Today Stock News – 22.02.2018
* ALLAHABAD BANK: The bank had exposure of 5.17 bln rupees to Rotomac group companies as on Jan 31.
* BANK OF BARODA: The bank does not expect the Reserve Bank of India's revised framework for stressed asset resolution to deal a major hit to its profits, Executive Director A.K. Garg said. UNION BANK OF INDIA and the bank have called off a deal to sell BHUSHAN STEEL loans to SSG Capital-backed Assets Care & Reconstruction Enterprise. Has denied the Central Bureau of Investigation's assertion that it had not acted in time in the Rotomac fraud case.
* BANK OF MAHARASHTRA: Is recalling 15 bln rupees ($231 mln) of perpetual bonds as it seeks to retire expensive debt and replenish its risk buffers.
* BHARAT PETROLEUM CORP: Plans to raise $200 mln to fund the acquisition of a 3% stake in the Lower Zakum Concession, Offshore Abu Dhabi.
* BHUSHAN STEEL: The committee of creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel, leaving TATA STEEL and JSW STEEL in the race for taking over the assets of the bankrupt company.
* COLGATE-PALMOLIVE (INDIA): Five more brands, including the company and Amul, have been signed up by Star India for Indian Premiere League 2018.
* COMPUCOM SOFTWARE: Has received a letter of intent from Rajasthan Council of Secondary Education for a project worth 118.7 mln rupees.
* CYIENT: Has approved reduction of non-residents' investment limit in the company to 49% from 100%.
* ESSAR SHIPPING: Essar Oilfields Services India, a step-down subsidiary of the company, has been awarded a 280-mln-rupee contract from GAIL INDIA to drill five oil wells in Gujarat's Cambay basin.
* GITANJALI GEMS: At least 700 workers staged a protest in front of a unit of the company, which is embroiled in a $1.77-bln fraud at PUNJAB NATIONAL BANK, in Hyderabad, seeking job protection. Central investigation agencies have asked national depositories to freeze the promoters' holdings in the company, to ensure perpetrators of the alleged 114-bln-rupee PUNJAB NATIONAL BANK fraud do not get away without paying back.
-The Securities and Exchange Board of India has revived a nearly-forgotten investigation against the
company and its promoter Mehul Choksi for alleged manipulative trades in the wake of the fraud at PUNJAB NATIONAL BANK.
* HCKK VENTURES: Has entered into a distribution and consulting agreement with Vayu Technology Corp in the US.
* HIMALYA INTERNATIONAL: Board will meet on Monday to consider issue of 3.5 mln preferential issue of warrants to the other investors.
* IDBI BANK: The National Company Law Tribunal has initiated insolvency proceedings against Wind World India on the bank's plea to recover 7.94-bln-rupee dues.
* INDIAN HOTELS CO: There is more confusion than clarity on the auction of Delhi's iconic Taj Mansingh hotel.
* IRB INFRASTRUCTURE DEVELOPERS: Wholly-owned subsidiary Kishangarh Gulabpura Tollway has commenced toll collection and construction of the project.
* IRIS BUSINESS SERVICES: In partnership with Xpert Decision Systems, installed its extensible business reporting language-based filing tool for the Competition and Intellectual Property Commission of South Africa on Tuesday.
* ITC: Plans to set up an integrated consumer goods manufacturing facility in Uttar Pradesh besides exploring investment possibilities in green energy and a logistics hub in the state in coming years.
* JM FINANCIAL: Is cashing out of automobile components giant Sona BLW Precision Forgings, by selling its 32% stake to private equity investors for a profit.
* JSW STEEL: At a time when President Donald Trump is slamming New Delhi for imposing duties on imports of US-made Harley Davidson bikes, the chairman of the company has urged India to follow Washington in imposing import levies on steel and aluminium.
* KEC INTERNATIONAL: Instant Holdings, the company's promoter group, acquired 2.53% stake or 6.6 mln shares on Monday through transfer of shares among the promoter group entities.
* KOTAK MAHINDRA BANK: The Insurance Regulatory and Development Authority of India has imposed a 100,000-rupee penalty on the bank for a case relating to erstwhile ING Vysya Bank and ING Vysya Life Insurance Co.
* LUPIN: Has launched memantine hydrochloride capsules, generic of Allergan's Namenda XR capsules, in 7 mg, 14 mg, 21 mg and 28 mg strengths.
* MAHINDRA & MAHINDRA: Plans to buy 29.9% stake in Carnot Technologies for 60.67 mln rupees.
* MAHINDRA LOGISTICS: The company has opened its largest multi-user facility in Embassy Industrial Parks at Chakan near Pune, Maharashtra.
* OIL AND NATURAL GAS CORP: Global oil services majors Halliburton, Schlumberger and Baker Hughes have expressed interest in bidding for contracts to boost production from two ageing fields of the company, Onshore Director Ved Prakash Mahawar told Cogencis. Is set to hire international oil service giants for the first time to boost output from domestic oil fields in response to a government push to increase local supplies and cut expensive imports.
* PETRONET LNG: Has raised its estimate for net profit in 2017-18 (Apr-Mar) by 18% to 19.2 bln rupees, but expects the bottomline to fall to 17.4 bln rupees the following year.
* POWER FINANCE CORP: Its board will meet on Monday to consider declaration of second interim dividend.
* PROCTER & GAMBLE HYGIENE & HEALTH CARE: Madhusudan Gopalan, head of Indonesian business, will replace Al Rajwani as its India Managing Director.
* PUNJAB NATIONAL BANK: The Supreme Court has not passed any order on a plea seeking a courtmonitored investigation into the role of the management in the $1.77-bln fraud at the bank.
The Directorate General of Foreign Trade has initiated an internal probe to examine whether companies belonging to Nirav Modi and Mehul Choksi, the prime accused in the 114-bln-rupee bank fraud case, followed foreign trade guidelines while taking loans from banks. The Finance Ministry will soon call a meeting of top officials of the scam-hit bank and other lenders to amicably resolve the issues concerning payment liabilities of 114 bln rupees arising from the alleged fraud. The income tax department on Wednesday quizzed the bank's Managing Director and Chief Executive Officer Sunil Mehta again in the 114-bln-rupee scam. Has assured investors and customers that it has a strong sovereign backing and adequate capital to deal with the situation in the aftermath of the 114 bln rupees fraud. A special court of the Central Bureau of Investigation on Wednesday has sent four accused in the alleged case of fraud involving the bank to police custody till Mar 5. The government has ruled out additional equity beyond the 55 bln rupees provided to the bank to foot the bill for the fraud and wants the country's second-largest public sector lender to sell non-core assets to raise resources. Import finance, crucial for ensuring critical supply for India's industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking after a bunch of employees at the bank were caught issuing fake letters of undertaking in the country's biggest ever corporate fraud.
* RELIGARE ENTERPRISES: Price Waterhouse is in the line of fire over its audit of the company, after the financial services company's new auditor said its predecessors had submitted an "unmodified" report.
* SIEMENS: Board has agreed to sell the company's mobility and mechanical drives businesses to Siemens AG, Germany, or its subsidiary.
* SQS INDIA BFSI: Assystem Services Deutschland GmbH along with SQS Software Quality Systems AG, Germany, has issued an open offer to buy 26% stake or 2.79 mln shares in the company at 482.95 rupees a share.
* STATE BANK OF INDIA: Indo-UAE joint venture Anrak Aluminium has contested an insolvency petition filed by the bank against the company, claiming that there were no defaults as it had already entered into a compromise deal with lenders and also paid the instalments as agreed upon.
* SUN PHARMACEUTICALS: Sun Pharmaceutical Industries Inc, the US arm of the company, is recalling over 17,554 bottles of antihistamine Azelastine HCL nasal solution from the American market, latest enforcement report of the US health regulator has said.
* TATA CONSULTANCY SERVICES: Is looking at doubling the capacity of its internal start-up incubation programme to 10-12 projects, to bring in new products such as drones and services instead of buying innovative companies.
* TATA STEEL: The consortium of lenders to Bhushan Power & Steel has asked the company to waive certain conditions in its offer for the company and rejected a late bid by the UK's Liberty House. The company's anticipated acquisition of BHUSHAN STEEL and Bhushan Steel and Power for a total of 550 bln rupees, over and above its own capex plans, should raise the capacity at India's oldest maker of the alloy to about 25 mln tn.
* UCO BANK: Will issue 2.09 bln equity shares to the government at 31.16 rupees a share on a preferential basis.
* VARDHMAN SPECIAL STEELS: Has approved raising 500.08 mln rupees through a qualified
institutional placement of shares.
* VIDEOCON INDUSTRIES: The National Company Law Tribunal has adjourned the hearing of an
insolvency plea filed by STATE BANK OF INDIA against the company to Mar 27.
* WEIZMANN FOREX: Has approved the acquisition of Weizmann Impex Enterprises.
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* BANK OF BARODA: The bank does not expect the Reserve Bank of India's revised framework for stressed asset resolution to deal a major hit to its profits, Executive Director A.K. Garg said. UNION BANK OF INDIA and the bank have called off a deal to sell BHUSHAN STEEL loans to SSG Capital-backed Assets Care & Reconstruction Enterprise. Has denied the Central Bureau of Investigation's assertion that it had not acted in time in the Rotomac fraud case.
* BANK OF MAHARASHTRA: Is recalling 15 bln rupees ($231 mln) of perpetual bonds as it seeks to retire expensive debt and replenish its risk buffers.
* BHARAT PETROLEUM CORP: Plans to raise $200 mln to fund the acquisition of a 3% stake in the Lower Zakum Concession, Offshore Abu Dhabi.
* BHUSHAN STEEL: The committee of creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel, leaving TATA STEEL and JSW STEEL in the race for taking over the assets of the bankrupt company.
* COLGATE-PALMOLIVE (INDIA): Five more brands, including the company and Amul, have been signed up by Star India for Indian Premiere League 2018.
* COMPUCOM SOFTWARE: Has received a letter of intent from Rajasthan Council of Secondary Education for a project worth 118.7 mln rupees.
* CYIENT: Has approved reduction of non-residents' investment limit in the company to 49% from 100%.
* ESSAR SHIPPING: Essar Oilfields Services India, a step-down subsidiary of the company, has been awarded a 280-mln-rupee contract from GAIL INDIA to drill five oil wells in Gujarat's Cambay basin.
* GITANJALI GEMS: At least 700 workers staged a protest in front of a unit of the company, which is embroiled in a $1.77-bln fraud at PUNJAB NATIONAL BANK, in Hyderabad, seeking job protection. Central investigation agencies have asked national depositories to freeze the promoters' holdings in the company, to ensure perpetrators of the alleged 114-bln-rupee PUNJAB NATIONAL BANK fraud do not get away without paying back.
-The Securities and Exchange Board of India has revived a nearly-forgotten investigation against the
company and its promoter Mehul Choksi for alleged manipulative trades in the wake of the fraud at PUNJAB NATIONAL BANK.
* HCKK VENTURES: Has entered into a distribution and consulting agreement with Vayu Technology Corp in the US.
* HIMALYA INTERNATIONAL: Board will meet on Monday to consider issue of 3.5 mln preferential issue of warrants to the other investors.
* IDBI BANK: The National Company Law Tribunal has initiated insolvency proceedings against Wind World India on the bank's plea to recover 7.94-bln-rupee dues.
* INDIAN HOTELS CO: There is more confusion than clarity on the auction of Delhi's iconic Taj Mansingh hotel.
* IRB INFRASTRUCTURE DEVELOPERS: Wholly-owned subsidiary Kishangarh Gulabpura Tollway has commenced toll collection and construction of the project.
* IRIS BUSINESS SERVICES: In partnership with Xpert Decision Systems, installed its extensible business reporting language-based filing tool for the Competition and Intellectual Property Commission of South Africa on Tuesday.
* ITC: Plans to set up an integrated consumer goods manufacturing facility in Uttar Pradesh besides exploring investment possibilities in green energy and a logistics hub in the state in coming years.
* JM FINANCIAL: Is cashing out of automobile components giant Sona BLW Precision Forgings, by selling its 32% stake to private equity investors for a profit.
* JSW STEEL: At a time when President Donald Trump is slamming New Delhi for imposing duties on imports of US-made Harley Davidson bikes, the chairman of the company has urged India to follow Washington in imposing import levies on steel and aluminium.
* KEC INTERNATIONAL: Instant Holdings, the company's promoter group, acquired 2.53% stake or 6.6 mln shares on Monday through transfer of shares among the promoter group entities.
* KOTAK MAHINDRA BANK: The Insurance Regulatory and Development Authority of India has imposed a 100,000-rupee penalty on the bank for a case relating to erstwhile ING Vysya Bank and ING Vysya Life Insurance Co.
* LUPIN: Has launched memantine hydrochloride capsules, generic of Allergan's Namenda XR capsules, in 7 mg, 14 mg, 21 mg and 28 mg strengths.
* MAHINDRA & MAHINDRA: Plans to buy 29.9% stake in Carnot Technologies for 60.67 mln rupees.
* MAHINDRA LOGISTICS: The company has opened its largest multi-user facility in Embassy Industrial Parks at Chakan near Pune, Maharashtra.
* OIL AND NATURAL GAS CORP: Global oil services majors Halliburton, Schlumberger and Baker Hughes have expressed interest in bidding for contracts to boost production from two ageing fields of the company, Onshore Director Ved Prakash Mahawar told Cogencis. Is set to hire international oil service giants for the first time to boost output from domestic oil fields in response to a government push to increase local supplies and cut expensive imports.
* PETRONET LNG: Has raised its estimate for net profit in 2017-18 (Apr-Mar) by 18% to 19.2 bln rupees, but expects the bottomline to fall to 17.4 bln rupees the following year.
* POWER FINANCE CORP: Its board will meet on Monday to consider declaration of second interim dividend.
* PROCTER & GAMBLE HYGIENE & HEALTH CARE: Madhusudan Gopalan, head of Indonesian business, will replace Al Rajwani as its India Managing Director.
* PUNJAB NATIONAL BANK: The Supreme Court has not passed any order on a plea seeking a courtmonitored investigation into the role of the management in the $1.77-bln fraud at the bank.
The Directorate General of Foreign Trade has initiated an internal probe to examine whether companies belonging to Nirav Modi and Mehul Choksi, the prime accused in the 114-bln-rupee bank fraud case, followed foreign trade guidelines while taking loans from banks. The Finance Ministry will soon call a meeting of top officials of the scam-hit bank and other lenders to amicably resolve the issues concerning payment liabilities of 114 bln rupees arising from the alleged fraud. The income tax department on Wednesday quizzed the bank's Managing Director and Chief Executive Officer Sunil Mehta again in the 114-bln-rupee scam. Has assured investors and customers that it has a strong sovereign backing and adequate capital to deal with the situation in the aftermath of the 114 bln rupees fraud. A special court of the Central Bureau of Investigation on Wednesday has sent four accused in the alleged case of fraud involving the bank to police custody till Mar 5. The government has ruled out additional equity beyond the 55 bln rupees provided to the bank to foot the bill for the fraud and wants the country's second-largest public sector lender to sell non-core assets to raise resources. Import finance, crucial for ensuring critical supply for India's industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking after a bunch of employees at the bank were caught issuing fake letters of undertaking in the country's biggest ever corporate fraud.
* RELIGARE ENTERPRISES: Price Waterhouse is in the line of fire over its audit of the company, after the financial services company's new auditor said its predecessors had submitted an "unmodified" report.
* SIEMENS: Board has agreed to sell the company's mobility and mechanical drives businesses to Siemens AG, Germany, or its subsidiary.
* SQS INDIA BFSI: Assystem Services Deutschland GmbH along with SQS Software Quality Systems AG, Germany, has issued an open offer to buy 26% stake or 2.79 mln shares in the company at 482.95 rupees a share.
* STATE BANK OF INDIA: Indo-UAE joint venture Anrak Aluminium has contested an insolvency petition filed by the bank against the company, claiming that there were no defaults as it had already entered into a compromise deal with lenders and also paid the instalments as agreed upon.
* SUN PHARMACEUTICALS: Sun Pharmaceutical Industries Inc, the US arm of the company, is recalling over 17,554 bottles of antihistamine Azelastine HCL nasal solution from the American market, latest enforcement report of the US health regulator has said.
* TATA CONSULTANCY SERVICES: Is looking at doubling the capacity of its internal start-up incubation programme to 10-12 projects, to bring in new products such as drones and services instead of buying innovative companies.
* TATA STEEL: The consortium of lenders to Bhushan Power & Steel has asked the company to waive certain conditions in its offer for the company and rejected a late bid by the UK's Liberty House. The company's anticipated acquisition of BHUSHAN STEEL and Bhushan Steel and Power for a total of 550 bln rupees, over and above its own capex plans, should raise the capacity at India's oldest maker of the alloy to about 25 mln tn.
* UCO BANK: Will issue 2.09 bln equity shares to the government at 31.16 rupees a share on a preferential basis.
* VARDHMAN SPECIAL STEELS: Has approved raising 500.08 mln rupees through a qualified
institutional placement of shares.
* VIDEOCON INDUSTRIES: The National Company Law Tribunal has adjourned the hearing of an
insolvency plea filed by STATE BANK OF INDIA against the company to Mar 27.
* WEIZMANN FOREX: Has approved the acquisition of Weizmann Impex Enterprises.
