Daily Stock News Today – 11.09.2017
* ABBOTT INDIA: Abbott Laboratories announced halting global sales of their fully absorbable stent--Absorb Bioresorbable Vascular Scaffold--citing low "commercial sales".
* ANDHRA BANK: Will cut its marginal cost of funds-based lending rates by 25-35 basis points across tenures.
* APL APOLLO TUBES: The board has approved entering into joint venture with One to One Holdings for the manufacture of in-line galvanised tubes. The company will further seek shareholders' approval to raise up to 2 bln rupees through the issuance of non-convertible debentures.
* BAJAJ FINANCE: Will offer a "top-up" loan to applicants, for renovation or buying of furniture, and it will be capped at 50% of the total loan amount sanctioned.
* BAJAJ FINSERV: Has cut the processing fee by 50% on transfer of home loans of over 2.5 mln rupees to the company till Monday.
* BANK OF BARODA: Has invited bids for the auction of 275 commercial and residential properties across the country for loan recovery against non-performing assets.
* BHARTI AIRTEL: Is in talks with multiple handset makers to bring a 4G smartphone for a price as low as 2,500-2,700 rupees to take on Reliance Jio.
* BIOCON: Is betting big on small molecules and generic formulations, biosimilars, branded formulations and research services as it targets $1 bln revenue by the next fiscal.
* CAPITAL FIRST: The shareholders of the company have approved raising shareholding limits for foreign institutional investors and foreign portfolio investors put together to up to 50% of its paid-up equity share capital.
* CENTURY TEXTILES: Plans to sell its paper division and then explore a merger with GRASIM INDUSTRIES as part of a plan to synergise operations.
* COAL INDIA: To initiate long-term coal supply contracts today to supply 40 mln tn under the Shakti scheme and intends to complete the process on Wednesday.
* DEEP INDUSTRIES: Has received a letter of award from OIL & NATURAL GAS CORP for a contract worth around 24.6 mln rupees.
* DISH TV INDIA: Inexpensive valuations, merger with Videocon D2H and digitisation opportunities of the company have led to a positive outlook on the company despite its weak operational performance in the previous financial year ended March, HDFC Securities Institutional Research said.
* GLOSTER: A fire broke out at the company's jute godowns at the mill at Bauria in Howrah, West Bengal.
* GULF OIL LUBRICANTS INDIA: Gulf Oil International (Mauritius) Inc bought 691,874 shares or 1.4% stake in the company through a bulk deal on the BSE on Friday.
* HINDUSTAN UNILEVER: Parent company Unilever's CEO Paul Polman said he was prudently confident of the opportunity to double business in India in the next seven years.
* IDEA CELLULAR: Has called for a meeting of shareholders and creditors on Oct 12 to seek their approval for its merger with Vodafone India and Vodafone Mobile Services.
* INTERGLOBE AVIATION: A slowdown in the delivery of new aircraft has forced the company to consider the wetlease option to raise its passenger capacity for the upcoming winter schedule.
* IL&FS ENGINEERING AND CONSTRUCTION CO: The company's contract for rural electrification work in Moradabad district has been terminated by Paschimanchal Vidyut Vitran Nigam.
* INDIABULLS HOUSING FINANCE: Has raised 10 bln rupees through the issuance of subordinated bonds maturing in seven and 10 years. Has raised 14.50 bln rupees through issue of non-convertible debentures maturing in 10 years, at a coupon of 8.03%.
* INDIAN OIL CORP: Has got the environment ministry's approval for setting up a liquefied petroleum gas bottling station in Nagpur.
* INFOSYS: Is set to mark its entry in West Bengal, plans to invest 1 bln rupees and build a campus on a 50-acre lot that can employ up to 1,000 people.
- Has not "seen anything unusual" in the demand environment or client relationships despite the recent management changes, said interim Managing Director and Chief Executive Officer Pravin Rao.
- Is yet to see demand from financial services industry in US materialising along expected lines, said Rao.
- The company also plans to continue its hiring plans for global operations. It had added around 6,000 employees in 2016-17 and expects hiring to be similar in next one-two years.
* JAYPEE INFRATECH: Around 2,300 home buyers of the company's Wish Town project in Noida moved the Supreme Court on Friday, requesting it to ensure the builder deposited the money needed to complete the project with the court or in an escrow account before lifting a stay on insolvency proceedings at the company.
* JENBURKT PHARMACEUTICAL: The board has approved buyback of 208,333 shares at 576 rupees a share, for which the company will spend up to 120 mln rupees.
* JINDAL STEEL & POWER: Chairman Naveen Jindal has said that brief discrepancy in the flow of cash last fiscal led to temporary delays in meeting some interest obligations of the company.
* JYOTI STRUCTURES: Shapoorji Pallonji group and SSG Capital will jointly bid for the company, which is currently facing bankruptcy proceedings.
* MAHINDRA & MAHINDRA: Has launched electric rickshaw e-Alfa Mini at 112,000 rupees, ex-Delhi.
* MONSANTO INDIA: Holding company Monsanto Holdings has signed an agreement with Tierra Agrotech to sell its cotton seeds business in India, post necessary approvals.
* OIL AND NATURAL GAS CORP: Has said the arrest of Deputy General Manager (Civil) P. Venkata Raman, on charges of demanding and accepting bribe, will not have any "material impact" on the company's operations.
* ONWARD TECHNOLOGIES: Has entered into a partnership with Dassault Systemes India for adoption of Dassault's 3DEXPIRIENCE platform in India.
* ORIENTAL BANK OF COMMERCE: Will cut its six-month and one-year marginal cost of fund-based lending rates by 5 basis points with effect from today.
* RELIANCE INDUSTRIES: The company and its partner BP Plc are reviving investment plans for a gas block close to a military missile launching facility in the Bay of Bengal.
* RELIGARE ENTERPRISE: Sold its entire stake in Cerestra Advisors for 57.3 mln rupees.
* SHOPPERS STOP: Kishore Biyani-led Future Group is in discussions to acquire the company's subsidiary HyperCity. Following the deal, Future Group will take over the 2.5-bln-rupee debt of the grocery retailer.
* SPICEJET: Has begun an order contest between Boeing Co and Airbus SE for wide-body aircraft, in the strongest indication yet that it will go ahead with a move into discount long-distance flights. The company will launch daily flight services between Silchar and Dibrugarh with a stop in Guwahati from Oct 3.
* STATE BANK OF INDIA: Has started the process of implementing a one-point data processing and storing warehouse, as it looks to analyse vast pools of data to enhance customer offerings.
* SYNDICATE BANK: Will cut its overnight to six-month marginal cost of funds-based lending rates by 5 basis points with effect from Sunday.
* TATA MOTORS: Has said "temporary workers", agitating at its Jamshedpur unit, have ended their stir after 200 workers were made permanent following a discussion with the company.
* TATA POWER: The Central Electricity Regulatory Authority has allowed arm Coastal Gujarat Power to receive compensation for change in electricity generation cost.
* TATA STEEL: Thyssenkrupp shareholders are urging the group to clinch a deal with the company to merge their European steel businesses this year, warning failure to do so would be a blow to its credibility.
* ULTRATECH CEMENT: The company which recently completed the acquisition of cement plants of JAIPRAKASH ASSOCIATES, plans to achieve cash break-even of the acquired capacity in four quarters.
* UNITECH: The Supreme Court has said the company's promoter Sanjay Chandra will be eligible only for interim bail till his company refunds homebuyers the money they paid for flats it has failed to deliver.
* ZEE ENTERTAINMENT ENTERPRISES: Is expanding the '&tv' brand for its entertainment channels with the launch of &Prive, a premium high-definition English movie channel.
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* ANDHRA BANK: Will cut its marginal cost of funds-based lending rates by 25-35 basis points across tenures.
* APL APOLLO TUBES: The board has approved entering into joint venture with One to One Holdings for the manufacture of in-line galvanised tubes. The company will further seek shareholders' approval to raise up to 2 bln rupees through the issuance of non-convertible debentures.
* BAJAJ FINANCE: Will offer a "top-up" loan to applicants, for renovation or buying of furniture, and it will be capped at 50% of the total loan amount sanctioned.
* BAJAJ FINSERV: Has cut the processing fee by 50% on transfer of home loans of over 2.5 mln rupees to the company till Monday.
* BANK OF BARODA: Has invited bids for the auction of 275 commercial and residential properties across the country for loan recovery against non-performing assets.
* BHARTI AIRTEL: Is in talks with multiple handset makers to bring a 4G smartphone for a price as low as 2,500-2,700 rupees to take on Reliance Jio.
* BIOCON: Is betting big on small molecules and generic formulations, biosimilars, branded formulations and research services as it targets $1 bln revenue by the next fiscal.
* CAPITAL FIRST: The shareholders of the company have approved raising shareholding limits for foreign institutional investors and foreign portfolio investors put together to up to 50% of its paid-up equity share capital.
* CENTURY TEXTILES: Plans to sell its paper division and then explore a merger with GRASIM INDUSTRIES as part of a plan to synergise operations.
* COAL INDIA: To initiate long-term coal supply contracts today to supply 40 mln tn under the Shakti scheme and intends to complete the process on Wednesday.
* DEEP INDUSTRIES: Has received a letter of award from OIL & NATURAL GAS CORP for a contract worth around 24.6 mln rupees.
* DISH TV INDIA: Inexpensive valuations, merger with Videocon D2H and digitisation opportunities of the company have led to a positive outlook on the company despite its weak operational performance in the previous financial year ended March, HDFC Securities Institutional Research said.
* GLOSTER: A fire broke out at the company's jute godowns at the mill at Bauria in Howrah, West Bengal.
* GULF OIL LUBRICANTS INDIA: Gulf Oil International (Mauritius) Inc bought 691,874 shares or 1.4% stake in the company through a bulk deal on the BSE on Friday.
* HINDUSTAN UNILEVER: Parent company Unilever's CEO Paul Polman said he was prudently confident of the opportunity to double business in India in the next seven years.
* IDEA CELLULAR: Has called for a meeting of shareholders and creditors on Oct 12 to seek their approval for its merger with Vodafone India and Vodafone Mobile Services.
* INTERGLOBE AVIATION: A slowdown in the delivery of new aircraft has forced the company to consider the wetlease option to raise its passenger capacity for the upcoming winter schedule.
* IL&FS ENGINEERING AND CONSTRUCTION CO: The company's contract for rural electrification work in Moradabad district has been terminated by Paschimanchal Vidyut Vitran Nigam.
* INDIABULLS HOUSING FINANCE: Has raised 10 bln rupees through the issuance of subordinated bonds maturing in seven and 10 years. Has raised 14.50 bln rupees through issue of non-convertible debentures maturing in 10 years, at a coupon of 8.03%.
* INDIAN OIL CORP: Has got the environment ministry's approval for setting up a liquefied petroleum gas bottling station in Nagpur.
* INFOSYS: Is set to mark its entry in West Bengal, plans to invest 1 bln rupees and build a campus on a 50-acre lot that can employ up to 1,000 people.
- Has not "seen anything unusual" in the demand environment or client relationships despite the recent management changes, said interim Managing Director and Chief Executive Officer Pravin Rao.
- Is yet to see demand from financial services industry in US materialising along expected lines, said Rao.
- The company also plans to continue its hiring plans for global operations. It had added around 6,000 employees in 2016-17 and expects hiring to be similar in next one-two years.
* JAYPEE INFRATECH: Around 2,300 home buyers of the company's Wish Town project in Noida moved the Supreme Court on Friday, requesting it to ensure the builder deposited the money needed to complete the project with the court or in an escrow account before lifting a stay on insolvency proceedings at the company.
* JENBURKT PHARMACEUTICAL: The board has approved buyback of 208,333 shares at 576 rupees a share, for which the company will spend up to 120 mln rupees.
* JINDAL STEEL & POWER: Chairman Naveen Jindal has said that brief discrepancy in the flow of cash last fiscal led to temporary delays in meeting some interest obligations of the company.
* JYOTI STRUCTURES: Shapoorji Pallonji group and SSG Capital will jointly bid for the company, which is currently facing bankruptcy proceedings.
* MAHINDRA & MAHINDRA: Has launched electric rickshaw e-Alfa Mini at 112,000 rupees, ex-Delhi.
* MONSANTO INDIA: Holding company Monsanto Holdings has signed an agreement with Tierra Agrotech to sell its cotton seeds business in India, post necessary approvals.
* OIL AND NATURAL GAS CORP: Has said the arrest of Deputy General Manager (Civil) P. Venkata Raman, on charges of demanding and accepting bribe, will not have any "material impact" on the company's operations.
* ONWARD TECHNOLOGIES: Has entered into a partnership with Dassault Systemes India for adoption of Dassault's 3DEXPIRIENCE platform in India.
* ORIENTAL BANK OF COMMERCE: Will cut its six-month and one-year marginal cost of fund-based lending rates by 5 basis points with effect from today.
* RELIANCE INDUSTRIES: The company and its partner BP Plc are reviving investment plans for a gas block close to a military missile launching facility in the Bay of Bengal.
* RELIGARE ENTERPRISE: Sold its entire stake in Cerestra Advisors for 57.3 mln rupees.
* SHOPPERS STOP: Kishore Biyani-led Future Group is in discussions to acquire the company's subsidiary HyperCity. Following the deal, Future Group will take over the 2.5-bln-rupee debt of the grocery retailer.
* SPICEJET: Has begun an order contest between Boeing Co and Airbus SE for wide-body aircraft, in the strongest indication yet that it will go ahead with a move into discount long-distance flights. The company will launch daily flight services between Silchar and Dibrugarh with a stop in Guwahati from Oct 3.
* STATE BANK OF INDIA: Has started the process of implementing a one-point data processing and storing warehouse, as it looks to analyse vast pools of data to enhance customer offerings.
* SYNDICATE BANK: Will cut its overnight to six-month marginal cost of funds-based lending rates by 5 basis points with effect from Sunday.
* TATA MOTORS: Has said "temporary workers", agitating at its Jamshedpur unit, have ended their stir after 200 workers were made permanent following a discussion with the company.
* TATA POWER: The Central Electricity Regulatory Authority has allowed arm Coastal Gujarat Power to receive compensation for change in electricity generation cost.
* TATA STEEL: Thyssenkrupp shareholders are urging the group to clinch a deal with the company to merge their European steel businesses this year, warning failure to do so would be a blow to its credibility.
* ULTRATECH CEMENT: The company which recently completed the acquisition of cement plants of JAIPRAKASH ASSOCIATES, plans to achieve cash break-even of the acquired capacity in four quarters.
* UNITECH: The Supreme Court has said the company's promoter Sanjay Chandra will be eligible only for interim bail till his company refunds homebuyers the money they paid for flats it has failed to deliver.
* ZEE ENTERTAINMENT ENTERPRISES: Is expanding the '&tv' brand for its entertainment channels with the launch of &Prive, a premium high-definition English movie channel.
