Today's Stock News – 03.05.2019
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* BANDHAN BANK: To meet regulatory requirements on reduction in promoter stake and overcome
operational curbs, the bank promoters will opt for the offer-for-sale route after completing the GRUH
FINANCE merger.
* BHARTI AIRTEL: The 48-rupee and 98-rupee data recharges are unlikely to help the company make much of an impact in the telecom market, as rival Reliance Jio Infocomm's plans continue to be significantly cheaper.
-Re-launched its customer programme #AirtelThanks by introducing three tiers--Silver, Gold and
Platinum. An appellate tribunal has stayed the telecom department's demand for dues of over 90 bln rupees from the company as a precondition for approving its acquisition of Tata Teleservices' consumer mobility division, and directed that the deal be cleared, paving the way for the closure of the sector's last major M&A pact 18 months after it was announced.
* BLUE STAR: As on Mar 31, the company's outstanding order book was at 24.3 bln rupees.
* BRITANNIA INDUSTRIES: Has sought external legal opinion over the continuation of Ness Wadia as director at the insistence of independent members of the board, following his conviction in Japan for possession of cannabis.
* DHANLAXMI BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged for May.
* GLENMARK PHARMACEUTICALS: Expects its 2019-20 (Apr-Mar) domestic sales to rise 12-14% on year, driven by higher volumes in existing products and new launches.
* GODREJ PROPERTIES: Bought RK Studios' 2.2 acres land in Mumbai.
* HDFC LIFE INSURANCE CO: Standard Life (Mauritius Holdings) 2006 will sell 1.78% stake in the company through an offer for sale of shares today and Monday.
* HERO MOTOCORP: Total sales in April were at 574,366 units, down 17% on year.
* IRCON INTERNATIONAL: Has been awarded a railway contract worth about $91.27 mln from Sri Lanka Railways for the upgrade of the northern railway line along Maho-Omanthai in Sri Lanka.
* JSW STEEL: JSW Paints will rely on captive consumption from the company's colour coated business to generate initial demand for the newly created venture that aims to earn 20 bln rupees worth revenue in the next three years.
* LARSEN & TOUBRO: The company and MINDTREE seem to be heading towards another round of
showdown as the engineering major is considering a shareholders' meeting after becoming the single-largest investor in the information technology services firm following its acquisition of 20% from Coffee Day Enterprises founder V.G. Siddhartha on Tuesday.
* NBCC (INDIA): Distressed homebuyers of JAYPEE INFRATECH on Thursday demanded that the
company's bid to acquire the realty firm should be reconsidered as they do not have any faith in private companies.
* PERSISTENT SYSTEMS: Has joined Siemens' MindSphere partner programme to deliver its industrial internet of things solutions to the market.
* RELIANCE COMMUNICATIONS: Lenders to the company, Reliance Telecom and Reliance Infratel are finalising plans to recover their loans of 450 bln rupees to the beleaguered companies, although they concede that it will be a tough task given that significant value has been eroded.
* SHOPPERS STOP: Is using its online subsidiary Shoppersstop.com to get back on Amazon as it eyes a larger share of sales from e-commerce segment.
* STATE BANK OF INDIA: Will consider the 70-bln-rupee investment proposal made by employees of JET AIRWAYS INDIA only if it does not receive an acceptable offer from any of the four entities that have been short-listed to place binding bids.
* STEEL STRIPS WHEELS: Total wheel rim sales fell 7% on year to 1.2 mln units in April.
* SUNTECK REALTY: The board has approved raising up to 15 bln rupees through non-convertible debt and 5 bln rupees via equity shares or any other securities convertible into equity shares.
* TATA MOTORS: Sales of the company's commercial and passenger vehicles declined 20% in April to 42,577 units, as the industry continued to see weak consumer sentiment. The Mumbai-based automaker sold 29,883 commercial vehicles last month, down 18% on year.
* TECH MAHINDRA: Announced the deployment of a solution to prevent spam calls by using blockchain technology that will aim to help over 300 mln mobile subscribers.
* WIPRO: On Thursday sought shareholders' nod for its 105 bln rupees share buyback offer.
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