Today's Stock News - 03.10.2019: 09.00 Am
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* ADANI ENTERPRISES: Adani Group and Bidvest on Tuesday informed the Bombay High Court that the last date for the former to acquire the latter's stake in the Mumbai International Airport has been mutually extended to Nov 7.
* APL APOLLO TUBES: Total sales in Jul-Sep rose 20% on year to 363,994 tn, led by strong demand in the hollow sections segment, pre-galvanised tubes, among others.
* CG POWER AND INDUSTRIAL SOLUTIONS: Bharti Enterprises founder Sunil Mittal along with a clutch of other institutional shareholders of the company is plotting a revival of the firm.
-The board of the company has started the process to remove Gautam Thapar-led Avantha Holdings,
now owning an insignificant stake, as the company's promoter in the wake of its alleged role in financial irregularities at the power-equipment maker.
* COAL INDIA: Company's provisional output was at 30.77 mln tn in September, down 23.5% on year and offtake was at 35.18 mln tn, down 20% on year.
* COX & KINGS: Cancelled European group tours at the last minute on Tuesday and put hundreds of employees on notice after a delay in raising funds, confirmed the troubled tour operator.
* DEWAN HOUSING FINANCE CORP: Clarified that it didn't have any exposure to either HOUSING DEVELOPMENT AND INFRASTRUCTURE or Punjab and Maharashtra Co-operative Bank. Lenders to the company may have to take up to 30% haircut on their loans even as the company had in its resolution plan promised a full payout of its debt over 10-20 years.
* DISHMAN CARBOGEN AMCIS: Will acquire 100% stake in Dishman Biotech for 45 mln rupees, as part of strategic investment.
* DLF: Has settled the entire 87 bln rupees amount payable to DLF Cyber City Developers, its joint venture with Singapore-based GIC, by transferring various completed commercial properties and land parcels as well as cash payment.
* EICHER MOTORS: Total motorcycles sales in September fell 17% on year to 59,500 units.
* HERO MOTOCORP: Total sales in September declined 20% on year to 612,204 units.
* HINDALCO INDUSTRIES: The European Commission has approved the proposed acquisition of Aleris Corp by the company's subsidiary Novelis Inc. However, the approval is on the condition that Novelis sells Aleris's plant in Duffel, Belgium, which produces aluminium for the automotive and specialties markets.
* HINDUSTAN AERONAUTICS: Has received a notice from workers' unions for an indefinite strike from Oct 14, demanding early settlement of wage revision 2017.
* GAIL INDIA: Company and its affiliates have set a target to provide 1.14 mln piped cooking gas
connections in the current fiscal as they chase what now looks like a highly improbable target of connecting 10 mln households with environment-friendly fuel by next year.
* GMR INFRASTRUCTURE: The Competition Commission of India has approved the proposed acquisition of stake in GMR group's airport business unit GMR Airports by a consortium led by the Tata Group.
* INDIAN BANK: Has decided to cut its marginal cost of funds-based lending rates by 10 basis points across tenures from Thursday.
* INDIAN OIL CORP: To achieve complete plastic neutrality, the company is planning to introduce "biodegradable and bio-compostable polymers" in next five years.
* INFIBEAM AVENUES: Promoter Infinity Drive has sold 3.6 mln shares or 0.54% stake in the company through open market on Monday.
* INFO EDGE INDIA: Company, through its wholly-owned subsidiary, has invested 60 mln rupees in Happily Unmarried Marketing, an associate company.
* INFOSYS: Is in pact with German co SAP for digital solutions.
* ITC: Has introduced multilayered plastic collection and recycling initiative in Pune, tying up with a wastepickers co-operative at one end and recyclers such as Shakti Plastic at the other to ensure sustainable plastic waste management.
* KARNATAKA BANK: Has increased its marginal cost of funds-based lending rates for tenures up to six months by 5-20 basis points, effective Tuesday.
* KPIT TECHNOLOGIES: Norges Bank on account of the Government Pension Fund Global has sold 2.84 mln shares or 1% stake in the company at 93 rupees apiece through a bulk deal on the National Stock Exchange.
* MAHINDRA & MAHINDRA: Will buy 51% stake in a joint venture to be carved out of Indian operations of Ford Motor Co for 6.57 bln rupees. The US-based automaker will hold the rest of the stake in the joint venture.
-Vehicles rolled out under the joint venture between the company and Ford India announced on
Tuesday will retain their respective company's branding, M&M Managing Director Pawan Goenka said.
-India will remain a key international market for US-based Ford Motor Co, the company said.
* MAHINDRA LIFESPACE DEVELOPERS: Is evaluating half a dozen stressed and redevelopment projects in Mumbai, Pune and Bengaluru.
* METROPOLIS HEALTHCARE: Wholly-owned subsidiary Desai Metropolis Health Services has acquired four laboratories–-Doctor's Clinical Laboratory, Iyer Pathology Laboratory, Nagar Pathology Laboratory and Yash Clinical Laboratory--to provide diagnostic and pathological testing services in Surat, Gujarat, for 180 mln rupees.
* NBCC (INDIA): The Appointments Committee of the Cabinet has approved the proposal of the Ministry of Housing and Urban Affairs to appoint RITES Executive Director P.K. Gupta as the chairman and managing director of the company.
* NMDC: Iron ore production in September was down 30% on year at 1.64 mln tn, while sales declined 18.4% to 1.91 mln tn.
* PFIZER: Chinese-based Gland Pharma has emerged front-runner to take over the two factories of the company, one in Chennai and the second in Aurangabad, as the American drug maker has decided to sell them as part of its optimisation drive.
* POWER GRID CORP OF INDIA: The board has approved an estimated 942-mln-rupee investment for utilisation of transmission line towers for telecom business at 500 locations.
* PRESTIGE ESTATES PROJECTS: Will form a joint venture with DB Group to build a hotel and
convention centre at Delhi International Airport or DIAL Aerocity.
* PUNJAB NATIONAL BANK: The government has appointed Managing Director of ALLAHABAD BANK S.S. Mallikarjuna Rao as the managing director and chief executive officer of the bank for two years.
* PVR: PVR Cinemas has tied up with Canadian motion technology player D-BOX Technologies Inc for specially designed seats that offer a more immersive experience at two of its theatres—one each in Delhi and Mumbai.
* RASHTRIYA CHEMICALS & FERTILIZERS: Has appointed Shriniwas Chandrashekhar as chairman and managing director with immediate effect, following the superannuation of Umesh V. Dhatrak.
* RBL BANK: Terming recent reports against the bank "malicious" rumours, the lender said it remains healthy, profitable and well capitalised.
* RELIANCE CAPITAL: UTI Mutual Fund has received all the dues from Reliance Broadcast Networks and Reliance Business Broadcast News Holdings amounting to 2.78 bln rupees, held in 16 debt schemes. The fund house has reversed the mark-down and provisions made on these exposures.
-Has secured shareholders' approval for private placement of non-convertible debentures and other debt securities for refinancing of existing debt.
* RELIGARE ENTERPRISES: Has agreed to sell its entire stake in Religare Finvest to asset management company TCG Advisory Services for 3.3 bln rupees.
* STATE BANK OF INDIA: The merged entity of PUNJAB NATIONAL BANK, ORIENTAL BANK OF COMMERCE and UNITED BANK OF INDIA may follow the bank-like structure with local head offices in every region to leverage the strengths of each merger candidate.
-The bank and BANK OF BARODA have limited cash withdrawals of customers using micro-ATMs
of other banks to just four times a month, in what could cause transactions undertaken through the Aadhaarenabled Payment System route to fall significantly.
* STEEL STRIPS WHEELS: Net turnover in September fell 40% on year to 1.2 bln rupees, while gross turnover was down 40% at 1.4 bln rupees.
* TATA COMMUNICATIONS: Amur S. Lakshminarayanan has been appointed as managing director, group chief executive officer.
* TATA CONSULTANCY SERVICES: Has received an order from UK-based Jurassic Fibre to help it fasttrack fibre optic broadband offerings to towns and rural communities in the South West of England.
* TATA MOTORS: Reported a 56% on-year decline in its domestic passenger vehicle sales to 8,097 units in September, the second steepest fall in the past 10 years. The fall in sales was despite the company offering benefits up to 150,000 rupees on select models during the month.
-Jaguar Land Rover's US sales were up 5% on year to 9,490 units in September.
* TVS MOTOR CO: Total sales in September fell 25.5% on year to 315,912 units. They were, however, up 8.8% from August.
* WELSPUN INDIA: Is focusing on the domestic market even as it eyes 100 bln rupees of revenue over the next four to five years.
* YES BANK: Is engaged in talks with private equity funds and family offices to raise capital, and its
September quarter performance on key operating parameters points to the lender's ability to overcome
operational challenges and boost growth, CEO Ravneet Gill said.
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