Today Stock News – 25.05.2018
* BHARTI AIRTEL: The subsidiary Airtel Payments Bank has appointed Anubrata Biswas as managing director and chief executive officer.
* BIRLA CABLE: Plans to invest 170 mln rupees to increase the capacity for manufacturing optical fibre cables to 96,848 cable km from an existing 81,848 cable km.
* CAMLIN FINE SCIENCES: The board has approved raising up to 2.50 bln rupees through debt and foreign currency convertible bonds, American Depositary Receipt or qualified institutional placement, among others.
* DEWAN HOUSING FINANCE CORP: Board has decided to pre-close its public issue of non-convertible debentures. The issue closed Thursday instead of the earlier scheduled date of Jun 4.
* GAIL INDIA: Amid speculation over the likelihood of the company being split into two entities--one for gas marketing and another for gas transport--Chairman and Managing Director B.C. Tripathi has said such a step made sense only in mature gas markets. Has switched its focus to short-term and spot deals for the purchase of liquefied natural gas to meet rising demand and hedge against price volatility, its chairman said.
* GAYATRI PROJECTS: Has received an order worth 4.25 bln rupees from the ministry of road transport and highways for part-construction of a six-lane elevated corridor in Telangana on an engineering, procurement, and construction basis.
* GRASIM INDUSTRIES: The Competition Commission of India has ordered a probe against the company for alleged abuse of dominant position with regard to the sale of viscose staple fibre.
* HINDUSTAN UNILEVER: The company and WPP may replicate a collaborative formula they have perfected in Singapore, harnessing talent from different agencies of the global creative giant to create a combined onsite platform for India's largest consumer goods company.
* HT MEDIA: The board has appointed Praveen Someshwar as managing director and chief executive officer with effect from Aug 1 for five years.
* ICICI BANK: Plans to build its own digital transaction platforms through a three-pronged strategy spread across digital partnership that involves startups, ICICI Innovation Centre and ICICI Labs.
* IDEA CELLULAR: The telecom department on Thursday cleared sale of standalone mobile towers of the company for 40 bln rupees to the Indian arm of American Tower Corporation--paving the way for the merger of the company and Vodafone India.
The government has allowed the merged entity of Vodafone India and the company to clear dues related to spectrum charges and licence fees, a departure from the telecom department's earlier stand that the merger will be approved subject to the payment of all dues.
* INDIAN OIL CORP: Has plans to invest 13.87 bln rupees towards construction of various projects in Andhra Pradesh and Telangana over the next few years. Said the Paradip-Hyderabad pipeline being constructed at a cost of 23.21 bln rupees would be commissioned by 2020.
* JET AIRWAYS INDIA: Will see a slight increase in debt in the ongoing and next quarter, its finance chief Amit Agarwal said.
* JINDAL STEEL & POWER: Expects to increase its rail freight loading by 50% this year-with plans to lug 30 mln tn in the ongoing fiscal year against 20 mln tn in FY18.
* MULTI COMMODITY EXCHANGE OF INDIA: The National Stock Exchange and the company have entered into merger talks ahead of the implementation of the universal exchange framework in October. It has launched the country's first silver options contracts on Thursday.
* NHPC: has started operations at unit 2 and unit 3 of Kishanganga hydroelectric project of 330 MW in Jammu & Kashmir from Wednesday.
* PUNJAB NATIONAL BANK: The Enforcement Directorate has filed a prosecution complaint against jeweller Nirav Modi and 23 others on charges of money laundering relating to a $2 bln scam at the bank.
* REDINGTON (INDIA): Redington Gulf FZE, the step-down subsidiary of the company, plans to acquire the remaining 10% stake in Turkey-based Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S for $0.90 mln.
* RELIANCE COMMUNICATIONS: Negotiations between the company and Ericsson over the payment of pending dues have hit a fresh hurdle, with neither side agreeing on a timeline, even as experts said changes in the insolvency law may come to the rescue of the company.
* RELIANCE INDUSTRIES: The company along with Royal Dutch Shell, will move the arbitration tribunal, seeking to increase the cost recovery limit for the Panna-Mukta and Tapti oil and gas fields.
* RUCHI SOYA INDUSTRIES: With the Baba Ramdev-led Patanjali Ayurved and Adani Group submitting similar bids to acquire the company, the Committee of Creditors is looking at the possibility of conducting a 'Swiss Challenge' (a form of open bidding) to pick the better resolution plan.
* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 198,616 shares or 2.4% stake in the company at 1,292 rupees per share in a bulk deal on BSE.
* SHRIRAM EPC: Has gone into liquidation after the company failed to prevent Asset Care & Reconstruction Enterprise, an asset reconstruction company, from initiating the insolvency process.
* STATE BANK OF INDIA: The government is yet to respond to the bank's proposal to merge all the regional rural banks in the north eastern states, to create a stronger entity that can be then listed on the stock exchanges. Has guided for a turnaround in 2019-20 (Apr-Mar), with an aim to bring down its gross bad loan ratio to below 6% and net bad loan ratio to below 2.3% by March 2020.
* VEDANTA: The Tamil Nadu Pollution Control Board has ordered the discontinuation of electricity supply and closure of the company's copper smelter plant 1 at Thoothukudi in Tamil Nadu.
The Tamil Nadu government is seeking permanent closure of the company's copper smelter plant in
Thoothukudi district, quoting Sandeep Nanduri, the top official in the district where the plant is located.
-Global metals magnate Anil Agarwal, chairman of the company, said his group is strictly following the laws of the land, and that the local coastal community is a valuable stakeholder for the sustainability of the copper smelter at Tuticorin, where violent protests against the unit killed 13 people this week.
-The company may be forced to reduce output if restrictions on coal supplies to the non-power sector
drag on for another week, according to its chief executive for metals business in the country.
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* BIRLA CABLE: Plans to invest 170 mln rupees to increase the capacity for manufacturing optical fibre cables to 96,848 cable km from an existing 81,848 cable km.
* CAMLIN FINE SCIENCES: The board has approved raising up to 2.50 bln rupees through debt and foreign currency convertible bonds, American Depositary Receipt or qualified institutional placement, among others.
* DEWAN HOUSING FINANCE CORP: Board has decided to pre-close its public issue of non-convertible debentures. The issue closed Thursday instead of the earlier scheduled date of Jun 4.
* GAIL INDIA: Amid speculation over the likelihood of the company being split into two entities--one for gas marketing and another for gas transport--Chairman and Managing Director B.C. Tripathi has said such a step made sense only in mature gas markets. Has switched its focus to short-term and spot deals for the purchase of liquefied natural gas to meet rising demand and hedge against price volatility, its chairman said.
* GAYATRI PROJECTS: Has received an order worth 4.25 bln rupees from the ministry of road transport and highways for part-construction of a six-lane elevated corridor in Telangana on an engineering, procurement, and construction basis.
* GRASIM INDUSTRIES: The Competition Commission of India has ordered a probe against the company for alleged abuse of dominant position with regard to the sale of viscose staple fibre.
* HINDUSTAN UNILEVER: The company and WPP may replicate a collaborative formula they have perfected in Singapore, harnessing talent from different agencies of the global creative giant to create a combined onsite platform for India's largest consumer goods company.
* HT MEDIA: The board has appointed Praveen Someshwar as managing director and chief executive officer with effect from Aug 1 for five years.
* ICICI BANK: Plans to build its own digital transaction platforms through a three-pronged strategy spread across digital partnership that involves startups, ICICI Innovation Centre and ICICI Labs.
* IDEA CELLULAR: The telecom department on Thursday cleared sale of standalone mobile towers of the company for 40 bln rupees to the Indian arm of American Tower Corporation--paving the way for the merger of the company and Vodafone India.
The government has allowed the merged entity of Vodafone India and the company to clear dues related to spectrum charges and licence fees, a departure from the telecom department's earlier stand that the merger will be approved subject to the payment of all dues.
* INDIAN OIL CORP: Has plans to invest 13.87 bln rupees towards construction of various projects in Andhra Pradesh and Telangana over the next few years. Said the Paradip-Hyderabad pipeline being constructed at a cost of 23.21 bln rupees would be commissioned by 2020.
* JET AIRWAYS INDIA: Will see a slight increase in debt in the ongoing and next quarter, its finance chief Amit Agarwal said.
* JINDAL STEEL & POWER: Expects to increase its rail freight loading by 50% this year-with plans to lug 30 mln tn in the ongoing fiscal year against 20 mln tn in FY18.
* MULTI COMMODITY EXCHANGE OF INDIA: The National Stock Exchange and the company have entered into merger talks ahead of the implementation of the universal exchange framework in October. It has launched the country's first silver options contracts on Thursday.
* NHPC: has started operations at unit 2 and unit 3 of Kishanganga hydroelectric project of 330 MW in Jammu & Kashmir from Wednesday.
* PUNJAB NATIONAL BANK: The Enforcement Directorate has filed a prosecution complaint against jeweller Nirav Modi and 23 others on charges of money laundering relating to a $2 bln scam at the bank.
* REDINGTON (INDIA): Redington Gulf FZE, the step-down subsidiary of the company, plans to acquire the remaining 10% stake in Turkey-based Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S for $0.90 mln.
* RELIANCE COMMUNICATIONS: Negotiations between the company and Ericsson over the payment of pending dues have hit a fresh hurdle, with neither side agreeing on a timeline, even as experts said changes in the insolvency law may come to the rescue of the company.
* RELIANCE INDUSTRIES: The company along with Royal Dutch Shell, will move the arbitration tribunal, seeking to increase the cost recovery limit for the Panna-Mukta and Tapti oil and gas fields.
* RUCHI SOYA INDUSTRIES: With the Baba Ramdev-led Patanjali Ayurved and Adani Group submitting similar bids to acquire the company, the Committee of Creditors is looking at the possibility of conducting a 'Swiss Challenge' (a form of open bidding) to pick the better resolution plan.
* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 198,616 shares or 2.4% stake in the company at 1,292 rupees per share in a bulk deal on BSE.
* SHRIRAM EPC: Has gone into liquidation after the company failed to prevent Asset Care & Reconstruction Enterprise, an asset reconstruction company, from initiating the insolvency process.
* STATE BANK OF INDIA: The government is yet to respond to the bank's proposal to merge all the regional rural banks in the north eastern states, to create a stronger entity that can be then listed on the stock exchanges. Has guided for a turnaround in 2019-20 (Apr-Mar), with an aim to bring down its gross bad loan ratio to below 6% and net bad loan ratio to below 2.3% by March 2020.
* VEDANTA: The Tamil Nadu Pollution Control Board has ordered the discontinuation of electricity supply and closure of the company's copper smelter plant 1 at Thoothukudi in Tamil Nadu.
The Tamil Nadu government is seeking permanent closure of the company's copper smelter plant in
Thoothukudi district, quoting Sandeep Nanduri, the top official in the district where the plant is located.
-Global metals magnate Anil Agarwal, chairman of the company, said his group is strictly following the laws of the land, and that the local coastal community is a valuable stakeholder for the sustainability of the copper smelter at Tuticorin, where violent protests against the unit killed 13 people this week.
-The company may be forced to reduce output if restrictions on coal supplies to the non-power sector
drag on for another week, according to its chief executive for metals business in the country.
