Today Stock News – 22.05.2018
* ALLAHABAD BANK: CARE ratings has cut the credit ratings on various bonds of the bank, citing a steep decline in the lender's capital adequacy ratio in the year ended March.
* AUROBINDO PHARMA: Even as US President Donald Trump's administration intensifies its crackdown amid the opioid crisis in the US, the company has re-engaged with Mallinckrodt to acquire its specialty generics portfolio.
* BHUSHAN STEEL: Rajeev Singhal has become the new managing director of the company that has been acquired by TATA STEEL through the insolvency process.
* BINANI INDUSTRIES: The National Company Law Appellate Tribunal has refused to stay corporate insolvency proceedings against subsidiary Binani Cement and asked resolution professionals to continue examining the proposals made by two buyers.
* CIPLA: The board has given its approval to raise up to 20 bln rupees through the issue of securities on a public placement or private placement basis.
* DHUNSERI PETROCHEM: Is buying out its Egyptian partner's stake in the joint venture Egyptian Indian Polyester Company SAE for around 900 mln rupees.
* DR REDDY'S LABORATORIES: Has plans to invite the US Food and Drug Administration to re-inspect its formulations facility in Duvvada, Andhra Pradesh, by the end of June.
* FORTIS HEALTHCARE: The Munjal-Burman combine is open to the idea of a rebid for the company, and wil not challenge such a decision by the proposed newly-constituted board. The Securities and Exchange Board of India is probing suspected insider trading by some institutional investors and other regulatory lapses at the company, amid a takeover battle and boardroom upheaval at the hospital chain. The board is likely to meet today to consider the outcome of the shareholders' vote to remove four directors, three of whom had resigned this week.
* FUTURE ENTERPRISES: Bharti Group has exited the company by selling its 13.64% stake for an estimated sum of over 2.4 bln rupees.
* GRAVITA INDIA: Has entered into a contract with AMARA RAJA BATTERIES for lead acid battery scrap collection and recycling arrangements.
* HCL TECHNOLOGIES: Has joined the blockchain in transportation alliance to determine best practices and standards in the transportation industry.
* HINDALCO INDUSTRIES: Has raised prices of aluminium ingots and wire rods by more than 1%, effective Saturday.
* HINDUSTAN PETROLEUM CORP: Gross refining margin for Jan-Mar was $7.07 per barrel, down from $7.99 per barrel in the corresponding quarter a year ago and $9.04 in Oct-Dec.
* ICICI BANK: The Securities and Exchange Board of India is investigating whether the bank failed to make adequate disclosures relating to allegations of impropriety against Chief Executive Officer Chanda Kochhar in the Videocon loan case.
* INDIAN HOTELS CO: The Delhi High Court has dismissed a plea by the company, challenging the tender process for the proposed auction of the iconic Taj Mahal Hotel at Delhi's Mansingh Road by New Delhi Municipal Corp.
* INDIAN OIL CORP: Average gross refining margin for the reporting quarter was $9.12 per barrel against $8.95 a bbl in the year-ago period and $12.32 per bbl in Oct-Dec.
* INFOSYS: Vishal Sikka, former chief executive officer of the company, who resigned in August, received remuneration of 129.2 mln rupees for 2017-18 (Apr-Mar). Has billed activist shareholders as one of the risks to its future business growth because it may distract the top management from focusing on core operations. Signed a binding agreement with former board members R. Seshasayee, Jeffrey Lehman and John Etchemendy, when they decided to quit last August, to prevent future disclosures about or disparagement of the company, according to the annual filings made by the software services exporter.
* JM FINANCIAL: Arm JM Financial Credit Solutions is looking to raise up to 20 bln rupees through the issuance of secured non-convertible debentures over the next one year.
* KAVERI SEED CO: Has readied a war chest of 5 bln rupees for buyouts to fill product and technology gaps.
* LIBERTY SHOES: A scion of the Gupta family that owns the company has taken his father to court regarding a dispute over property.
* MAJESCO: The company's US-based subsidiary has been selected by Malaysia-based Gibraltar BSN Life Berhad to transform its distribution management operation.
* MONSANTO INDIA: The Competition Commission of India has approved Bayer AG's proposal to acquire Monsanto Co, parent entity of the company, for $66 bln.
* MUNJAL AUTO INDUSTRIES: Has acquired 55% stake or 1.65 mln shares of Indutch Composite Technology.
* PUNJAB NATIONAL BANK: ICRA has downgraded the long-term rating of the bank to "AA-" from "AA+".
* SREI INFRASTRUCTURE FINANCE: Faces a write-off of nearly 3.6 bln rupees as two debtor companies enter liquidation and a third approaches the end of resolution time.
* STATE BANK OF INDIA: Is looking at an initial public offering of SBI General Insurance in the current financial year, the bank's management said. Insisting that the bank had put the past behind them, and was on the "path to recovery", Chairman Rajnish Kumar unveiled ambitious targets to bring down bad loans and improve profitability through growth by March 2020.
* STRIDES SHASUN: Brookdale Mauritius International has bought 1.05 mln shares or 1.12% stake in the company at 375.27 rupees a share through a bulk deal on the National Stock Exchange.
* SUZLON ENERGY: Is exploring the sale of 300 MW of wind power assets and has hired an investment bank to manage the process.
* TATA COMMUNICATIONS: Has selected Red Hat Cloud Suite, a hybrid cloud platform of US-based Red Hat Inc, to enhance its IZO private cloud service.
* TATA MOTORS: Would soon scrap its first passenger car platform Indica and Indigo sedan, two decades after it helped the company launch into the booming car market, as the models have lost appeal with consumers being lured by trendier ones sold by its rivals.
* TATA STEEL: Will raise 165 bln rupees through debt instruments to fund 325 bln rupees acquisition of BHUSHAN STEEL.
* TITAN CO: Plans re-launch of select Fastrack stores with service facilities in order to make things easier for its watch customers.
* ULTRATECH CEMENT: Dalmia Bharat Cement will move the National Company Law Appellate Tribunal if the Kolkata bench of National Company Law Tribunal gives approval to the company's offer.
* VEDANTA: At least eight people have been killed and a dozen critically injured in Thoothukudi, Tamil Nadu, after the police opened fire on protestors demanding the closure of a Sterlite Copper plant of the company's subsidiary.
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* AUROBINDO PHARMA: Even as US President Donald Trump's administration intensifies its crackdown amid the opioid crisis in the US, the company has re-engaged with Mallinckrodt to acquire its specialty generics portfolio.
* BHUSHAN STEEL: Rajeev Singhal has become the new managing director of the company that has been acquired by TATA STEEL through the insolvency process.
* BINANI INDUSTRIES: The National Company Law Appellate Tribunal has refused to stay corporate insolvency proceedings against subsidiary Binani Cement and asked resolution professionals to continue examining the proposals made by two buyers.
* CIPLA: The board has given its approval to raise up to 20 bln rupees through the issue of securities on a public placement or private placement basis.
* DHUNSERI PETROCHEM: Is buying out its Egyptian partner's stake in the joint venture Egyptian Indian Polyester Company SAE for around 900 mln rupees.
* DR REDDY'S LABORATORIES: Has plans to invite the US Food and Drug Administration to re-inspect its formulations facility in Duvvada, Andhra Pradesh, by the end of June.
* FORTIS HEALTHCARE: The Munjal-Burman combine is open to the idea of a rebid for the company, and wil not challenge such a decision by the proposed newly-constituted board. The Securities and Exchange Board of India is probing suspected insider trading by some institutional investors and other regulatory lapses at the company, amid a takeover battle and boardroom upheaval at the hospital chain. The board is likely to meet today to consider the outcome of the shareholders' vote to remove four directors, three of whom had resigned this week.
* FUTURE ENTERPRISES: Bharti Group has exited the company by selling its 13.64% stake for an estimated sum of over 2.4 bln rupees.
* GRAVITA INDIA: Has entered into a contract with AMARA RAJA BATTERIES for lead acid battery scrap collection and recycling arrangements.
* HCL TECHNOLOGIES: Has joined the blockchain in transportation alliance to determine best practices and standards in the transportation industry.
* HINDALCO INDUSTRIES: Has raised prices of aluminium ingots and wire rods by more than 1%, effective Saturday.
* HINDUSTAN PETROLEUM CORP: Gross refining margin for Jan-Mar was $7.07 per barrel, down from $7.99 per barrel in the corresponding quarter a year ago and $9.04 in Oct-Dec.
* ICICI BANK: The Securities and Exchange Board of India is investigating whether the bank failed to make adequate disclosures relating to allegations of impropriety against Chief Executive Officer Chanda Kochhar in the Videocon loan case.
* INDIAN HOTELS CO: The Delhi High Court has dismissed a plea by the company, challenging the tender process for the proposed auction of the iconic Taj Mahal Hotel at Delhi's Mansingh Road by New Delhi Municipal Corp.
* INDIAN OIL CORP: Average gross refining margin for the reporting quarter was $9.12 per barrel against $8.95 a bbl in the year-ago period and $12.32 per bbl in Oct-Dec.
* INFOSYS: Vishal Sikka, former chief executive officer of the company, who resigned in August, received remuneration of 129.2 mln rupees for 2017-18 (Apr-Mar). Has billed activist shareholders as one of the risks to its future business growth because it may distract the top management from focusing on core operations. Signed a binding agreement with former board members R. Seshasayee, Jeffrey Lehman and John Etchemendy, when they decided to quit last August, to prevent future disclosures about or disparagement of the company, according to the annual filings made by the software services exporter.
* JM FINANCIAL: Arm JM Financial Credit Solutions is looking to raise up to 20 bln rupees through the issuance of secured non-convertible debentures over the next one year.
* KAVERI SEED CO: Has readied a war chest of 5 bln rupees for buyouts to fill product and technology gaps.
* LIBERTY SHOES: A scion of the Gupta family that owns the company has taken his father to court regarding a dispute over property.
* MAJESCO: The company's US-based subsidiary has been selected by Malaysia-based Gibraltar BSN Life Berhad to transform its distribution management operation.
* MONSANTO INDIA: The Competition Commission of India has approved Bayer AG's proposal to acquire Monsanto Co, parent entity of the company, for $66 bln.
* MUNJAL AUTO INDUSTRIES: Has acquired 55% stake or 1.65 mln shares of Indutch Composite Technology.
* PUNJAB NATIONAL BANK: ICRA has downgraded the long-term rating of the bank to "AA-" from "AA+".
* SREI INFRASTRUCTURE FINANCE: Faces a write-off of nearly 3.6 bln rupees as two debtor companies enter liquidation and a third approaches the end of resolution time.
* STATE BANK OF INDIA: Is looking at an initial public offering of SBI General Insurance in the current financial year, the bank's management said. Insisting that the bank had put the past behind them, and was on the "path to recovery", Chairman Rajnish Kumar unveiled ambitious targets to bring down bad loans and improve profitability through growth by March 2020.
* STRIDES SHASUN: Brookdale Mauritius International has bought 1.05 mln shares or 1.12% stake in the company at 375.27 rupees a share through a bulk deal on the National Stock Exchange.
* SUZLON ENERGY: Is exploring the sale of 300 MW of wind power assets and has hired an investment bank to manage the process.
* TATA COMMUNICATIONS: Has selected Red Hat Cloud Suite, a hybrid cloud platform of US-based Red Hat Inc, to enhance its IZO private cloud service.
* TATA MOTORS: Would soon scrap its first passenger car platform Indica and Indigo sedan, two decades after it helped the company launch into the booming car market, as the models have lost appeal with consumers being lured by trendier ones sold by its rivals.
* TATA STEEL: Will raise 165 bln rupees through debt instruments to fund 325 bln rupees acquisition of BHUSHAN STEEL.
* TITAN CO: Plans re-launch of select Fastrack stores with service facilities in order to make things easier for its watch customers.
* ULTRATECH CEMENT: Dalmia Bharat Cement will move the National Company Law Appellate Tribunal if the Kolkata bench of National Company Law Tribunal gives approval to the company's offer.
* VEDANTA: At least eight people have been killed and a dozen critically injured in Thoothukudi, Tamil Nadu, after the police opened fire on protestors demanding the closure of a Sterlite Copper plant of the company's subsidiary.
