Today's Stock News – 09.05.2019
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* ADANI GREEN ENERGY: The board will meet on Wednesday to consider raising funds via equity and debt.
* BHARAT FINANCIAL INCLUSION: Has assigned a pool of receivables aggregating 11.07 bln rupees to a private sector bank on a direct assignment basis.
* DILIP BUILDCON: Wholly-owned subsidiary DBL Mangalwedha Solapur Highways has received a letter for financial closure from the National Highways Authority of India for its road project in Maharashtra.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: The Bombay High Court recently allowed the
company to resume the sale of Sensodyne toothpaste, which had been put on hold for around seven months.
* HINDALCO INDUSTRIES: Has cut prices of its aluminium products for the second time in May.
* IDBI BANK: Has sold 0.64% stake or 50 mln shares in IVRCL at 0.40 rupee apiece through a bulk deal on the National Stock Exchange.
* INFIBEAM AVENUES: Three days after the company sent a notice for an extraordinary general meeting for the removal of SRBC & Co as joint statutory auditors of the company, the chartered accountancy firm said the notice did not accurately represent the trail of communication between the company and the auditor.
* JET AIRWAYS (INDIA): Enforcement Directorate has begun an initial probe into Etihad Airways PJSC's investment in Jet Privilege Pvt Ltd, the frequent-flyer programme of the company.
Jason Unsworth, a UK-based entrepreneur, who had earlier offered to take over the company, has now claimed to have put in a formal bid.
* JK PAPER: The board has approved raising up to 3 bln rupees through issue of non-convertible debentures.
* KALPATARU POWER TRANSMISSION: In talks with Adani group to sell four of its transmission lines to ADANI TRANSMISSION.
* KEC INTERNATIONAL: The board has approved raising up to 5 bln rupees through issue of non-convertible debentures on a private placement basis.
* LARSEN & TOUBRO: Omkar Realtors is in advanced talks with L&T Realty to jointly develop a 4.5-acre prime sea-facing plot in Bandra suburb at a cost of 45 bln rupees.
* L&T FINANCE HOLDINGS: The board will meet on Saturday to consider raising funds.
* LUPIN: The government has approved a proposal of the company to take more time for completion of its project in Indore special economic zone with proposed investment of 2.06 bln rupees.
* MINDTREE: LARSEN & TOUBRO has acquired 6.5 mln shares or 3.96% stake in the company through the open market since Thursday.
- Enam Investments has sold 2.2% stake in the company to LARSEN & TOUBRO as the latter raised its holding to almost 25% in the company.
* NBCC (India): In a move that might throw a spanner in the company's grand plans of winning the bid for JAYPEE INFRATECH projects, the interim resolution professional in a letter to the committee of creditors, categorically said the state-run infrastructure firm's proposal is conditional and based on being granted relief from income-tax liabilities.
- Expressing displeasure over Amrapali group's failure to hand over flats to homebuyers, the Supreme
Court has observed it may direct the Greater Noida Authority to take services of the company, or any other builder of repute, to complete the pending projects of the beleaguered real estate company.
* NESTLE INDIA: Nestle S.A.'s US unit will dismiss about 4,000 workers as it stops delivering frozen pizza and ice cream directly to stores and transitions to a warehouse model, which is becoming an industry standard for big food companies looking to trim costs.
* PNB HOUSING FINANCE: The Competition Commission of India has approved acquisition of 6.5% stake by General Atlantic Group in the company in a 9.25-bln-rupee deal.
* RELIANCE COMMUNICATIONS: Following the National Company Law Tribunal directive, the company said the administration of the corporate debtor would be taken over by the interim resolution professional and the corporate insolvency resolution process would resume.
* SHRIRAM TRANSPORT FINANCE CO: The board has approved raising up to 350 bln rupees through nonconvertible debentures on a private placement basis, as well as raising the borrowing limit for the company to 1.5 trln rupees from 1.25 trln rupees.
* SPICEJET: The National Company Law Appellate on Wednesday upheld the National Company Law Tribunal's decision to not hear a plea seeking to initiate insolvency proceedings for the company.
* STATE BANK OF INDIA: Plans to exercise the call option on four bonds and will seek the Reserve Bank of India's approval for the same.
* TATA MOTORS: China's state-owned Chery Automobile Co is in advanced discussions with the company for joint venture in India.
* TVS MOTOR CO: Has invested $3.85 mln in TagBox, an internet of things and machine learning platform company, as part of its Series-A funding.
* UTTAM VALUE STEELS: Asset management firm SSG Capital, an unsuccessful bidder for Uttam Galva Metallics and the company, has moved the National Company Law Tribunal, challenging the committee of creditors-approved CarVal Investors' resolution plan.
* VODAFONE IDEA: Vodafone plc has pledged its entire 44% stake in the company with several foreign banks. Planning to raise money through a private infrastructure investment trust of its fibre assets.
* ZEE ENTERTAINMENT ENTERPRISES: Catalyst Trusteeship on Wednesday sold the company's shares worth nearly 3 bln rupees, possibly to recover loans given to the company's promoters in lieu of shares as collateral.
- Reliance Mutual Fund has sold shares of the company worth 4.10 bln rupees that the Essel Group promoters had pledged with the asset manager to raise money.
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