Daily Stock News Today – 04.12.2017
* APOLLO HOSPITALS ENTERPRISE: Is planning to improve its margins to 23% by 2018-19 through volume growth and cost control.
* ARTSON ENGINEERING: Got an order worth 620 mln rupees from Tata Projects for supply of fabricated structures of 10,000 tn.
* ASAHI INDIA GLASS: The company, through its joint venture, will acquire 100% stake in Timex Group Precision Engineering, a subsidiary of Timex Nederland B.V.
* BHARAT PETROLEUM CORP: Oil Minister Dharmendra Pradhan has written to Odisha Chief Minister Naveen Patnaik seeking his intervention in the issue of land for a 7.5-bln-rupee ethanol bio-refinery project of the company in Bargarh.
* BIOCON: The company and Mylan N.V. have got an approval from the US Food and Drug Administration for trastuzumab biosimilar.
* CAIRN INDIA: Will invest $2.0 bln-$2.5 bln to increase its market share in oil and gas production to 50% from 30%. The company has submitted expression of interest for 15 onshore and offshore fields being put up for exploration under the open access licensing policy.
* CENTRAL BANK OF INDIA: Has cut the marginal cost of funds-based lending rates by 5-20 basis points on most tenures.
* COAL INDIA: Production rose 2.6% on year to 51.29 mln tn in November. The government has asked the company to focus on production enhancement, saying it cannot let the "profitability tumble" as the recent wage hike will have an estimated impact of nearly 60 bln rupees annually.
* DENA BANK: Has cut its overnight marginal cost of funds-based lending rates by 15 basis points to 7.90%.
* DLF: The board has approved the preferential issue of up to 379.75 mln compulsorily convertible unsecured debentures to four promoters and promoter group entities--Rajdhani Investments, Buland Consultants, Sidhant Housing and DLF Urva Real Estate Developers.
* DR REDDY'S LABORATORIES: Has received establishment inspection report from the US Food and Drug Administration for its custom pharmaceutical services facility at Miyapur near Hyderabad.
* ELECTROSTEEL STEELS: Seeking to ensure maximum participation in the bidding for stressed assets under the insolvency law, the creditors' committees for Bhushan Power & Steel and the company have extended the deadline for submitting the expression of interest.
* EMAMI: Emami Agrotech, part of Emami Group, has taken up a multi-modal transportation mode by leveraging inland waterways to connect north east with West Bengal.
* ERIS LIFESCIENCES: Axis Bank has sanctioned a term loan of 4 bln rupees to the company to part finance the latter's acquisition of Indian brand business of STRIDES SHASUN.
* ESCORTS: Promoter Sutanu Behuria Trustee of Escorts Benefit and Welfare Trust has sold 3.6 mln shares or 2.94% stake in the company through open market on Friday.
* FUTURE RETAIL: The board has approved the allotment of 9.3 mln shares at 537 rupees a share to Hypercity Retail (India)'s shareholders.
* GAYATRI PROJECTS: The board will meet on Wednesday to consider raising funds through securities.
* HAVELLS INDIA: Has completed the sale of its remaining 20% stake in Feilo Malta, formerly Havells Malta, to Shanghai Feilo Acoustics Co for 34.5 mln euros (2.4 bln rupees).
* HDFC BANK: Has cut its Base Rate by 5 basis points to 8.85%, effective Thursday.
* HERO MOTOCORP: Total sales of two-wheelers in November rose 26% on year to 605,270 units.
* ICICI BANK: Has kept its marginal cost of funds-based lending rates unchanged for December.
* INFOSYS: Will seek to revive growth and create a fresh team of leaders when chief executive Salil Parekh takes charge in January.
* ITC: Expects chocolate category to contribute 10% to its food division revenue in next five years.
* JK CEMENT: Seeks to almost double its grey cement capacity to 18 mln tn in four years through brownfield and greenfield expansions.
* JSW ENERGY: Has successfully secured power purchase agreement aggregating to 208 MW capacity.
* JSW STEEL: Fitch Ratings said the company's plans for potential acquisitions of distressed assets, as well as increase in investments for organic growth could keep its leverage high, and prompt a ratings downgrade.
* JSW STEEL: Has formed a wholly owned subsidiary--JSW Utkal Steel—to fast-track the implementation of its 12-mlntn crude steel plant and other inter-linked projects in Odisha.
* LAKSHMI VILAS BANK: Has raised rates of some term deposits by 15-35 basis points, effective Friday.
* MANGALORE REFINERY AND PETROCHEMICALS: Has made its firs purchase of US crude oil, buying high-sulphur grade Southern Green Canyon through a buy tender for delivery early February.
* MONSANTO INDIA: Has clarified that the article appearing in Mint about the Competition Commission of India slapping a fine of 20 mln rupees on certain entities has no connection with it.
* PIRAMAL ENTERPRISES: The board has approved Vivek Valsaraj, presently designated as president-finance and accounts, and chief financial officer for pharma business, appointment as chief financial officer from Friday.
* POWER FINANCE: Has raised $400 mln through its maiden issue of 10-year green bonds at a coupon rate of 3.75%.
* PUNJAB NATIONAL BANK: Has raised rates of some term deposits by 50 basis points, effective Friday.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm is ahead of schedule in terms of generating returns and turning profitable, and the next few quarters would give a clear picture on the telecom player's path to profitability, the company's Chairman and Managing Director Mukesh Ambani said.
- Chairman Mukesh Ambani responded to comments by BHARTI AIRTEL's Chairman Sunil Mittal blaming Reliance Jio Infocomm for the telecom industry's woes by saying "there's no need to cry so much" and that businessmen should be ready to take setbacks in their stride.
* SATIN CREDITCARE NETWORK: To foray into housing finance business, offering loan below 1 mln rupees, with an aim to tap unorganised market in rural and semi-urban areas.
* TATA MOTORS: The company's overall domestic sales rose 58% year on year to 52,464 vehicles in November. The company-owned Jaguar Land Rover, which has decided to electrify all its vehicles from 2020, has said the move could drag its margins but the company is working to overcome it through cost-saving steps.
* TATA STEEL: Has signed an agreement to buy the remaining 74% stake in its joint venture Bhubaneshwar Power for 2.55 bln rupees from its partner Jasper Industries.
* TRANSFORMERS AND RECTIFIERS (INDIA): Got an order worth 1.27 bln rupees from POWER GRID CORP OF INDIA.
* TVS MOTOR CO: Total sales for November rose 12% on year to 251,965 units.
* UNION BANK OF INDIA: Has revised interest rates on foreign currency term deposits for non-resident Indians, effective Friday.
* VIJAYA BANK: The board has approved raising 13 bln rupees via bonds in the current fiscal under the Basel III global capital adequacy norms.
* WIPRO: Said it did nothing wrong in the enterprise resource planning project it worked on for US-based gas utility National Grid US and will contest the latter's $140-mln lawsuit filed in the US.
* ZEE LEARN: Is in talks with MT Educare to buy a controlling stake in the company in a sign that a wave of fresh capital is triggering larger consolidation in the educational services space.
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* ARTSON ENGINEERING: Got an order worth 620 mln rupees from Tata Projects for supply of fabricated structures of 10,000 tn.
* ASAHI INDIA GLASS: The company, through its joint venture, will acquire 100% stake in Timex Group Precision Engineering, a subsidiary of Timex Nederland B.V.
* BHARAT PETROLEUM CORP: Oil Minister Dharmendra Pradhan has written to Odisha Chief Minister Naveen Patnaik seeking his intervention in the issue of land for a 7.5-bln-rupee ethanol bio-refinery project of the company in Bargarh.
* BIOCON: The company and Mylan N.V. have got an approval from the US Food and Drug Administration for trastuzumab biosimilar.
* CAIRN INDIA: Will invest $2.0 bln-$2.5 bln to increase its market share in oil and gas production to 50% from 30%. The company has submitted expression of interest for 15 onshore and offshore fields being put up for exploration under the open access licensing policy.
* CENTRAL BANK OF INDIA: Has cut the marginal cost of funds-based lending rates by 5-20 basis points on most tenures.
* COAL INDIA: Production rose 2.6% on year to 51.29 mln tn in November. The government has asked the company to focus on production enhancement, saying it cannot let the "profitability tumble" as the recent wage hike will have an estimated impact of nearly 60 bln rupees annually.
* DENA BANK: Has cut its overnight marginal cost of funds-based lending rates by 15 basis points to 7.90%.
* DLF: The board has approved the preferential issue of up to 379.75 mln compulsorily convertible unsecured debentures to four promoters and promoter group entities--Rajdhani Investments, Buland Consultants, Sidhant Housing and DLF Urva Real Estate Developers.
* DR REDDY'S LABORATORIES: Has received establishment inspection report from the US Food and Drug Administration for its custom pharmaceutical services facility at Miyapur near Hyderabad.
* ELECTROSTEEL STEELS: Seeking to ensure maximum participation in the bidding for stressed assets under the insolvency law, the creditors' committees for Bhushan Power & Steel and the company have extended the deadline for submitting the expression of interest.
* EMAMI: Emami Agrotech, part of Emami Group, has taken up a multi-modal transportation mode by leveraging inland waterways to connect north east with West Bengal.
* ERIS LIFESCIENCES: Axis Bank has sanctioned a term loan of 4 bln rupees to the company to part finance the latter's acquisition of Indian brand business of STRIDES SHASUN.
* ESCORTS: Promoter Sutanu Behuria Trustee of Escorts Benefit and Welfare Trust has sold 3.6 mln shares or 2.94% stake in the company through open market on Friday.
* FUTURE RETAIL: The board has approved the allotment of 9.3 mln shares at 537 rupees a share to Hypercity Retail (India)'s shareholders.
* GAYATRI PROJECTS: The board will meet on Wednesday to consider raising funds through securities.
* HAVELLS INDIA: Has completed the sale of its remaining 20% stake in Feilo Malta, formerly Havells Malta, to Shanghai Feilo Acoustics Co for 34.5 mln euros (2.4 bln rupees).
* HDFC BANK: Has cut its Base Rate by 5 basis points to 8.85%, effective Thursday.
* HERO MOTOCORP: Total sales of two-wheelers in November rose 26% on year to 605,270 units.
* ICICI BANK: Has kept its marginal cost of funds-based lending rates unchanged for December.
* INFOSYS: Will seek to revive growth and create a fresh team of leaders when chief executive Salil Parekh takes charge in January.
* ITC: Expects chocolate category to contribute 10% to its food division revenue in next five years.
* JK CEMENT: Seeks to almost double its grey cement capacity to 18 mln tn in four years through brownfield and greenfield expansions.
* JSW ENERGY: Has successfully secured power purchase agreement aggregating to 208 MW capacity.
* JSW STEEL: Fitch Ratings said the company's plans for potential acquisitions of distressed assets, as well as increase in investments for organic growth could keep its leverage high, and prompt a ratings downgrade.
* JSW STEEL: Has formed a wholly owned subsidiary--JSW Utkal Steel—to fast-track the implementation of its 12-mlntn crude steel plant and other inter-linked projects in Odisha.
* LAKSHMI VILAS BANK: Has raised rates of some term deposits by 15-35 basis points, effective Friday.
* MANGALORE REFINERY AND PETROCHEMICALS: Has made its firs purchase of US crude oil, buying high-sulphur grade Southern Green Canyon through a buy tender for delivery early February.
* MONSANTO INDIA: Has clarified that the article appearing in Mint about the Competition Commission of India slapping a fine of 20 mln rupees on certain entities has no connection with it.
* PIRAMAL ENTERPRISES: The board has approved Vivek Valsaraj, presently designated as president-finance and accounts, and chief financial officer for pharma business, appointment as chief financial officer from Friday.
* POWER FINANCE: Has raised $400 mln through its maiden issue of 10-year green bonds at a coupon rate of 3.75%.
* PUNJAB NATIONAL BANK: Has raised rates of some term deposits by 50 basis points, effective Friday.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm is ahead of schedule in terms of generating returns and turning profitable, and the next few quarters would give a clear picture on the telecom player's path to profitability, the company's Chairman and Managing Director Mukesh Ambani said.
- Chairman Mukesh Ambani responded to comments by BHARTI AIRTEL's Chairman Sunil Mittal blaming Reliance Jio Infocomm for the telecom industry's woes by saying "there's no need to cry so much" and that businessmen should be ready to take setbacks in their stride.
* SATIN CREDITCARE NETWORK: To foray into housing finance business, offering loan below 1 mln rupees, with an aim to tap unorganised market in rural and semi-urban areas.
* TATA MOTORS: The company's overall domestic sales rose 58% year on year to 52,464 vehicles in November. The company-owned Jaguar Land Rover, which has decided to electrify all its vehicles from 2020, has said the move could drag its margins but the company is working to overcome it through cost-saving steps.
* TATA STEEL: Has signed an agreement to buy the remaining 74% stake in its joint venture Bhubaneshwar Power for 2.55 bln rupees from its partner Jasper Industries.
* TRANSFORMERS AND RECTIFIERS (INDIA): Got an order worth 1.27 bln rupees from POWER GRID CORP OF INDIA.
* TVS MOTOR CO: Total sales for November rose 12% on year to 251,965 units.
* UNION BANK OF INDIA: Has revised interest rates on foreign currency term deposits for non-resident Indians, effective Friday.
* VIJAYA BANK: The board has approved raising 13 bln rupees via bonds in the current fiscal under the Basel III global capital adequacy norms.
* WIPRO: Said it did nothing wrong in the enterprise resource planning project it worked on for US-based gas utility National Grid US and will contest the latter's $140-mln lawsuit filed in the US.
* ZEE LEARN: Is in talks with MT Educare to buy a controlling stake in the company in a sign that a wave of fresh capital is triggering larger consolidation in the educational services space.
