Today Stock News – 16.11.2018
* BAJAJ ELECTRICALS: Is looking to double its turnover to 70 bln rupees and increase its distributor base to about 200,000 from 185,000 in the current fiscal, Executive Director Anuj Poddar said.
* BAJAJ FINANCE: Raised 3.70 bln rupees through bonds maturing on May 5, 2022, at coupon rate of 9.2240%.
* BANK OF BARODA: The board committee of the bank on Thursday approved raising up to 15 bln rupees through issuance of Basel-III compliant tier-II bonds in one or more tranches.
* BHARTI INFRATEL: Could emerge as a potential buyer for the fibre assets of VODAFONE IDEA.
* HINDALCO INDUSTRIES: Slashed prices of aluminum products by more than 1% from Thursday, making it the eighth cut in a row.
* HOUSING DEVELOPMENT FINANCE CORP: Is set to raise up to $1 bln through its maiden dollar bond sales, which is likely to hit the market in January.
* IDBI BANK: Ratings agency S&P Global has affirmed 'BB' long-term and 'B' short-term issuer credit ratings on the bank and has retained a credit watch with negative implications.
* IL&FS TRANSPORTATION NETWORKS: Board has approved appointment of Dilip Bhatia as the chief executive officer of the company.
* INDIAN OIL CORP: The government is considering a plan to sell shares worth $2 bln in OIL & NATURAL GAS CORP, the company and OIL INDIA to help meet this year's divestment target.
* INFOSYS: Appointed Jayesh Sanghrajka as the interim chief financial officer effective Saturday while continuing its search for a permanent candidate. Holders of the company's American depositary shares have complained that the company's issue of bonus American depositary shares in September has added to their cost of owning the securities without any concomitant benefits.
* INTERGLOBE AVIATION: IndiGo is looking at starting a flight to London and to other European cities through a single stop. The airline is in discussion with airports in Tbilisi, Georgia and Baku, Azerbaijan.
* ITC: Said its instant noodle brand Yippee crossed the 10-bln-rupee sales mark in the 12 months ended September, in turn taking mother brand Sunfeast's annual sales to 45 bln rupees. Has appointed B. Sumant, president of its fast-moving consumer goods business, as a director on the company's board, continuing with the recent trend to appoint younger executives in top roles.
* JET AIRWAYS INDIA: The government has sought Tata Sons' help to rescue the company. In the first formal step towards a possible acquisition of the company, Tata Sons pointed out that a deal would hinge on the company's founder Chairman Naresh Goyal relinquishing his board position even if he was to retain a minority stake in the business. The board of Tata Sons is likely to meet today to discuss a proposal to take over the company.
* KOTAK MAHINDRA BANK: Singapore government has bought 9.55 mln shares or 0.5% stake in the bank at 1,130 rupees apiece in a bulk deal on the National Stock Exchange. Dutch financial major ING has sold 12.7 mln shares in the bank for around 14.40 bln rupees through an open market transaction.
* LEMON TREE HOTELS: Has signed a licence agreement for a 76-room hotel property in Bhubaneswar, Odisha, under the company's brand name Lemon Tree Premier.
* NBCC (INDIA): Is exploring the possibility of a share buyback, Chairman and Managing Director A.K. Mittal said in a post-earnings conference call.
* NEW DELHI TELEVISION: The company and its subsidiary NDTV Convergence have completed sale of 95% stake in another arm Special Occasions to Wedding Junction for 100 rupees a share.
* PRABHAT DAIRY: Is looking at expanding its goodness centres in tier-II and tier-III towns of Maharashtra to boost retail channels and double its annual revenue, the company's management said in its conference call following the announcement of its earnings for Jul-Sep.
* PUNJ LLOYD: Is looking to expand the scope of its small-arms manufacturing unit in Gwalior, Madhya Pradesh.
* RELIANCE INDUSTRIES: The Indian Railways tender to get itself 378,000 mobile phone connections has run into rough weather as a couple of bidders claimed the lowest bidder Reliance Jio Infocomm, the company's subsidiary, has violated a tender condition.
* RELIGARE ENTERPRISES: Krishnan Subramanian has resigned as Director Finance of the company with effect from Nov 19.
* SRF: Has commissioned operations at the agro chemicals unit at an increased cost of 2.57 bln rupees.
* TATA POWER CO: Resurgent Power Ventures, a joint venture between the company and ICICI BANK, has announced closing the deal for acquiring 75% stake in Jaiprakash Associates' Prayagraj Power, a three 660 MW coal-based power plant in Uttar Pradesh from the consortium of lenders led by STATE BANK of INDIA.
* TATA SPONGE IRON: Has set the coupon of 11.30% for its 10-bln-rupee non-cumulative redeemable preference share issue to its promoter TATA STEEL.
* TATA STEEL: Will be focusing more on its long products business.
* UPL: Has announced the signing of a pact with Norway-based consulting firm Gexon for setting up a centre of excellence in Gujarat, which will focus on research activities to help estimate and mitigate industrial accidents.
* VEDANTA: Has slashed the prices of aluminium ingots by nearly 1% from Thursday.
* YES BANK: O.P. Bhatt has resigned from his duties as an external member of the bank's search-andselection committee tasked with finding a successor to Rana Kapoor, the bank's chief executive officer and managing director.
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* BAJAJ FINANCE: Raised 3.70 bln rupees through bonds maturing on May 5, 2022, at coupon rate of 9.2240%.
* BANK OF BARODA: The board committee of the bank on Thursday approved raising up to 15 bln rupees through issuance of Basel-III compliant tier-II bonds in one or more tranches.
* BHARTI INFRATEL: Could emerge as a potential buyer for the fibre assets of VODAFONE IDEA.
* HINDALCO INDUSTRIES: Slashed prices of aluminum products by more than 1% from Thursday, making it the eighth cut in a row.
* HOUSING DEVELOPMENT FINANCE CORP: Is set to raise up to $1 bln through its maiden dollar bond sales, which is likely to hit the market in January.
* IDBI BANK: Ratings agency S&P Global has affirmed 'BB' long-term and 'B' short-term issuer credit ratings on the bank and has retained a credit watch with negative implications.
* IL&FS TRANSPORTATION NETWORKS: Board has approved appointment of Dilip Bhatia as the chief executive officer of the company.
* INDIAN OIL CORP: The government is considering a plan to sell shares worth $2 bln in OIL & NATURAL GAS CORP, the company and OIL INDIA to help meet this year's divestment target.
* INFOSYS: Appointed Jayesh Sanghrajka as the interim chief financial officer effective Saturday while continuing its search for a permanent candidate. Holders of the company's American depositary shares have complained that the company's issue of bonus American depositary shares in September has added to their cost of owning the securities without any concomitant benefits.
* INTERGLOBE AVIATION: IndiGo is looking at starting a flight to London and to other European cities through a single stop. The airline is in discussion with airports in Tbilisi, Georgia and Baku, Azerbaijan.
* ITC: Said its instant noodle brand Yippee crossed the 10-bln-rupee sales mark in the 12 months ended September, in turn taking mother brand Sunfeast's annual sales to 45 bln rupees. Has appointed B. Sumant, president of its fast-moving consumer goods business, as a director on the company's board, continuing with the recent trend to appoint younger executives in top roles.
* JET AIRWAYS INDIA: The government has sought Tata Sons' help to rescue the company. In the first formal step towards a possible acquisition of the company, Tata Sons pointed out that a deal would hinge on the company's founder Chairman Naresh Goyal relinquishing his board position even if he was to retain a minority stake in the business. The board of Tata Sons is likely to meet today to discuss a proposal to take over the company.
* KOTAK MAHINDRA BANK: Singapore government has bought 9.55 mln shares or 0.5% stake in the bank at 1,130 rupees apiece in a bulk deal on the National Stock Exchange. Dutch financial major ING has sold 12.7 mln shares in the bank for around 14.40 bln rupees through an open market transaction.
* LEMON TREE HOTELS: Has signed a licence agreement for a 76-room hotel property in Bhubaneswar, Odisha, under the company's brand name Lemon Tree Premier.
* NBCC (INDIA): Is exploring the possibility of a share buyback, Chairman and Managing Director A.K. Mittal said in a post-earnings conference call.
* NEW DELHI TELEVISION: The company and its subsidiary NDTV Convergence have completed sale of 95% stake in another arm Special Occasions to Wedding Junction for 100 rupees a share.
* PRABHAT DAIRY: Is looking at expanding its goodness centres in tier-II and tier-III towns of Maharashtra to boost retail channels and double its annual revenue, the company's management said in its conference call following the announcement of its earnings for Jul-Sep.
* PUNJ LLOYD: Is looking to expand the scope of its small-arms manufacturing unit in Gwalior, Madhya Pradesh.
* RELIANCE INDUSTRIES: The Indian Railways tender to get itself 378,000 mobile phone connections has run into rough weather as a couple of bidders claimed the lowest bidder Reliance Jio Infocomm, the company's subsidiary, has violated a tender condition.
* RELIGARE ENTERPRISES: Krishnan Subramanian has resigned as Director Finance of the company with effect from Nov 19.
* SRF: Has commissioned operations at the agro chemicals unit at an increased cost of 2.57 bln rupees.
* TATA POWER CO: Resurgent Power Ventures, a joint venture between the company and ICICI BANK, has announced closing the deal for acquiring 75% stake in Jaiprakash Associates' Prayagraj Power, a three 660 MW coal-based power plant in Uttar Pradesh from the consortium of lenders led by STATE BANK of INDIA.
* TATA SPONGE IRON: Has set the coupon of 11.30% for its 10-bln-rupee non-cumulative redeemable preference share issue to its promoter TATA STEEL.
* TATA STEEL: Will be focusing more on its long products business.
* UPL: Has announced the signing of a pact with Norway-based consulting firm Gexon for setting up a centre of excellence in Gujarat, which will focus on research activities to help estimate and mitigate industrial accidents.
* VEDANTA: Has slashed the prices of aluminium ingots by nearly 1% from Thursday.
* YES BANK: O.P. Bhatt has resigned from his duties as an external member of the bank's search-andselection committee tasked with finding a successor to Rana Kapoor, the bank's chief executive officer and managing director.
