Today Stock News – 19.03.2018
* ABG SHIPYARD: The committee of creditors of the company has extended the deadline to submit expression of interest to Mar 20, while the last date to submit resolution plans has been extended to Mar 26. Lenders, led by ICICI BANK, have rejected the only bid they received, from Liberty House, for the company, prompting the resolution professional to opt for yet another round of bidding.
* ADANI ENTERPRISES: On Friday, the company incorporated wholly-owned subsidiary Adani Transport to develop roads under the engineering, procurement and construction model.
* ADANI POWER: STATE BANK OF INDIA has come out with a set of workable solutions to salvage three imported fuelbased power plants in Gujarat the Mundra units of TATA POWER and the company and Essar Powers Salaya unit that are in trouble after the Supreme Court struck down regulator-granted compensatory tariffs.
* ALLAHABAD BANK: Has moved the Kolkata bench of the National Company Law Tribunal seeking insolvency resolution at two state-owned enterprises under West Bengal's transport department.
* ASHOKA BUILDCON: Subsidiary Ashoka Concessions has emerged as the lowest bidder for National Highways Authority of India's road project to eight-lane the Vadodara Kim Expressway in Gujarat, with a bid of 16.87 bln rupees.
* ASIAN GRANITO INDIA: The company's board has approved to give a corporate guarantee of 403 mln rupees to UNION BANK OF INDIA for credit facilities provided to Camrola Quartz, a subsidiary of the company.
* AXIS BANK: Has kept its marginal cost of funds-based lending rates unchanged at 7.85-8.50%.
* BANK OF INDIA: The bank and UNION BANK OF INDIA have jointly approached a US court, seeking its approval to participate in the proceedings under the chapter 11 bankruptcy filing of Nirav Modi.
* BINANI INDUSTRIES: Will move a contempt application against the resolution professional and his assistant in the Delhi Bench of the National Company Law Appellate Tribunal, alleging non-compliance with a court order. Has moved the National Company Law Appellate Tribunal against the resolution professional of Binani Cement, alleging that its order was not followed while declaring the successful resolution plan for the struggling cement maker.
* BSE: The company has appointed David Wright as public interest director, effective Friday.
* CADILA HEALTHCARE: Zydus Cadila has received the final approval from the US Food and Drug Administration for omeprazole and sodium bicarbonate capsules, a generic of Zegerid capsules in 20-mg/1100-mg strengths.
* COAL INDIA: Dues of power plants to the company increased to 123 bln rupees at the end of February from 90 bln rupees in May last year, prompting officials of the state-run miner to request the power ministry to intervene and help recover the amount.
* DABUR INDIA: About a dozen multinational companies, including the company, UNITED SPIRITS and food packaging firm Tetra Pak, have joined hands to increase recycling of used cartons to 60% by 2025 from around 30% at present.
* DEWAN HOUSING FINANCE: Plans to raise up to 6 bln rupees through non-convertible debentures maturing in one year and three days at a coupon of 8.04%.
* DQ ENTERTAINMENT (INTERNATIONAL): The board has updated the terms of the senior secured convertible bonds issued by its holding company and promoter, DQ Entertainment (Mauritius), in 2014.
* EDUCOMP SOLUTIONS: Nasdaq-listed Ebix is set to acquire the company as most lenders have accepted the resolution plan that now awaits the approval of the National Company Law Tribunal.
* ELECTROSTEEL STEELS: With production by the company coming to a standstill due to dearth of raw material, the Kolkata bench of the National Company Law Tribunal has directed the Odisha government's director of mines to allow the insolvent company to procure iron ore and coking coal from the neighbouring state.
* FORTIS HEALTHCARE: Daiichi Sankyo has written to the Enforcement Directorate seeking an investigation on allegations that former Ranbaxy promoters Malvinder and Shivinder Singh have siphoned money off the company and RELIGARE ENTERPRISES.
* GAYATRI PROJECTS: It expects to repay its dues to banks regularly by the end of next week, and that ratings agency CARE would upgrade the rating on its loan facilities after the repayment.
* GRASIM INDUSTRIES: The production capacity of epoxy resin, reactive diluents and hardeners at the company's Epoxy plant in Gujarat has been increased to 123,097 tn from 82,350 tn through de-bottlenecking process.
* GUJARAT FLUOROCHEMICALS: The company's board has approved an offer for sale of 13.56 mln shares or 6.11% stake of INOX WIND.
* HINDUSTAN PETROLEUM CORP: An equal joint venture between BHARAT PETROLEUM CORP and the company has won the rights to develop and run a liquid terminal at Kamarajar Port near Chennai.
* ICICI BANK: The bank bought 2.2 mln shares, or 4.4% stake, in Clearing Corp of India on Thursday, for 1.43 bln rupees.
* IFCI: Expects the cash recovery to increase to 12 bln rupees in the current fiscal following the "stepped up" bad loan recovery process it has undertaken.
* IGARASHI MOTORS INDIA: PromoterPadmanabhan Mukund, along with Agile Electric Sub Assembly and Igarshi Motors Sales, has issued an open offer to buy 26% stake or 7.96 mln shares in the company at 809.96 rupees per share.
* INDIAN OIL CORP: The company and BHARAT PETROLEUM CORP may buy 26% stake each in GAIL INDIA, paying the government over 200 bln rupees each to become integrated energy firms.
* INDUSIND BANK: Sold 8.5 mln shares or 0.6% stake in JAYPEE INFRATECH at 10.70 rupees a share through a bulk deal on the National Stock Exchange.
* INOX WIND: Promoters of the company, including GUJARAT FLUOROCHEMICALS, will sell up to 23.56 mln shares or 10.6% stake in the company through an offer for sale on Monday and Tuesday at an over 4% discount to Friday's
closing price.
* INTERGLOBE AVIATION: The Delhi High Court will on Tuesday hear a plea seeking directions to authorities to ensure all data on civil aviation accidents is published on the Directorate General of Civil Aviation's website within 24 hours of their occurrence. The Delhi High Court had refused to ground the entire fleet of IndiGo's A320 neo aircraft on plea alleging the planes have defective engines. The problem of Airbus 320neos with old series engines continues to plague airline services. The latest to be affected is the company-led IndiGo A320neo, which was grounded in New Delhi on Sunday morning due to a technical snag.
* ITC: On Friday said it would file an first information report in the national capital, the third in the country, against circulation of videos which claimed presence of plastic in its 'Aashirvaad Atta'.
* JET AIRWAYS INDIA: Has announced new services from Pune to Chandigarh, Patna and Raipur, adding 26 weekly flights as part of its upcoming summer schedule.
* JK TYRE INDUSTRIES: The company has sought the approval of shareholders to raise 10 bln rupees through the issue of shares or debt.
* ORCHID PHARMA: The company's resolution professional has received three resolution plans.
* MAHINDRA & MAHINDRA: Plans to launch a new range of petrol and compressed natural gas engines over the next two-three years. The company and Ford India are likely to formalise a memorandum of understanding that they signed six months ago and establish a partnership in the coming week to 10 days.
* MAHINDRA LOGISTICS: Is preparing to enter the sea transport segment through partnerships and is in talks with two European liners for a tie-up.
* MARUTI SUZUKI INDIA: The company's Swift is close to earning the tag of the Indian car logging 100,000 bookings in the shortest time--just a little over two months--trumping compact sedan stablemate 'Dzire', which had touched the milestone in 12-14 weeks.
* MAX FINANCIAL SERVICES: The board of the company will meet on Wednesday to consider
raising funds through debt or equity or a combination of both.
* NBCC INDIA: The company received total business worth 2.42 bln rupees in February. The enforcement directorate could soon hand over attached properties, including those of Nirav Modi and Vijay Mallya, to the company, which will rent these out for commercial or residential purposes. On Sunday, the company has bagged a contract to build 20 bln rupees road project in Uttarakhand.
* NEW DELHI TELEVISION: Securities and Exchange Board of India has imposed a penalty of 1 mln rupees on the company and of 300,000 rupees each on four individuals, including promoters Prannoy Roy and Radhika Roy, for certain disclosure lapses.
* ORCHID PHARMA: Ingen Capital, Fidelity Trading Corporation and Union Quimico Farmacutica are in the final race to acquire the company.
* PNC INFRATECH: With a bid of 11.97 bln rupees, the company has emerged as the lowest bidder for National Highways Authority of India's project to four-lane a 45-km stretch of National Highway-91, between Aligarh and Kanpur in Uttar Pradesh.
* POWER FINANCE CORP: Is likely to set 7.99% as the coupon on its bonds maturing in four years and nine months.
* PUNJAB NATIONAL BANK: Issued a clarification to exchanges, saying that the 90-mln-rupee fraud detected at its Brady House branch wasn't a new one. The Centre told the Supreme Court that there cannot be a "parallel inquiry" and "parallel monitoring" by the court in investigations while opposing a suggestion given by the apex court to the Central Bureau of Investigation to file in a sealed cover the status of the probe in the over 110 bln rupees the bank fraud case. Has filed an application in a US court to be allowed to join the bankruptcy proceedings of Firestar Diamond and A Jaffe & Fantasy.
- Is taking Hanung Toys & Textiles to the National Company Law Tribunal as it is set to file bankruptcy application for unpaid loans. The Reserve Bank of India is likely to hold a meeting with the banks affected by the 129-bln-rupee scam reported by the bank to end the stalemate over liabilities related to fraudulent letters of undertaking issued in favour of the Nirav Modi and Mehul Choksi groups of companies. There is bad news for businessmen and industries who have defaulted on payment of loans taken from the bank. Sniffing a scam, the bank has approached Delhi Police seeking action against several defaulting firms and non-performing assets.
* RELIANCE COMMUNICATIONS: Has approached the Supreme Court seeking to remove a legal hurdle that threatens to stall its efforts to complete the sale of wireless assets to Reliance Jio Infocomm and repay part of its 450-bln-rupee debt before the end of March.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm's network speed data, as reported by the Telecom Regulatory Authority of India's MySpeed app over the past four months, is not validated by city-level tests conducted in 2017 by third-party agencies appointed by it, brokerage Kotak Institutional Securities said in a report. Chairman Mukesh Ambani said the affordable JioPhone has been a runaway hit, with 300,000 to 500,000 Indians lapping up the low-cost 4G VoLTE phone every day to go digital.
- Subsidiary Reliance Retail plans to raise 2 bln rupees in corporate deposits through a jewellery purchase scheme, under which customers will pay monthly instalments for a predetermined period. The company, ESSAR OIL, OIL AND NATURAL GAS CORP and TORRENT POWER are among companies planning to bid for the ninth round of city gas distribution.
* RELIGARE ENTERPRISES: The company's deal to sell its retail broking business to EDELWEISS FINANCIAL SERVICES has been cancelled, as the binding agreement with Edelweiss group expired on Thursday.
* RPP INFRA PROJECTS: Promoter A. Nithya will not participate in a proposed preferential equity share allotment of up to 1.15 mln shares, as her shareholding would exceed 25%, and trigger an open offer under the Securities Exchange Board of India's regulations.
* SADBHAV INFRASTRUCTURE PROJECT: Was declared the lowest bidder by National Highways Authority of India for a 24.27-km road project worth 9.36 bln rupees.
* SHILPA MEDICARE: The company said that the US Food and Drug Administration has restored its earlier status for the company's unit in Telangana. Has received an establishment inspection report from the US Food and Drug Administration for its formulations manufacturing unit in Jadcherla, Telangana.
* SHRIRAM CITY UNION FINANCE: The board of the company will on Wednesday consider raising 5 bln rupees through the issue of non-convertible debentures.
* SHRIRAM TRANSPORT FINANCE CORP: Has plans to raise 1.9 bln rupees through the reissuance of its 8.10% Masala bonds issued earlier this month.
* SONA KOYO STEERING SYSTEMS: Promoter JTEKT Corp has proposed to sell up to 2.39% stake or 4.76 mln shares of the company through an offer for sale.
* STATE BANK OF INDIA: Sold 2.2 mln shares or 4.40% stake in Clearing Corp of India. Will decide on UTTAM GALVA STEELS' one-time settlement application at a 50% haircut by March-end.
* SUNDARAM FINANCE: The shareholders of the company have approved raising up to 100 bln rupees through nonconvertible debentures in 2018-19 (Apr-Mar).
* TATA COMMUNICATIONS: Is betting to reposition itself in the mobility and internet of things domain, specifically in the public utilities area.
* TATA MOTORS: Has plans to bring in new products in order to have presence in around 95% of Indian passenger vehicles market by 2020, besides working on offering "electric solution" on most of its portfolio going forward. The company's joint venture in Bangladesh is considering exports of the small commercial vehicle, Tata Ace to Myanmar and north-east India. The subsidiary, Jaguar Land Rover Automotive PLC will invest "over proportionally" on new products, technologies and facilities to match rivals in the luxury space, according to the company's chief executive Ralf Speth.
* TEAMLEASE SERVICES: JP Morgan has bought 2.3% stake or 402,630 shares of the company at 2,049.24 rupees a share through a bulk deal on the National Stock Exchange.
* THE INDIAN WOOD PRODUCTS CO: The Customs Excise and Service Tax Appellate Tribunal has set aside a 310.3- mln-rupee excise duty demand from the central excise department, out of a total of 359.5 mln rupees.
* THERMAX: Has received an order worth 5.03 bln rupees from a state-owned fertiliser company to set up three natural gas based co-generation plants of 20 MW each at its facilities in Haryana and Punjab.
* TITAN CO: Plans to use its extensive network of stores to drastically cut product delivery time, and take on the rapid growth of online retailers.
* TV TODAY NETWORK: Plans to renew its push for sale of its three radio stations in Delhi, Mumbai and Kolkata to ENTERTAINMENT NETWORK (INDIA), as its board has gave an in-principle approval for the sale.
* ULTRATECH CEMENT: Has challenged the sale of Binani Cement to rival DALMIA BHARAT, alleging lack oftransparency in the bidding process.
* UNION BANK OF INDIA: Shareholders of the bank approved raising 45.24 bln rupees through preferential allotment of
* UNITED BANK OF INDIA: Does not have records of issuing bank guarantees worth only 180 mln rupees to public sector entity National Small Industries Corp, against the 1.73-bln-rupee fraud being reported by some sections of the media.
* UPL: The company's stake in Sinagro Group has fallen to 45% from 49% on account of certain investors acquiring stake in the Brazil-based company.
* VISA STEEL: The Orissa High Court has granted an interim stay on corporate insolvency resolution proceedings against the company, until its next hearing on Apr 12.
* WOCKHARDT: After Mint reported that the company is under the pharma regulator's scanner for allegedly launching combination drugs to treat diabetes and fungal infection without mandatory prior approval, it responded saying Mascot Health Series, which manufactures the company's products (Itraconazole 100 mg and Terbinafine 250 mg tablets) had a valid US Food and Drug Administration licence since October 2015. The members of the company have approved a special resolution to give loans, guarantees, provide securities or make investments up to 60 bln rupees.
* YES BANK: Paid 5 bln rupees as advance tax for Jan-Mar, as against 4 bln rupees in the corresponding period last year. The board of the bank will, on or after Wednesday, consider a potential issue of the second tranche of notes under its medium-term note programme.
* ZEE ENTERTAINMENT ENTERPRISES: The deal to acquire 100% stake in 9X Media and INX Music has been terminated by the company due to non-completion of certain material conditions.
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* ADANI ENTERPRISES: On Friday, the company incorporated wholly-owned subsidiary Adani Transport to develop roads under the engineering, procurement and construction model.
* ADANI POWER: STATE BANK OF INDIA has come out with a set of workable solutions to salvage three imported fuelbased power plants in Gujarat the Mundra units of TATA POWER and the company and Essar Powers Salaya unit that are in trouble after the Supreme Court struck down regulator-granted compensatory tariffs.
* ALLAHABAD BANK: Has moved the Kolkata bench of the National Company Law Tribunal seeking insolvency resolution at two state-owned enterprises under West Bengal's transport department.
* ASHOKA BUILDCON: Subsidiary Ashoka Concessions has emerged as the lowest bidder for National Highways Authority of India's road project to eight-lane the Vadodara Kim Expressway in Gujarat, with a bid of 16.87 bln rupees.
* ASIAN GRANITO INDIA: The company's board has approved to give a corporate guarantee of 403 mln rupees to UNION BANK OF INDIA for credit facilities provided to Camrola Quartz, a subsidiary of the company.
* AXIS BANK: Has kept its marginal cost of funds-based lending rates unchanged at 7.85-8.50%.
* BANK OF INDIA: The bank and UNION BANK OF INDIA have jointly approached a US court, seeking its approval to participate in the proceedings under the chapter 11 bankruptcy filing of Nirav Modi.
* BINANI INDUSTRIES: Will move a contempt application against the resolution professional and his assistant in the Delhi Bench of the National Company Law Appellate Tribunal, alleging non-compliance with a court order. Has moved the National Company Law Appellate Tribunal against the resolution professional of Binani Cement, alleging that its order was not followed while declaring the successful resolution plan for the struggling cement maker.
* BSE: The company has appointed David Wright as public interest director, effective Friday.
* CADILA HEALTHCARE: Zydus Cadila has received the final approval from the US Food and Drug Administration for omeprazole and sodium bicarbonate capsules, a generic of Zegerid capsules in 20-mg/1100-mg strengths.
* COAL INDIA: Dues of power plants to the company increased to 123 bln rupees at the end of February from 90 bln rupees in May last year, prompting officials of the state-run miner to request the power ministry to intervene and help recover the amount.
* DABUR INDIA: About a dozen multinational companies, including the company, UNITED SPIRITS and food packaging firm Tetra Pak, have joined hands to increase recycling of used cartons to 60% by 2025 from around 30% at present.
* DEWAN HOUSING FINANCE: Plans to raise up to 6 bln rupees through non-convertible debentures maturing in one year and three days at a coupon of 8.04%.
* DQ ENTERTAINMENT (INTERNATIONAL): The board has updated the terms of the senior secured convertible bonds issued by its holding company and promoter, DQ Entertainment (Mauritius), in 2014.
* EDUCOMP SOLUTIONS: Nasdaq-listed Ebix is set to acquire the company as most lenders have accepted the resolution plan that now awaits the approval of the National Company Law Tribunal.
* ELECTROSTEEL STEELS: With production by the company coming to a standstill due to dearth of raw material, the Kolkata bench of the National Company Law Tribunal has directed the Odisha government's director of mines to allow the insolvent company to procure iron ore and coking coal from the neighbouring state.
* FORTIS HEALTHCARE: Daiichi Sankyo has written to the Enforcement Directorate seeking an investigation on allegations that former Ranbaxy promoters Malvinder and Shivinder Singh have siphoned money off the company and RELIGARE ENTERPRISES.
* GAYATRI PROJECTS: It expects to repay its dues to banks regularly by the end of next week, and that ratings agency CARE would upgrade the rating on its loan facilities after the repayment.
* GRASIM INDUSTRIES: The production capacity of epoxy resin, reactive diluents and hardeners at the company's Epoxy plant in Gujarat has been increased to 123,097 tn from 82,350 tn through de-bottlenecking process.
* GUJARAT FLUOROCHEMICALS: The company's board has approved an offer for sale of 13.56 mln shares or 6.11% stake of INOX WIND.
* HINDUSTAN PETROLEUM CORP: An equal joint venture between BHARAT PETROLEUM CORP and the company has won the rights to develop and run a liquid terminal at Kamarajar Port near Chennai.
* ICICI BANK: The bank bought 2.2 mln shares, or 4.4% stake, in Clearing Corp of India on Thursday, for 1.43 bln rupees.
* IFCI: Expects the cash recovery to increase to 12 bln rupees in the current fiscal following the "stepped up" bad loan recovery process it has undertaken.
* IGARASHI MOTORS INDIA: PromoterPadmanabhan Mukund, along with Agile Electric Sub Assembly and Igarshi Motors Sales, has issued an open offer to buy 26% stake or 7.96 mln shares in the company at 809.96 rupees per share.
* INDIAN OIL CORP: The company and BHARAT PETROLEUM CORP may buy 26% stake each in GAIL INDIA, paying the government over 200 bln rupees each to become integrated energy firms.
* INDUSIND BANK: Sold 8.5 mln shares or 0.6% stake in JAYPEE INFRATECH at 10.70 rupees a share through a bulk deal on the National Stock Exchange.
* INOX WIND: Promoters of the company, including GUJARAT FLUOROCHEMICALS, will sell up to 23.56 mln shares or 10.6% stake in the company through an offer for sale on Monday and Tuesday at an over 4% discount to Friday's
closing price.
* INTERGLOBE AVIATION: The Delhi High Court will on Tuesday hear a plea seeking directions to authorities to ensure all data on civil aviation accidents is published on the Directorate General of Civil Aviation's website within 24 hours of their occurrence. The Delhi High Court had refused to ground the entire fleet of IndiGo's A320 neo aircraft on plea alleging the planes have defective engines. The problem of Airbus 320neos with old series engines continues to plague airline services. The latest to be affected is the company-led IndiGo A320neo, which was grounded in New Delhi on Sunday morning due to a technical snag.
* ITC: On Friday said it would file an first information report in the national capital, the third in the country, against circulation of videos which claimed presence of plastic in its 'Aashirvaad Atta'.
* JET AIRWAYS INDIA: Has announced new services from Pune to Chandigarh, Patna and Raipur, adding 26 weekly flights as part of its upcoming summer schedule.
* JK TYRE INDUSTRIES: The company has sought the approval of shareholders to raise 10 bln rupees through the issue of shares or debt.
* ORCHID PHARMA: The company's resolution professional has received three resolution plans.
* MAHINDRA & MAHINDRA: Plans to launch a new range of petrol and compressed natural gas engines over the next two-three years. The company and Ford India are likely to formalise a memorandum of understanding that they signed six months ago and establish a partnership in the coming week to 10 days.
* MAHINDRA LOGISTICS: Is preparing to enter the sea transport segment through partnerships and is in talks with two European liners for a tie-up.
* MARUTI SUZUKI INDIA: The company's Swift is close to earning the tag of the Indian car logging 100,000 bookings in the shortest time--just a little over two months--trumping compact sedan stablemate 'Dzire', which had touched the milestone in 12-14 weeks.
* MAX FINANCIAL SERVICES: The board of the company will meet on Wednesday to consider
raising funds through debt or equity or a combination of both.
* NBCC INDIA: The company received total business worth 2.42 bln rupees in February. The enforcement directorate could soon hand over attached properties, including those of Nirav Modi and Vijay Mallya, to the company, which will rent these out for commercial or residential purposes. On Sunday, the company has bagged a contract to build 20 bln rupees road project in Uttarakhand.
* NEW DELHI TELEVISION: Securities and Exchange Board of India has imposed a penalty of 1 mln rupees on the company and of 300,000 rupees each on four individuals, including promoters Prannoy Roy and Radhika Roy, for certain disclosure lapses.
* ORCHID PHARMA: Ingen Capital, Fidelity Trading Corporation and Union Quimico Farmacutica are in the final race to acquire the company.
* PNC INFRATECH: With a bid of 11.97 bln rupees, the company has emerged as the lowest bidder for National Highways Authority of India's project to four-lane a 45-km stretch of National Highway-91, between Aligarh and Kanpur in Uttar Pradesh.
* POWER FINANCE CORP: Is likely to set 7.99% as the coupon on its bonds maturing in four years and nine months.
* PUNJAB NATIONAL BANK: Issued a clarification to exchanges, saying that the 90-mln-rupee fraud detected at its Brady House branch wasn't a new one. The Centre told the Supreme Court that there cannot be a "parallel inquiry" and "parallel monitoring" by the court in investigations while opposing a suggestion given by the apex court to the Central Bureau of Investigation to file in a sealed cover the status of the probe in the over 110 bln rupees the bank fraud case. Has filed an application in a US court to be allowed to join the bankruptcy proceedings of Firestar Diamond and A Jaffe & Fantasy.
- Is taking Hanung Toys & Textiles to the National Company Law Tribunal as it is set to file bankruptcy application for unpaid loans. The Reserve Bank of India is likely to hold a meeting with the banks affected by the 129-bln-rupee scam reported by the bank to end the stalemate over liabilities related to fraudulent letters of undertaking issued in favour of the Nirav Modi and Mehul Choksi groups of companies. There is bad news for businessmen and industries who have defaulted on payment of loans taken from the bank. Sniffing a scam, the bank has approached Delhi Police seeking action against several defaulting firms and non-performing assets.
* RELIANCE COMMUNICATIONS: Has approached the Supreme Court seeking to remove a legal hurdle that threatens to stall its efforts to complete the sale of wireless assets to Reliance Jio Infocomm and repay part of its 450-bln-rupee debt before the end of March.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm's network speed data, as reported by the Telecom Regulatory Authority of India's MySpeed app over the past four months, is not validated by city-level tests conducted in 2017 by third-party agencies appointed by it, brokerage Kotak Institutional Securities said in a report. Chairman Mukesh Ambani said the affordable JioPhone has been a runaway hit, with 300,000 to 500,000 Indians lapping up the low-cost 4G VoLTE phone every day to go digital.
- Subsidiary Reliance Retail plans to raise 2 bln rupees in corporate deposits through a jewellery purchase scheme, under which customers will pay monthly instalments for a predetermined period. The company, ESSAR OIL, OIL AND NATURAL GAS CORP and TORRENT POWER are among companies planning to bid for the ninth round of city gas distribution.
* RELIGARE ENTERPRISES: The company's deal to sell its retail broking business to EDELWEISS FINANCIAL SERVICES has been cancelled, as the binding agreement with Edelweiss group expired on Thursday.
* RPP INFRA PROJECTS: Promoter A. Nithya will not participate in a proposed preferential equity share allotment of up to 1.15 mln shares, as her shareholding would exceed 25%, and trigger an open offer under the Securities Exchange Board of India's regulations.
* SADBHAV INFRASTRUCTURE PROJECT: Was declared the lowest bidder by National Highways Authority of India for a 24.27-km road project worth 9.36 bln rupees.
* SHILPA MEDICARE: The company said that the US Food and Drug Administration has restored its earlier status for the company's unit in Telangana. Has received an establishment inspection report from the US Food and Drug Administration for its formulations manufacturing unit in Jadcherla, Telangana.
* SHRIRAM CITY UNION FINANCE: The board of the company will on Wednesday consider raising 5 bln rupees through the issue of non-convertible debentures.
* SHRIRAM TRANSPORT FINANCE CORP: Has plans to raise 1.9 bln rupees through the reissuance of its 8.10% Masala bonds issued earlier this month.
* SONA KOYO STEERING SYSTEMS: Promoter JTEKT Corp has proposed to sell up to 2.39% stake or 4.76 mln shares of the company through an offer for sale.
* STATE BANK OF INDIA: Sold 2.2 mln shares or 4.40% stake in Clearing Corp of India. Will decide on UTTAM GALVA STEELS' one-time settlement application at a 50% haircut by March-end.
* SUNDARAM FINANCE: The shareholders of the company have approved raising up to 100 bln rupees through nonconvertible debentures in 2018-19 (Apr-Mar).
* TATA COMMUNICATIONS: Is betting to reposition itself in the mobility and internet of things domain, specifically in the public utilities area.
* TATA MOTORS: Has plans to bring in new products in order to have presence in around 95% of Indian passenger vehicles market by 2020, besides working on offering "electric solution" on most of its portfolio going forward. The company's joint venture in Bangladesh is considering exports of the small commercial vehicle, Tata Ace to Myanmar and north-east India. The subsidiary, Jaguar Land Rover Automotive PLC will invest "over proportionally" on new products, technologies and facilities to match rivals in the luxury space, according to the company's chief executive Ralf Speth.
* TEAMLEASE SERVICES: JP Morgan has bought 2.3% stake or 402,630 shares of the company at 2,049.24 rupees a share through a bulk deal on the National Stock Exchange.
* THE INDIAN WOOD PRODUCTS CO: The Customs Excise and Service Tax Appellate Tribunal has set aside a 310.3- mln-rupee excise duty demand from the central excise department, out of a total of 359.5 mln rupees.
* THERMAX: Has received an order worth 5.03 bln rupees from a state-owned fertiliser company to set up three natural gas based co-generation plants of 20 MW each at its facilities in Haryana and Punjab.
* TITAN CO: Plans to use its extensive network of stores to drastically cut product delivery time, and take on the rapid growth of online retailers.
* TV TODAY NETWORK: Plans to renew its push for sale of its three radio stations in Delhi, Mumbai and Kolkata to ENTERTAINMENT NETWORK (INDIA), as its board has gave an in-principle approval for the sale.
* ULTRATECH CEMENT: Has challenged the sale of Binani Cement to rival DALMIA BHARAT, alleging lack oftransparency in the bidding process.
* UNION BANK OF INDIA: Shareholders of the bank approved raising 45.24 bln rupees through preferential allotment of
* UNITED BANK OF INDIA: Does not have records of issuing bank guarantees worth only 180 mln rupees to public sector entity National Small Industries Corp, against the 1.73-bln-rupee fraud being reported by some sections of the media.
* UPL: The company's stake in Sinagro Group has fallen to 45% from 49% on account of certain investors acquiring stake in the Brazil-based company.
* VISA STEEL: The Orissa High Court has granted an interim stay on corporate insolvency resolution proceedings against the company, until its next hearing on Apr 12.
* WOCKHARDT: After Mint reported that the company is under the pharma regulator's scanner for allegedly launching combination drugs to treat diabetes and fungal infection without mandatory prior approval, it responded saying Mascot Health Series, which manufactures the company's products (Itraconazole 100 mg and Terbinafine 250 mg tablets) had a valid US Food and Drug Administration licence since October 2015. The members of the company have approved a special resolution to give loans, guarantees, provide securities or make investments up to 60 bln rupees.
* YES BANK: Paid 5 bln rupees as advance tax for Jan-Mar, as against 4 bln rupees in the corresponding period last year. The board of the bank will, on or after Wednesday, consider a potential issue of the second tranche of notes under its medium-term note programme.
* ZEE ENTERTAINMENT ENTERPRISES: The deal to acquire 100% stake in 9X Media and INX Music has been terminated by the company due to non-completion of certain material conditions.
