Today Stock News – 16.03.2018
* ABC INDIA: Has entered into an asset transfer agreement for sale and transfer of certain assets relating to data and records management to Iron Mountain India for 700 mln rupees.
* AEGIS LOGISTICS: US-listed BPO company StarTek has agreed to a deal with Capital Square Partners to buy the private equity firm's portfolio company Aegis in a stock transaction, in a deal valued at about $230 mln, as consolidation in the space continues.
* ARVIND LTD: Nordea Investment Funds' Emerging Stars Equity Fund has sold 2.47 mln shares or 0.96% stake in the company at 400.03 rupees per share in a bulk deal on the National Stock Exchange, data on the exchange showed.
* BANK OF BARODA: Online lending marketplace Paisabazaar has entered into a partnership with the bank's whollyowned subsidiary BOB Financial Solutions Limited for its recently launched 5X Rewards Credit Cards.
* BHARTI AIRTEL: The National Company Law Tribunal has given a preliminary approval to the company's acquisition of Tikona Digital Networks. The Telecom Regulatory Authority of India has issued a show-cause notice to the company, asking it to share details of non-transparent and discriminatory tariffs that it has allegedly offered to consumers.
* BHARAT FINANCIAL INCLUSION: Has completed its third securitisation deal worth 4.5 bln rupees in financial year 2017-18 (Apr-Mar).
* DYNAMICS CABLES: The company's newly set-up unit at Sikar district in Rajasthan has started production with effect from Mar 5.
* EMAMI INFRASTRUCTURE: Plans to raise 1.5 bln rupees through the issue of non-convertible debentures maturing in three years, at a coupon rate 9.05%.
* FORTIS HEALTHCARE: YES BANK sold 2.17% stake in the company in various tranches. The brewing war between TPG Capital and Manipal Health Enterprises for control of the company would be advantageous for the company's shareholders as both parties are aggressively trying to raise their stakes in the company.
* GENERAL INSURANCE CORP OF INDIA: Its syndicate at Lloyd's will commence operations in April.
* GRAVITA INDIA: Has received an order worth 3 bln rupees to supply 18,000 tn of pure lead and lead bullion to Kyen Resources.
* HDFC BANK: Has become the first Indian bank to issue Masala bonds. The lender priced its seven-year issue, worth 23 bln rupees, at 8.10%.
* HINDUSTAN UNILEVER: Has approached the National Company Law Tribunal to seek approval for a plan to transfer more than 21 bln rupees from general reserve to profit and loss account.
* ICICI BANK: Investment bankers are racing against time to ensure the proceeds of the initial public offering of ICICI Securities flow into the account of the bank, which will cushion its earnings that are expected to be impacted by higher bad loans and provisioning for likely losses.
* INDIAN BANK: Has entered into memorandum of understanding with the Dalit Indian Chamber of Commerce & Industry for financing liquefied petroleum gas takers to SC/ST beneficiaries under the 'Stand Up India' scheme through a separate product called 'Indhan Vahana'.
* INTERGLOBE AVIATION: IndiGo airline has cancelled 80 flights till Mar 31 on account of eight grounded aircraft due to engine issues.
* JAIPRAKASH ASSOCIATES: Private equity firm Rare Enterprises has bought 30 mln shares or 2% stake in the company at 18.37 rupees in a bulk deal on the National Stock Exchange.
* JAYPEE INFRATECH: INDUSIND BANK sold 13.4 mln shares or 0.97% stake in the company at 10.12 rupees in a bulk deal on the National Stock Exchange. One of the shortlisted bidders for the company--consortium of Kotak Realty Fund and Cube Highways--is protesting against the sudden change in bid evaluation criteria.
* JK CEMENT: Consolidation will help set right the supply overhang in the cement industry where profitability and capacity utilisation have remained subdued, Yadupati Singhania, chairman of the company, said.
* KDDL: The board has approved converting 113,206 warrants into equal number of equity shares of 265 rupees each to promoters or promoters group. Also approved an investment of up to 150 mln rupees in subsidiary Ethos by allotting 1.09 mln shares at 138 rupees each, including a premium of 128 rupees per share, on preferential basis.
* MAHANAGAR TELEPHONE NIGAM: The telecom department wants BSNL and the company to join hands on not just ramping up the latter's 3G network in the National Capital Region to ramp up service experience for customers, but also wants both the operators to pitch together for enterprise customers on a pan-India basis, utilising each other's networks across the country.
* MARUTI SUZUKI INDIA: Is set to emerge as India's top utility vehicle maker for fiscal 2018, having already run up a lead that looks unassailable for long-time market leader MAHINDRA & MAHINDRA.
* MAJESCO: Majesco USA, the insurance arm of the company, will provide its healthcare platform to Singapore-based Raffles Health Insurance.
* MAWANA SUGARS: Usha International has withdrawn its consent to sell the shares of Mawana Foods to the company.
* MINDTREE: Its co-founder and executive chairman Krishnakumar Natarajan and his family have sold 400,000 equity shares in the Bengaluru-based company for around 324.5 mln rupees in an open market transaction.
* MUTHOOT FINANCE: Has tied up with Global IME Bank to expand money transfer services between India and Nepal.
* OIL AND NATURAL GAS CORP: Has told the government it will not raise the dividend payout for 2017-18.
* ORIENTAL BANK OF COMMERCE: Shareholders of the bank have approved raising 35.71 bln rupees through preferential allotment of 286.6 mln shares to the government at 124.60 rupees apiece.
* POWER FINANCE CORP: Has sought bids for two bonds, one maturing in a year and 10 months, and the other in four years and nine months.
* PURAVANKARA: The company's wholly-owned subsidiary Provident Housing has launched a 32-acre residential project, Adora de Goa, in central Goa.
* RELIANCE COMMUNICATIONS: Is in advanced discussions to sign a development deal with Pune-based Panchshil Realty for its 125 acre land at Navi Mumbai.
* RELIANCE INDUSTRIES: The Comptroller and Auditor General of India has found that the income tax department failed to assess the tax liabilities of the company. Arm Reliance Jio Infocomm has reported a strong 21.3% sequential jump in adjusted gross revenue to 53 bln rupees in the quarter ended December.
* RELIANCE NAVAL ENGINEERING: The company's board has approved the appointment of Debashis Bir as a wholetime director and chief executive officer in place of Kartik Subramaniam with effect from Apr 1.
* RUCHI SOYA INDUSTRIES: Has received a whopping 26 applications from Indian and foreign conglomerates to acquire a 51% stake in the company.
* SPICEJET: Will shift 22 domestic flights to Terminal 2 of Delhi airport from Mar 25 to enable GMR Group-led consortium to undertake expansion of Terminal 1.
* STATE BANK OF INDIA: Has said that 4.1 mln accounts closed in 2017-18 (Apr-Mar) for not maintaining minimum balance was not a suo-motu exercise. The number of accounts closed was high because of the merger of associate banks with the bank.
* SUNIL HITECH ENGINEERS: After reports said Enforcement Directorate has attached cash deposits worth 254.4 mln rupees of the company, it clarified saying it has not yet received any official communication from concerned authority on any such action.
* TATA MOTORS: Subsidiary Jaguar Land Rover India has launched new variants of Jaguar XE and XF in all-aluminium Ingenium petrol powertrain at 3.60 mln rupees and 4.98 mln rupees, respectively. Tata Sons picked up shares worth 10.89 bln rupees of its two group companies, INDIAN HOTELS CO and the company, through open market transactions.
* TATA STEEL: VEDANTA and the company are "not ineligible" to bid for ELECTROSTEEL STEELS, the resolution professional of the debt-laden company told the NATIONAL COMPANY LAW TRIBUNAL.
* ULTRATECH CEMENT: Has expressed surprise over lenders announcing DALMIA BHARAT-led consortium as the highest bidder for stressed Binani Cement asset without considering its revised bid of 72.66 bln rupees.
* VISA STEEL: The hearing for the company at the Kolkata bench of the National Company Law Tribunal is likely to be scheduled on Mar 19.
* WOCKHARDT: Major drug makers, including the company, are under the scanner of the pharma regulator for allegedly launching combination drugs to treat diabetes and fungal infection without mandatory prior approval.
* WIPRO: The company has acquired 20% stake in Avaamo Inc by investing $2.02 mln through further infusion of funds and conversion of notes issued earlier.
* YES BANK: Has launched a robotics-based 'Digital Export Import' payments solution as a part of its Yes Transact Smart Trade product suite.
* ZENSAR TECHNOLOGIES: Has extended its partnership contract with Microsoft in South Africa in the global systems integrator market.
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* AEGIS LOGISTICS: US-listed BPO company StarTek has agreed to a deal with Capital Square Partners to buy the private equity firm's portfolio company Aegis in a stock transaction, in a deal valued at about $230 mln, as consolidation in the space continues.
* ARVIND LTD: Nordea Investment Funds' Emerging Stars Equity Fund has sold 2.47 mln shares or 0.96% stake in the company at 400.03 rupees per share in a bulk deal on the National Stock Exchange, data on the exchange showed.
* BANK OF BARODA: Online lending marketplace Paisabazaar has entered into a partnership with the bank's whollyowned subsidiary BOB Financial Solutions Limited for its recently launched 5X Rewards Credit Cards.
* BHARTI AIRTEL: The National Company Law Tribunal has given a preliminary approval to the company's acquisition of Tikona Digital Networks. The Telecom Regulatory Authority of India has issued a show-cause notice to the company, asking it to share details of non-transparent and discriminatory tariffs that it has allegedly offered to consumers.
* BHARAT FINANCIAL INCLUSION: Has completed its third securitisation deal worth 4.5 bln rupees in financial year 2017-18 (Apr-Mar).
* DYNAMICS CABLES: The company's newly set-up unit at Sikar district in Rajasthan has started production with effect from Mar 5.
* EMAMI INFRASTRUCTURE: Plans to raise 1.5 bln rupees through the issue of non-convertible debentures maturing in three years, at a coupon rate 9.05%.
* FORTIS HEALTHCARE: YES BANK sold 2.17% stake in the company in various tranches. The brewing war between TPG Capital and Manipal Health Enterprises for control of the company would be advantageous for the company's shareholders as both parties are aggressively trying to raise their stakes in the company.
* GENERAL INSURANCE CORP OF INDIA: Its syndicate at Lloyd's will commence operations in April.
* GRAVITA INDIA: Has received an order worth 3 bln rupees to supply 18,000 tn of pure lead and lead bullion to Kyen Resources.
* HDFC BANK: Has become the first Indian bank to issue Masala bonds. The lender priced its seven-year issue, worth 23 bln rupees, at 8.10%.
* HINDUSTAN UNILEVER: Has approached the National Company Law Tribunal to seek approval for a plan to transfer more than 21 bln rupees from general reserve to profit and loss account.
* ICICI BANK: Investment bankers are racing against time to ensure the proceeds of the initial public offering of ICICI Securities flow into the account of the bank, which will cushion its earnings that are expected to be impacted by higher bad loans and provisioning for likely losses.
* INDIAN BANK: Has entered into memorandum of understanding with the Dalit Indian Chamber of Commerce & Industry for financing liquefied petroleum gas takers to SC/ST beneficiaries under the 'Stand Up India' scheme through a separate product called 'Indhan Vahana'.
* INTERGLOBE AVIATION: IndiGo airline has cancelled 80 flights till Mar 31 on account of eight grounded aircraft due to engine issues.
* JAIPRAKASH ASSOCIATES: Private equity firm Rare Enterprises has bought 30 mln shares or 2% stake in the company at 18.37 rupees in a bulk deal on the National Stock Exchange.
* JAYPEE INFRATECH: INDUSIND BANK sold 13.4 mln shares or 0.97% stake in the company at 10.12 rupees in a bulk deal on the National Stock Exchange. One of the shortlisted bidders for the company--consortium of Kotak Realty Fund and Cube Highways--is protesting against the sudden change in bid evaluation criteria.
* JK CEMENT: Consolidation will help set right the supply overhang in the cement industry where profitability and capacity utilisation have remained subdued, Yadupati Singhania, chairman of the company, said.
* KDDL: The board has approved converting 113,206 warrants into equal number of equity shares of 265 rupees each to promoters or promoters group. Also approved an investment of up to 150 mln rupees in subsidiary Ethos by allotting 1.09 mln shares at 138 rupees each, including a premium of 128 rupees per share, on preferential basis.
* MAHANAGAR TELEPHONE NIGAM: The telecom department wants BSNL and the company to join hands on not just ramping up the latter's 3G network in the National Capital Region to ramp up service experience for customers, but also wants both the operators to pitch together for enterprise customers on a pan-India basis, utilising each other's networks across the country.
* MARUTI SUZUKI INDIA: Is set to emerge as India's top utility vehicle maker for fiscal 2018, having already run up a lead that looks unassailable for long-time market leader MAHINDRA & MAHINDRA.
* MAJESCO: Majesco USA, the insurance arm of the company, will provide its healthcare platform to Singapore-based Raffles Health Insurance.
* MAWANA SUGARS: Usha International has withdrawn its consent to sell the shares of Mawana Foods to the company.
* MINDTREE: Its co-founder and executive chairman Krishnakumar Natarajan and his family have sold 400,000 equity shares in the Bengaluru-based company for around 324.5 mln rupees in an open market transaction.
* MUTHOOT FINANCE: Has tied up with Global IME Bank to expand money transfer services between India and Nepal.
* OIL AND NATURAL GAS CORP: Has told the government it will not raise the dividend payout for 2017-18.
* ORIENTAL BANK OF COMMERCE: Shareholders of the bank have approved raising 35.71 bln rupees through preferential allotment of 286.6 mln shares to the government at 124.60 rupees apiece.
* POWER FINANCE CORP: Has sought bids for two bonds, one maturing in a year and 10 months, and the other in four years and nine months.
* PURAVANKARA: The company's wholly-owned subsidiary Provident Housing has launched a 32-acre residential project, Adora de Goa, in central Goa.
* RELIANCE COMMUNICATIONS: Is in advanced discussions to sign a development deal with Pune-based Panchshil Realty for its 125 acre land at Navi Mumbai.
* RELIANCE INDUSTRIES: The Comptroller and Auditor General of India has found that the income tax department failed to assess the tax liabilities of the company. Arm Reliance Jio Infocomm has reported a strong 21.3% sequential jump in adjusted gross revenue to 53 bln rupees in the quarter ended December.
* RELIANCE NAVAL ENGINEERING: The company's board has approved the appointment of Debashis Bir as a wholetime director and chief executive officer in place of Kartik Subramaniam with effect from Apr 1.
* RUCHI SOYA INDUSTRIES: Has received a whopping 26 applications from Indian and foreign conglomerates to acquire a 51% stake in the company.
* SPICEJET: Will shift 22 domestic flights to Terminal 2 of Delhi airport from Mar 25 to enable GMR Group-led consortium to undertake expansion of Terminal 1.
* STATE BANK OF INDIA: Has said that 4.1 mln accounts closed in 2017-18 (Apr-Mar) for not maintaining minimum balance was not a suo-motu exercise. The number of accounts closed was high because of the merger of associate banks with the bank.
* SUNIL HITECH ENGINEERS: After reports said Enforcement Directorate has attached cash deposits worth 254.4 mln rupees of the company, it clarified saying it has not yet received any official communication from concerned authority on any such action.
* TATA MOTORS: Subsidiary Jaguar Land Rover India has launched new variants of Jaguar XE and XF in all-aluminium Ingenium petrol powertrain at 3.60 mln rupees and 4.98 mln rupees, respectively. Tata Sons picked up shares worth 10.89 bln rupees of its two group companies, INDIAN HOTELS CO and the company, through open market transactions.
* TATA STEEL: VEDANTA and the company are "not ineligible" to bid for ELECTROSTEEL STEELS, the resolution professional of the debt-laden company told the NATIONAL COMPANY LAW TRIBUNAL.
* ULTRATECH CEMENT: Has expressed surprise over lenders announcing DALMIA BHARAT-led consortium as the highest bidder for stressed Binani Cement asset without considering its revised bid of 72.66 bln rupees.
* VISA STEEL: The hearing for the company at the Kolkata bench of the National Company Law Tribunal is likely to be scheduled on Mar 19.
* WOCKHARDT: Major drug makers, including the company, are under the scanner of the pharma regulator for allegedly launching combination drugs to treat diabetes and fungal infection without mandatory prior approval.
* WIPRO: The company has acquired 20% stake in Avaamo Inc by investing $2.02 mln through further infusion of funds and conversion of notes issued earlier.
* YES BANK: Has launched a robotics-based 'Digital Export Import' payments solution as a part of its Yes Transact Smart Trade product suite.
* ZENSAR TECHNOLOGIES: Has extended its partnership contract with Microsoft in South Africa in the global systems integrator market.
