Today Stock News – 08.10.2018
* AUTOLINE INDUSTRIES: The board has approved raising 730 mln rupees through warrants.
* AVENUE SUPERMARTS: Board will meet on Oct 13 to consider and approve fundraising by issuance of commercial paper.
* AXIS BANK: The government has decided to postpone the sale of its 4% stake in the bank due to the recent sell off in equities market.
* BANK OF BARODA: Has kept its marginal cost of funds-based lending rates across tenures unchanged for October.
* BHARTI AIRTEL: Is seriously looking at predictive maintenance and services chat bots to stay ahead of the curve.
* COAL INDIA: Has approved the performance-linked reward of 60,500 rupees for its non-executive employees against the company's performance in 2017-18 (Apr-Mar).
-Captive power producers booked 87% of coal on offer by the company at an average premium of 21.54% in the first 10 days of an auction that offered five-year supply contract through e-auction.
* COCHIN SHIPYARD: The company's board meeting to consider a proposal for buyback of shares has been rescheduled to Oct 17 from Oct 8.
* DCB BANK: Will increase the marginal cost of funds-based lending rates by 22 basis points across all tenures from Saturday.
* DENA BANK: Has said accretion to its non-performing assets is over, but higher provisioning may happen in the coming quarters due to aging of NPAs.
* GAIL (INDIA): Has started work to transfer one of its business verticals--pipelines and marketing--into a subsidiary of the parent company, and has already hired a consultant to work out options.
* GREAT EASTERN SHIPPING CO: CARE Ratings has upgraded its rating on the company's long-term and short-term bank facilities worth 500 mln rupees to AA+ stable from AAA negative.
* HCL TECHNOLOGIES: Will invest 7.50 bln rupees to set up two facilities in Andhra Pradesh that will help create 7,500 jobs in 10 years.
* HDFC BANK: Has announced the launch of instant renewal of insurance for cars and two-
wheelers.
* HIMACHAL FUTURISTIC COMMUNICATIONS: Has received an advance purchase order worth 8.79 bln rupees from Telecommunications Consultants India to install and maintain optical fibre cable in Madhya Pradesh.
* HINDUJA GLOBAL SOLUTIONS: Is ramping up its headcount in the US with greater focus on the health care segment, even though the firm is witnessing slower growth in India.
* ICICI BANK: Following her exit from the bank, Chanda Kocchar has also resigned as the director of three other group companies--ICICI PRUDENTIAL LIFE INSURANCE CO, ICICI LOMBARD GENERAL INSURANCE CO and ICICI SECURITIES--effective Friday.
* IDBI BANK: The Appointments Committee of Cabinet cleared the appointment of Rakesh Sharma as managing director and chief executive officer of the bank for a period of six months, or until further orders.
* INDIABULLS HOUSING FINANCE: Has bought back 3,100 secured, redeemable, non-convertible debentures worth 1 mln rupees each.
-The company has said that it has matched asset liability management in all buckets, has higher capital adequacy, and maintains high liquidity coverage ratio of 137%.
* INDIAN BANK: Has revised interest rates on foreign currency non-resident banking term deposits with immediate effect.
* INDIAN OIL CORP: Oil marketing companies--the company, HINDUSTAN PETROLEUM CORP, and BHARAT PETROLEUM CORP--have pricing freedom and fuel pricing in India stays decontrolled despite the 1 rupee cut in prices of petrol and diesel last week, the company's Chairman Sanjiv Singh has said.
* INFOSYS: Subsidiary EdgeVerve Systems has launched an automation platform 'AssistEdge Community Edition'. (Cogencis) Verizon has told its near-1,400 employees in India that they will be transferred to INFOSYS by December and will work on the company's projects for a year, before the Indian services provider shifts them to other projects.
* INOX LEISURE: Will continue to add 50 to 60 screens every year and scout for inorganic growth opportunities in the segment as part of its growth journey, said a top company official.
* INTERGLOBE AVIATION: Passengers travelling with IndiGo on Sunday were inconvenienced as the airline's systems were down for 90 minutes in the afternoon causing delays across the network.
-IndiGo Saturday announced expansion of its overseas network with the launch of flight services to Male and Phuket from next month.
* JET AIRWAYS INDIA: Has assured pilots of paying the balance amount of August salaries by Oct 9.
* JSW ENERGY: CARE Ratings has upgraded its rating on the company's long-term bank facilities and nonconvertible debentures to AA- stable from AA- negative.
* KESORAM INDUSTRIES: Axis Trustee Services, in the capacity of debenture trustee for non-convertible debentures issued by Manav Investment and Trading, has released 7.5 mln shares or 5.31% stake in the company on Thursday.
* LAKSHMI VILAS BANK: Tangerine Capital Assets Holdings, the shareholder concerned, have moved the Securities and Exchange Board of India after discovering that IIFL Wealth Finance has liquidated a chunk of the bank's shares that Tangerine had pledged to borrow from an arm of the Mumbai-based financial services group IIFL.
* MADHUCON PROJECTS: The Hyderabad bench of the National Company Law Tribunal admitted an insolvency petition against the company.
* MAHAMAYA STEEL INDUSTRIES: The Securities and Exchange Board of India Friday imposed a total fine of 1 mln rupees on five promoter group members of the company for failing to comply with disclosure requirements regarding the shares of the company.
* MAHINDRA & MAHINDRA: A US district court in Michigan denied the company's motion for a preliminary injunction that would have prevented Fiat Chrysler Automobiles US from bringing a complaint against it in the US' International Trade Commission.
-Ford India expects upcoming products through partnership with the company to play a significant role in its emerging market operating model that has helped it reduce costs.
* MARUTI SUZUKI INDIA: Has launched a limited edition of the WagonR model with features such as interior styling kit, Bluetooth music system with speakers and reverse parking sensors.
* NBCC (INDIA): Has secured total business of 3.54 bln rupees in September.
* OM METALS INFRAPROJECTS: The company's joint venture with SPML INFRA--Bhilwara Jaipur Toll Road--has terminated concession agreement with the Rajasthan government for development of two-lane road from Jaipur to Bhilwara.
* PNB HOUSING FINANCE: Has raised $200 mln through external commercial borrowing under the automatic route for lending purpose.
* POWER FINANCE CORP: The company and RURAL ELECTRIFICATION CORP and India Infrastructure Finance Co have accused Hyderabad-based Ind-Barath Power (Madras), Ind-Barath Power Infra and their directors of defrauding and siphoning off 10 bln rupees of public money.
* PUNJAB NATIONAL BANK: The Appellate Tribunal for Prevention of Money Laundering Act has ordered status quo on 21 immovable assets, worth 5.23 bln rupees, belonging to Nirav Modi, his wife Ami Nirav Modi, company Firestar Diamond International, and its sister concerns.
-Ruling out possibility of inorganic expansion, the bank's Managing Director Sunil Mehta said the lender is currently focussed on internal consolidation and making it financially healthy.
* RBL BANK: The bank on Friday announced the appointment of Sankarson Banerjee as its chief information officer.
* RELAXO FOOTWEARS: Eyeing about 25% growth in turnover to 25 bln rupees this fiscal as it expands its retail network and introduces new products.
* RELIANCE COMMUNICATIONS: The telecom department is unlikely to give an early approval to the company's spectrum sale to Reliance Jio Infocomm with officials saying they won't accept land as a guarantee for the telco's spectrum dues and will file for a modification of a tribunal order.
* RELIANCE INDUSTRIES: WhatsApp and company's subsidiary Reliance Jio Infocomm on Friday started a campaign to train people about using the mobile messaging platform responsibly on their JioPhones.
-Increased prices of seven key petrochemicals by 10-21% in the second quarter of this fiscal year while the year-on-year increase is 17-61%.
* SAGAR CEMENTS: Consolidated cement sales were up 21.8% on year at 249,882 tn in September.
* SHREE RENUKA SUGARS: Is planning to double its ethanol capacity to about 240 mln litres in about 18 months.
* SOBHA LTD: The company's new sales rose 19% on year to 7.4 bln rupees in the quarter ended September, but average realisation declined over 8% to 7,181 rupees per sq ft.
* SPICEJET: Is set to increase airfares in October in the wake of high aviation turbine fuel prices and fall in the rupee against the dollar, Chairman and Managing Director Ajay Singh said.
* TECH MAHINDRA: Expects its cyber security business to grow in the range of 30-40%, at least for the next three years.
* TEXMACO RAIL & ENGINEERING: Has signed a Memorandum of Understanding with RZD International, an international division of Russian Railways, for collaboration across various domestic and international projects.
* THOMAS COOK INDIA: Wholly-owned subsidiary TC Tours has entered into a definitive agreement to acquire 24% stake in TravelJunkie Solutions.
* UNITED BANK OF INDIA: Has appointed Rakesh Chandra Narayan as the chief financial officer.
* V B INDUSTRIES: The Securities and Exchange Board of India said on Friday that forensic audit of the company and restrictions imposed on its promoters and directors "needs to continue".
* VEDANTA: Has raised prices of aluminium ingots by nearly 4% with effect from Friday.
-The Supreme Court order on the ArcelorMittal-Numetal dispute has given a fillip to the bid made by Vedanta Group for Essar Steel.
* VIDEOCON INDUSTRIES: The Mumbai bench of the National Company Law Tribunal has reserved its order on a petition filed by the company's promoter Venugopal Dhoot, seeking to defer the resolution processes of 14 Videocon group companies.
* VIJAYA BANK: Hiked its marginal cost of funds-based lending rates by 5 basis points on one month and three months tenures, effective Saturday.
* YES BANK: Has said former Insurance Regulatory and Development Authority of India chairman T.S. Vijayan, and STATE BANK OF INDIA Chairman O.P. Bhatt would be the two external members on the panel tasked with finding a successor to Rana Kapoor, the bank's chief executive officer and managing director.
-The bank's estranged promoters Rana Kapoor and Madhu Kapur have initiated moves to reach an out-of-court settlement.
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* AVENUE SUPERMARTS: Board will meet on Oct 13 to consider and approve fundraising by issuance of commercial paper.
* AXIS BANK: The government has decided to postpone the sale of its 4% stake in the bank due to the recent sell off in equities market.
* BANK OF BARODA: Has kept its marginal cost of funds-based lending rates across tenures unchanged for October.
* BHARTI AIRTEL: Is seriously looking at predictive maintenance and services chat bots to stay ahead of the curve.
* COAL INDIA: Has approved the performance-linked reward of 60,500 rupees for its non-executive employees against the company's performance in 2017-18 (Apr-Mar).
-Captive power producers booked 87% of coal on offer by the company at an average premium of 21.54% in the first 10 days of an auction that offered five-year supply contract through e-auction.
* COCHIN SHIPYARD: The company's board meeting to consider a proposal for buyback of shares has been rescheduled to Oct 17 from Oct 8.
* DCB BANK: Will increase the marginal cost of funds-based lending rates by 22 basis points across all tenures from Saturday.
* DENA BANK: Has said accretion to its non-performing assets is over, but higher provisioning may happen in the coming quarters due to aging of NPAs.
* GAIL (INDIA): Has started work to transfer one of its business verticals--pipelines and marketing--into a subsidiary of the parent company, and has already hired a consultant to work out options.
* GREAT EASTERN SHIPPING CO: CARE Ratings has upgraded its rating on the company's long-term and short-term bank facilities worth 500 mln rupees to AA+ stable from AAA negative.
* HCL TECHNOLOGIES: Will invest 7.50 bln rupees to set up two facilities in Andhra Pradesh that will help create 7,500 jobs in 10 years.
* HDFC BANK: Has announced the launch of instant renewal of insurance for cars and two-
wheelers.
* HIMACHAL FUTURISTIC COMMUNICATIONS: Has received an advance purchase order worth 8.79 bln rupees from Telecommunications Consultants India to install and maintain optical fibre cable in Madhya Pradesh.
* HINDUJA GLOBAL SOLUTIONS: Is ramping up its headcount in the US with greater focus on the health care segment, even though the firm is witnessing slower growth in India.
* ICICI BANK: Following her exit from the bank, Chanda Kocchar has also resigned as the director of three other group companies--ICICI PRUDENTIAL LIFE INSURANCE CO, ICICI LOMBARD GENERAL INSURANCE CO and ICICI SECURITIES--effective Friday.
* IDBI BANK: The Appointments Committee of Cabinet cleared the appointment of Rakesh Sharma as managing director and chief executive officer of the bank for a period of six months, or until further orders.
* INDIABULLS HOUSING FINANCE: Has bought back 3,100 secured, redeemable, non-convertible debentures worth 1 mln rupees each.
-The company has said that it has matched asset liability management in all buckets, has higher capital adequacy, and maintains high liquidity coverage ratio of 137%.
* INDIAN BANK: Has revised interest rates on foreign currency non-resident banking term deposits with immediate effect.
* INDIAN OIL CORP: Oil marketing companies--the company, HINDUSTAN PETROLEUM CORP, and BHARAT PETROLEUM CORP--have pricing freedom and fuel pricing in India stays decontrolled despite the 1 rupee cut in prices of petrol and diesel last week, the company's Chairman Sanjiv Singh has said.
* INFOSYS: Subsidiary EdgeVerve Systems has launched an automation platform 'AssistEdge Community Edition'. (Cogencis) Verizon has told its near-1,400 employees in India that they will be transferred to INFOSYS by December and will work on the company's projects for a year, before the Indian services provider shifts them to other projects.
* INOX LEISURE: Will continue to add 50 to 60 screens every year and scout for inorganic growth opportunities in the segment as part of its growth journey, said a top company official.
* INTERGLOBE AVIATION: Passengers travelling with IndiGo on Sunday were inconvenienced as the airline's systems were down for 90 minutes in the afternoon causing delays across the network.
-IndiGo Saturday announced expansion of its overseas network with the launch of flight services to Male and Phuket from next month.
* JET AIRWAYS INDIA: Has assured pilots of paying the balance amount of August salaries by Oct 9.
* JSW ENERGY: CARE Ratings has upgraded its rating on the company's long-term bank facilities and nonconvertible debentures to AA- stable from AA- negative.
* KESORAM INDUSTRIES: Axis Trustee Services, in the capacity of debenture trustee for non-convertible debentures issued by Manav Investment and Trading, has released 7.5 mln shares or 5.31% stake in the company on Thursday.
* LAKSHMI VILAS BANK: Tangerine Capital Assets Holdings, the shareholder concerned, have moved the Securities and Exchange Board of India after discovering that IIFL Wealth Finance has liquidated a chunk of the bank's shares that Tangerine had pledged to borrow from an arm of the Mumbai-based financial services group IIFL.
* MADHUCON PROJECTS: The Hyderabad bench of the National Company Law Tribunal admitted an insolvency petition against the company.
* MAHAMAYA STEEL INDUSTRIES: The Securities and Exchange Board of India Friday imposed a total fine of 1 mln rupees on five promoter group members of the company for failing to comply with disclosure requirements regarding the shares of the company.
* MAHINDRA & MAHINDRA: A US district court in Michigan denied the company's motion for a preliminary injunction that would have prevented Fiat Chrysler Automobiles US from bringing a complaint against it in the US' International Trade Commission.
-Ford India expects upcoming products through partnership with the company to play a significant role in its emerging market operating model that has helped it reduce costs.
* MARUTI SUZUKI INDIA: Has launched a limited edition of the WagonR model with features such as interior styling kit, Bluetooth music system with speakers and reverse parking sensors.
* NBCC (INDIA): Has secured total business of 3.54 bln rupees in September.
* OM METALS INFRAPROJECTS: The company's joint venture with SPML INFRA--Bhilwara Jaipur Toll Road--has terminated concession agreement with the Rajasthan government for development of two-lane road from Jaipur to Bhilwara.
* PNB HOUSING FINANCE: Has raised $200 mln through external commercial borrowing under the automatic route for lending purpose.
* POWER FINANCE CORP: The company and RURAL ELECTRIFICATION CORP and India Infrastructure Finance Co have accused Hyderabad-based Ind-Barath Power (Madras), Ind-Barath Power Infra and their directors of defrauding and siphoning off 10 bln rupees of public money.
* PUNJAB NATIONAL BANK: The Appellate Tribunal for Prevention of Money Laundering Act has ordered status quo on 21 immovable assets, worth 5.23 bln rupees, belonging to Nirav Modi, his wife Ami Nirav Modi, company Firestar Diamond International, and its sister concerns.
-Ruling out possibility of inorganic expansion, the bank's Managing Director Sunil Mehta said the lender is currently focussed on internal consolidation and making it financially healthy.
* RBL BANK: The bank on Friday announced the appointment of Sankarson Banerjee as its chief information officer.
* RELAXO FOOTWEARS: Eyeing about 25% growth in turnover to 25 bln rupees this fiscal as it expands its retail network and introduces new products.
* RELIANCE COMMUNICATIONS: The telecom department is unlikely to give an early approval to the company's spectrum sale to Reliance Jio Infocomm with officials saying they won't accept land as a guarantee for the telco's spectrum dues and will file for a modification of a tribunal order.
* RELIANCE INDUSTRIES: WhatsApp and company's subsidiary Reliance Jio Infocomm on Friday started a campaign to train people about using the mobile messaging platform responsibly on their JioPhones.
-Increased prices of seven key petrochemicals by 10-21% in the second quarter of this fiscal year while the year-on-year increase is 17-61%.
* SAGAR CEMENTS: Consolidated cement sales were up 21.8% on year at 249,882 tn in September.
* SHREE RENUKA SUGARS: Is planning to double its ethanol capacity to about 240 mln litres in about 18 months.
* SOBHA LTD: The company's new sales rose 19% on year to 7.4 bln rupees in the quarter ended September, but average realisation declined over 8% to 7,181 rupees per sq ft.
* SPICEJET: Is set to increase airfares in October in the wake of high aviation turbine fuel prices and fall in the rupee against the dollar, Chairman and Managing Director Ajay Singh said.
* TECH MAHINDRA: Expects its cyber security business to grow in the range of 30-40%, at least for the next three years.
* TEXMACO RAIL & ENGINEERING: Has signed a Memorandum of Understanding with RZD International, an international division of Russian Railways, for collaboration across various domestic and international projects.
* THOMAS COOK INDIA: Wholly-owned subsidiary TC Tours has entered into a definitive agreement to acquire 24% stake in TravelJunkie Solutions.
* UNITED BANK OF INDIA: Has appointed Rakesh Chandra Narayan as the chief financial officer.
* V B INDUSTRIES: The Securities and Exchange Board of India said on Friday that forensic audit of the company and restrictions imposed on its promoters and directors "needs to continue".
* VEDANTA: Has raised prices of aluminium ingots by nearly 4% with effect from Friday.
-The Supreme Court order on the ArcelorMittal-Numetal dispute has given a fillip to the bid made by Vedanta Group for Essar Steel.
* VIDEOCON INDUSTRIES: The Mumbai bench of the National Company Law Tribunal has reserved its order on a petition filed by the company's promoter Venugopal Dhoot, seeking to defer the resolution processes of 14 Videocon group companies.
* VIJAYA BANK: Hiked its marginal cost of funds-based lending rates by 5 basis points on one month and three months tenures, effective Saturday.
* YES BANK: Has said former Insurance Regulatory and Development Authority of India chairman T.S. Vijayan, and STATE BANK OF INDIA Chairman O.P. Bhatt would be the two external members on the panel tasked with finding a successor to Rana Kapoor, the bank's chief executive officer and managing director.
-The bank's estranged promoters Rana Kapoor and Madhu Kapur have initiated moves to reach an out-of-court settlement.
