Today Stock News – 26.04.2018
* ABG SHIPYARD: Banks, led by STATE BANK OF INDIA, are set to reject the offer made by Liberty House for the company, on grounds that there's no upfront payment of cash and that the bid itself is too low.
* ALOK INDUSTRIES: Steps taken by the resolution professional for the company to recover trade
outstandings to the tune of 116.22 bln rupees from 5,293 debtors of the textile company remained unsuccessful, as 2,467 of them could not be traced.
* BHARAT HEAVY ELECTRICALS: Three contractors, including the company and LARSEN & TOUBRO, have submitted to the resolution professional that they wish to recover unpaid dues of 20 bln rupees from Visa Power, which is facing insolvency proceedings.
* BHARTI AIRTEL: The board approved the transfer of submarine cable operations to its wholly-owned subsidiary Network i2i.
* BHARTI INFRATEL: The company and Indus Towers will merge to create the second-largest
telecommunications tower company in the world, valued at 965 bln rupees. Indus Towers' merger with the company, which will create one of Asia's largest tower companies, is unlikely to have a significant impact on the tower sector or on rentals for mobile operators in the medium term.
* BHARAT PETROLEUM CORP: Issued a tender seeking four liquefied natural gas cargoes for Jul-Mar delivery.
* CADILA HEALTHCARE: Received final approval from the US Food and Drug Administration for its Methylprednisolone tablets and Cinacalcet Hydrochloride tablets.
* EMAMI: The board will meet on May 3 to consider and recommend dividend and issue of bonus shares.
* FORTIS HEALTHCARE: The Delhi High Court has asked a court-appointed chartered accountant to detail all exchange-listed shares held by former promoters of the company Malvinder Mohan Singh and Shivinder Mohan Singh, and submit the same before it.
-The process to fast-track sale of the company suffered two major setbacks on Wednesday. While a member of the panel formed last week to advise on the sale resigned, the company questioned some of the riders put by Manipal Health Enterprises, the first suitor.
* HATHWAY CABLES & DATACOM: CLSA Global Markets has sold 47.52 mln shares or 5.7% stake in the company through two separate bulk deals on the National Stock Exchange and BSE, data on the bourses showed.
* HDFC BANK: Hiked interest rates on term deposits by up to 100 basis points.
* HINDUSTAN UNILEVER: Amid stiff competition from Patanjali Ayurved, the company has sharpened its focus on India by dividing the market into 14 independent verticals.
* ICICI Bank: The Income Tax Department has issued a fresh notice to Deepak Kochhar, husband of Managing Director Chanda Kochhar, in connection with its tax evasion probe with links to the ICICI Bank-Videocon loan case. NuPower Renewables, a company promoted by Managing Director Chanda Kochhar's husband Deepak Kochhar, got investments of 3.25 bln rupees from Mauritius-based Firstland Holdings, a company owned by Nishant Kanodia, son of Essar Group co-founder Ravi Ruia.
* ICICI LOMBARD GENERAL INSURANCE CO: Will pay dividend of 2.50 rupees a share.
* IDFC: Is in talks with a clutch of private Indian lenders and bulge bracket private quity funds to sell its asset management and stock broking units in a deal that could be worth up to 60 bln rupees.
* IDFC BANK: The board has approved raising up to 50 bln rupees through bonds, including Basel IIIcompliant, tier-I, and tier-II bonds, and infrastructure bonds in 2018-19 (Apr-Mar).
* INDIAN OIL CORP: Proposes to ramp up the petrochemical, fuel refining and biofuel manufacturing capacity of its Panipat Refinery.
* ITC: Plans to enter four new product categories in 2018-19 to support the company's aim of clocking 1 trln rupees in fast moving consumer goods sales by 2030.
* JET AIRWAYS INDIA: Launched 'Jet Upgrade' initiative, allowing premiere customers to upgrade to a higher class through a bidding process.
* JINDAL STAINLESS: Started negotiations with its lenders for exiting the corporate debt restructuring scheme as financial performance of the company has improved.
* JUBILANT LIFE SCIENCES: Filed an appeal before the Mumbai bench of the Securities Appellate Tribunal against the Securities and Exchange Board of India's adjudication order imposing a penalty of 1 mln rupees on the company and its promoters.
* KITEX GARMENTS: The board has approved incorporation of two wholly-owned subsidiaries at an investment of 4 bln rupees through internal accruals and borrowings.
* LANCO INFRATECH: Iron ore mine developer-cum-operator Thriveni Earthmovers has emerged as the highest bidder for the company.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Will pay dividend of 4 rupees a share.
* MERCATOR: Executive Chairman H.K. Mittal and four former top officials of DREDGING CORP OF INDIA--P. Sridharan, M.V.R. Murthy, S.S. Tripathi and P.V. Ramana Murthy--have been chargesheeted by the Central Bureau of Investigation in a case relating to the now-stalled Sethusamudram Ship Canal Project, as well as another dredging contract at Paradip Port.
* MMTC: MMTC-PAMP India, a joint venture between PAMP SA Switzerland and the company, plans to aggressively expand its retail operations beyond north India and take its total retail stores count to around 50 in the next three-four years.
* MONNET ISPAT & ENERGY: Kotak Mahindra Bank has withdrew its application from the National Company Law Tribunal seeking to change its stand on the resolution plan submitted by JSW STEEL and AION Capital for the insolvency proceedings against the company.
* OPTO CIRCUITS INDIA: Germany-based wholly-owned subsidiary Eurocor GmbH has bought a patent application for bioresorbable stents.
* PUNJAB NATIONAL BANK: Invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to 575.19 bln rupees at December end.
* RELIANCE INDUSTRIES: SEBI has started adjudication proceedings against the company for alleged unlawful gains in the trading of erstwhile Reliance Petroleum futures in 2007. Subsidiary Reliance Brands, which sells luxury labels such as Ermenegildo Zegna, Bally and Brooks Brothers in India, is said to have reached out to nearly half a dozen Indian designers for a potential stake in their businesses.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: Anmol Ambani has been appointed to the board of directors of the company and RELIANCE HOME FINANCE.
* RUCHI SOYA INDUSTRIES: Yoga guru Baba Ramdev's Patanjali Ayurved has denied bidding 90 bln rupees for the company.
* SHAH ALLOYS: Entered into settlement agreement with Asset Reconstruction Co India for credit facilitiesavailed by itself.
* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 99,134 shares or 1.2% stake in the company at 1,300 rupees apiece in a bulk deal on BSE.
* STATE BANK OF INDIA: Inducted nine new deputy managing directors with effect from Wednesday, on account of promotions and some replacements for incumbents who are set to retire in the near future.
* STERLITE TECHNOLOGIES: CRISIL has upgraded the company's long-term rating to 'AA' from 'AA-'.
* SYNGENE INTERNATIONAL: Will pay final dividend of 1 rupee a share.
* TATA MOTORS: Turning around Indian operations "is the new normal" for the company, Managing Director and Chief Executive Officer Guenter Butschek said, as he sought to drive home the fact that achieving sustainable profitable growth is the company's priority. Launched a range of light and intermediate trucks under its ULTRA brand, in a price range of 1.0-2.5 mln rupees. Months after calling off a planned partnership with the company, Volkswagen AG signalled it isn't shutting the door on a tie-up with the company.
* TATA POWER CO: Arm Tata Power Renewable Energy is eyeing upcoming solar power auctions for 1,200 MW in Andhra Pradesh and Karnataka for 61 bln rupees.
* VEDANTA: The company on Monday incorporated a wholly-owned subsidiary--Vedanta Star--with paid-up share capital of 500,000 rupees
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* ALOK INDUSTRIES: Steps taken by the resolution professional for the company to recover trade
outstandings to the tune of 116.22 bln rupees from 5,293 debtors of the textile company remained unsuccessful, as 2,467 of them could not be traced.
* BHARAT HEAVY ELECTRICALS: Three contractors, including the company and LARSEN & TOUBRO, have submitted to the resolution professional that they wish to recover unpaid dues of 20 bln rupees from Visa Power, which is facing insolvency proceedings.
* BHARTI AIRTEL: The board approved the transfer of submarine cable operations to its wholly-owned subsidiary Network i2i.
* BHARTI INFRATEL: The company and Indus Towers will merge to create the second-largest
telecommunications tower company in the world, valued at 965 bln rupees. Indus Towers' merger with the company, which will create one of Asia's largest tower companies, is unlikely to have a significant impact on the tower sector or on rentals for mobile operators in the medium term.
* BHARAT PETROLEUM CORP: Issued a tender seeking four liquefied natural gas cargoes for Jul-Mar delivery.
* CADILA HEALTHCARE: Received final approval from the US Food and Drug Administration for its Methylprednisolone tablets and Cinacalcet Hydrochloride tablets.
* EMAMI: The board will meet on May 3 to consider and recommend dividend and issue of bonus shares.
* FORTIS HEALTHCARE: The Delhi High Court has asked a court-appointed chartered accountant to detail all exchange-listed shares held by former promoters of the company Malvinder Mohan Singh and Shivinder Mohan Singh, and submit the same before it.
-The process to fast-track sale of the company suffered two major setbacks on Wednesday. While a member of the panel formed last week to advise on the sale resigned, the company questioned some of the riders put by Manipal Health Enterprises, the first suitor.
* HATHWAY CABLES & DATACOM: CLSA Global Markets has sold 47.52 mln shares or 5.7% stake in the company through two separate bulk deals on the National Stock Exchange and BSE, data on the bourses showed.
* HDFC BANK: Hiked interest rates on term deposits by up to 100 basis points.
* HINDUSTAN UNILEVER: Amid stiff competition from Patanjali Ayurved, the company has sharpened its focus on India by dividing the market into 14 independent verticals.
* ICICI Bank: The Income Tax Department has issued a fresh notice to Deepak Kochhar, husband of Managing Director Chanda Kochhar, in connection with its tax evasion probe with links to the ICICI Bank-Videocon loan case. NuPower Renewables, a company promoted by Managing Director Chanda Kochhar's husband Deepak Kochhar, got investments of 3.25 bln rupees from Mauritius-based Firstland Holdings, a company owned by Nishant Kanodia, son of Essar Group co-founder Ravi Ruia.
* ICICI LOMBARD GENERAL INSURANCE CO: Will pay dividend of 2.50 rupees a share.
* IDFC: Is in talks with a clutch of private Indian lenders and bulge bracket private quity funds to sell its asset management and stock broking units in a deal that could be worth up to 60 bln rupees.
* IDFC BANK: The board has approved raising up to 50 bln rupees through bonds, including Basel IIIcompliant, tier-I, and tier-II bonds, and infrastructure bonds in 2018-19 (Apr-Mar).
* INDIAN OIL CORP: Proposes to ramp up the petrochemical, fuel refining and biofuel manufacturing capacity of its Panipat Refinery.
* ITC: Plans to enter four new product categories in 2018-19 to support the company's aim of clocking 1 trln rupees in fast moving consumer goods sales by 2030.
* JET AIRWAYS INDIA: Launched 'Jet Upgrade' initiative, allowing premiere customers to upgrade to a higher class through a bidding process.
* JINDAL STAINLESS: Started negotiations with its lenders for exiting the corporate debt restructuring scheme as financial performance of the company has improved.
* JUBILANT LIFE SCIENCES: Filed an appeal before the Mumbai bench of the Securities Appellate Tribunal against the Securities and Exchange Board of India's adjudication order imposing a penalty of 1 mln rupees on the company and its promoters.
* KITEX GARMENTS: The board has approved incorporation of two wholly-owned subsidiaries at an investment of 4 bln rupees through internal accruals and borrowings.
* LANCO INFRATECH: Iron ore mine developer-cum-operator Thriveni Earthmovers has emerged as the highest bidder for the company.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Will pay dividend of 4 rupees a share.
* MERCATOR: Executive Chairman H.K. Mittal and four former top officials of DREDGING CORP OF INDIA--P. Sridharan, M.V.R. Murthy, S.S. Tripathi and P.V. Ramana Murthy--have been chargesheeted by the Central Bureau of Investigation in a case relating to the now-stalled Sethusamudram Ship Canal Project, as well as another dredging contract at Paradip Port.
* MMTC: MMTC-PAMP India, a joint venture between PAMP SA Switzerland and the company, plans to aggressively expand its retail operations beyond north India and take its total retail stores count to around 50 in the next three-four years.
* MONNET ISPAT & ENERGY: Kotak Mahindra Bank has withdrew its application from the National Company Law Tribunal seeking to change its stand on the resolution plan submitted by JSW STEEL and AION Capital for the insolvency proceedings against the company.
* OPTO CIRCUITS INDIA: Germany-based wholly-owned subsidiary Eurocor GmbH has bought a patent application for bioresorbable stents.
* PUNJAB NATIONAL BANK: Invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to 575.19 bln rupees at December end.
* RELIANCE INDUSTRIES: SEBI has started adjudication proceedings against the company for alleged unlawful gains in the trading of erstwhile Reliance Petroleum futures in 2007. Subsidiary Reliance Brands, which sells luxury labels such as Ermenegildo Zegna, Bally and Brooks Brothers in India, is said to have reached out to nearly half a dozen Indian designers for a potential stake in their businesses.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: Anmol Ambani has been appointed to the board of directors of the company and RELIANCE HOME FINANCE.
* RUCHI SOYA INDUSTRIES: Yoga guru Baba Ramdev's Patanjali Ayurved has denied bidding 90 bln rupees for the company.
* SHAH ALLOYS: Entered into settlement agreement with Asset Reconstruction Co India for credit facilitiesavailed by itself.
* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 99,134 shares or 1.2% stake in the company at 1,300 rupees apiece in a bulk deal on BSE.
* STATE BANK OF INDIA: Inducted nine new deputy managing directors with effect from Wednesday, on account of promotions and some replacements for incumbents who are set to retire in the near future.
* STERLITE TECHNOLOGIES: CRISIL has upgraded the company's long-term rating to 'AA' from 'AA-'.
* SYNGENE INTERNATIONAL: Will pay final dividend of 1 rupee a share.
* TATA MOTORS: Turning around Indian operations "is the new normal" for the company, Managing Director and Chief Executive Officer Guenter Butschek said, as he sought to drive home the fact that achieving sustainable profitable growth is the company's priority. Launched a range of light and intermediate trucks under its ULTRA brand, in a price range of 1.0-2.5 mln rupees. Months after calling off a planned partnership with the company, Volkswagen AG signalled it isn't shutting the door on a tie-up with the company.
* TATA POWER CO: Arm Tata Power Renewable Energy is eyeing upcoming solar power auctions for 1,200 MW in Andhra Pradesh and Karnataka for 61 bln rupees.
* VEDANTA: The company on Monday incorporated a wholly-owned subsidiary--Vedanta Star--with paid-up share capital of 500,000 rupees
