Today's Stock News – 13.05.2019
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* ADANI GREEN ENERGY: Wholly-owned subsidiary Adani Green Energy (UP) has commissioned a 50 MWalternate current solar power project in Uttar Pradesh on Friday.
* ASTRAL POLY TECHNIK: Board will meet on May 20 to consider raising up to 1 bln rupees through the issue of redeemable non-convertible debentures/debt securities in one or more tranches.
* BALAJI TELEFILMS: Video streaming platform AltBalaji from the Balaji Telefilms Group could become the first Indian OTT platform to turn profitable if things go as per plans for the company.
* BIRLA CORP: The Supreme Court on Wednesday, dismissed a special leave petition moved by the company against a group of minority shareholders who are close associates of the larger Birla family, alleging theft of vital documents from its registered office at Birla Building in Kolkata.
* DEWAN HOUSING FINANCE CORP: Said the slowdown in business activity in the industry did not have an adverse impact on the company's debt repayment ability, or in loan servicing and collections.
* EICHER MOTORS: Royal Enfield Motors makers plans to increase production this fiscal amid cautious domestic demand outlook, while charting a more aggressive international business expansion plan.
* GAIL INDIA: Has completed award of all major contracts, totaling 105 bln rupees, for supply and laying of pipes for the integrated 3,400-km Jagdishpur-Haldia & Bokaro-Dhamra Natural Gas Pipeline, and Barauni– Guwahati Pipeline, also known as the Pradhan Mantri Urja Ganga project.
* GMR INFRASTRUCTURE: GMR Hyderabad Aerotropolis, part of the company's subsidiary GMR Hyderabad International Airport, is building a large A-grade commercial office space for about 3.5 bln rupees at Hyderabad airport to meet rapidly-growing demand for office space in the city.
* GUJARAT STATE FERTILIZERS & CHEMICALS: Gujarat has ordered suspension of sale of fertilisers from depots of the company and GUJARAT NARMADA VALLEY FERTILISERS & CHEMICALS till Monday.
* HCL TECHNOLOGIES: Has approved the merger of wholly-owned step-down subsidiaries HCL Comnet, HCL Eagle, HCL Technologies Solutions and Concept2silicion Systems with itself. Has opened a new CyberSecurity Fusion Centre in Frisco, Texas.
* ICICI BANK: The National Company Law Tribunal has rejected the bank's plea to initiate insolvency proceedings against Era Infrastructure (India) on grounds of "duplicacy" of claims.
* ICRA: Is working on addressing issues pertaining to credit rating of crisis-hit IL&FS and its subsidiaries and has sought help from external experts in the matter.
* IDFC FIRST BANK: Board approved raising up to 50 bln rupees through debt securities on a private placement basis for a period of one year.
* ITC: Longest serving corporate chief Y.C. Deveshwar passed away Saturday morning at the age of 72, after suffering from a prolonged illness. Managing Director Sanjiv Puri is likely to take over the role of chairman as well.
* IVRCL: IDBI BANK has sold 1.73% stake, or about 13.6 mln shares, in the company at 0.4 rupees apiece, through a bulk deal on the National Stock Exchange.
* JAIPRAKASH POWER VENTURES: Will convert part of its outstanding loans to banks and financial institutions by issue of 0.01% cumulative compulsory convertible preference shares of the company worth 38.40 bln rupees, in one or more tranches.
* JET AIRWAYS INDIA: Etihad Airways PJSC has submitted bid to buy a minority stake in the airline, but the offer is subject to condition.
-The Enforcement Directorate has questioned some senior executives of the airline in connection with
foreign investment in the airline's loyalty programme.
-The Employee's Provident Fund Organisation has now served a show-cause notice to the airline for
not remitting provident fund and other allied dues in various employee accounts.
-Etihad Airways has said it can only invest up to 17 bln rupees in the airline.
* L&T FINANCE HOLDINGS: Committee of directors has approved raising up to 1.95 bln rupees through issuance of cumulative compulsorily redeemable non-convertible preference shares on a private placement basis.
* LARSEN & TOUBRO: Open offer to buy more shares in MINDTREE following a hostile takeover bid, is likely to be delayed.
-Board has approved merger of wholly-owned subsidiary L&T Shipbuilding with the company.
-The company will have to postpone its open offer to MINDTREE shareholders by at least a fortnight
after the Securities and Exchange Board of India sent queries to the engineering behemoth that it could answer only on Friday.
* LEEL ELECTRICALS: The Securities and Exchange Board of India is examining allegations of committing fraud against the promoters of the company, formerly Lloyd Electric & Engineering, which recently sold its consumer division business to Havells.
* LIC HOUSING FINANCE: Has appointed Sudipto Sil as chief financial officer, effective Friday.
* MINDTREE: Securities and Exchange Board of India has questioned the company about its hefty dividend payout plan.
* NMDC: Is gearing up to double its capacity to around 86 mln tn over the next 3-4 years to meet India's steel production targets, said its Chairman and Managing Director N. Baijendra Kumar.
* OBEROI REALTY: Board has approved raising up to 20 bln rupees through one or more qualified institutional placement issues. It has also approved issuing non-convertible debentures worth up to 15 bln rupees on a private placement basis, in one or more tranches.
* ORCHID PHARMA: The National Company Law Appellate Tribunal has directed the Centre to take action against US-based investor Ingen Capital Group LLC, its managing director and other directors for not implementing a resolution plan for the company after its proposal was selected by the Committee of Creditors and National Company Law Tribunal for implementation.
* PC JEWELLER: Board of directors has given approval for demerger of the company's export division and amalgamation of the same with its wholly-owned subsidiary PCJ Gems & Jewellery.
* PENNAR INDUSTRIES: Has received approval from the National Company Law Tribunal, Hyderabad, for merger of its subsidiaries--Pennar Engineered Building Systems and Pennar Enviro--with itself.
* PIRAMAL ENTERPRISES: Ajay Piramal-owned Piramal Group plans to buy operational renewable power projects of Mytrah Energy (India), making the potential acquisition the first set of assets in the newly-launched private InvIT that is co-owned by the Piramal Group and Canadian pension fund CPPIB.
* RELAXO FOOTWEARS: Will issue one bonus share for every one share held in the company.
* RELIANCE COMMUNICATIONS: Lenders are expected to claim dues of up to 900 bln rupees, almost double of the 460-bln-rupee debt that the telecommunication company has on its books.
* RELIANCE INDUSTRIES: Plans to shut a 330,000 bpd crude unit at its India market-focused oil refinery in western Gujarat state for 2-4 weeks for routine maintenance from mid-June.
-The company's entry into online retailing will help expand the current 15,000 digitised retail stores to over 5 mln by 2023, a study of Bank of America Merrill Lynch said.
* RUCHI SOYA INDUSTRIES: The National Company Law Tribunal has reserved its order on Patanjali Ayurved's 43.50-bln-rupee resolution plan for the company.
* SPICEJET: The National Company Law Appellate Tribunal has dismissed an appeal by RAMCO SYSTEMS against the airline related to alleged non-payment of dues for software solutions it got according to an agreement.
-Two of the airilne's Boeing passenger planes--one from Mumbai and other from Bengaluru--suffered
mid-air technical glitches, forcing their pilots to terminate journeys with one flight landing back in Mumbai and second being diverted to Nagpur on Saturday.
* SRF: Will sell its engineering plastics business vertical to DSM India for 3.2 bln rupees.
* STATE BANK OF INDIA: Has cut the rates on retail term deposits below 20 mln rupees maturing in two year and above by 5-25 basis points, effective Thursday.
-Has sold electoral bonds worth over 36.22 bln rupees in March and April this year.
* STERLING BIOTECH: The National Company Law Tribunal has ordered liquidation of the company as a going concern.
-Reserve Bank of India had found irregularities in sanctioning standby letters of credit by lenders going as far back as September 2016 to the company.
* SYNDICATE BANK: Has hiked its marginal cost of funds-based lending rates by five basis points across all tenures, which will come into effect from Wednesday.
* TATA MOTORS: Has denied reports that it plans to sell its British arm Jaguar Land Rover to French automotive major Groupe PSA.
* TATA STEEL: The company and thyssenkrupp AG have scrapped their plans to combine their European steelmaking operations as the conditions sought by the European Union's anti-trust regulator would have made the joint venture unviable.
-The brass at Tata Sons and the company may seek to recalibrate the latter's highly leveraged balance sheet through sizeable asset sales. This may include exiting some international markets.
* THOMAS COOK INDIA: Is entering the 20-bln-rupee destination wedding space and has formed a special team to drive the new vertical that will be commercially launched a couple of months later.
* TITAN CO: Tata group's fragrance brand Skinn, part of the company, is eyeing a 5-bln-rupee turnover and more than doubling its market share by 2022-23.
* TORRENT PHARMACEUTICALS: Torrent Pharma Inc is recalling over 882,000 bottles of Losartan Potassium tablets, used in the treatment of hypertension, from the US and Puerto Rico markets, on account of deviations from the current good manufacturing norms.
* UNION BANK OF INDIA: Board of directors will meet on Wednesday to approve capital plan for 2019-20 (Apr-Mar) and to approve raising of equity capital through public issue/ right issue/ private placements, including qualified institutional placements or preferential allotment to the government.
* UPL: Will invest 92.5 mln rupees in Allfresh Supply Management Pvt Ltd by acquiring 3,687 shares and 725,000 optionally-convertible debentures.
* VIJAYA BANK: Has raised its marginal cost of funds-based lending rates for most tenures by 5 basis points, which came into effect on Tuesday.
* VODAFONE IDEA: Vodafone Group is likely to free up its pledged stake in the company by selling shares in the combined tower entity to be formed by the merger of Indus Towers and BHARTI INFRATEL, which is expected to conclude by June.
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