Today Stock News – 26.02.2018
* A2Z INFRA ENGINEERING: The company's board has approved a one-time settlement of 1.2 bln rupees with Standard Chartered Bank for a total debt of 3.45 bln rupees.
* ABB INDIA: Is working with original equipment manufacturers to create charging infrastructure for electric vehicles. The company is running nine pilots with nine such manufacturers.
* AJANTA SOYA: The company on Friday restarted operations at its manufacturing plant in Bhiwadi, Rajasthan.
* AXIS BANK: Is looking at transferring some lumpy bad loans to stronger sponsors through the National Company Law Tribunal resolution next year, as it follows a strategy of serving only the better-rated borrowers.
* BHARTI AIRTEL: Has entered into a pact with Motorola Mobility India to sell its budget fourth-generation smartphone under the company's 'mera pehla smartphone' initiative. The company and Huawei have successfully conducted trials of 5th generation network. Added the most users among incumbents, at 1.5 mln, taking its total subscriber base to 197.64 mln as of end of January.
* DCM SHRIRAM: The board has declared second interim dividend of 3.40 rupees a share for 2017-18 (Apr-Mar). The board also approved a 1.13-bln-rupee investment proposal for expansion of caustic soda capacity at Bharuch in Gujarat.
* DENA BANK: The issue committee of the board has set an issue price of 26.89 rupees apiece for preferential allotment of shares to the government.
* DR REDDY'S LABORATORIES: Has received the establishment inspection report from the US Food and Drug Administration for its formulations facility in Srikakulam, Andhra Pradesh.
* DYNACONS SYSTEMS & SOLUTIONS: Got a three-year information technology infrastructure management services contract from Godrej & Boyce Mfg.
* FEDERAL BANK: Has no exposure to companies linked to diamond merchant Nirav Modi, either directly or through letters of undertaking issued by Punjab National Bank.
* FORTIS HEALTHCARE: RHT Health Trust has defaulted on $55 mln in outstanding loans, lent jointly by Union Overseas Bank and Siemens Bank GMBH, after the stake held by promoters of the company fell below the threshold level of 35%. BNP Paribas' Artibtrage Fund bought 4.28 mln shares or 0.89% stake in the company at 154.91 rupees apiece on the National Stock Exchange on Friday.
* GITANJALI GEMS: Individual investors, foreign portfolio investors and Life Insurance Corp of India, among others, will be restrained from transferring shares of the company. The Ministry of Corporate Affairs on Friday filed a petition against the company, promoted by Mehul Choksi, and other companies belonging to both Choksi and Nirav Modi in the National Company Law Tribunal, Mumbai. Gitanjali Group Chairman Mehul Choksi has asked his employees to look for alternate career opportunities, saying that he would be unable to clear their dues and pay future salaries following the seizure of bank accounts by investigating agencies. A set of lenders wants the government to take over the Nirav Modi and Gitanjali group of companies rather than have banks initiate bankruptcy proceedings.
* GUJARAT PIPAVAV PORT: Schroder Investment Management (Singapore) along with Schroder Group has acquired 0.32% stake or 1.6 mln shares in the company from the open market on Feb 14.
* JAYPEE INFRATECH: Kotak Realty Fund and Cube Highways, which have bid for the company, have proposed to set aside 60 bln rupees for constructing 25,000 undelivered homes, while offering to pay all lenders and promising that banks will not have to take a 'haircut' on their exposure.
* HDFC BANK: The SEBI has directed the bank to conduct an internal inquiry into the leak of its Apr-Jun 2017 and Oct- Dec 2015 earnings result on messaging platform WhatsApp.
* HINDUSTAN ZINC: Is set to commission two new mills in Rajasthan with a joint capacity of 3 mln tonnes of oretreatment with an investment of 6 bln rupees.
* IDBI BANK: Shareholders of bank have approved the issuance of 441.4 mln shares to the government at 61.83 rupees apiece.
* IDEA CELLULAR: Added 1.14 mln users during the month and had 197.64 mln users as of Jan 31. The government is waiting for the closure of Vodafone and the company's mobile tower sale deal, and raising FDI limit in the Aditya Birla group firm to approve the merger of two operators. The company and Vodafone Group Plc's Indian unit, which are set to merge, will invest 600 bln rupees in infrastructure to meet surging demand for data.
* INDIABULLS HOUSING FINANCE: Has raised 250 mln rupees through bonds maturing in 10 years, at a coupon of 8.43%.
* INFOSYS: Shareholders have approved the appointment of Salil S. Parekh as chief executive officer and managing director of the company.
* JAIN IRRIGATION SYSTEMS: International Finance Corp is planning to back the $50-mln capital expenditure plan of the company.
* JSW STEEL: Is close to acquire Italy-based Aferpi, a steel firm, for 6 bln rupees.
* JUBILANT LIFE SCIENCES: Promoters Jubilant Advisors LLP, MAV Management Advisors LLP, and Jubilant Consumer sold 5.33 mln shares or 3.35% stake in the company through the open market on Friday.
* KWALITY: Has launched 'Thandai' flavoured milk in north India at modern trade and e-commerce platforms ahead of Holi festival.
* MAHINDRA & MAHINDRA: Mahindra Aerospace and Canada's Viking Air have signed a memorandum of understanding to form a strategic alliance for making smaller aircraft to support regional air connectivity in India. Is forming a joint venture with XL Catlin to enter the 1.3-trln-rupee general insurance market in the country.
* MARTIN BURN: The company has entered into a joint venture agreement with Institute of International Trade for a housing project at Sonarpur for five years.
* NITIN SPINNERS: The board has approved issuing 668,290 shares at 120.50 rupees apiece aggregating to 80.53 mln rupees on preferential basis to the promoter of the company, Redial Trading and Investment.
* OIL & NATURAL GAS CORP: Arm ONGC Videsh has shelved plans to build a $5 bln liquefied natural gas export facility in Iran and has instead opted to only invest in developing a giant gas field in the Persian Gulf, for which a revised cost is being worked out.
* ORIENTAL BANK OF COMMERCE: The Central Bureau of Investigation has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of 3.89 bln rupees towards the bank. The Central Bureau of Investigation has registered a case against Uttar Pradesh-based Simbhaoli Sugars on charges of causing a loss of about 1.10 bln rupees to the bank.
* PIDILITE INDUSTRIES: The company's share buyback will open on Mar 1 and close on Mar 15.
* PNB HOUSING FINANCE: The PUNJAB NATIONAL BANK brand may have taken a beating after the bank reported a fraud of over 110 bln rupees, but for the company, Managing Director Sanjaya Gupta said, it is business as usual.
* PRAKASH CONSTROWELL: The company's board has completed disinvestment of 51% stake in subsidiary Jaikumar Real Estate for 5.46 mln rupees.
* PROCTER GAMBLE HYGIENE & HEALTH CARE: Announced a new India managing director-cum-chief executive officer last week. Madhusudhan Gopalan, 42, will take charge on Apr 1 from Al Rajwani.
* PURAVANKARA: Is in talks with institutional investors to form two separate investment platforms totalling up to 40 bln rupees to fund its future expansion plans.
* PUNJAB NATIONAL BANK: Refuting reports that it had appointed PricewaterhouseCoopers as forensic auditor after the $1.77-bln fraud unearthed over a week ago, the bank said though it had received a bid from the auditor, it has not considered it due to the Securities and Exchange Board's strictures on the auditing firm. Will be able to sell by November 2019 only up to 13% in its subsidiary, PNB HOUSING FINANCE, to raise money according to the regulations.
- The Mumbai bench of the National Company Law Tribunal on Friday evening allowed the government to attach 64 properties belonging to individuals as well as companies that are part of companies headed by Nirav Modi and Mehul Choksi and find mention in the complaint lodged by the bank. Has identified at least three prominent properties in the capital that it plans to monetise to mop up around 18-20 bln rupees, while insisting that it is adequately capitalised to bear the impact of the 114-bln-rupee fraud.
- Has clarified that it has not imposed any restrictions on withdrawals by customers and normal banking business continue as usual. The bank is in the cross-hairs yet again after the Central Bureau of Investigation registered a fresh case against fraudulent loans issued as part of the Mudra scheme, which was launched to extend unsecured loans of up to 1 mln rupees to small enterprises. CBI has examined the bank's Executive Director K.V. Brahmaji Rao for the second day in connection with the 114 bln rupees scam allegedly involving jewellers Nirav Modi and his uncle Mehul Choksi.
* P.V.V. INFRA: Aspire Emerging Fund bought 76,873 shares or 1.54% stake in the company at 21.81 rupees apiece in a bulk deal on the BSE on Friday.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has lashed out at other telecom operators and the Cellular Operators' Association of India for alleging that the Telecom Regulatory Authority of India's regulations favoured the entrant, and also threatened to file a defamation case against them. Operators Association of India ruled out any apologies to arm Reliance Jio Infocomm, despite Mukesh Ambani-led company demanding one in its defamation notice. Giving a boost to Andhra Pradesh in its efforts to garner big ticket investments that could spur job creation, the company inked two agreements with the state government promising a total investment of 520 bln rupees in oil and gas and electronics sectors.
* SADBHAV INFRASTRUCTURE PROJECT: Bhilwara-Rajsamanad Tollway, a wholly-owned subsidiary of the company, has completed refinancing its existing debt facilities with new debt from other lenders, with revised terms and conditions.
* SAKUMA EXPORTS: The company has submitted expression of interest to acquire RUCHI SOYA INDUSTRIES.
* SHIVA TEXYARN: Promoter S.V. Kandasami sold 131,915 shares or 1.02% stake in the company at 543.11 rupees apiece through a bulk deal on the National Stock Exchange on Friday.
* STATE BANK OF INDIA: All cases referred to the National Company Law Tribunal by the bank from the first list earmarked by the Reserve Bank of India are expected to be resolved by Jun 30, Chairman Rajnish Kumar said.
* SUN PHARMACEUTICAL INDUSTRIES: Despite the company's unit in Halol, Gujarat, failing to clear the US Food and Drug Administration's audit in its third attempt, industry insiders say the warning letter on the facility will be lifted soon.
* TATA GLOBAL BEVERAGES: Life Insurance Corp of India has reduced its share holding in the company to 3.62% by selling 2.05% stake in open market.
* TATA MOTORS: Announced the commercial launch of its compact SUV Tata Nexon in Nepal, priced at 3.28 mln Nepalese rupees (around 2.05 mln rupees) for the petrol variant and 4.16 mln Nepalese rupees for the diesel variant.
* TATA STEEL: Is seeking UK government backing for an around 5.43-bln-rupee project at its Port Talbot steelworks in Wales.
* TECH MAHINDRA: Has set up a lab in Bengaluru in association with US chipmaker Intel as part of its preparedness for fifth generation services expected to be rolled out by 2019.
* TEJAS NETWORKS: Has won a 113.88-mln-rupee order from POWER GRID CORP OF INDIA
for supply of communication equipment in Arunachal Pradesh.
* UNION BANK OF INDIA: Will complete a major part of its 5-bln-rupee bad loan asset sale target for Jan-Mar within the next week, Managing Director and Chief Executive Officer Rajkiran Rai G. said.
* UTTAM GALVA STEELS: Albula Investment Fund Ltd sold 3.03 mln shares or 2.13% stake in the company through open market in tranches from Jan 24 to Feb 22.
* VEDANTA: Mining mogul Anil Agarwal has said the Supreme Court's decision to quash all iron ore mining permits in Goa will hamper India's economic growth as raw material for making steel will have to be imported, resulting in jobs being created outside the country rather than within.
* VIDEOCON INDUSTRIES: The lenders of bankrupt the company have appointed consulting firm KPMG as resolution professional, replacing Alvarez & Marsal.
* VIDHI SPECIALTY FOOD INGREDIENTS: The board has approved the acquisition of 100% stake in Arjun Food Colorants Manufacturing, but did not reveal the cost of acquisition.
* WELSPUN ENTERPRISES: The National Highways Authority of India has declared the company the lowest bidder for six-laning of Chinnaiyan to Chathiram section of highway in Tamil Nadu on hydrid annuity mode.
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* ABB INDIA: Is working with original equipment manufacturers to create charging infrastructure for electric vehicles. The company is running nine pilots with nine such manufacturers.
* AJANTA SOYA: The company on Friday restarted operations at its manufacturing plant in Bhiwadi, Rajasthan.
* AXIS BANK: Is looking at transferring some lumpy bad loans to stronger sponsors through the National Company Law Tribunal resolution next year, as it follows a strategy of serving only the better-rated borrowers.
* BHARTI AIRTEL: Has entered into a pact with Motorola Mobility India to sell its budget fourth-generation smartphone under the company's 'mera pehla smartphone' initiative. The company and Huawei have successfully conducted trials of 5th generation network. Added the most users among incumbents, at 1.5 mln, taking its total subscriber base to 197.64 mln as of end of January.
* DCM SHRIRAM: The board has declared second interim dividend of 3.40 rupees a share for 2017-18 (Apr-Mar). The board also approved a 1.13-bln-rupee investment proposal for expansion of caustic soda capacity at Bharuch in Gujarat.
* DENA BANK: The issue committee of the board has set an issue price of 26.89 rupees apiece for preferential allotment of shares to the government.
* DR REDDY'S LABORATORIES: Has received the establishment inspection report from the US Food and Drug Administration for its formulations facility in Srikakulam, Andhra Pradesh.
* DYNACONS SYSTEMS & SOLUTIONS: Got a three-year information technology infrastructure management services contract from Godrej & Boyce Mfg.
* FEDERAL BANK: Has no exposure to companies linked to diamond merchant Nirav Modi, either directly or through letters of undertaking issued by Punjab National Bank.
* FORTIS HEALTHCARE: RHT Health Trust has defaulted on $55 mln in outstanding loans, lent jointly by Union Overseas Bank and Siemens Bank GMBH, after the stake held by promoters of the company fell below the threshold level of 35%. BNP Paribas' Artibtrage Fund bought 4.28 mln shares or 0.89% stake in the company at 154.91 rupees apiece on the National Stock Exchange on Friday.
* GITANJALI GEMS: Individual investors, foreign portfolio investors and Life Insurance Corp of India, among others, will be restrained from transferring shares of the company. The Ministry of Corporate Affairs on Friday filed a petition against the company, promoted by Mehul Choksi, and other companies belonging to both Choksi and Nirav Modi in the National Company Law Tribunal, Mumbai. Gitanjali Group Chairman Mehul Choksi has asked his employees to look for alternate career opportunities, saying that he would be unable to clear their dues and pay future salaries following the seizure of bank accounts by investigating agencies. A set of lenders wants the government to take over the Nirav Modi and Gitanjali group of companies rather than have banks initiate bankruptcy proceedings.
* GUJARAT PIPAVAV PORT: Schroder Investment Management (Singapore) along with Schroder Group has acquired 0.32% stake or 1.6 mln shares in the company from the open market on Feb 14.
* JAYPEE INFRATECH: Kotak Realty Fund and Cube Highways, which have bid for the company, have proposed to set aside 60 bln rupees for constructing 25,000 undelivered homes, while offering to pay all lenders and promising that banks will not have to take a 'haircut' on their exposure.
* HDFC BANK: The SEBI has directed the bank to conduct an internal inquiry into the leak of its Apr-Jun 2017 and Oct- Dec 2015 earnings result on messaging platform WhatsApp.
* HINDUSTAN ZINC: Is set to commission two new mills in Rajasthan with a joint capacity of 3 mln tonnes of oretreatment with an investment of 6 bln rupees.
* IDBI BANK: Shareholders of bank have approved the issuance of 441.4 mln shares to the government at 61.83 rupees apiece.
* IDEA CELLULAR: Added 1.14 mln users during the month and had 197.64 mln users as of Jan 31. The government is waiting for the closure of Vodafone and the company's mobile tower sale deal, and raising FDI limit in the Aditya Birla group firm to approve the merger of two operators. The company and Vodafone Group Plc's Indian unit, which are set to merge, will invest 600 bln rupees in infrastructure to meet surging demand for data.
* INDIABULLS HOUSING FINANCE: Has raised 250 mln rupees through bonds maturing in 10 years, at a coupon of 8.43%.
* INFOSYS: Shareholders have approved the appointment of Salil S. Parekh as chief executive officer and managing director of the company.
* JAIN IRRIGATION SYSTEMS: International Finance Corp is planning to back the $50-mln capital expenditure plan of the company.
* JSW STEEL: Is close to acquire Italy-based Aferpi, a steel firm, for 6 bln rupees.
* JUBILANT LIFE SCIENCES: Promoters Jubilant Advisors LLP, MAV Management Advisors LLP, and Jubilant Consumer sold 5.33 mln shares or 3.35% stake in the company through the open market on Friday.
* KWALITY: Has launched 'Thandai' flavoured milk in north India at modern trade and e-commerce platforms ahead of Holi festival.
* MAHINDRA & MAHINDRA: Mahindra Aerospace and Canada's Viking Air have signed a memorandum of understanding to form a strategic alliance for making smaller aircraft to support regional air connectivity in India. Is forming a joint venture with XL Catlin to enter the 1.3-trln-rupee general insurance market in the country.
* MARTIN BURN: The company has entered into a joint venture agreement with Institute of International Trade for a housing project at Sonarpur for five years.
* NITIN SPINNERS: The board has approved issuing 668,290 shares at 120.50 rupees apiece aggregating to 80.53 mln rupees on preferential basis to the promoter of the company, Redial Trading and Investment.
* OIL & NATURAL GAS CORP: Arm ONGC Videsh has shelved plans to build a $5 bln liquefied natural gas export facility in Iran and has instead opted to only invest in developing a giant gas field in the Persian Gulf, for which a revised cost is being worked out.
* ORIENTAL BANK OF COMMERCE: The Central Bureau of Investigation has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of 3.89 bln rupees towards the bank. The Central Bureau of Investigation has registered a case against Uttar Pradesh-based Simbhaoli Sugars on charges of causing a loss of about 1.10 bln rupees to the bank.
* PIDILITE INDUSTRIES: The company's share buyback will open on Mar 1 and close on Mar 15.
* PNB HOUSING FINANCE: The PUNJAB NATIONAL BANK brand may have taken a beating after the bank reported a fraud of over 110 bln rupees, but for the company, Managing Director Sanjaya Gupta said, it is business as usual.
* PRAKASH CONSTROWELL: The company's board has completed disinvestment of 51% stake in subsidiary Jaikumar Real Estate for 5.46 mln rupees.
* PROCTER GAMBLE HYGIENE & HEALTH CARE: Announced a new India managing director-cum-chief executive officer last week. Madhusudhan Gopalan, 42, will take charge on Apr 1 from Al Rajwani.
* PURAVANKARA: Is in talks with institutional investors to form two separate investment platforms totalling up to 40 bln rupees to fund its future expansion plans.
* PUNJAB NATIONAL BANK: Refuting reports that it had appointed PricewaterhouseCoopers as forensic auditor after the $1.77-bln fraud unearthed over a week ago, the bank said though it had received a bid from the auditor, it has not considered it due to the Securities and Exchange Board's strictures on the auditing firm. Will be able to sell by November 2019 only up to 13% in its subsidiary, PNB HOUSING FINANCE, to raise money according to the regulations.
- The Mumbai bench of the National Company Law Tribunal on Friday evening allowed the government to attach 64 properties belonging to individuals as well as companies that are part of companies headed by Nirav Modi and Mehul Choksi and find mention in the complaint lodged by the bank. Has identified at least three prominent properties in the capital that it plans to monetise to mop up around 18-20 bln rupees, while insisting that it is adequately capitalised to bear the impact of the 114-bln-rupee fraud.
- Has clarified that it has not imposed any restrictions on withdrawals by customers and normal banking business continue as usual. The bank is in the cross-hairs yet again after the Central Bureau of Investigation registered a fresh case against fraudulent loans issued as part of the Mudra scheme, which was launched to extend unsecured loans of up to 1 mln rupees to small enterprises. CBI has examined the bank's Executive Director K.V. Brahmaji Rao for the second day in connection with the 114 bln rupees scam allegedly involving jewellers Nirav Modi and his uncle Mehul Choksi.
* P.V.V. INFRA: Aspire Emerging Fund bought 76,873 shares or 1.54% stake in the company at 21.81 rupees apiece in a bulk deal on the BSE on Friday.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has lashed out at other telecom operators and the Cellular Operators' Association of India for alleging that the Telecom Regulatory Authority of India's regulations favoured the entrant, and also threatened to file a defamation case against them. Operators Association of India ruled out any apologies to arm Reliance Jio Infocomm, despite Mukesh Ambani-led company demanding one in its defamation notice. Giving a boost to Andhra Pradesh in its efforts to garner big ticket investments that could spur job creation, the company inked two agreements with the state government promising a total investment of 520 bln rupees in oil and gas and electronics sectors.
* SADBHAV INFRASTRUCTURE PROJECT: Bhilwara-Rajsamanad Tollway, a wholly-owned subsidiary of the company, has completed refinancing its existing debt facilities with new debt from other lenders, with revised terms and conditions.
* SAKUMA EXPORTS: The company has submitted expression of interest to acquire RUCHI SOYA INDUSTRIES.
* SHIVA TEXYARN: Promoter S.V. Kandasami sold 131,915 shares or 1.02% stake in the company at 543.11 rupees apiece through a bulk deal on the National Stock Exchange on Friday.
* STATE BANK OF INDIA: All cases referred to the National Company Law Tribunal by the bank from the first list earmarked by the Reserve Bank of India are expected to be resolved by Jun 30, Chairman Rajnish Kumar said.
* SUN PHARMACEUTICAL INDUSTRIES: Despite the company's unit in Halol, Gujarat, failing to clear the US Food and Drug Administration's audit in its third attempt, industry insiders say the warning letter on the facility will be lifted soon.
* TATA GLOBAL BEVERAGES: Life Insurance Corp of India has reduced its share holding in the company to 3.62% by selling 2.05% stake in open market.
* TATA MOTORS: Announced the commercial launch of its compact SUV Tata Nexon in Nepal, priced at 3.28 mln Nepalese rupees (around 2.05 mln rupees) for the petrol variant and 4.16 mln Nepalese rupees for the diesel variant.
* TATA STEEL: Is seeking UK government backing for an around 5.43-bln-rupee project at its Port Talbot steelworks in Wales.
* TECH MAHINDRA: Has set up a lab in Bengaluru in association with US chipmaker Intel as part of its preparedness for fifth generation services expected to be rolled out by 2019.
* TEJAS NETWORKS: Has won a 113.88-mln-rupee order from POWER GRID CORP OF INDIA
for supply of communication equipment in Arunachal Pradesh.
* UNION BANK OF INDIA: Will complete a major part of its 5-bln-rupee bad loan asset sale target for Jan-Mar within the next week, Managing Director and Chief Executive Officer Rajkiran Rai G. said.
* UTTAM GALVA STEELS: Albula Investment Fund Ltd sold 3.03 mln shares or 2.13% stake in the company through open market in tranches from Jan 24 to Feb 22.
* VEDANTA: Mining mogul Anil Agarwal has said the Supreme Court's decision to quash all iron ore mining permits in Goa will hamper India's economic growth as raw material for making steel will have to be imported, resulting in jobs being created outside the country rather than within.
* VIDEOCON INDUSTRIES: The lenders of bankrupt the company have appointed consulting firm KPMG as resolution professional, replacing Alvarez & Marsal.
* VIDHI SPECIALTY FOOD INGREDIENTS: The board has approved the acquisition of 100% stake in Arjun Food Colorants Manufacturing, but did not reveal the cost of acquisition.
* WELSPUN ENTERPRISES: The National Highways Authority of India has declared the company the lowest bidder for six-laning of Chinnaiyan to Chathiram section of highway in Tamil Nadu on hydrid annuity mode.
