Today Stock News – 19.02.2018
* AKZO NOBEL INDIA: The Company on Friday signed a definitive agreement to divest its specialty chemicals business as a going concern to an affiliate of the Akzo Nobel Group for 3.2 bln rupees.
* ALLAHABAD BANK: Has an outstanding exposure of $366.87 mln to the companies involved in the PUNJAB NATIONAL BANK fraud.
* ASHOK LEYLAND: Has been granted a patent for its invention related to a technology for real-time road slope estimation, which could be used in predictive systems for improving fuel economy of
vehicles.
* ASTRAZENECA PHARMA INDIA: The company's immunotherapy drug Imfinzi has won crucial
approval from US regulators for use in lung cancer.
* BANK OF BARODA: The bank has direct exposure of 4.5 bln rupees to the companies involved in the fraud at PUNJAB NATIONAL BANK.
* BHARAT PETROLEUM CORP: The company said it regularly evaluates opportunities in the sectors it operates in.
* BHUSHAN STEEL: On a day when the Tatas were seen emerging as a frontrunner for the company, the company's promoter Neeraj Singal questioned the whole process of auctioning off defaulting steel companies through the National Company Law Tribunal.
* CAPITAL FIRST: Proposed merger with IDFC BANK will be completed within six to nine months, V. Vaidyanathan, chairman and managing director.
* CITY UNION BANK: About $2 mln was stolen from bank accounts last week after a cyber-attack
compromised the SWIFT messaging system with payment instructions being sent to other banks in
multiple jurisdictions.
* COAL INDIA: With the company prioritising availability of thermal coal to the power plants by
streamlining its road and rail supply networks, its plans of acquiring a 20-25% stake in an Australian
company, which could have ensured steady procurement of coking coal, has been put on the ackburner.
* DIAMOND POWER INFRASTRUCTURE: The company had taken a loan of 551 mln rupees from INDIAN OVERSEAS BANK, 390 mln rupees from UCO BANK, and 310 mln rupees from SICOM, which aggregates to 1.25 bln rupees and is backed by mortgage of fixed assets.
* DLF: Will focus on selling ready-to-move-in flats worth 150 bln rupees over the next three to four
years and launch new projects for sale only after reaching advanced stage of construction.
* FORTIS HEALTHCARE: IDBI Trusteeship Services has sold 7.78 mln shares or 1.5% stake in the
company at 134.91 rupees each through a bulk deal on the National Stock Exchange.
- Has informed exchanges that the Securities Exchange Board of India had started an investigation
into regulatory lapses by the company.
- The Delhi Debts Recovery Tribunal has restrained former CEO of Ranbaxy Laboratories and the coowner of the company, Malvinder Mohan Singh, from selling a posh property in Lutyen's Delhi and some other assets in a bank loan default case.
* GITANJALI GEMS: Capital markets regulator Securities Exchange Board of India summoned the
compliance officer of the company for violation of listing obligations and disclosure requirement norms.
- The CBI is examining balance sheets of 18 India-based subsidiaries of the Gitanjali Group of
companies promoted by Mehul Choksi to understand the money trail of funds taken from various
banks on the basis of 113.84 bln rupees of guarantees furnished by the PUNJAB NATIONAL BANK,
officials said.
* HEALTHCARE GLOBAL ENTERPRISES: Has entered into an agreement with Shiv-Sun, as partners of HCG SUN Hospitals LLP to set up a hospital in Gujarat.
* INDUSIND BANK: Has raised its marginal cost of fund-based lending rates by 15 basis points across tenures, effective Sat, according to the data on the lender's website.
* INDIAN HOTELS CO: Plans to rejig the brands donned by its properties, monetise its vast real estate assets and ramp up its room portfolio, its newly-appointed chief executive officer said, in a move to revive the loss-making enterprise.
* INDIAN OIL CORP: Will invest 700 bln rupees to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country.
* INFOSYS: Has signed an agreement to divest its investment in US-based Onmobile Systems Inc for $2.5 mln on Thursday.
* INTERGLOBE AVIATION: Has filed a special leave petition in the Supreme Court against the order of a division bench of the Delhi High Court directing it to move one-third of its operations from its existing base at the Delhi International Airport to Terminal 2.
* JSW STEEL: The committee of creditors has accepted the revised offer from the JSW Steel-AION
Capital combine for Monnet Ispat and the deal is expected to be announced soon after legal scrutiny.
* K.P.R. MILL: The board will meet on Thursday to consider a proposal to buy back fully paid-up equity shares.
* MAHINDRA & MAHINDRA: Mahindra Electric, a subsidiary of the company, plans to invest Additional 4 bln rupees in its Karnataka plant over the next five years for expansion of capacity and to develop electric vehicle innovation centre.
* MANGALORE REFINERY AND PETROCHEMICALS: Has received its first cargo of US crude in Mangaluru.
* MOSER BAER: The Uttar Pradesh government has withdrawn the lockout of the company's Noida
plant on Thursday.
* MT EDUCARE: India Max Investment Fund has sold 350,000 shares or 0.9% stake in the company at 69.86 rupees each through a bulk deal on the National Stock Exchange, data on the bourse showed.
* NATCO PHARMA: The US Food and Drug Administration has cleared the company's Mekaguda active pharmaceutical ingredient unit in Hyderabad, Telangana, through a Form 483 with no observation after an inspection of the unit.
* NTPC: Is in talks for buying out equity of state utilities in some joint venture projects apart from
taking over some of their stressed businesses as part of its drive to augment capacity.
* OIL & NATURAL GAS CORP: ONGC Videsh, the overseas arm of the company, will bid for development rights of Iran's giant South Azadegan Oilfield in direct competition with the likes of global giants like Shell, France's Total, Petronas of Malaysia and Russia's Gazprom.
* PNB HOUSING FINANCE: Has tied up with International Finance Corp, part of the World Bank Group, to raise $800 mln for green and affordable housing in India, a person with knowledge of the matter said.
- Subsidiary of PUNJAB NATIONAL BANK, said that though it shares a common brand with the bank, it has an "arm's length" relationship in terms of raising financial resources from the lender, and that the housing financer does not share any branch network.
* POWER GRID CORP OF INDIA: Has emerged as the lowest bidder for a project worth 10 bln rupees to set up Vindhyachal-Varanasi 765 kV transmission line.
* PUNJAB NATIONAL BANK: The Reserve Bank of India will seek clarifications from the bank on how such large volumes of allegedly fraudulent transactions were handled by the bank without involving core banking solutions. Life Insurance Corp of India will maintain its current shareholding in stateowned Punjab National Bank despite the $1.8-bln fraud unearthed at the bank, V.K. Sharma, chairman of the insurance company, said at a post-earnings conference.
- On a conference call that ended abruptly and without any explanation, Punjab National Bank
Managing Director and Chief Executive Officer Sunil Mehta reiterated that the bank had the capability to handle the $1.8-bln fraud and return to normalcy within about six months.
- The Institute of Chartered Accountants of India has triggered its "disciplinary mechanism" in the
$1.77-bln Punjab National Bank fraud case and has also formed a team to study the systemic issues
involved.
- The Reserve Bank of India denied giving any instructions to fraud-riddled Punjab National Bank to
meet its commitments under the letter of undertaking to other banks in the aftermath of the $1.77-bln
fraud.
- The Central Bureau of Investigation today arrested Gokulnath Shetty, a former deputy manager at
Punjab National Bank, in connection with the $1.8-bln fraud case at the bank, according to several
media reports.
- The two detained bank officials under the Central Bureau of Investigation's custody said Nirav
Modi's team was given "unauthorised access" to the bank's computer systems for a "commission" on
every letter of undertaking issued, said a probe agency source.
- At least 200 shell firms and "benami" assets have come under the scanner of the investigative
agencies that are probing the 114-bln-rupee alleged fraud at the bank, involving Nirav Modi, his relative and business partner Mehul Choksi and others.
- Lenders enmeshed in the alleged fraud involving jeweller Nirav Modi will contest the stand of the
bank before the regulator that they had flouted credit norms.
- Senior executives of Indian banks will warn Reserve Bank of India of the international ramifications and the possibility of overseas regulators stepping in if the bank does not honour its repayment commitments related to fraudulent letters of undertaking worth 113 bln rupees issued to diamantaire Nirav Modi and his associates.
- The Central Bureau of Investigation and the Enforcement Directorate on Sunday searched multiple
premises associated with diamond czar Nirav Modi and his family and interrogated more than 11
people in connection with the 114-bln-rupee scam.
* PVR: Elan Group and the company have resolved disputes which had arisen on account of
misunderstandings in relation to memorandum of understanding for development of multiplexes in
Gurugram.
* RELIANCE COMMUNICATIONS: Manipal Technologies has withdrawn a bankruptcy petition against the company before National Company Law Appellate Tribunal.
* RELIANCE INDUSTRIES: Plans to acquire 65% stake in The Indian Film Combine for 11.05 bln rupees through its wholly-owned subsidiary Reliance Industrial Investments and Holdings.
- Reliance Jio Infocomm has announced a cash-back offer of 2,200 rupees for Jio Prime users on
recharge of 198 rupees or 299 rupees on some smart phones.
- The company and its global partners will set up the country's first integrated digital area in
Maharashtra, entailing investments of 600 bln rupees.
* RELIANCE INFRASTRUCTURE: Will soon get possession of a 708 sq mtr plot in Santacruz (east) that had been allotted to the erstwhile Bombay Suburban Electric Supply 59 years ago, in 1959.
* RELIGARE ENTERPRISES: Board has approved rising of up to 12 bln rupees through issue of
securities.
* STATE BANK OF INDIA: Has an exposure of $212 mln to a letter of undertaking issued by PUNJAB NATIONAL BANK to Nirav Modi companies but has no direct exposure, the Press Trust of India reported quoting the bank's Chairman Rajnish Kumar from an event in Kochi.
- Will raise 88 bln rupees through preferential allotment of 292.53 mln shares to the government at
300.82 rupees per share, the lender said.
- Has launched its Global NRI Centre in Kochi, a one-stop customer service point for all non resident
Indian banking-related activities.
* TATA STEEL: Has emerged as the frontrunner to acquire debt-laden Bhushan Power and Steel after
lenders decided to consider only its offer of 245 bln rupees for further talks, sources said.
* TEXMACO RAIL & ENGINEERING: Five funds of HDFC Mutual Fund--HDFC Prudence Fund, HDFC Infrastructure Fund, HDFC MF Monthly Income Plan, among others--bought 2.24% stake in the
company through the open market on Thursday.
* TRIGYN TECHNOLOGIES: The company deposited 3.30 mln rupees with Reserve Bank of India on Wednesday for delay in filing annual performance report of US-based Applisoft Inc, a subsidiary of the company.
* ULTRATECH CEMENT: Has placed a bid of 70 bln rupees for the stressed BINANI CEMENT asset, is not expecting any hurdle in getting the Competition Commission of India's approval for the deal.
* UNITECH: The Supreme Court on Friday directed Chennai-based Omshakty Agencies, which had
entered into an agreement with the company, to deposit 900 mln rupees with the court's registry by
March 31.
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* ALLAHABAD BANK: Has an outstanding exposure of $366.87 mln to the companies involved in the PUNJAB NATIONAL BANK fraud.
* ASHOK LEYLAND: Has been granted a patent for its invention related to a technology for real-time road slope estimation, which could be used in predictive systems for improving fuel economy of
vehicles.
* ASTRAZENECA PHARMA INDIA: The company's immunotherapy drug Imfinzi has won crucial
approval from US regulators for use in lung cancer.
* BANK OF BARODA: The bank has direct exposure of 4.5 bln rupees to the companies involved in the fraud at PUNJAB NATIONAL BANK.
* BHARAT PETROLEUM CORP: The company said it regularly evaluates opportunities in the sectors it operates in.
* BHUSHAN STEEL: On a day when the Tatas were seen emerging as a frontrunner for the company, the company's promoter Neeraj Singal questioned the whole process of auctioning off defaulting steel companies through the National Company Law Tribunal.
* CAPITAL FIRST: Proposed merger with IDFC BANK will be completed within six to nine months, V. Vaidyanathan, chairman and managing director.
* CITY UNION BANK: About $2 mln was stolen from bank accounts last week after a cyber-attack
compromised the SWIFT messaging system with payment instructions being sent to other banks in
multiple jurisdictions.
* COAL INDIA: With the company prioritising availability of thermal coal to the power plants by
streamlining its road and rail supply networks, its plans of acquiring a 20-25% stake in an Australian
company, which could have ensured steady procurement of coking coal, has been put on the ackburner.
* DIAMOND POWER INFRASTRUCTURE: The company had taken a loan of 551 mln rupees from INDIAN OVERSEAS BANK, 390 mln rupees from UCO BANK, and 310 mln rupees from SICOM, which aggregates to 1.25 bln rupees and is backed by mortgage of fixed assets.
* DLF: Will focus on selling ready-to-move-in flats worth 150 bln rupees over the next three to four
years and launch new projects for sale only after reaching advanced stage of construction.
* FORTIS HEALTHCARE: IDBI Trusteeship Services has sold 7.78 mln shares or 1.5% stake in the
company at 134.91 rupees each through a bulk deal on the National Stock Exchange.
- Has informed exchanges that the Securities Exchange Board of India had started an investigation
into regulatory lapses by the company.
- The Delhi Debts Recovery Tribunal has restrained former CEO of Ranbaxy Laboratories and the coowner of the company, Malvinder Mohan Singh, from selling a posh property in Lutyen's Delhi and some other assets in a bank loan default case.
* GITANJALI GEMS: Capital markets regulator Securities Exchange Board of India summoned the
compliance officer of the company for violation of listing obligations and disclosure requirement norms.
- The CBI is examining balance sheets of 18 India-based subsidiaries of the Gitanjali Group of
companies promoted by Mehul Choksi to understand the money trail of funds taken from various
banks on the basis of 113.84 bln rupees of guarantees furnished by the PUNJAB NATIONAL BANK,
officials said.
* HEALTHCARE GLOBAL ENTERPRISES: Has entered into an agreement with Shiv-Sun, as partners of HCG SUN Hospitals LLP to set up a hospital in Gujarat.
* INDUSIND BANK: Has raised its marginal cost of fund-based lending rates by 15 basis points across tenures, effective Sat, according to the data on the lender's website.
* INDIAN HOTELS CO: Plans to rejig the brands donned by its properties, monetise its vast real estate assets and ramp up its room portfolio, its newly-appointed chief executive officer said, in a move to revive the loss-making enterprise.
* INDIAN OIL CORP: Will invest 700 bln rupees to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country.
* INFOSYS: Has signed an agreement to divest its investment in US-based Onmobile Systems Inc for $2.5 mln on Thursday.
* INTERGLOBE AVIATION: Has filed a special leave petition in the Supreme Court against the order of a division bench of the Delhi High Court directing it to move one-third of its operations from its existing base at the Delhi International Airport to Terminal 2.
* JSW STEEL: The committee of creditors has accepted the revised offer from the JSW Steel-AION
Capital combine for Monnet Ispat and the deal is expected to be announced soon after legal scrutiny.
* K.P.R. MILL: The board will meet on Thursday to consider a proposal to buy back fully paid-up equity shares.
* MAHINDRA & MAHINDRA: Mahindra Electric, a subsidiary of the company, plans to invest Additional 4 bln rupees in its Karnataka plant over the next five years for expansion of capacity and to develop electric vehicle innovation centre.
* MANGALORE REFINERY AND PETROCHEMICALS: Has received its first cargo of US crude in Mangaluru.
* MOSER BAER: The Uttar Pradesh government has withdrawn the lockout of the company's Noida
plant on Thursday.
* MT EDUCARE: India Max Investment Fund has sold 350,000 shares or 0.9% stake in the company at 69.86 rupees each through a bulk deal on the National Stock Exchange, data on the bourse showed.
* NATCO PHARMA: The US Food and Drug Administration has cleared the company's Mekaguda active pharmaceutical ingredient unit in Hyderabad, Telangana, through a Form 483 with no observation after an inspection of the unit.
* NTPC: Is in talks for buying out equity of state utilities in some joint venture projects apart from
taking over some of their stressed businesses as part of its drive to augment capacity.
* OIL & NATURAL GAS CORP: ONGC Videsh, the overseas arm of the company, will bid for development rights of Iran's giant South Azadegan Oilfield in direct competition with the likes of global giants like Shell, France's Total, Petronas of Malaysia and Russia's Gazprom.
* PNB HOUSING FINANCE: Has tied up with International Finance Corp, part of the World Bank Group, to raise $800 mln for green and affordable housing in India, a person with knowledge of the matter said.
- Subsidiary of PUNJAB NATIONAL BANK, said that though it shares a common brand with the bank, it has an "arm's length" relationship in terms of raising financial resources from the lender, and that the housing financer does not share any branch network.
* POWER GRID CORP OF INDIA: Has emerged as the lowest bidder for a project worth 10 bln rupees to set up Vindhyachal-Varanasi 765 kV transmission line.
* PUNJAB NATIONAL BANK: The Reserve Bank of India will seek clarifications from the bank on how such large volumes of allegedly fraudulent transactions were handled by the bank without involving core banking solutions. Life Insurance Corp of India will maintain its current shareholding in stateowned Punjab National Bank despite the $1.8-bln fraud unearthed at the bank, V.K. Sharma, chairman of the insurance company, said at a post-earnings conference.
- On a conference call that ended abruptly and without any explanation, Punjab National Bank
Managing Director and Chief Executive Officer Sunil Mehta reiterated that the bank had the capability to handle the $1.8-bln fraud and return to normalcy within about six months.
- The Institute of Chartered Accountants of India has triggered its "disciplinary mechanism" in the
$1.77-bln Punjab National Bank fraud case and has also formed a team to study the systemic issues
involved.
- The Reserve Bank of India denied giving any instructions to fraud-riddled Punjab National Bank to
meet its commitments under the letter of undertaking to other banks in the aftermath of the $1.77-bln
fraud.
- The Central Bureau of Investigation today arrested Gokulnath Shetty, a former deputy manager at
Punjab National Bank, in connection with the $1.8-bln fraud case at the bank, according to several
media reports.
- The two detained bank officials under the Central Bureau of Investigation's custody said Nirav
Modi's team was given "unauthorised access" to the bank's computer systems for a "commission" on
every letter of undertaking issued, said a probe agency source.
- At least 200 shell firms and "benami" assets have come under the scanner of the investigative
agencies that are probing the 114-bln-rupee alleged fraud at the bank, involving Nirav Modi, his relative and business partner Mehul Choksi and others.
- Lenders enmeshed in the alleged fraud involving jeweller Nirav Modi will contest the stand of the
bank before the regulator that they had flouted credit norms.
- Senior executives of Indian banks will warn Reserve Bank of India of the international ramifications and the possibility of overseas regulators stepping in if the bank does not honour its repayment commitments related to fraudulent letters of undertaking worth 113 bln rupees issued to diamantaire Nirav Modi and his associates.
- The Central Bureau of Investigation and the Enforcement Directorate on Sunday searched multiple
premises associated with diamond czar Nirav Modi and his family and interrogated more than 11
people in connection with the 114-bln-rupee scam.
* PVR: Elan Group and the company have resolved disputes which had arisen on account of
misunderstandings in relation to memorandum of understanding for development of multiplexes in
Gurugram.
* RELIANCE COMMUNICATIONS: Manipal Technologies has withdrawn a bankruptcy petition against the company before National Company Law Appellate Tribunal.
* RELIANCE INDUSTRIES: Plans to acquire 65% stake in The Indian Film Combine for 11.05 bln rupees through its wholly-owned subsidiary Reliance Industrial Investments and Holdings.
- Reliance Jio Infocomm has announced a cash-back offer of 2,200 rupees for Jio Prime users on
recharge of 198 rupees or 299 rupees on some smart phones.
- The company and its global partners will set up the country's first integrated digital area in
Maharashtra, entailing investments of 600 bln rupees.
* RELIANCE INFRASTRUCTURE: Will soon get possession of a 708 sq mtr plot in Santacruz (east) that had been allotted to the erstwhile Bombay Suburban Electric Supply 59 years ago, in 1959.
* RELIGARE ENTERPRISES: Board has approved rising of up to 12 bln rupees through issue of
securities.
* STATE BANK OF INDIA: Has an exposure of $212 mln to a letter of undertaking issued by PUNJAB NATIONAL BANK to Nirav Modi companies but has no direct exposure, the Press Trust of India reported quoting the bank's Chairman Rajnish Kumar from an event in Kochi.
- Will raise 88 bln rupees through preferential allotment of 292.53 mln shares to the government at
300.82 rupees per share, the lender said.
- Has launched its Global NRI Centre in Kochi, a one-stop customer service point for all non resident
Indian banking-related activities.
* TATA STEEL: Has emerged as the frontrunner to acquire debt-laden Bhushan Power and Steel after
lenders decided to consider only its offer of 245 bln rupees for further talks, sources said.
* TEXMACO RAIL & ENGINEERING: Five funds of HDFC Mutual Fund--HDFC Prudence Fund, HDFC Infrastructure Fund, HDFC MF Monthly Income Plan, among others--bought 2.24% stake in the
company through the open market on Thursday.
* TRIGYN TECHNOLOGIES: The company deposited 3.30 mln rupees with Reserve Bank of India on Wednesday for delay in filing annual performance report of US-based Applisoft Inc, a subsidiary of the company.
* ULTRATECH CEMENT: Has placed a bid of 70 bln rupees for the stressed BINANI CEMENT asset, is not expecting any hurdle in getting the Competition Commission of India's approval for the deal.
* UNITECH: The Supreme Court on Friday directed Chennai-based Omshakty Agencies, which had
entered into an agreement with the company, to deposit 900 mln rupees with the court's registry by
March 31.
