STOCKS NEWS TODAY – 03.10.2016

STOCKS NEWS TODAY  – 03.10.2016

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* ADANI ENTERPRISES: Promoter pledged 35.4 mln shares of the company on Sep 27.

 * ADANI PORTS & SPECIAL ECONOMIC ZONE: RBI said foreign portfolio investors can invest up to 49% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 40% earlier.

* ADANI POWER: Promoter has pledged 103.5 mln shares of the company on Sep 26.

* ALKEM LABORATORIES: Has received tentative approval from the US Food and Drug Administration for its generic of Minocin tablets.

* ASHOK LEYLAND: Led by sharp decline in medium and heavy commercial vehicles sales, company's total vehicle sales in September fell 18% on year to 12,057 units.

The company plans to introduce 8-10 new light commercial vehicles over the next two to three years
that will entail an investment of up to 4 bln rupees.

* ATUL AUTO: Reported 8.5% on year rise in vehicle sales for September to 4,666 units.

* BAJAJ AUTO: The management has called a meeting of its workers' union on Oct 10 and urged the
union not to go ahead with its hunger strike.

* BANK OF MAHARASHTRA: Has cut its marginal cost of funds-based lending rates by 5 basis points across some tenures for October.

* CEAT: Has launched a new range of Zoom XL tyres for electric motorcycles. The new variant has very low rolling resistance, which will significantly reduce electricity consumption from the battery while riding.

* COAL INDIA: Hit by excess rains, the state-owned miner's production in September fell by 5.3% on year to 35.2 mln tn and below the monthly target of 41.5 mln tn.

* DENA BANK: Has raised its marginal cost of funds-based lending rates by 5 basis points across some tenures for October.

* DISHMAN PHARMA: Morgan Stanley Mauritius Co bought 959,079 shares or 0.6% stake in the
company via bulk deals.

* EDELWEISS FINANCIAL SERVICES: Canadian Fund CDPQ will acquire 30% stake in the asset
reconstruction company of Edelweiss Securities for about $250 mln.

* EICHER MOTORS: Reported robust 30% on-year rise in sales of Royal Enfield motorcycles for the month of September at 57,842 units, compared with 44,491 units in the corresponding period last year. VE Commercial Vehicles, a joint venture of the company and Volvo, sold4,843 units during September, up 14.0% on year.

* ESCORTS: Sold 7,725 tractors in September, up 37.8% on year.

* GAMMON INFRASTRUCRURE: Will bid for half a dozen road projects in 2016-17 (Apr-Mar) and hope to win at least two projects.

* HOUSING DEVELOPMENT FINANCE CORP: Plans to raise 5.25 bln rupees through the issuance of bonds maturing in three years and two months.

* HINDUSTAN COPPER: The government, which completed sale of 7% stake in the company, is likely to sell another 8% in the next financial year starting April.

* IDEA CELLULAR: Shareholders have approved plans to raise 70 bln rupees through non-convertible securities on a private placement basis.

* IIFL HOLDINGS: Has approved the demerger of 5Paisa Digital Undertaking into a separate entity--
5Paisa Capital--that would get listed on the BSE and the National Stock Exchange.

* INDIAN OIL CORP: Has hiked prices of petrol by 28 paise per ltr and cut prices of diesel by 6 paise with effect from Oct 1. The company has increased prices of the aviation turbine fuel by an
average of 1,343.86 rupees per kL or 2.9%. The company has hiked prices of non-subsidised  domestic liquefied petroleum gas by 22 rupees for a 14.2-kg cylinder, as per revised prices for the four metropolitan cities.

* KOTAK MAHINDRA BANK: Has executed a share purchase agreement to acquire 99.49% equity of microfinance institution BSS Microfinance for an aggregate consideration of 1.39 bln rupees.

* MAHINDRA & MAHINDRA: Reported a 8% year-on-year rise in total auto sales for September to 46,130 units compared with 42,848 units sold a year ago.

 * MARUTI SUZUKI INDIA: Robust sales of utility vehicles, mini cars and compact segment vehicles helped the company report its highest ever total sales for the month of September at 149,143 units, up 31.1% on year.

* MULTI COMMODITY EXCHANGE OF INDIA: Foreign portfolio investors can now invest up to 34% of the paid-up capital in the exchange, against a cap of 24% earlier.

* MUTHOOT FINANCE: Plans to raise 5 bln rupees through public issue of non-convertible debentures, in the second week of November.

* NTPC: Government has drawn up a contingency plan to overcome the hurdles caused due to rains in supply of coal to the company's thermal power plants.

* OIL & NATURAL GAS CORP: The company, along with OIL INDIA, is making losses on natural gas production after the government cut rates for the fourth consecutive time to bring prices below
production costs.

* PUNJAB NATIONAL BANK: Has cut its marginal cost of funds-based lending rates by 5 basis points across all tenures for October. Revised rates are in the range of 9.05-9.60%.

* RELIANCE INDUSTRIES: The compensation to be paid by the company in the illegal extraction and sale of gas that migrated from OIL AND NATURAL GAS CORP field to its KG D6 field may be fixed in a month by oil regulator. The company and its partners in the East Coast gas block--KG D6--may end up paying an additional 15- 20% to the government for the benefits they got from the disputed gas basin.

* SML ISUZU: Sold 977 vehicles in September, down 5.3% from 1,032 units in the year-ago period.

* SRI ADHIKARI BROTHERS TELEVISION NETWORK: Will invest 4-5 bln rupees in the next two-three years in all different media verticals of the group.

* STATE BANK OF INDIA: The government has extended the bank's Chairman Arundhati Bhattacharya's term by a year to October 2017, finance ministry officials said.

* TATA MOTORS: Is planning to increase prices of its passenger vehicles during the ongoing festive
season to offset rising input cost.

* TATA POWER CO: Has moved the Supreme Court against the Maharashtra government's levy of 2.82 bln rupees as entry tax on the company for importing raw materials such as coal and sulphur.

* TITAN CO: The company has said the sales of gold jewellery remained subdued in the Jul-Sep period , affecting its overall revenue growth.