT FINANCE CORP: The company's committee of directors has approved allotment of 24.93 mln shares on a preferential basis to eight investors at 1,726.05 rupees apiece. Digital classifieds start-up Quikr and the company have announced that HDFC Realty has been re-branded 'QuikrRealty'.
* IDBI BANK: Has sold its entire 12 mln shares, or 30% stake, in NSDL e-Governance Infrastructure.
* IDEA CELLULAR: Has raised around 35 bln rupees through a qualified institutional placement with the price at 82.50 rupees per share at the closure of bids. Aditya Birla Group expects savings from the merger between the company and Vodafone group Plc's India unit to be significantly more than the $10 bln it forecast in March last year.
* INDIAN OVERSEAS BANK: Has entered into Trade Receivable Discounting System, or TReDS, platform provided by Receivables Exchange of India, for discounting invoices of micro, small and medium enterprises.
* INFOSYS: UK-based Universities and Colleges Admissions Service has extended its partnership with the company till 2021.
* JET AIRWAYS (INDIA): After posting the lowest on-time performance among domestic airlines for the entire December quarter, the company has said it is undertaking measures to improve its punctuality from January.
* JINDAL STEEL AND POWER: Will be the biggest beneficiary of firm steel prices in Jan-Mar, as it increases production capacity at the Angul plant.
* KPIT TECHNOLOGIES: Has announced its two-year statement of intent with NITI Aayog to promote innovative skills among students of senior secondary level as part of the government's Atal Innovation Mission.
* MAHINDRA & MAHINDRA: Will buy stake in Zoomcar Inc, US, and Zoomcar India for up to 1.76 bln rupees.
* MMTC: Which imported around 400,000 tn of pulses in 2015 and 2017 for the government's buffer, is likely to liquidate the stock by the end of this financial year.
* MUKAND LTD: Board has proposed withdrawal of a scheme of arrangement and amalgamation involving transfer of the industrial machinery business to its arms, as the business environment for the sector isn't very favourable.
* NAGARJUNA OIL REFINERY: At least three contenders, including BHARAT PETROLEUM CORP, are vying for the company's 6-mln-tn-a-year refinery that is on the block under the corporate insolvency resolution process.
* PRAKASH INDUSTRIES: Board has approved raising 2.34 bln rupees through issue of 11.25 mln warrants on a preferential basis.
* PUNJAB NATIONAL BANK: HDFC Asset Management Co, through its 13 schemes, has the largest exposure among mutual funds to the $1.8-bln-scam that has hit the bank, with total stake of 4.48% as on Jan 31. Parliament Standing Committee on Finance asked the government to submit a report on the $1.8-bln fraud in the bank, Veerappa Moily, head of the panel, said.
- Will meet all liabilities towards other banks if the onus of the recently discovered fraud falls on the bank, Managing Director and Chief Executive Officer Sunil Mehta said. Financial Services Secretary Rajeev Kumar claimed that the government's efforts to clean up public sector banks led to the detection of fraud in the bank. Diamond merchant Nirav Modi, the main accused in the $1.77-bln bank fraud case, has made vague offers to repay dues, Mehta said.
- The Enforcement Directorate has said it raided 17 premises across India belonging to Nirav Modi and GITANJALI GEMS and seized gold, diamond and other precious stones worth 51 bln rupees in the PNB fraud case. As investigating agencies pore over documents seized from premises connected to jewellery czar Nirav Modi in connection with the 110-bln-rupee alleged fraud at the bank, evidence has emerged of an additional 30 bln rupees worth of exposure of 17 banks.
- The Reserve Bank of India has advised the bank to pay up dues to banks for claims against letters of undertakings and also sought a detailed report on what happened since 2011. The bank's Managing Director and Chief Executive Officer Sunil Mehta broke his silence on the 114-bln-rupee alleged scam involving diamond merchant Nirav Modi and his maternal uncle Mehul Chinubhai Choksi, saying the public sector bank would honour all genuine commitments to other banks.
* RELIGARE ENTERPRISES: Auditors launched an "extensive review" of the financial services company's books, after a central bank inspection of a subsidiary found diversion of funds within group firms, including transfer of 5.25 bln rupees last fiscal year, despite a directive to it against corporate lending.
* SOLEX ENERGY: Has received an order worth 50.9 mln rupees from Jharkhand Renewable Energy Development Agency.
* WOCKHARDT: CARE has revised the company's long- and short-term bank facility ratings to CARE A+ from CARE AA-, and to CARE A1 from CARE A1+, respectively.
* YES BANK: The board and shareholders of the bank have approved raising up to 200 bln rupees through debt instruments in one or more tranches.
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* AXIS BANK: Axis Asset Management Co, a unit of the bank, is padding up to foray into the real estate funds business through the alternative investment fund route.
* BHUSHAN STEEL: Resolution professionals of the company and Bhushan Power and Steel are likely to meet creditors of the bankrupt firms today.
* FUTURE CONSUMER: Has tied up with UK's CDC Group to raise 2 bln rupees through the issuance of non-convertible debentures.
* GITANJALI GEMS: Federal investigative agencies swung into action to probe a fraud of around 114 bln rupees in PUNJAB NATIONAL BANK and seized gold, diamonds and precious stones worth around 51 bln rupees from 17 premises of Nirav Modi and the company.
* HOUSING AND URBAN DEVELOPMENT CORP: The sub-committee of the board will meet on Wednesday to consider raising 3 bln rupees through non-convertible debentures maturing on Apr 15, 2021. Is likely to set a coupon of 7.73% on its bonds maturing in April 2021.
* HOUSING DEVELOPMENT FINANCE CORP: The company's committee of directors has approved allotment of 24.93 mln shares on a preferential basis to eight investors at 1,726.05 rupees apiece. Digital classifieds start-up Quikr and the company have announced that HDFC Realty has been re-branded 'QuikrRealty'.
* IDBI BANK: Has sold its entire 12 mln shares, or 30% stake, in NSDL e-Governance Infrastructure.
* IDEA CELLULAR: Has raised around 35 bln rupees through a qualified institutional placement with the price at 82.50 rupees per share at the closure of bids. Aditya Birla Group expects savings from the merger between the company and Vodafone group Plc's India unit to be significantly more than the $10 bln it forecast in March last year.
* INDIAN OVERSEAS BANK: Has entered into Trade Receivable Discounting System, or TReDS, platform provided by Receivables Exchange of India, for discounting invoices of micro, small and medium enterprises.
* INFOSYS: UK-based Universities and Colleges Admissions Service has extended its partnership with the company till 2021.
* JET AIRWAYS (INDIA): After posting the lowest on-time performance among domestic airlines for the entire December quarter, the company has said it is undertaking measures to improve its punctuality from January.
* JINDAL STEEL AND POWER: Will be the biggest beneficiary of firm steel prices in Jan-Mar, as it increases production capacity at the Angul plant.
* KPIT TECHNOLOGIES: Has announced its two-year statement of intent with NITI Aayog to promote innovative skills among students of senior secondary level as part of the government's Atal Innovation Mission.
* MAHINDRA & MAHINDRA: Will buy stake in Zoomcar Inc, US, and Zoomcar India for up to 1.76 bln rupees.
* MMTC: Which imported around 400,000 tn of pulses in 2015 and 2017 for the government's buffer, is likely to liquidate the stock by the end of this financial year.
* MUKAND LTD: Board has proposed withdrawal of a scheme of arrangement and amalgamation involving transfer of the industrial machinery business to its arms, as the business environment for the sector isn't very favourable.
* NAGARJUNA OIL REFINERY: At least three contenders, including BHARAT PETROLEUM CORP, are vying for the company's 6-mln-tn-a-year refinery that is on the block under the corporate insolvency resolution process.
* PRAKASH INDUSTRIES: Board has approved raising 2.34 bln rupees through issue of 11.25 mln warrants on a preferential basis.
* PUNJAB NATIONAL BANK: HDFC Asset Management Co, through its 13 schemes, has the largest exposure among mutual funds to the $1.8-bln-scam that has hit the bank, with total stake of 4.48% as on Jan 31. Parliament Standing Committee on Finance asked the government to submit a report on the $1.8-bln fraud in the bank, Veerappa Moily, head of the panel, said.
- Will meet all liabilities towards other banks if the onus of the recently discovered fraud falls on the bank, Managing Director and Chief Executive Officer Sunil Mehta said. Financial Services Secretary Rajeev Kumar claimed that the government's efforts to clean up public sector banks led to the detection of fraud in the bank. Diamond merchant Nirav Modi, the main accused in the $1.77-bln bank fraud case, has made vague offers to repay dues, Mehta said.
- The Enforcement Directorate has said it raided 17 premises across India belonging to Nirav Modi and GITANJALI GEMS and seized gold, diamond and other precious stones worth 51 bln rupees in the PNB fraud case. As investigating agencies pore over documents seized from premises connected to jewellery czar Nirav Modi in connection with the 110-bln-rupee alleged fraud at the bank, evidence has emerged of an additional 30 bln rupees worth of exposure of 17 banks.
- The Reserve Bank of India has advised the bank to pay up dues to banks for claims against letters of undertakings and also sought a detailed report on what happened since 2011. The bank's Managing Director and Chief Executive Officer Sunil Mehta broke his silence on the 114-bln-rupee alleged scam involving diamond merchant Nirav Modi and his maternal uncle Mehul Chinubhai Choksi, saying the public sector bank would honour all genuine commitments to other banks.
* RELIGARE ENTERPRISES: Auditors launched an "extensive review" of the financial services company's books, after a central bank inspection of a subsidiary found diversion of funds within group firms, including transfer of 5.25 bln rupees last fiscal year, despite a directive to it against corporate lending.
* SOLEX ENERGY: Has received an order worth 50.9 mln rupees from Jharkhand Renewable Energy Development Agency.
* WOCKHARDT: CARE has revised the company's long- and short-term bank facility ratings to CARE A+ from CARE AA-, and to CARE A1 from CARE A1+, respectively.
* YES BANK: The board and shareholders of the bank have approved raising up to 200 bln rupees through debt instruments in one or more tranches.
