Daily Stock News Today – 09.10.2017
* ADANI ENTERPRISES: Australian subsidiary has signed a power purchase agreement with a
distribution company in that country for 160 MW power generated from its proposed 200-MW solar
plant at Rugby Run solar farm in Queensland.
* APOLLO TYRES: The board has closed the qualified institutional placement issue and has fixed the issue price at 238 rupees a share.
* AXIS BANK: Completed the acquisition of Freecharge Payment Technologies and Accelyst Solutions for 3.73 bln rupees and has appointed Sangram Singh as chief executive officer of the combined entity.
* BHARAT PETROLEUM CORP: A major fire, which started at a company-owned fuel tank located on Butcher Island near Mumbai at 1630 IST on Friday, continued to rage more than 24 hours after the
incident.
* CADILA HEALTHCARE: Received the US Food and Drug Administration's final approval to market Dutasteride capsules in 0.5 mg strength. Zydus Cadila has received final approval from the US Food and Drug Administration to market Amitriptyline Hydrochloride tablets in 10 mg, 25 mg, 50 mg, 75 mg, 100 mg and 150 mg strength.
* DEWAN HOUSING FINANCE CORP: Will on Oct 16 consider raising a total of 90 bln rupees through the issuance of three categories of non-convertible debentures.
* DHANLAXMI BANK: Has kept its marginal cost of fund-based lending rates unchanged across tenures for October.
* GRANULES INDIA: Morgan Stanley (France) sold 1.77 mln shares of the company at 119.37 rupees apiece through a bulk deal on the National Stock Exchange.
* GTL INFRASTRUCTURE: The board has considered allotment of 88.16 mln shares consequent to
conversion of 16,250 foreign currency convertible bonds worth $16.25 mln. Lenders to the company
declined to share information about the company in an effort to block a RELIANCE CAPITAL arm from bidding for the telecom tower company.
* HDFC BANK: Has kept its marginal cost of fund-based lending rates unchanged for October.
* HSIL: Is planning to bring on stream its plastic pipes and fittings manufacturing facility and caps and closures plant by December
* ICICI BANK: Has raised $200 mln through a reissue of its existing 3.25%, $300 mln fixed rate notes that are set to mature in September 2022.
* IDBI BANK: Has raised 18.61 bln rupees through preferential allotment of 284.86 mln shares to the government at 65.33 rupees per share. The National Bank for Agriculture and Rural Development has bought an additional 7% stake in Small Industries Development Bank of India for 9 bln rupees from the bank.
* IDEA CELLULAR: Launched fourth-generation services in Jodhpur and Udaipur in Rajasthan. Has
achieved the highest 4G upload speed in September according to data compiled by Telecom Regulatory Authority of India's My Speed App.
* INDIA GRID TRUST: Will acquire three power transmission assets worth 14.90 bln rupees from its sponsor, Sterlite Power Grid Ventures.
* JAIPRAKASH ASSOCIATES: Board has approved the transfer of certain assets and liabilities, including debt of over 118.34 bln rupees, to its subsidiary Jaypee Infrastructure Development as part of its efforts to cut the overall borrowing of the company.
* JAYPEE INFRATECH: Lenders to the company are in disagreement with the way the company's lead bank IDBI Bank and its chairman Manoj Gaur have handled "certain affairs".
* JINDAL STAINLESS: Has got 8 bln rupees in so-called priority funding from L&T Finance.
* JMC PROJECTS (INDIA): Wholly-owned subsidiary Brij Bhoomi Expressway has got an arbitration award of 422.6 mln rupees from the National Highway Authority of India for two-laning of Agra-Aligarh highway.
* KIOCL: Said production of iron ore pellets at its Mangaluru plant crossed 1 mln tn in the first six
months of 2017-18 (Apr-Mar).
* LARSEN & TOUBRO: The Supreme Court has given an 11-bln-rupee breather to subsidiary L&T Power by upholding the company's right to recover coal washing and transportation costs from the electricity distribution company of Punjab.
* LOVABLE LINGERIE: The board has approved buyback of 2 mln shares, which represents 11.9% of the total paid up share capital, at 250 rupees apiece.
* MANPASAND BEVERAGES: Will invest 6 bln rupees to set up four new plants.
* MINDTREE: Board has approved scheme of amalgamation of subsidiary Magnet 360, LLC with the company.
* NATIONAL HIGHWAYS AUTHORITY OF INDIA: Has invited bids for India's first toll monetisation project valued at 62.58 bln rupees.
* ORIENTAL BANK OF COMMERCE: The Reserve Bank of India has put the bank on Prompt Corrective Action on account of its high non-performing assets. Has stopped taking "risky exposure" to certain sectors and will restrict its fresh advances to companies with BBB or higher ratings, while it pushes for retail loans, its Managing Director Mukesh Kumar Jain said.
* PUNJAB & SIND BANK: Has cut its marginal cost of funds-based lending rates by 10-15 basis points for some tenure.
* RELIANCE HOME FINANCE: Has raised 200 mln rupees via the issue of zero-coupon non-convertible debentures.
* RELIANCE INDUSTRIES: The company will sell Marcellus shale gas asset in central and north-east Pennsylvania for $126 mln. The company has entered a partnership with VF Corp, US, owner of the Wrangler brand for the launch of high-performance fabrics brand in Bengaluru. Jio Payments Bank, a 70:30 joint venture between the company and STATE BANK OF INDIA, will begin operations in December. The government has won the award in an arbitration case against the company, which had disputed the quantum of penalty to be paid for not finishing the promised "work programme" in four oil blocks. Prime Minister Narendra Modi will hold a high-profile meeting with chief executive officers of foreign and Indian companies, including the company, Rosneft, Saudi Aramco, BP, and Cairn India as the government seeks big-ticket investment in its vast, rapidly growing energy market.
* SHILPA MEDICARE: The company's formulations facility in Jadcherla, Telangana has received
establishment inspection report from the US Food and Drug Administration, confirming the closure of inspection.
* SHOPPERS STOP: Expects private brands to contribute 15-16% to its total sales in the next 12 months compared with 11-12% at present, Managing Director Govind Shrikhande said. Has exited from duty-free airport retail business by selling its remaining 40% stake in Nuance Group India to its joint venture partner Nuance Group AG for 60 mln rupees.
* SOBHA LTD: The company's new sales rose 8.3% on quarter to 6.8 bln rupees in Jul-Sep, while
average realisation increased 2.5% to 7,840 rupees per sq ft.
* SPICEJET: Will start daily flights on Jaipur-Jaisalmer and Delhi-Jaisalmer routes on Oct 29.
* STATE BANK OF INDIA: The post-demonetisation push by the government to Digitise payments in the country is causing a 38-bln-rupee annual loss to the banking system.
* STEEL AUTHORITY OF INDIA: Has entered into a strategic agreement with POSCO for wide-ranging technical services for its IISCO Steel Plant at Burnpur.
* SUN PHARMA ADVANCED RESEARCH CO: The company has said that the phase-III trials for efficacy and duration of action of its new drug Baclofen GRS for the US market yielded disappointing results.
* TATA MOTORS: Is banking on an order for supply of electric cars to the government to offer full range of electric vehicles in the Indian market, company's Chief Executive Officer and Managing Director Guenter Butschek said.
* TECH MAHINDRA: Has sought initiation of insolvency proceedings against RELIANCE
COMMUNICATIONS and two of its subsidiaries, Reliance Telecom and Reliance Big TV, before the
National Company Law Tribunal to recover 82 mln rupees in dues.
* VIJAYA BANK: Has announced cut in rates across savings deposit of up to 5 mln rupees, and
benchmark lending rates such as base rate and marginal cost-linked lending rate.
* ZEE ENTERTAINMENT ENTERPRISES: Will acquire 9X Media and INX Music from Rivendell PE LLC and other shareholders for 1.6 bln rupees. The acquisition is expected to be concluded within 60 days.
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distribution company in that country for 160 MW power generated from its proposed 200-MW solar
plant at Rugby Run solar farm in Queensland.
* APOLLO TYRES: The board has closed the qualified institutional placement issue and has fixed the issue price at 238 rupees a share.
* AXIS BANK: Completed the acquisition of Freecharge Payment Technologies and Accelyst Solutions for 3.73 bln rupees and has appointed Sangram Singh as chief executive officer of the combined entity.
* BHARAT PETROLEUM CORP: A major fire, which started at a company-owned fuel tank located on Butcher Island near Mumbai at 1630 IST on Friday, continued to rage more than 24 hours after the
incident.
* CADILA HEALTHCARE: Received the US Food and Drug Administration's final approval to market Dutasteride capsules in 0.5 mg strength. Zydus Cadila has received final approval from the US Food and Drug Administration to market Amitriptyline Hydrochloride tablets in 10 mg, 25 mg, 50 mg, 75 mg, 100 mg and 150 mg strength.
* DEWAN HOUSING FINANCE CORP: Will on Oct 16 consider raising a total of 90 bln rupees through the issuance of three categories of non-convertible debentures.
* DHANLAXMI BANK: Has kept its marginal cost of fund-based lending rates unchanged across tenures for October.
* GRANULES INDIA: Morgan Stanley (France) sold 1.77 mln shares of the company at 119.37 rupees apiece through a bulk deal on the National Stock Exchange.
* GTL INFRASTRUCTURE: The board has considered allotment of 88.16 mln shares consequent to
conversion of 16,250 foreign currency convertible bonds worth $16.25 mln. Lenders to the company
declined to share information about the company in an effort to block a RELIANCE CAPITAL arm from bidding for the telecom tower company.
* HDFC BANK: Has kept its marginal cost of fund-based lending rates unchanged for October.
* HSIL: Is planning to bring on stream its plastic pipes and fittings manufacturing facility and caps and closures plant by December
* ICICI BANK: Has raised $200 mln through a reissue of its existing 3.25%, $300 mln fixed rate notes that are set to mature in September 2022.
* IDBI BANK: Has raised 18.61 bln rupees through preferential allotment of 284.86 mln shares to the government at 65.33 rupees per share. The National Bank for Agriculture and Rural Development has bought an additional 7% stake in Small Industries Development Bank of India for 9 bln rupees from the bank.
* IDEA CELLULAR: Launched fourth-generation services in Jodhpur and Udaipur in Rajasthan. Has
achieved the highest 4G upload speed in September according to data compiled by Telecom Regulatory Authority of India's My Speed App.
* INDIA GRID TRUST: Will acquire three power transmission assets worth 14.90 bln rupees from its sponsor, Sterlite Power Grid Ventures.
* JAIPRAKASH ASSOCIATES: Board has approved the transfer of certain assets and liabilities, including debt of over 118.34 bln rupees, to its subsidiary Jaypee Infrastructure Development as part of its efforts to cut the overall borrowing of the company.
* JAYPEE INFRATECH: Lenders to the company are in disagreement with the way the company's lead bank IDBI Bank and its chairman Manoj Gaur have handled "certain affairs".
* JINDAL STAINLESS: Has got 8 bln rupees in so-called priority funding from L&T Finance.
* JMC PROJECTS (INDIA): Wholly-owned subsidiary Brij Bhoomi Expressway has got an arbitration award of 422.6 mln rupees from the National Highway Authority of India for two-laning of Agra-Aligarh highway.
* KIOCL: Said production of iron ore pellets at its Mangaluru plant crossed 1 mln tn in the first six
months of 2017-18 (Apr-Mar).
* LARSEN & TOUBRO: The Supreme Court has given an 11-bln-rupee breather to subsidiary L&T Power by upholding the company's right to recover coal washing and transportation costs from the electricity distribution company of Punjab.
* LOVABLE LINGERIE: The board has approved buyback of 2 mln shares, which represents 11.9% of the total paid up share capital, at 250 rupees apiece.
* MANPASAND BEVERAGES: Will invest 6 bln rupees to set up four new plants.
* MINDTREE: Board has approved scheme of amalgamation of subsidiary Magnet 360, LLC with the company.
* NATIONAL HIGHWAYS AUTHORITY OF INDIA: Has invited bids for India's first toll monetisation project valued at 62.58 bln rupees.
* ORIENTAL BANK OF COMMERCE: The Reserve Bank of India has put the bank on Prompt Corrective Action on account of its high non-performing assets. Has stopped taking "risky exposure" to certain sectors and will restrict its fresh advances to companies with BBB or higher ratings, while it pushes for retail loans, its Managing Director Mukesh Kumar Jain said.
* PUNJAB & SIND BANK: Has cut its marginal cost of funds-based lending rates by 10-15 basis points for some tenure.
* RELIANCE HOME FINANCE: Has raised 200 mln rupees via the issue of zero-coupon non-convertible debentures.
* RELIANCE INDUSTRIES: The company will sell Marcellus shale gas asset in central and north-east Pennsylvania for $126 mln. The company has entered a partnership with VF Corp, US, owner of the Wrangler brand for the launch of high-performance fabrics brand in Bengaluru. Jio Payments Bank, a 70:30 joint venture between the company and STATE BANK OF INDIA, will begin operations in December. The government has won the award in an arbitration case against the company, which had disputed the quantum of penalty to be paid for not finishing the promised "work programme" in four oil blocks. Prime Minister Narendra Modi will hold a high-profile meeting with chief executive officers of foreign and Indian companies, including the company, Rosneft, Saudi Aramco, BP, and Cairn India as the government seeks big-ticket investment in its vast, rapidly growing energy market.
* SHILPA MEDICARE: The company's formulations facility in Jadcherla, Telangana has received
establishment inspection report from the US Food and Drug Administration, confirming the closure of inspection.
* SHOPPERS STOP: Expects private brands to contribute 15-16% to its total sales in the next 12 months compared with 11-12% at present, Managing Director Govind Shrikhande said. Has exited from duty-free airport retail business by selling its remaining 40% stake in Nuance Group India to its joint venture partner Nuance Group AG for 60 mln rupees.
* SOBHA LTD: The company's new sales rose 8.3% on quarter to 6.8 bln rupees in Jul-Sep, while
average realisation increased 2.5% to 7,840 rupees per sq ft.
* SPICEJET: Will start daily flights on Jaipur-Jaisalmer and Delhi-Jaisalmer routes on Oct 29.
* STATE BANK OF INDIA: The post-demonetisation push by the government to Digitise payments in the country is causing a 38-bln-rupee annual loss to the banking system.
* STEEL AUTHORITY OF INDIA: Has entered into a strategic agreement with POSCO for wide-ranging technical services for its IISCO Steel Plant at Burnpur.
* SUN PHARMA ADVANCED RESEARCH CO: The company has said that the phase-III trials for efficacy and duration of action of its new drug Baclofen GRS for the US market yielded disappointing results.
* TATA MOTORS: Is banking on an order for supply of electric cars to the government to offer full range of electric vehicles in the Indian market, company's Chief Executive Officer and Managing Director Guenter Butschek said.
* TECH MAHINDRA: Has sought initiation of insolvency proceedings against RELIANCE
COMMUNICATIONS and two of its subsidiaries, Reliance Telecom and Reliance Big TV, before the
National Company Law Tribunal to recover 82 mln rupees in dues.
* VIJAYA BANK: Has announced cut in rates across savings deposit of up to 5 mln rupees, and
benchmark lending rates such as base rate and marginal cost-linked lending rate.
* ZEE ENTERTAINMENT ENTERPRISES: Will acquire 9X Media and INX Music from Rivendell PE LLC and other shareholders for 1.6 bln rupees. The acquisition is expected to be concluded within 60 days.
