Today Stock News – 27.06.2018
* BHUSHAN STEEL: Stock exchanges have approved reclassification of its erstwhile promoters, who collectively hold around 3.47% of stake in the company, as public shareholders following its takeover by TATA STEEL.
* BLUE STAR: The company's water purifiers have witnessed around 20% of sales from online portals.
* DS KULKARNI DEVELOPERS: The National Company Law Tribunal has rejected insolvency pleas filed by some operational creditors against the company on account of the ongoing probe being carried out by various government agencies for alleged fraudulent transactions.
* EDELWEISS FINANCIAL SERVICES: Edelweiss Group said Deepak Mittal will take charge of its credit business.
* FEDERAL BANK: Has announced a strategic tie up with the wallet service provider the Mobile Wallet to offer 'tap & go'-enabled Mastercard prepaid card using the near field communication technology.
* FORTIS HEALTHCARE: The board is deliberating ways to initiate recovery of funds which are
estimated to be close to 5 bln rupees from Malvinder and Shivinder Singh, who are trying to encash value of the Fortis brand to set off dues to the company. The Singh brothers claim that the brand belongs to the founding family and promoter entities of the company. The company said Rohit Bhasin resigned as a director from board.
* FORTUNE FINANCIAL SERVICES: Has entered into a share purchase agreement to transfer its entire stake in ITI Reinsurance to Go Digit Infoworks.
* GALLANTT ISPAT: Board will meet on Friday to consider approving stock split.
* GE POWER INDIA: French utility EDF and the company will jointly build six reactors for the Jaitapur nuclear power plants in Maharashtra.
* HAVELLS INDIA: Is upbeat on its growth prospects on the back of government's focus on electrification, housing and infrastructure along with the implementation of goods and services tax, it said in its annual report for 2017-18 (AprMar).
* ICICI BANK: The bank is expected to take a decision on appointing a new chairman to replace current incumbent MK Sharma by the end of the month.
* IDBI BANK: The bank and VIJAYA BANK are clarified that the loan to DS KULKARNI DEVELOPERS was sanctioned in compliance to the Reserve Bank of India's norms. These loans were given by a consortium led by STATE BANK OF INDIA. The Life Insurance Corp of India may acquire about 30% additional stake in the bank primarily through the issuance of fresh equity shares by the beleaguered bank.
* IDEA CELLULAR: The shareholders of the company passed the two special resolutions for change in the name of the company to 'Vodafone Idea'. The Department of Telecommunications is likely to raise a demand of around 68 bln rupees from Vodafone India and the company before approving their merger.
* INDIABULLS REAL ESTATE: Blackstone Group Lp and the company plan to develop it into a commercial properties platform with rent-yielding assets.
* INDUSIND BANK: Has signed a definitive share purchase agreement with Infrastructure Leasing and Financial Services to acquire 100% stake in IL&FS Securities Services, a subsidiary of IL&FS, which specialises in capital markets business.
* INFOSYS: Infosys Finacle, part of wholly-owned subsidiary EdgeVerve Systems, has bagged an order from financial services provider Santander UK.
* ITC: Is going to extend tenure of non-executive chairman YC Deveshwar by another two years to 2022 from 2020 so that he can continue to mentor the senior management.
* JINDAL STEEL & POWER: South African units of the company has filed for a local form of bankruptcy protection known as business rescue this month.
* KOTAK MAHINDRA BANK: Has joined Ripple's enterprise blockchain network RippleNet to provide impetus to its inward cross-border remittances.
* LAKSHMI VILAS BANK: Board has approved raising funds of up to 2.5 bln rupees through issuances of bonds and debentures. Board has approved the issue of up to 150 mln equity shares of 10 rupees each or any other securities convertible into equity shares of the bank through one or more modes, including qualified institutions placement, American depository receipts, global depository receipts, or foreign currency convertible bonds.
* MAJESCO: The company's US-based subsidiary has deployed its P&C Core Suite to American Capital Assurance Corp.
* MINDTREE: Japan's NEC Corp and a large global private equity fund are in initial talks to acquire a controlling stake in the company from its founders.
* NBCC (INDIA): May have violated the directions of National Green Tribunal in felling the trees for its redevelopment projects in Delhi, the state government said.
* NEW DELHI TELEVISION: The Bombay High Court today asked the Reserve Bank of India to consider the compounding application filed by the company. SEBI has directed Vishvapradhan Commercial to make an open offer for the company for indirectly acquiring control in the company by entering into loan agreements.
* RELAXO FOOTWEARS: Has started commercial production at its new plant at Bhiwandi, for manufacturing Hawaii range of footwear.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm net added 9.63 mln users in April, highest among all telecom companies and nearly twice as its nearest rival IDEA CELLULAR.
* RELIANCE NAVAL AND ENGINEERING: The company is pushing the Centre to "fast-track" the process of awarding naval contracts worth 500 bln rupees, stung by an "inordinate delay" in finalising purchases critical to its future.
* SHRI LAKSHMI COTSYN: The National Company Law Tribunal has appointed Rohit Sehgal as the interim resolution professional for the company's corporate insolvency resolution process.
* SINTEX INDUSTRIES: Gagan Deep Singh has renounced his position of executive director of the company. Consequent to this, he shall continue to act as non-executive director of the company.
* TATA COMMUNICATIONS: Has provided digital infrastructure to EdgeConneX and established a point of presence at the latter's Portland edge data centre.
* TATA MOTORS: The company-owned Jaguar Land Rover is committing fresh money into the parent company's home market by investing in an engine assembly and manufacturing line at the Pune plant, as it seeks to carve a meaningful place for itself in the Indian luxury-car space. Senior government officials have refused to use electric vehicles made by the MAHINDRA & MAHINDRA and the company citing poor performance and low mileage.
* UTTAM GALVA STEELS: The National Company Law Tribunal has admitted an insolvency plea against Uttam Value Steels, an associate of the company.
* VOLTAS: The company said it is not aware of any stake divestment by Tata Group in the company.
* WIPRO: Chief Strategy Officer Rishad Premji was awarded a whopping 250% hike in compensation during 2017-18 (Apr-Mar), the highest percentage increase, taking his total compensation to 59 mln rupees.
* ZEE ENTERTAINMENT ENTERPRISES: Expects the Telecom Regulatory Authority of India's order to allow viewers to choose channels on an a-la-carte basis to have a limited impact, as it believes consumers will continue to prefer bouquet offering of channels.
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* BLUE STAR: The company's water purifiers have witnessed around 20% of sales from online portals.
* DS KULKARNI DEVELOPERS: The National Company Law Tribunal has rejected insolvency pleas filed by some operational creditors against the company on account of the ongoing probe being carried out by various government agencies for alleged fraudulent transactions.
* EDELWEISS FINANCIAL SERVICES: Edelweiss Group said Deepak Mittal will take charge of its credit business.
* FEDERAL BANK: Has announced a strategic tie up with the wallet service provider the Mobile Wallet to offer 'tap & go'-enabled Mastercard prepaid card using the near field communication technology.
* FORTIS HEALTHCARE: The board is deliberating ways to initiate recovery of funds which are
estimated to be close to 5 bln rupees from Malvinder and Shivinder Singh, who are trying to encash value of the Fortis brand to set off dues to the company. The Singh brothers claim that the brand belongs to the founding family and promoter entities of the company. The company said Rohit Bhasin resigned as a director from board.
* FORTUNE FINANCIAL SERVICES: Has entered into a share purchase agreement to transfer its entire stake in ITI Reinsurance to Go Digit Infoworks.
* GALLANTT ISPAT: Board will meet on Friday to consider approving stock split.
* GE POWER INDIA: French utility EDF and the company will jointly build six reactors for the Jaitapur nuclear power plants in Maharashtra.
* HAVELLS INDIA: Is upbeat on its growth prospects on the back of government's focus on electrification, housing and infrastructure along with the implementation of goods and services tax, it said in its annual report for 2017-18 (AprMar).
* ICICI BANK: The bank is expected to take a decision on appointing a new chairman to replace current incumbent MK Sharma by the end of the month.
* IDBI BANK: The bank and VIJAYA BANK are clarified that the loan to DS KULKARNI DEVELOPERS was sanctioned in compliance to the Reserve Bank of India's norms. These loans were given by a consortium led by STATE BANK OF INDIA. The Life Insurance Corp of India may acquire about 30% additional stake in the bank primarily through the issuance of fresh equity shares by the beleaguered bank.
* IDEA CELLULAR: The shareholders of the company passed the two special resolutions for change in the name of the company to 'Vodafone Idea'. The Department of Telecommunications is likely to raise a demand of around 68 bln rupees from Vodafone India and the company before approving their merger.
* INDIABULLS REAL ESTATE: Blackstone Group Lp and the company plan to develop it into a commercial properties platform with rent-yielding assets.
* INDUSIND BANK: Has signed a definitive share purchase agreement with Infrastructure Leasing and Financial Services to acquire 100% stake in IL&FS Securities Services, a subsidiary of IL&FS, which specialises in capital markets business.
* INFOSYS: Infosys Finacle, part of wholly-owned subsidiary EdgeVerve Systems, has bagged an order from financial services provider Santander UK.
* ITC: Is going to extend tenure of non-executive chairman YC Deveshwar by another two years to 2022 from 2020 so that he can continue to mentor the senior management.
* JINDAL STEEL & POWER: South African units of the company has filed for a local form of bankruptcy protection known as business rescue this month.
* KOTAK MAHINDRA BANK: Has joined Ripple's enterprise blockchain network RippleNet to provide impetus to its inward cross-border remittances.
* LAKSHMI VILAS BANK: Board has approved raising funds of up to 2.5 bln rupees through issuances of bonds and debentures. Board has approved the issue of up to 150 mln equity shares of 10 rupees each or any other securities convertible into equity shares of the bank through one or more modes, including qualified institutions placement, American depository receipts, global depository receipts, or foreign currency convertible bonds.
* MAJESCO: The company's US-based subsidiary has deployed its P&C Core Suite to American Capital Assurance Corp.
* MINDTREE: Japan's NEC Corp and a large global private equity fund are in initial talks to acquire a controlling stake in the company from its founders.
* NBCC (INDIA): May have violated the directions of National Green Tribunal in felling the trees for its redevelopment projects in Delhi, the state government said.
* NEW DELHI TELEVISION: The Bombay High Court today asked the Reserve Bank of India to consider the compounding application filed by the company. SEBI has directed Vishvapradhan Commercial to make an open offer for the company for indirectly acquiring control in the company by entering into loan agreements.
* RELAXO FOOTWEARS: Has started commercial production at its new plant at Bhiwandi, for manufacturing Hawaii range of footwear.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm net added 9.63 mln users in April, highest among all telecom companies and nearly twice as its nearest rival IDEA CELLULAR.
* RELIANCE NAVAL AND ENGINEERING: The company is pushing the Centre to "fast-track" the process of awarding naval contracts worth 500 bln rupees, stung by an "inordinate delay" in finalising purchases critical to its future.
* SHRI LAKSHMI COTSYN: The National Company Law Tribunal has appointed Rohit Sehgal as the interim resolution professional for the company's corporate insolvency resolution process.
* SINTEX INDUSTRIES: Gagan Deep Singh has renounced his position of executive director of the company. Consequent to this, he shall continue to act as non-executive director of the company.
* TATA COMMUNICATIONS: Has provided digital infrastructure to EdgeConneX and established a point of presence at the latter's Portland edge data centre.
* TATA MOTORS: The company-owned Jaguar Land Rover is committing fresh money into the parent company's home market by investing in an engine assembly and manufacturing line at the Pune plant, as it seeks to carve a meaningful place for itself in the Indian luxury-car space. Senior government officials have refused to use electric vehicles made by the MAHINDRA & MAHINDRA and the company citing poor performance and low mileage.
* UTTAM GALVA STEELS: The National Company Law Tribunal has admitted an insolvency plea against Uttam Value Steels, an associate of the company.
* VOLTAS: The company said it is not aware of any stake divestment by Tata Group in the company.
* WIPRO: Chief Strategy Officer Rishad Premji was awarded a whopping 250% hike in compensation during 2017-18 (Apr-Mar), the highest percentage increase, taking his total compensation to 59 mln rupees.
* ZEE ENTERTAINMENT ENTERPRISES: Expects the Telecom Regulatory Authority of India's order to allow viewers to choose channels on an a-la-carte basis to have a limited impact, as it believes consumers will continue to prefer bouquet offering of channels.
