Today Stock News – 28.05.2018
* ALOK INDUSTRIES: Would not be able to file quarterly and annual results as it is facing liquidation before the National Company Law Tribunal under the Insolvency & Bankruptcy Code.
* BHARTI AIRTEL: Introduced Nokia smartphones such as Nokia 8 Sirocco, Nokia 7 Plus, and Nokia 6.1 on its online store with a down payment starting from 3,799 rupees.
* CADILA HEALTHCARE: The board has approved to raise up to 100 bln rupees through securities and up to 50 bln rupees through foreign exchange bonds.
* COAL INDIA: Will ensure that power plants maintain minimum of 22 days fuel as is mandated by the Central Electricity Authority, to avoid future crisis, according to the company's chairman Anil Kumar Jha.
* DB CORP: The board has approved buyback of up to 9.2 mln shares at 340 rupees a share for an aggregate amount not exceeding 3.13 bln rupees.
* DILIP BUILDCON: The company's bid of 13.13 bln rupees was the lowest for four-laning of a 54.95-km highway project in Karnataka on hybrid annuity model.
* DR REDDY'S LABORATORIES: Subsidiary Promius Pharma LLC has filed a patent infringement suit in the US against Perrigo UK FINCO Partnership, Perrigo Israel Pharmaceuticals, and Taro Pharmaceuticals Inc.
* DLF: Sold nearly 50,000 sq ft of prime office space in Gurugram for about 1.50 bln rupees on account of rising demand for commercial properties from corporates and institutional investors.
* ELECTROSTEEL STEELS: SCIIL Steel Cast Iron Investments (Cyprus) has sold 37.50 mln shares or 1.6% stake in the company at 0.86 rupees per share through a bulk deal on the BSE. Has sought exemption from the Securities and Exchange Board of India from filing its financial results for the quarter and year ended on Mar 31.
* ELGI RUBBER CO: The board has decided to expand and re-align its existing rubber reclaim division.
* FUTURE RETAIL: Future Group plans to open about 10,000 small stores as part of strategy of growing revenues from smaller format stores more than ten times to 600 bln rupees, its founder Kishore Biyani said, without specifying a time-frame.
* GENERAL INSURANCE CORP OF INDIA: The board approved a 1-for-1 bonus issue of shares.
* GMR INFRASTRUCTURE: The company and GVK POWER & INFRASTRUCTURE, among other firms, are in the race for Operations and Maintenance contract of Clark International Airport in Philippines.
* GRASIM INDUSTRIES: Expects to generate additional revenues of about 12 bln rupees per annum with its plan to invest 10 bln rupees in expanding caustic soda and new chlorine value-added products.
* HINDUSTAN UNILEVER: Has dragged KWALITY to court claiming sole rights over Kwality Walls, the brand used for the company's ice creams for over two decades.
* ICICI BANK: The bank and its Managing Director & Chief Executive Officer Chanda Kochhar have received notice from the Securities and Exchange Board of India for alleged non-compliance with listing obligations regarding loans given to Videocon Group. In a bid to take on financial technology companies and bolster its digital banking initiatives, the bank has set up an innovation lab that will be headed by Rohan Angrish, former chief technology officer at online small business lender Fintech Capital Float.
* IDBI BANK: The board of the bank has gave an in-principle approval for the buyback of foreign currency medium-term bonds worth up to $1.49 bln in 2018-19 (Apr-Mar). The government is exploring an exercise to move a chunk of the bank's stressed loans to the books of STATE BANK OF INDIA.
* IDEA CELLULAR: The company and American Tower Corp are likely to announce closure of their $615- mln (40 bln rupees approx) tower deal early next week following telecom department's approval for the sale of the Kumar Birla-led telecom company's 9,900-odd captive towers to a local arm of the US tower company.
-The telecom department expects to clear the company's proposal of increasing foreign direct investment to 100% within a week, having received all necessary documentation the Aditya Birla group company and Vodafone India, senior officials said.
-The telecom department is going to ask the company to liberalise the administratively-allocated spectrum held by Vodafone, worth about 45 bln rupees, before giving its nod to the proposed merger of the two companies.
* IDFC BANK: Has received approval from the exchanges for the proposed merger of the bank with Capital First, and its arms Capital First Home Finance and Capital First Securities.
* INDIABULLS HOUSING FINANCE: Has raised 2 bln rupees through non-convertible debentures maturing in 367 days at a coupon of 8.68%.
* INDIAN OIL CORP: Hiked the price of petrol by 14 paise per ltr and that of diesel by 15 paise per ltr in Delhi on Saturday, with corresponding changes in other states.
* INOX LEISURE: Director Siddharth Jain has chalked out an aggressive growth strategy for the company that lost out on acquisition opportunities to rivals like PVR, Cinepolis India and Carnival Cinemas. Jain envisages 15 bln rupees in capital expenditure for expansion, which he said will be taken care of by internal accruals.
* JAYPEE INFRATECH: Lakshdeep Investments & Finance has written to the lenders of the company and the firm's resolution professional, asking why its 'highest bid' for the embattled real estate developer has been rejected.
* LAKSHMI VILAS BANK: Plans to raise another 10 bln rupees in equity capital, to support its growth.
* MAHANAGAR TELEPHONE NIGAM: Bharat Sanchar Nigam feels a merger with the company will be positive for both the companies, but there are a few impediments like the latter's huge debt and the difference between pay scales which need to be sorted out.
* MAHINDRA AND MAHINDRA: Has opened its first assembly plant in South Africa, which it sees as a launchpad to export vehicles to the rest of the continent, the chief executive of its local business said.
* MOTHERSON SUMI SYSTEMS: Plans to invest around 20 bln rupees this fiscal to create new capacities to meet its growth target.
* MOTILAL OSWAL FINANCIAL SERVICES: The board has approved raising up to 20 bln rupees through the issue of non-convertible debentures in one or more tranches.
* NATIONAL ALUMINIUM CO: Has lined up over 200 bln rupees investment over next five years for brownfield expansion of its aluminium, alumina and captive power generation capacities.
* NTPC: The company's Dadri plant has synchronised the 490 MW unit, bringing an additional 300 MW to the power grid.
* OIL AND NATURAL GAS CORP: The Delhi High Court has asked the company to consider the bid submitted by L&T Hydrocarbon Engineering--arm of LARSEN AND TOUBRO--for the development of an offshore process platform in the KG-DWN 98/2 project. Has awarded its first mini-term tender to sell Brazil's heavy crude oil Ostra in Jun-Nov to Shell.
* PETRONET LNG: Is keen to partner with ONGC VIDESH to buy stake in Qatar Petroleum's upcoming gas exploration and liquefied natural gas projects, its MD and CEO Prabhat Singh said.
* POWER GRID CORP: Will complete the work of restoration of transmission lines damaged due to wind storm by the first week of next month. The government plans to award a big chunk of new transmission corridors worth 250 bln rupees to the company on nomination basis citing urgency, evoking protests from private players in the sector.
* PTC INDIA: Aditya Birla Sun Life Mutual Fund has bought 2.2% stake in the company through open market on Wednesday. The mutual fund now holds 7.46% stake in the company.
* RELIANCE COMMUNICATIONS: Negotiations between the company and Ericsson for a settlement have hit a stalemate with the Swedish telecom equipment maker rejecting two proposals of the Anil Ambani-owned operator.
* RELIANCE INDUSTRIES: With an alarming average of 16 deaths every hour in road accidents, the company has rolled out a first of its kind scheme to provide riding gear to its employees at discounted rates.
* RESPONSIVE INDUSTRIES: Is looking for a suitable location in the US, Europe or the UAE for setting up a $100-mln plant to meet the global demand.
* RUCHI SOYA INDUSTRIES: Patanjali Ayurveda has raised its bid to acquire the company and had made the revised offer to the Committee of Creditors for the debt ridden company.
* SHREE RENUKA SUGARS: The Adani Group may acquire the sugar business of the company,
from Wilmar Sugar Holdings.
* TATA COMMUNICATIONS: The company and ARVIND LTD will move out from National Stock
Exchange's Nifty Midcap 50 from Jun 29, and in their place, INDIAN BANK and NATIONAL ALUMINIUM CO would be included. The government, which owns 26% in the company, may veto the company's plan to buy the enterprise business of Tata Teleservices when it comes up for shareholders' approval unless all government dues are cleared.
* TATA MOTORS: Jaguar Land Rover India, a part of the company, has launched a variant of Discovery Sport at starting price of 4.92 mln rupees and a variant of Range Rover Evoque at starting price of 5.11 mln rupees. Plans to offer employee stock options for the first time to 200 top-level executives, investing in talent as it enters the next phase of its turnaround strategy. The company and supply-chain management players like Jusda and Arshiya are among the 50-odd companies that have expressed interest in Jawaharlal Nehru Port Trust's land that is now up for auction.
* TITAN CO: Has launched a skilling centre in Chennai to provide market relevant training programmes to youth and place them in jobs.
* UNITED BREWERIES: The company has launched 'Amstel Beer' in the super premium strong beer category.
* VEDANTA: Will go to court challenging the Tamil Nadu Pollution Control Board's closure order against the copper producer for running preparatory work to resume production at the factory in Thoothukudi. Vedanta Group chief Anil Agarwal said his group is ready to "undergo scrutiny" by any technical committee to prove to the people of Thoothukudi that all allegations against Sterlite Copper were done with "mala fide intentions" and that the unit is a victim of "fake activism".
* VIDEOCON INDUSTRIES: In May 2017, the Enforcement Directorate, Mumbai, levied a penalty of 140 mln rupees on the company, six group companies and promoter Venugopal Dhoot, following a reference from the Reserve Bank of India, which had examined these entities as part of a probe into the conflict of interest allegations against ICICI BANK CEO Chanda Kochhar in 2016.
CLICK HERE
*********************************************************************************
* BHARTI AIRTEL: Introduced Nokia smartphones such as Nokia 8 Sirocco, Nokia 7 Plus, and Nokia 6.1 on its online store with a down payment starting from 3,799 rupees.
* CADILA HEALTHCARE: The board has approved to raise up to 100 bln rupees through securities and up to 50 bln rupees through foreign exchange bonds.
* COAL INDIA: Will ensure that power plants maintain minimum of 22 days fuel as is mandated by the Central Electricity Authority, to avoid future crisis, according to the company's chairman Anil Kumar Jha.
* DB CORP: The board has approved buyback of up to 9.2 mln shares at 340 rupees a share for an aggregate amount not exceeding 3.13 bln rupees.
* DILIP BUILDCON: The company's bid of 13.13 bln rupees was the lowest for four-laning of a 54.95-km highway project in Karnataka on hybrid annuity model.
* DR REDDY'S LABORATORIES: Subsidiary Promius Pharma LLC has filed a patent infringement suit in the US against Perrigo UK FINCO Partnership, Perrigo Israel Pharmaceuticals, and Taro Pharmaceuticals Inc.
* DLF: Sold nearly 50,000 sq ft of prime office space in Gurugram for about 1.50 bln rupees on account of rising demand for commercial properties from corporates and institutional investors.
* ELECTROSTEEL STEELS: SCIIL Steel Cast Iron Investments (Cyprus) has sold 37.50 mln shares or 1.6% stake in the company at 0.86 rupees per share through a bulk deal on the BSE. Has sought exemption from the Securities and Exchange Board of India from filing its financial results for the quarter and year ended on Mar 31.
* ELGI RUBBER CO: The board has decided to expand and re-align its existing rubber reclaim division.
* FUTURE RETAIL: Future Group plans to open about 10,000 small stores as part of strategy of growing revenues from smaller format stores more than ten times to 600 bln rupees, its founder Kishore Biyani said, without specifying a time-frame.
* GENERAL INSURANCE CORP OF INDIA: The board approved a 1-for-1 bonus issue of shares.
* GMR INFRASTRUCTURE: The company and GVK POWER & INFRASTRUCTURE, among other firms, are in the race for Operations and Maintenance contract of Clark International Airport in Philippines.
* GRASIM INDUSTRIES: Expects to generate additional revenues of about 12 bln rupees per annum with its plan to invest 10 bln rupees in expanding caustic soda and new chlorine value-added products.
* HINDUSTAN UNILEVER: Has dragged KWALITY to court claiming sole rights over Kwality Walls, the brand used for the company's ice creams for over two decades.
* ICICI BANK: The bank and its Managing Director & Chief Executive Officer Chanda Kochhar have received notice from the Securities and Exchange Board of India for alleged non-compliance with listing obligations regarding loans given to Videocon Group. In a bid to take on financial technology companies and bolster its digital banking initiatives, the bank has set up an innovation lab that will be headed by Rohan Angrish, former chief technology officer at online small business lender Fintech Capital Float.
* IDBI BANK: The board of the bank has gave an in-principle approval for the buyback of foreign currency medium-term bonds worth up to $1.49 bln in 2018-19 (Apr-Mar). The government is exploring an exercise to move a chunk of the bank's stressed loans to the books of STATE BANK OF INDIA.
* IDEA CELLULAR: The company and American Tower Corp are likely to announce closure of their $615- mln (40 bln rupees approx) tower deal early next week following telecom department's approval for the sale of the Kumar Birla-led telecom company's 9,900-odd captive towers to a local arm of the US tower company.
-The telecom department expects to clear the company's proposal of increasing foreign direct investment to 100% within a week, having received all necessary documentation the Aditya Birla group company and Vodafone India, senior officials said.
-The telecom department is going to ask the company to liberalise the administratively-allocated spectrum held by Vodafone, worth about 45 bln rupees, before giving its nod to the proposed merger of the two companies.
* IDFC BANK: Has received approval from the exchanges for the proposed merger of the bank with Capital First, and its arms Capital First Home Finance and Capital First Securities.
* INDIABULLS HOUSING FINANCE: Has raised 2 bln rupees through non-convertible debentures maturing in 367 days at a coupon of 8.68%.
* INDIAN OIL CORP: Hiked the price of petrol by 14 paise per ltr and that of diesel by 15 paise per ltr in Delhi on Saturday, with corresponding changes in other states.
* INOX LEISURE: Director Siddharth Jain has chalked out an aggressive growth strategy for the company that lost out on acquisition opportunities to rivals like PVR, Cinepolis India and Carnival Cinemas. Jain envisages 15 bln rupees in capital expenditure for expansion, which he said will be taken care of by internal accruals.
* JAYPEE INFRATECH: Lakshdeep Investments & Finance has written to the lenders of the company and the firm's resolution professional, asking why its 'highest bid' for the embattled real estate developer has been rejected.
* LAKSHMI VILAS BANK: Plans to raise another 10 bln rupees in equity capital, to support its growth.
* MAHANAGAR TELEPHONE NIGAM: Bharat Sanchar Nigam feels a merger with the company will be positive for both the companies, but there are a few impediments like the latter's huge debt and the difference between pay scales which need to be sorted out.
* MAHINDRA AND MAHINDRA: Has opened its first assembly plant in South Africa, which it sees as a launchpad to export vehicles to the rest of the continent, the chief executive of its local business said.
* MOTHERSON SUMI SYSTEMS: Plans to invest around 20 bln rupees this fiscal to create new capacities to meet its growth target.
* MOTILAL OSWAL FINANCIAL SERVICES: The board has approved raising up to 20 bln rupees through the issue of non-convertible debentures in one or more tranches.
* NATIONAL ALUMINIUM CO: Has lined up over 200 bln rupees investment over next five years for brownfield expansion of its aluminium, alumina and captive power generation capacities.
* NTPC: The company's Dadri plant has synchronised the 490 MW unit, bringing an additional 300 MW to the power grid.
* OIL AND NATURAL GAS CORP: The Delhi High Court has asked the company to consider the bid submitted by L&T Hydrocarbon Engineering--arm of LARSEN AND TOUBRO--for the development of an offshore process platform in the KG-DWN 98/2 project. Has awarded its first mini-term tender to sell Brazil's heavy crude oil Ostra in Jun-Nov to Shell.
* PETRONET LNG: Is keen to partner with ONGC VIDESH to buy stake in Qatar Petroleum's upcoming gas exploration and liquefied natural gas projects, its MD and CEO Prabhat Singh said.
* POWER GRID CORP: Will complete the work of restoration of transmission lines damaged due to wind storm by the first week of next month. The government plans to award a big chunk of new transmission corridors worth 250 bln rupees to the company on nomination basis citing urgency, evoking protests from private players in the sector.
* PTC INDIA: Aditya Birla Sun Life Mutual Fund has bought 2.2% stake in the company through open market on Wednesday. The mutual fund now holds 7.46% stake in the company.
* RELIANCE COMMUNICATIONS: Negotiations between the company and Ericsson for a settlement have hit a stalemate with the Swedish telecom equipment maker rejecting two proposals of the Anil Ambani-owned operator.
* RELIANCE INDUSTRIES: With an alarming average of 16 deaths every hour in road accidents, the company has rolled out a first of its kind scheme to provide riding gear to its employees at discounted rates.
* RESPONSIVE INDUSTRIES: Is looking for a suitable location in the US, Europe or the UAE for setting up a $100-mln plant to meet the global demand.
* RUCHI SOYA INDUSTRIES: Patanjali Ayurveda has raised its bid to acquire the company and had made the revised offer to the Committee of Creditors for the debt ridden company.
* SHREE RENUKA SUGARS: The Adani Group may acquire the sugar business of the company,
from Wilmar Sugar Holdings.
* TATA COMMUNICATIONS: The company and ARVIND LTD will move out from National Stock
Exchange's Nifty Midcap 50 from Jun 29, and in their place, INDIAN BANK and NATIONAL ALUMINIUM CO would be included. The government, which owns 26% in the company, may veto the company's plan to buy the enterprise business of Tata Teleservices when it comes up for shareholders' approval unless all government dues are cleared.
* TATA MOTORS: Jaguar Land Rover India, a part of the company, has launched a variant of Discovery Sport at starting price of 4.92 mln rupees and a variant of Range Rover Evoque at starting price of 5.11 mln rupees. Plans to offer employee stock options for the first time to 200 top-level executives, investing in talent as it enters the next phase of its turnaround strategy. The company and supply-chain management players like Jusda and Arshiya are among the 50-odd companies that have expressed interest in Jawaharlal Nehru Port Trust's land that is now up for auction.
* TITAN CO: Has launched a skilling centre in Chennai to provide market relevant training programmes to youth and place them in jobs.
* UNITED BREWERIES: The company has launched 'Amstel Beer' in the super premium strong beer category.
* VEDANTA: Will go to court challenging the Tamil Nadu Pollution Control Board's closure order against the copper producer for running preparatory work to resume production at the factory in Thoothukudi. Vedanta Group chief Anil Agarwal said his group is ready to "undergo scrutiny" by any technical committee to prove to the people of Thoothukudi that all allegations against Sterlite Copper were done with "mala fide intentions" and that the unit is a victim of "fake activism".
* VIDEOCON INDUSTRIES: In May 2017, the Enforcement Directorate, Mumbai, levied a penalty of 140 mln rupees on the company, six group companies and promoter Venugopal Dhoot, following a reference from the Reserve Bank of India, which had examined these entities as part of a probe into the conflict of interest allegations against ICICI BANK CEO Chanda Kochhar in 2016.
