Today Stock News – 28.11.2018
* ADANI ENTERPRISES: The Supreme Court has issued a notice to the company-led joint venture,
ParsaKente Collieries, on a plea over de-allocation of two coal blocks in Chhattisgarh.
* ARVIND LTD: Has announced the launch of its largest garment hub in Gujarat with two manufacturing facilities commencing operations at Bavla near Ahmedabad.
* ASHOKA BUILDCON: Maharashtra government has extended the toll collection period on Ahmednagar-Aurangabad road by 703 days from Dec 19, to Nov 22, 2020.
* ASHOK LEYLAND: Has set up a new 3S facility IFAD Autos in Dhaka, Bangladesh.
* ATUL AUTO: Has signed a joint venture agreement with JBM Industries to manufacture three-wheeler electric autos.
* AXISCADES ENGINEERING TECHNOLOGIES: The company's wholly-owned subsidiary
AXISCADES Aerospace & Technologies has received two contracts worth $20 mln.
* BHARTI AIRTEL: Plans to raise 120-150 bln rupees through issue of fresh shares in the 2018-19 (Apr- Mar). The Telecom Regulatory Authority of India has pulled up the company and VODAFONE IDEA over minimum recharge plans.
* CIL NOVA PETROCHEMICALS: Asia Investment Corp Mauritius has sold 0.55% stake or 150,000 shares in the company at 22 rupees a share through a bulk deal on the National Stock Exchange.
* EXCEL REALTY N INFRA: Aspire Emerging Fund has sold 2.07% stake or 1.9 mln shares in the
company through bulk deals on the National Stock Exchange and BSE.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Nestle is close to acquiring the consumer healthcare business of the company, including Horlicks.
* HCL INFOSYSTEMS: Has completed sale of entire stake held by arm Nurture Technologies FZE in Gibraltar Technologies LLC (Dubai), Gibraltar Technologies LLC (Abu Dhabi), and step-down subsidiary Gibraltar Technologies WLL (Qatar) for 69.23 mln rupees.
* HINDALCO INDUSTRIES: Has slashed prices of aluminum products by more than 1% from today, the 10th consecutive cut.
* HINDUJA VENTURES: The board has approved sale of 10 mln shares of 10 rupees each held by the company in Hinduja Leyland Finance at an independent valuation of 153.56 rupees per share.
* IDBI BANK: The Competition Commission of India has approved the acquisition of up to 51% equity share capital in the bank by Life Insurance Corp of India.
* INDIAN OVERSEAS BANK: The board will meet on Friday to consider and approve the proposal to issue shares to employees under the employee stock purchase scheme.
* INOX WIND: Has signed an exclusive agreement with ASMC to launch a 3-MW wind turbine.
* INTERGLOBE AVIATION: Andhra Pradesh government has approved 30.5 mln rupees as viability gap funding to the company, which operates IndiGo airline, to start flight between Vijayawada and Singapore.
* JET AIRWAYS INDIA: Abu Dhabi-based Etihad Airways, which has a 24% stake in the company, is looking to raise its stake to up to 49%.
* LUPIN: Ramesh Swaminathan has resigned as chief financial officer of the company and will be leaving the organisation in December.
* NTPC: Has called for tenders from 1,000 MW of existing solar and wind generation plants to supply power to the company for 1 year.
* OIL & NATURAL GAS CORP: Will soon award an order for 27 drilling rigs at a cost of 35 bln rupees.
* OMAXE: Sunil Goel who has dragged Chairman Rohtas Goel to the National Company Law Tribunal alleging mismanagement in the company, has been allowed by the tribunal to inspect the documents of its promoter company, Guild Builders.
* ORIENTAL BANK OF COMMERCE: Plans to sell its 23% stake in the life insurance joint venture with CANARA BANK and HSBC.
* PUNJAB NATIONAL BANK: Fitch Ratings has removed the bank's viability rating from rating watchnegative and affirmed long-term issuer default rating of BBB-.
* RELIANCE INDUSTRIES: Gas output at the company's coal bed methane block has fallen way short of the planned ramp-up due to a combination of operational issues and poor pipeline connectivity.
* SHRIRAM TRANSPORT FINANCE CO: Raised 6.5 bln rupees through the issue of subordinate bonds maturing in five years and six months.
* SREI INFRASTRUCTURE FINANCE: The company and Nordic Investment Bank have launched 20 mln euros worth of lending programme in India.
* UTTAM GALVA STEELS: ArcelorMittal has deployed a team to oversee the company's operations.
* VEDANTA: Has slashed the prices of aluminium ingots by nearly 2% from Tuesday. Subsidiary
Talwandi Sabo Power plans to raise 2 bln rupees through bonds maturing on Nov 30, 2020 and has invited bids on Thursday.
* VIDEOCON INDUSTRIES: A consortium of banks has applied to the debt recovery tribunal seeking to enforce personal guarantees on the promoters of Videocon Group, Venugopal Dhoot and Rajkumar Dhoot.
* VODAFONE IDEA: Has transferred its fibre network assets to a wholly-owned unit in the run-up to its early sale aimed at bringing in additional cash.
* YES BANK: Moody's Investors Service has downgraded the rating on the bank, saying that the spate of resignations from the bank's board and the central bank's directive restricting the term of the current managing director have led to concerns about corporate governance.
- Even as media reports speculate about a possible settlement between Rana Kapoor and Madhu Kapur on terms for promoter rights for the bank, a deal is still far away with no paperwork in place. Has invoked pledge on 4.59 mln shares of Dion Global Solutions as the company defaulted on payment for credit facility. Promoter Rana Kapoor's investment companies borrowed from mutual funds and invested the money as equity in a finance company.
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ParsaKente Collieries, on a plea over de-allocation of two coal blocks in Chhattisgarh.
* ARVIND LTD: Has announced the launch of its largest garment hub in Gujarat with two manufacturing facilities commencing operations at Bavla near Ahmedabad.
* ASHOKA BUILDCON: Maharashtra government has extended the toll collection period on Ahmednagar-Aurangabad road by 703 days from Dec 19, to Nov 22, 2020.
* ASHOK LEYLAND: Has set up a new 3S facility IFAD Autos in Dhaka, Bangladesh.
* ATUL AUTO: Has signed a joint venture agreement with JBM Industries to manufacture three-wheeler electric autos.
* AXISCADES ENGINEERING TECHNOLOGIES: The company's wholly-owned subsidiary
AXISCADES Aerospace & Technologies has received two contracts worth $20 mln.
* BHARTI AIRTEL: Plans to raise 120-150 bln rupees through issue of fresh shares in the 2018-19 (Apr- Mar). The Telecom Regulatory Authority of India has pulled up the company and VODAFONE IDEA over minimum recharge plans.
* CIL NOVA PETROCHEMICALS: Asia Investment Corp Mauritius has sold 0.55% stake or 150,000 shares in the company at 22 rupees a share through a bulk deal on the National Stock Exchange.
* EXCEL REALTY N INFRA: Aspire Emerging Fund has sold 2.07% stake or 1.9 mln shares in the
company through bulk deals on the National Stock Exchange and BSE.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Nestle is close to acquiring the consumer healthcare business of the company, including Horlicks.
* HCL INFOSYSTEMS: Has completed sale of entire stake held by arm Nurture Technologies FZE in Gibraltar Technologies LLC (Dubai), Gibraltar Technologies LLC (Abu Dhabi), and step-down subsidiary Gibraltar Technologies WLL (Qatar) for 69.23 mln rupees.
* HINDALCO INDUSTRIES: Has slashed prices of aluminum products by more than 1% from today, the 10th consecutive cut.
* HINDUJA VENTURES: The board has approved sale of 10 mln shares of 10 rupees each held by the company in Hinduja Leyland Finance at an independent valuation of 153.56 rupees per share.
* IDBI BANK: The Competition Commission of India has approved the acquisition of up to 51% equity share capital in the bank by Life Insurance Corp of India.
* INDIAN OVERSEAS BANK: The board will meet on Friday to consider and approve the proposal to issue shares to employees under the employee stock purchase scheme.
* INOX WIND: Has signed an exclusive agreement with ASMC to launch a 3-MW wind turbine.
* INTERGLOBE AVIATION: Andhra Pradesh government has approved 30.5 mln rupees as viability gap funding to the company, which operates IndiGo airline, to start flight between Vijayawada and Singapore.
* JET AIRWAYS INDIA: Abu Dhabi-based Etihad Airways, which has a 24% stake in the company, is looking to raise its stake to up to 49%.
* LUPIN: Ramesh Swaminathan has resigned as chief financial officer of the company and will be leaving the organisation in December.
* NTPC: Has called for tenders from 1,000 MW of existing solar and wind generation plants to supply power to the company for 1 year.
* OIL & NATURAL GAS CORP: Will soon award an order for 27 drilling rigs at a cost of 35 bln rupees.
* OMAXE: Sunil Goel who has dragged Chairman Rohtas Goel to the National Company Law Tribunal alleging mismanagement in the company, has been allowed by the tribunal to inspect the documents of its promoter company, Guild Builders.
* ORIENTAL BANK OF COMMERCE: Plans to sell its 23% stake in the life insurance joint venture with CANARA BANK and HSBC.
* PUNJAB NATIONAL BANK: Fitch Ratings has removed the bank's viability rating from rating watchnegative and affirmed long-term issuer default rating of BBB-.
* RELIANCE INDUSTRIES: Gas output at the company's coal bed methane block has fallen way short of the planned ramp-up due to a combination of operational issues and poor pipeline connectivity.
* SHRIRAM TRANSPORT FINANCE CO: Raised 6.5 bln rupees through the issue of subordinate bonds maturing in five years and six months.
* SREI INFRASTRUCTURE FINANCE: The company and Nordic Investment Bank have launched 20 mln euros worth of lending programme in India.
* UTTAM GALVA STEELS: ArcelorMittal has deployed a team to oversee the company's operations.
* VEDANTA: Has slashed the prices of aluminium ingots by nearly 2% from Tuesday. Subsidiary
Talwandi Sabo Power plans to raise 2 bln rupees through bonds maturing on Nov 30, 2020 and has invited bids on Thursday.
* VIDEOCON INDUSTRIES: A consortium of banks has applied to the debt recovery tribunal seeking to enforce personal guarantees on the promoters of Videocon Group, Venugopal Dhoot and Rajkumar Dhoot.
* VODAFONE IDEA: Has transferred its fibre network assets to a wholly-owned unit in the run-up to its early sale aimed at bringing in additional cash.
* YES BANK: Moody's Investors Service has downgraded the rating on the bank, saying that the spate of resignations from the bank's board and the central bank's directive restricting the term of the current managing director have led to concerns about corporate governance.
- Even as media reports speculate about a possible settlement between Rana Kapoor and Madhu Kapur on terms for promoter rights for the bank, a deal is still far away with no paperwork in place. Has invoked pledge on 4.59 mln shares of Dion Global Solutions as the company defaulted on payment for credit facility. Promoter Rana Kapoor's investment companies borrowed from mutual funds and invested the money as equity in a finance company.
