Today Stock News – 28.02.2018
* ACC: The decision of AMBUJA CEMENTS and the company to postpone their plans for a merger for the time being due to "certain constraints" is seen limiting the expected synergies.
* ALLAHABAD BANK: The Central Bureau of Investigation on Tuesday questioned Managing Director Usha Ananthasubramanian in connection with the PUNJAB NATIONAL BANK fraud allegedly involving Nirav Modi and Mehul Choksi.
* APOLLO TYRES: Promoter Neeraj Consultants Pvt Ltd bought 205,790 shares or 0.04% stake in the company at 269.35 rupees each, totalling 55.43 mln rupees, through the open market on Monday.
* ARMAN FINANCIAL SERVICES: The board will meet on Mar 5 to consider issuing unsecured compulsorily convertible debentures of up to 567.1 mln rupees to SAIF Partners India V.
* ATISHAY LTD: Has received three orders from the Rajasthan government, including for an Aadhaar-enabled biometric attendance system.
* ATLAS CYCLES (HARYANA): Has suspended operations at its manufacturing unit in Sonepat, Haryana, from Saturday.
* BHARTI AIRTEL: Is in advanced stages of setting up a digital innovation lab in Bengaluru to work on emerging technologies such as artificial intelligence, the Internet of things, augmented reality, and virtual reality, as part of its broader strategy to develop strong inhouse technology capabilities.
* BHARAT FORGE: Has completed the sale of its 26% stake in Alstom Bharat Forge Power to GE Pacific for $35 mln. Has acquired 30.37% stake in Tork Motors, buying 4,736 shares and 2,841 preference shares, both at a premium of 21,103 rupees.
* BHARAT PETROLEUM CORP: National oil companies of Oman, Kuwait and Abu Dhabi are in talks to buy up to 24% stake of the company in Madhya Pradesh's Bina refinery. Bharat Oman Refineries which operates the refinery, is an equal joint venture between the company and Oman Oil Co S.A.O.C. of the Sultanate of Oman.
* BSE: Close on the heels of its competitor National Stock Exchange, the company has also waived transaction charges on trade of cross currency derivative contracts till Aug 31.
* CHENNAI PETROLEUM CORP: Union Petroleum Minister Dharmendra Pradhan formally launched the 31.1 bln rupees residue upgrade project of the company.
* CIPLA: The company and Roche Products (India) have entered into a distribution pact to promote Roche's cancer and rheumatoid arthritis branded drugs in India.
* DALMIA BHARAT: A consortium of the company and Bain Piramal Resurgence Fund emerged the top bidder for Binani Cement, trumping ULTRATECH CEMENT, with a 67 bln rupees offer that will see banks getting all their money back, challenging the assertion that bankers will face losses in every bankruptcy resolution case.
* DLF: Adarshini Real Estate Developers, a step-down subsidiary of the company, has emerged as the successful bidder in a land parcel e-auction, conducted by Haryana State Industrial and Infrastructure Development Corp.
* FORTIS HEALTHCARE: A day after the Delhi High Court ordered the attachment of some assets of the promoters of the company and RELIGARE ENTERPRISES, the two companies have informed exchanges that they are not directly involved in the matter and see no direct impact on them.
* HOUSING DEVELOPMENT FINANCE CORP: Qualified institutional placement worth 18.96 bln rupees opened on Tuesday, following the approval of the committee of the board of directors, the company informed exchanges.
* JSW STEEL: The resolution plan for Monnet Ispat proposed by the Aion Capital the company consortium is being reviewed by legal advisors presently and the creditors committee will take a final call on the offer in two-three weeks.
* ICICI BANK: Has no exposure to group companies of Nirav Modi, the main accused in the $1.77-bln fraud reported by Punjab National Bank. Has informed that it has no exposure to Nirav Modi group of companies, but have given working capital loans along with a consortium to Gitanjali group.
* IDBI BANK: Moody's Investors Service has upgraded the bank's rating outlook to positive from stable due to likely improvement in the lender's capital position over the next 12-18 months on account of fund infusion by the government.
* INDUSIND BANK: Is looking to diversify its business by setting up insurance and mutual fund subsidiaries, Managing Director and Chief Executive Officer Romesh Sobti said.
* INFOSYS: SEBI is likely to accept the company's consent plea to settle charges of disclosure lapses pertaining to the severance package paid to former chief financial officer Rajiv Bansal.
* KRIDHAN INFRA: Acquired 31.5% stake in Vijay Nirman Co Pvt Ltd and allotted 7.68 mln shares to their institutional shareholders on preferential basis.
* LARSEN & TOUBRO: Will sell up to 2% of the total paid-up share capital or 3.44 mln shares of LARSEN & TOUBRO INFOTECH through the open market to comply with shareholding norms.
* NARAYANA HRUDAYALAYA: UK's First State Investment ICVC bought 1.11 shares or 0.51% stake in the company at 300 rupees apiece through a bulk deal on the National Stock Exchange.
* OIL AND NATURAL GAS CORP: The Bombay High Court has ruled in favour of the company after a vendor sued the energy firm for cancelling a 10 bln rupees contract.
* PUNJAB NATIONAL BANK: The board has appointed general manager A.K. Pradhan as group chief risk officer. Firestar Diamond Inc, the flagship company of diamond merchant Nirav Modi, alleged to be behind the $1.77-bln fraud at the bank, filed for voluntary bankruptcy in New York, on Monday.
- Appointed BDO to conduct a forensic audit of jeweller Nirav Modi's companies. Enforcement agencies have entrusted the bank with the safekeeping of precious stones attached after raids on premises and showrooms of jeweller Nirav Modi, accused by the lender of fraud. The 127.17 bln rupees fraud at the bank has forced banks to freeze the issuance of new letters of credit to companies until they reconcile with the existing liabilities, according to senior bankers.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm along with Cisco Systems Inc will use multi-access edge computing to optimise and enhance video experience over the network by developing a mobile content delivery network. Will likely stop production at its MA field in the KG-D6 block by October following continuous decline in output for years.
* RELIANCE POWER: The Delhi High Court sought the government's reply on the company's plea to mine more than 18 mln tn coal for the year 2017-18 (Apr-Mar).
* SADBHAV INFRASTRUCTURE PROJECT: Has been declared the lowest bidder by National Highways Authority of India for a 65.5-km project worth 11.52 bln rupees.
* SHRIRAM TRANSPORT FINANCE CO: The Company’s banking and Finance Committee or Debt Issuance Committee will meet in March to consider and approve raising funds through issue of securities in onshore/offshore market on public or private placement basis.
* STATE BANK OF INDIA: The National Company Law Tribunal directed Asian Colour Coated Ispat to reply to a plea filed by the bank seeking initiation of insolvency proceedings against the company. Google Inc has integrated its mobile payments app Tez with the bank, allowing customers of India's largest lender to transact directly from their banks accounts through Tez. The Centre has invited SBI Capital Markets, the subsidiary, to prepare a roadmap to rope in a strategic investor for Andrew Yule's loss-making engineering division.
* TATA CONSULTANCY SERVICES: The Oman-based Bank Muscat will use the company's BaNCS Universal Banking for its fund and investment banking operations.
* TVS Motor Co: Is aiming to sell 200,000 units of its newly launched' app-enabled scooter', Ntorq 125, in Apr-Mar (2018-19).
* UNITED BANK OF INDIA: Plans to issue 50 mln shares of face value 10 rupees each to its eligible employees under the bank's Employee Share Purchase Scheme.
* VAKRANGEE: SEBI has issued an order against investor Abhirati Trading but the order did not hold the company responsible for any misdeed in the ongoing alleged campaign.
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* ALLAHABAD BANK: The Central Bureau of Investigation on Tuesday questioned Managing Director Usha Ananthasubramanian in connection with the PUNJAB NATIONAL BANK fraud allegedly involving Nirav Modi and Mehul Choksi.
* APOLLO TYRES: Promoter Neeraj Consultants Pvt Ltd bought 205,790 shares or 0.04% stake in the company at 269.35 rupees each, totalling 55.43 mln rupees, through the open market on Monday.
* ARMAN FINANCIAL SERVICES: The board will meet on Mar 5 to consider issuing unsecured compulsorily convertible debentures of up to 567.1 mln rupees to SAIF Partners India V.
* ATISHAY LTD: Has received three orders from the Rajasthan government, including for an Aadhaar-enabled biometric attendance system.
* ATLAS CYCLES (HARYANA): Has suspended operations at its manufacturing unit in Sonepat, Haryana, from Saturday.
* BHARTI AIRTEL: Is in advanced stages of setting up a digital innovation lab in Bengaluru to work on emerging technologies such as artificial intelligence, the Internet of things, augmented reality, and virtual reality, as part of its broader strategy to develop strong inhouse technology capabilities.
* BHARAT FORGE: Has completed the sale of its 26% stake in Alstom Bharat Forge Power to GE Pacific for $35 mln. Has acquired 30.37% stake in Tork Motors, buying 4,736 shares and 2,841 preference shares, both at a premium of 21,103 rupees.
* BHARAT PETROLEUM CORP: National oil companies of Oman, Kuwait and Abu Dhabi are in talks to buy up to 24% stake of the company in Madhya Pradesh's Bina refinery. Bharat Oman Refineries which operates the refinery, is an equal joint venture between the company and Oman Oil Co S.A.O.C. of the Sultanate of Oman.
* BSE: Close on the heels of its competitor National Stock Exchange, the company has also waived transaction charges on trade of cross currency derivative contracts till Aug 31.
* CHENNAI PETROLEUM CORP: Union Petroleum Minister Dharmendra Pradhan formally launched the 31.1 bln rupees residue upgrade project of the company.
* CIPLA: The company and Roche Products (India) have entered into a distribution pact to promote Roche's cancer and rheumatoid arthritis branded drugs in India.
* DALMIA BHARAT: A consortium of the company and Bain Piramal Resurgence Fund emerged the top bidder for Binani Cement, trumping ULTRATECH CEMENT, with a 67 bln rupees offer that will see banks getting all their money back, challenging the assertion that bankers will face losses in every bankruptcy resolution case.
* DLF: Adarshini Real Estate Developers, a step-down subsidiary of the company, has emerged as the successful bidder in a land parcel e-auction, conducted by Haryana State Industrial and Infrastructure Development Corp.
* FORTIS HEALTHCARE: A day after the Delhi High Court ordered the attachment of some assets of the promoters of the company and RELIGARE ENTERPRISES, the two companies have informed exchanges that they are not directly involved in the matter and see no direct impact on them.
* HOUSING DEVELOPMENT FINANCE CORP: Qualified institutional placement worth 18.96 bln rupees opened on Tuesday, following the approval of the committee of the board of directors, the company informed exchanges.
* JSW STEEL: The resolution plan for Monnet Ispat proposed by the Aion Capital the company consortium is being reviewed by legal advisors presently and the creditors committee will take a final call on the offer in two-three weeks.
* ICICI BANK: Has no exposure to group companies of Nirav Modi, the main accused in the $1.77-bln fraud reported by Punjab National Bank. Has informed that it has no exposure to Nirav Modi group of companies, but have given working capital loans along with a consortium to Gitanjali group.
* IDBI BANK: Moody's Investors Service has upgraded the bank's rating outlook to positive from stable due to likely improvement in the lender's capital position over the next 12-18 months on account of fund infusion by the government.
* INDUSIND BANK: Is looking to diversify its business by setting up insurance and mutual fund subsidiaries, Managing Director and Chief Executive Officer Romesh Sobti said.
* INFOSYS: SEBI is likely to accept the company's consent plea to settle charges of disclosure lapses pertaining to the severance package paid to former chief financial officer Rajiv Bansal.
* KRIDHAN INFRA: Acquired 31.5% stake in Vijay Nirman Co Pvt Ltd and allotted 7.68 mln shares to their institutional shareholders on preferential basis.
* LARSEN & TOUBRO: Will sell up to 2% of the total paid-up share capital or 3.44 mln shares of LARSEN & TOUBRO INFOTECH through the open market to comply with shareholding norms.
* NARAYANA HRUDAYALAYA: UK's First State Investment ICVC bought 1.11 shares or 0.51% stake in the company at 300 rupees apiece through a bulk deal on the National Stock Exchange.
* OIL AND NATURAL GAS CORP: The Bombay High Court has ruled in favour of the company after a vendor sued the energy firm for cancelling a 10 bln rupees contract.
* PUNJAB NATIONAL BANK: The board has appointed general manager A.K. Pradhan as group chief risk officer. Firestar Diamond Inc, the flagship company of diamond merchant Nirav Modi, alleged to be behind the $1.77-bln fraud at the bank, filed for voluntary bankruptcy in New York, on Monday.
- Appointed BDO to conduct a forensic audit of jeweller Nirav Modi's companies. Enforcement agencies have entrusted the bank with the safekeeping of precious stones attached after raids on premises and showrooms of jeweller Nirav Modi, accused by the lender of fraud. The 127.17 bln rupees fraud at the bank has forced banks to freeze the issuance of new letters of credit to companies until they reconcile with the existing liabilities, according to senior bankers.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm along with Cisco Systems Inc will use multi-access edge computing to optimise and enhance video experience over the network by developing a mobile content delivery network. Will likely stop production at its MA field in the KG-D6 block by October following continuous decline in output for years.
* RELIANCE POWER: The Delhi High Court sought the government's reply on the company's plea to mine more than 18 mln tn coal for the year 2017-18 (Apr-Mar).
* SADBHAV INFRASTRUCTURE PROJECT: Has been declared the lowest bidder by National Highways Authority of India for a 65.5-km project worth 11.52 bln rupees.
* SHRIRAM TRANSPORT FINANCE CO: The Company’s banking and Finance Committee or Debt Issuance Committee will meet in March to consider and approve raising funds through issue of securities in onshore/offshore market on public or private placement basis.
* STATE BANK OF INDIA: The National Company Law Tribunal directed Asian Colour Coated Ispat to reply to a plea filed by the bank seeking initiation of insolvency proceedings against the company. Google Inc has integrated its mobile payments app Tez with the bank, allowing customers of India's largest lender to transact directly from their banks accounts through Tez. The Centre has invited SBI Capital Markets, the subsidiary, to prepare a roadmap to rope in a strategic investor for Andrew Yule's loss-making engineering division.
* TATA CONSULTANCY SERVICES: The Oman-based Bank Muscat will use the company's BaNCS Universal Banking for its fund and investment banking operations.
* TVS Motor Co: Is aiming to sell 200,000 units of its newly launched' app-enabled scooter', Ntorq 125, in Apr-Mar (2018-19).
* UNITED BANK OF INDIA: Plans to issue 50 mln shares of face value 10 rupees each to its eligible employees under the bank's Employee Share Purchase Scheme.
* VAKRANGEE: SEBI has issued an order against investor Abhirati Trading but the order did not hold the company responsible for any misdeed in the ongoing alleged campaign.
