Today Stock News – 14.03.2018
* ABG SHIPYARD: Liberty House, the London-based metals group, remains the only bidder for the company even after the second round of bidding as the revival options for the firm appears limited.
* AXIS BANK: Has said it would be able to process payments based on Unified Payments Interface over messaging application WhatsApp in the next two months.
* BATA INDIA: Said it would investigate the leak of the company's earnings for Oct-Dec 2015 hours before the official release on stock exchanges thoroughly to identify and address gaps and fix accountability.
* BHARAT PETROLEUM CORP: The board approved on Monday the proposal to participate in the insolvency process of Nagarjuna Oil Corp by submitting resolution plan.
* BHARTI AIRTEL: Is believed to be looking to sell a higher stake in Bharti Telemedia, its DTH arm, to raise funds for building a war chest to fight Reliance Jio.
* CORPORATION BANK: Has received the approval of shareholders for a preferential issue of shares to the government at 42.18 rupees a share.
* EICHER MOTORS: Arm Royal Enfield said it has forayed into Argentina market, the second biggest motorcycle market in Latin America.
* ENGINEERS INDIA: Has appointed Jagdish Chander Nakra as the chief executive officer from Monday.
* FORTIS HEALTHCARE: Malaysia's IHH Healthcare Bhd is set to launch a voluntary open offer to buy the non-promoter shares of the company in the next few days, nine months after walking out of bilateral negotiations with promoters Malvinder and Shivinder Singh. YES BANK has acquired 17.31% stake in FORTIS HEALTHCARE following invocation of pledges on shares held by the company's promoter.
* FUTURE RETAIL: Has entered into an agreement with Oman-based Khimji Ramdas LLC to form a joint venture to operate fbb brand fashion outlets in Oman, and other countries in West Asia.
* GITANJALI GEMS: Has been fined by the National Stock Exchange for failure to file financial results for the quarter ended December.
* HDFC BANK: Following the regulatory discomfort on crypto currencies, second largest private sector lender the bank blocked its cards from being used to purchase or trade in such instruments.
* HERO MOTOCORP: Has launched Passion PRO and Passion XPRO, priced at 53,189 rupees and 54,189 rupees, respectively, both ex-showroom Delhi.
* HINDUSTAN ZINC: The board will meet on Mar 16 to consider second interim dividend for 2017-18 (Apr-Mar).
* HOUSING AND URBAN DEVELOPMENT CORP: Will raise at least 2 bln rupees through issue of bonds maturing in two years and has invited bids from merchant bankers on Wednesday.
* HOUSING DEVELOPMENT FINANCE CORP: The board will meet on Friday to consider interim dividend for 2017-18 (Apr-Mar).
* ICICI BANK: To raise 42 bln rupees by selling 24% stake in arm ICICI Securities through an initial public offering.
* IDBI BANK: Has initiated bankruptcy proceedings against Odisha Slurry Pipeline Infrastructure to recover 16.70 bln rupees collectively on behalf of lenders.
* INDIABULLS HOUSING FINANCE: Has raised 450 mln rupees through reissuance of non-convertible debentures.
* INDO AMINES: Has acquired industrial land from Pious Engineering in Dombivali, Maharashtra.
* INTERGLOBE AVIATION: The Directorate General of Civil Aviation has said that Airbus A320neo planes of IndiGo and GoAir, apart from those grounded, were fully operational and there was no safety issue with them. The company and GoAir cancelled 65 flights on Tuesday, a day after the aviation regulator ordered grounding of 11 aircraft belonging to the two airlines due to issues with their engines.
* IRB INFRASTRUCTURE DEVELOPERS: Has emerged as the preferred bidder for two highway projects in Tamil Nadu, both offered under the hybrid annuity mode.
* ISGEC HEAVY ENGINEERING: The board of directors will meet on Mar 21 to consider interim dividend for 2017-18 (Apr-Mar).
* JM FINANCIAL: Arm JM Financial Asset Reconstruction Co has emerged as the sole bidder for ALOK INDUSTRIES, the bankrupt textile company that owes 290 bln rupees to creditors.
* LARSEN & TOUBRO: The National Highways Authority of India has awarded to the company one of the five packages of 75 bln rupees Dwarka Expressway project in Haryana under the Bharatmala project.
* NTPC: In a push to increase the share of green energy in its installed capacity, the company has recently come up with tenders for 4,750 MW of renewable power projects.
* OIL INDIA: Has fixed Mar 27 as the record date for ascertaining the eligibility of shareholders for an issue of bonus shares in the ratio 1:2.
* PADMANABH INDUSTRIES: Has received the lease rights relating to a granite mine situated in Gujarat for 20 years.
* PUNJAB NATIONAL BANK: Has told police that it has uncovered additional exposure of about 9.42 bln rupees to Gitanjali group of companies in connection with the alleged fraud involving Mehul Choksi and jeweller Nirav Modi. The Central Bureau of Investigation is set to invoke Section 409 of the Indian Penal Code that could potentially hand a life sentence to people arrested in the bank's scam.
- The bank has been facing technology-related issues with its core banking solution and automatic teller machine operations. A clutch of public sector lenders may provide short-term loans to the bank with which PNB will repay banks the money they lent to the Nirav Modi and GITANJALI GEMS groups against letters of undertaking issued by the bank.
* RELIANCE INDUSTRIES: Chairman and Managing Director Mukesh Ambani plans to collaborate with Republic of Estonia to develop better e-governance solutions.
* SHOPPERS STOP: Has closed its HomeStop store at LEPL Icon Mall in Vijayawada, Andhra Pradesh, due to lowerthan-expectedbusiness and low profitability.
* SHRIRAM TRANSPORT FINANCE CO: Has raised 1 bln rupees through the issue of non-convertible debentures maturing in 454 days at 8.20% a year.
* STATE BANK OF INDIA: The Central Bureau of Investigation has registered an First Information Report on a complaint by the bank alleging $1.41 mln fraud at a branch in Navi Mumbai through misuse of its pre-paid forex card. Has closed as many as 4.1 mln savings accounts between Apr-Jan in the current fiscal year for not maintaining the average monthly balance, reveals an RTI query.
* TATA CONSULTANCY SERVICES: Promoter Tata Sons has sold 31.27 mln shares or 1.6% stake in the company through separate bulk deals on the National Stock Exchange.
* THOMAS COOK INDIA: Aims to spin off its human resource firm Quess within a year to simplify business structure and secure better valuation for its core travel business.
* USHA MARTIN: Has clarified that it has not been contacted by either Serious Fraud Investigation Office or the Enforcement Directorate for any investigation into loans granted to the company and no such investigation is going on.
* UTTAM GALVA STEELS: Lenders are exploring the possibility of settlement of dues of the company, a move that could ease the way for ArcelorMittal's bid for Essar Steel. ArcelorMittal was an early investor in the company.
* ZEE ENTERTAINMENT ENTERPRISES: Zee Unimedia, the ad-sales subsidiary of the company, has floated special customised sponsorship packages that offer brands an opportunity to associate with a combination of top-performing shows and pick up ad-inventory across the groups network of 40 channels.
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* AXIS BANK: Has said it would be able to process payments based on Unified Payments Interface over messaging application WhatsApp in the next two months.
* BATA INDIA: Said it would investigate the leak of the company's earnings for Oct-Dec 2015 hours before the official release on stock exchanges thoroughly to identify and address gaps and fix accountability.
* BHARAT PETROLEUM CORP: The board approved on Monday the proposal to participate in the insolvency process of Nagarjuna Oil Corp by submitting resolution plan.
* BHARTI AIRTEL: Is believed to be looking to sell a higher stake in Bharti Telemedia, its DTH arm, to raise funds for building a war chest to fight Reliance Jio.
* CORPORATION BANK: Has received the approval of shareholders for a preferential issue of shares to the government at 42.18 rupees a share.
* EICHER MOTORS: Arm Royal Enfield said it has forayed into Argentina market, the second biggest motorcycle market in Latin America.
* ENGINEERS INDIA: Has appointed Jagdish Chander Nakra as the chief executive officer from Monday.
* FORTIS HEALTHCARE: Malaysia's IHH Healthcare Bhd is set to launch a voluntary open offer to buy the non-promoter shares of the company in the next few days, nine months after walking out of bilateral negotiations with promoters Malvinder and Shivinder Singh. YES BANK has acquired 17.31% stake in FORTIS HEALTHCARE following invocation of pledges on shares held by the company's promoter.
* FUTURE RETAIL: Has entered into an agreement with Oman-based Khimji Ramdas LLC to form a joint venture to operate fbb brand fashion outlets in Oman, and other countries in West Asia.
* GITANJALI GEMS: Has been fined by the National Stock Exchange for failure to file financial results for the quarter ended December.
* HDFC BANK: Following the regulatory discomfort on crypto currencies, second largest private sector lender the bank blocked its cards from being used to purchase or trade in such instruments.
* HERO MOTOCORP: Has launched Passion PRO and Passion XPRO, priced at 53,189 rupees and 54,189 rupees, respectively, both ex-showroom Delhi.
* HINDUSTAN ZINC: The board will meet on Mar 16 to consider second interim dividend for 2017-18 (Apr-Mar).
* HOUSING AND URBAN DEVELOPMENT CORP: Will raise at least 2 bln rupees through issue of bonds maturing in two years and has invited bids from merchant bankers on Wednesday.
* HOUSING DEVELOPMENT FINANCE CORP: The board will meet on Friday to consider interim dividend for 2017-18 (Apr-Mar).
* ICICI BANK: To raise 42 bln rupees by selling 24% stake in arm ICICI Securities through an initial public offering.
* IDBI BANK: Has initiated bankruptcy proceedings against Odisha Slurry Pipeline Infrastructure to recover 16.70 bln rupees collectively on behalf of lenders.
* INDIABULLS HOUSING FINANCE: Has raised 450 mln rupees through reissuance of non-convertible debentures.
* INDO AMINES: Has acquired industrial land from Pious Engineering in Dombivali, Maharashtra.
* INTERGLOBE AVIATION: The Directorate General of Civil Aviation has said that Airbus A320neo planes of IndiGo and GoAir, apart from those grounded, were fully operational and there was no safety issue with them. The company and GoAir cancelled 65 flights on Tuesday, a day after the aviation regulator ordered grounding of 11 aircraft belonging to the two airlines due to issues with their engines.
* IRB INFRASTRUCTURE DEVELOPERS: Has emerged as the preferred bidder for two highway projects in Tamil Nadu, both offered under the hybrid annuity mode.
* ISGEC HEAVY ENGINEERING: The board of directors will meet on Mar 21 to consider interim dividend for 2017-18 (Apr-Mar).
* JM FINANCIAL: Arm JM Financial Asset Reconstruction Co has emerged as the sole bidder for ALOK INDUSTRIES, the bankrupt textile company that owes 290 bln rupees to creditors.
* LARSEN & TOUBRO: The National Highways Authority of India has awarded to the company one of the five packages of 75 bln rupees Dwarka Expressway project in Haryana under the Bharatmala project.
* NTPC: In a push to increase the share of green energy in its installed capacity, the company has recently come up with tenders for 4,750 MW of renewable power projects.
* OIL INDIA: Has fixed Mar 27 as the record date for ascertaining the eligibility of shareholders for an issue of bonus shares in the ratio 1:2.
* PADMANABH INDUSTRIES: Has received the lease rights relating to a granite mine situated in Gujarat for 20 years.
* PUNJAB NATIONAL BANK: Has told police that it has uncovered additional exposure of about 9.42 bln rupees to Gitanjali group of companies in connection with the alleged fraud involving Mehul Choksi and jeweller Nirav Modi. The Central Bureau of Investigation is set to invoke Section 409 of the Indian Penal Code that could potentially hand a life sentence to people arrested in the bank's scam.
- The bank has been facing technology-related issues with its core banking solution and automatic teller machine operations. A clutch of public sector lenders may provide short-term loans to the bank with which PNB will repay banks the money they lent to the Nirav Modi and GITANJALI GEMS groups against letters of undertaking issued by the bank.
* RELIANCE INDUSTRIES: Chairman and Managing Director Mukesh Ambani plans to collaborate with Republic of Estonia to develop better e-governance solutions.
* SHOPPERS STOP: Has closed its HomeStop store at LEPL Icon Mall in Vijayawada, Andhra Pradesh, due to lowerthan-expectedbusiness and low profitability.
* SHRIRAM TRANSPORT FINANCE CO: Has raised 1 bln rupees through the issue of non-convertible debentures maturing in 454 days at 8.20% a year.
* STATE BANK OF INDIA: The Central Bureau of Investigation has registered an First Information Report on a complaint by the bank alleging $1.41 mln fraud at a branch in Navi Mumbai through misuse of its pre-paid forex card. Has closed as many as 4.1 mln savings accounts between Apr-Jan in the current fiscal year for not maintaining the average monthly balance, reveals an RTI query.
* TATA CONSULTANCY SERVICES: Promoter Tata Sons has sold 31.27 mln shares or 1.6% stake in the company through separate bulk deals on the National Stock Exchange.
* THOMAS COOK INDIA: Aims to spin off its human resource firm Quess within a year to simplify business structure and secure better valuation for its core travel business.
* USHA MARTIN: Has clarified that it has not been contacted by either Serious Fraud Investigation Office or the Enforcement Directorate for any investigation into loans granted to the company and no such investigation is going on.
* UTTAM GALVA STEELS: Lenders are exploring the possibility of settlement of dues of the company, a move that could ease the way for ArcelorMittal's bid for Essar Steel. ArcelorMittal was an early investor in the company.
* ZEE ENTERTAINMENT ENTERPRISES: Zee Unimedia, the ad-sales subsidiary of the company, has floated special customised sponsorship packages that offer brands an opportunity to associate with a combination of top-performing shows and pick up ad-inventory across the groups network of 40 channels.
