Daily Stock News Today – 18.09.2017
* ADITYA BIRLA FASHION AND RETAIL: British designer brand Simon Carter has announced its foray into the Indian market through an exclusive partnership with the company.
* ALLAHABAD BANK: Board of directors will meet on Wednesday to consider the draft amalgamation scheme for merger of wholly-owned arm Allbank Finance with itself.
* AXIS BANK: Will keep its lending rates based on the marginal cost of funds unchanged, the lender said.
* BALRAMPUR CHINI MILLS: Has approved an investment of 1.75 bln rupees, in tranches, over a period of five years for financing activities in the education sector.
* BANK OF INDIA: Is raising up to 5 bln rupees via tier-I bonds. The board is examining the possibility of merger with other banks, based on the kind of synergy in business.
* BHARTI AIRTEL: Proxy advisory firm Stakeholders Empowerment Services has advised the company's shareholders to reject the company's proposal to acquire Telenor India when it comes up for voting on Tuesday. Airtel Payments Bank has integrated the Unified Payments Interface on its digital platform, allowing customer choice and convenience to facilitate secure digital payments.
* CADILA HEALTHCARE: Has received final approval from the US Food and Drug Administration to market modafinil tablets in 100-mg and 200-mg strengths.
US-based Zydus Nesher Pharmaceuticals, a step-down subsidiary of the company, has received US Food and Drug Administration's approval to market Oseltamivir powder 6 mg/ml for oral suspension.
* DR REDDY'S LABORATORIES: US Food and Drug Administration has issued a form 483 with three observations to the company's API Mirfield Plant in the UK.
* FEDERAL BANK: Will keep its lending rates based on the marginal cost of funds unchanged. Is close to identifying a "strategic partner" for its subsidiary Fedbank Financial Services.
* GAIL (INDIA): BHARAT PETROLEUM CORP is in talks with the company to acquire the government's majority stake in it for 180-200 bln rupees, sources said.
* GUJARAT INDUSTRIES POWER CO: Has commissioned two 40 MW solar power projects at Gujarat Solar Park in Patan under National Solar Mission.
* HATHWAY CABLE & DATACOM: Has received shareholders' approval for rescinding the earlier
resolution for demerging the Internet Service Provider business of the company into Hathway Broadband.
* HINDUSTAN PETROLEUM CORP: Has received shareholders' approval for raising funds up to 60 bln rupees through issue of debentures or bonds. To invest over 71.10 bln rupees in 2017-18 (Apr-Mar) to expand existing refineries and marketing operations, said Mukesh Kumar Surana, chairman and managing director.
* ICICI BANK: Plans to raise over 7.5 bln rupees through the issuance of Basel-III compliant, tier-I bonds at a coupon rate of 8.55%, an official with the bank said.
*To partner with e-commerce firms to provide automated payday loan-type credit to customers at the bottom of the digital pyramid.
* INDUSIND BANK: To cut some marginal cost of funds-based lending rates by 5-10 bps effective Sunday.
* INTERGLOBE AVIATION: The company, which operates the country's most profitable airline, IndiGo, completed 38 bln rupees share sale Friday.
* JAIN IRRIGATION SYSTEMS: Board has approved the conversion of 36.2 mln convertible debentures of Mauritius-based Mandala Rose Co-Investment to 36.2 mln shares of 2 rupees each at a premium of 78 rupees.
* KIRLOSKAR PNEUMATIC CO: HDFC Mutual Fund increased its stake in the company by 2.46% to 8.24% on Tuesday.
* LAURUS LABS: The US Food and Drug Administration issued an establishment inspection report for its unit II at Visakhapatnam.
* MAHANAGAR GAS: Has started piped natural gas supply in Dombivli East area of Maharashtra with the residential societies in Milap Nagar.
* MANGALAM DRUGS & ORGANICS: Has received final approval for the drug Emtricitabine from World Health Organization.
* MONNET ISPAT & ENERGY: Private equity funds KKR, Apollo Global Management, SSG Asia, among others have shown their initial interest in the debt-laden company, a source said.
* PIRAMAL ENTERPRISES: Plans to raise up to 6 bln rupees through the issuance of secured nonconvertible debentures maturing in March 2019 at a coupon of 7.60%.
* PTC INDIA: Some institutional investors of the company now want their own representative on the board of directors, citing undervalued stock and financial inefficiency, sources said.
* RELIANCE COMMUNICATIONS: Telecom operator Aircel denied media reports which said it had filed for bankruptcy under the insolvency and bankruptcy code and that this move could impact its merger with the Anil-Ambani led company.
* RELIGARE ENTERPRISES: The National Company Law Tribunal refused relief to India Horizon Fund which has sought a stay on Religare Enterprises board's Sep 11 resolution. Japanese drug maker Daiichi Sankyo has approached the Delhi High Court to stop payments from the company to related companies.
* RUCHI SOYA INDUSTRIES: Standard Chartered Bank has filed an insolvency petition against the
company in the National Company Law Tribunal.
* SPICEJET: Will launch four direct domestic flights from Oct 3, which will include services from Bengaluru and Chennai to Belagavi in Karnataka.
* STATE BANK OF INDIA: Facing criticism from small ticket customers, All India Reserve Bank
Employees Association and media reports, the bank has clarified that savings accounts customers desirous of not maintaining minimum average balance could switch to three other types of accounts. Is looking to increase its provision coverage ratio to 66%-67% by early FY19.
*SBI Card, the joint venture of the bank and GE Capital, is looking to double its credit card acquisition and improve its market share in the next two years.
* TVS MOTOR CO: Is in the process of developing electric two-wheelers with plans to roll them out soon in the domestic market, a source said.
* UNITECH: The Supreme Court has declined the company's Managing Director Sanjay Chandra's interim bail plea.
* UNITED BANK OF INDIA: Is raising up to 10 bln rupees through tier-I and tier-II bonds.
CLICK HERE
*********************************************************************************
* ALLAHABAD BANK: Board of directors will meet on Wednesday to consider the draft amalgamation scheme for merger of wholly-owned arm Allbank Finance with itself.
* AXIS BANK: Will keep its lending rates based on the marginal cost of funds unchanged, the lender said.
* BALRAMPUR CHINI MILLS: Has approved an investment of 1.75 bln rupees, in tranches, over a period of five years for financing activities in the education sector.
* BANK OF INDIA: Is raising up to 5 bln rupees via tier-I bonds. The board is examining the possibility of merger with other banks, based on the kind of synergy in business.
* BHARTI AIRTEL: Proxy advisory firm Stakeholders Empowerment Services has advised the company's shareholders to reject the company's proposal to acquire Telenor India when it comes up for voting on Tuesday. Airtel Payments Bank has integrated the Unified Payments Interface on its digital platform, allowing customer choice and convenience to facilitate secure digital payments.
* CADILA HEALTHCARE: Has received final approval from the US Food and Drug Administration to market modafinil tablets in 100-mg and 200-mg strengths.
US-based Zydus Nesher Pharmaceuticals, a step-down subsidiary of the company, has received US Food and Drug Administration's approval to market Oseltamivir powder 6 mg/ml for oral suspension.
* DR REDDY'S LABORATORIES: US Food and Drug Administration has issued a form 483 with three observations to the company's API Mirfield Plant in the UK.
* FEDERAL BANK: Will keep its lending rates based on the marginal cost of funds unchanged. Is close to identifying a "strategic partner" for its subsidiary Fedbank Financial Services.
* GAIL (INDIA): BHARAT PETROLEUM CORP is in talks with the company to acquire the government's majority stake in it for 180-200 bln rupees, sources said.
* GUJARAT INDUSTRIES POWER CO: Has commissioned two 40 MW solar power projects at Gujarat Solar Park in Patan under National Solar Mission.
* HATHWAY CABLE & DATACOM: Has received shareholders' approval for rescinding the earlier
resolution for demerging the Internet Service Provider business of the company into Hathway Broadband.
* HINDUSTAN PETROLEUM CORP: Has received shareholders' approval for raising funds up to 60 bln rupees through issue of debentures or bonds. To invest over 71.10 bln rupees in 2017-18 (Apr-Mar) to expand existing refineries and marketing operations, said Mukesh Kumar Surana, chairman and managing director.
* ICICI BANK: Plans to raise over 7.5 bln rupees through the issuance of Basel-III compliant, tier-I bonds at a coupon rate of 8.55%, an official with the bank said.
*To partner with e-commerce firms to provide automated payday loan-type credit to customers at the bottom of the digital pyramid.
* INDUSIND BANK: To cut some marginal cost of funds-based lending rates by 5-10 bps effective Sunday.
* INTERGLOBE AVIATION: The company, which operates the country's most profitable airline, IndiGo, completed 38 bln rupees share sale Friday.
* JAIN IRRIGATION SYSTEMS: Board has approved the conversion of 36.2 mln convertible debentures of Mauritius-based Mandala Rose Co-Investment to 36.2 mln shares of 2 rupees each at a premium of 78 rupees.
* KIRLOSKAR PNEUMATIC CO: HDFC Mutual Fund increased its stake in the company by 2.46% to 8.24% on Tuesday.
* LAURUS LABS: The US Food and Drug Administration issued an establishment inspection report for its unit II at Visakhapatnam.
* MAHANAGAR GAS: Has started piped natural gas supply in Dombivli East area of Maharashtra with the residential societies in Milap Nagar.
* MANGALAM DRUGS & ORGANICS: Has received final approval for the drug Emtricitabine from World Health Organization.
* MONNET ISPAT & ENERGY: Private equity funds KKR, Apollo Global Management, SSG Asia, among others have shown their initial interest in the debt-laden company, a source said.
* PIRAMAL ENTERPRISES: Plans to raise up to 6 bln rupees through the issuance of secured nonconvertible debentures maturing in March 2019 at a coupon of 7.60%.
* PTC INDIA: Some institutional investors of the company now want their own representative on the board of directors, citing undervalued stock and financial inefficiency, sources said.
* RELIANCE COMMUNICATIONS: Telecom operator Aircel denied media reports which said it had filed for bankruptcy under the insolvency and bankruptcy code and that this move could impact its merger with the Anil-Ambani led company.
* RELIGARE ENTERPRISES: The National Company Law Tribunal refused relief to India Horizon Fund which has sought a stay on Religare Enterprises board's Sep 11 resolution. Japanese drug maker Daiichi Sankyo has approached the Delhi High Court to stop payments from the company to related companies.
* RUCHI SOYA INDUSTRIES: Standard Chartered Bank has filed an insolvency petition against the
company in the National Company Law Tribunal.
* SPICEJET: Will launch four direct domestic flights from Oct 3, which will include services from Bengaluru and Chennai to Belagavi in Karnataka.
* STATE BANK OF INDIA: Facing criticism from small ticket customers, All India Reserve Bank
Employees Association and media reports, the bank has clarified that savings accounts customers desirous of not maintaining minimum average balance could switch to three other types of accounts. Is looking to increase its provision coverage ratio to 66%-67% by early FY19.
*SBI Card, the joint venture of the bank and GE Capital, is looking to double its credit card acquisition and improve its market share in the next two years.
* TVS MOTOR CO: Is in the process of developing electric two-wheelers with plans to roll them out soon in the domestic market, a source said.
* UNITECH: The Supreme Court has declined the company's Managing Director Sanjay Chandra's interim bail plea.
* UNITED BANK OF INDIA: Is raising up to 10 bln rupees through tier-I and tier-II bonds.
