Today Stock News – 26.10.2018
* ADANI ENTERPRISES: Adani Gas, the gas sourcing and distribution business that was spun off from the company earlier this year, will be listed on the BSE and NSE in November.
* ASHOK LEYLAND: UK-based bus maker Optare has said the company has increased its shareholding in Optare to 99.08% from 98.31% during 2017-2018 to convert Optare's debt to equity, resulting in significantly lower levels of debt.
* AXIS BANK: Has tied up with India Mortgage Guarantee Corp to offer mortgage guarantee-backed affordable housing loans.
* BHARTI INFRATEL: Expects around 15 bln rupees in the form of exit penalties in the coming quarters, Devender Singh Rawat, managing director and chief executive officer said.
* BHARAT FINANCIAL INCLUSION: Route One Fund I Ltd bought 802,000 shares or 0.6% in the
company at 914.17 rupees a share in a bulk deal on the National Stock Exchange.
* BODAL CHEMICALS: The board has approved incorporation of wholly-owned subsidiaries in India, Turkey, and Bangladesh and has also approved expanding dyestuff production capacity of the company to 35,000 tn per annum from 29,000 tn at Unit-VII in Gujarat.
* CENTURY TEXTILES & INDUSTRIES: Kumar Mangalam Birla's move to demerge the cement arm of the company faced stiff opposition at the shareholders' meeting with over 23% of voting public shareholders opposing the scheme.
* COFFEE DAY ENTERPRISES: Board will meet on Monday to consider the proposal to raise up to 1 bln rupees through issuance of secured non-convertible debentures.
* DILIP BUILDCON: Will receive a maximum bonus of 144 mln rupees for early completion of a road project in Maharashtra.
* DISH TV INDIA: Has written to Securities and Exchange Board of India seeking a probe on the unusual trading pattern and the manner of price-hammering of the company's shares, which happened immediately after the company announced its Jul-Sep results.
* GIC HOUSING FINANCE: The shareholders have approved the appointment of Neera Saxena as managing director and chief executive officer.
* HINDUSTAN CONSTRUCTION CO: Cube Highways is in talks with the company to acquire full
ownership of Baharampore Farakka Highways from the latter.
* IDFC BANK: The board of IDFC Bank Ltd today approved applying to the Reserve Bank of India to rename the lender as IDFC First Bank, following its merger with Capital First.
* IL&FS TRANSPORTATION NETWORKS: The board has appointed Vineet Nayyar and C.S. Rajan, nominees of Infrastructure Leasing and Financial Services, as directors of the company, effective Thursday.
* JET AIRWAYS INDIA: May look to resize its team of pilots soon--a large chunk of whom currently fly ATRs--with a smaller number of pilots.
The heads of cargo, information technology and revenue management have resigned from the company amid worsening financial situation.
* JSW STEEL: The board has approved raising up to 50 bln rupees through rights issue of shares.
Also approved merger of wholly-owned subsidiaries Dolvi Minerals and Metals, Dolvi Coke Projects, JSW Steel Processing Centres, and JSW Steel (Salav) with itself.
* KRIDHAN INFRA: Vijay Nirman Co, an associate of the company, has received an order worth 1.67 bln rupees for civil construction work.
* L&T FINANCE HOLDINGS: Plans to build a corpus of 10 bln rupees in two to three years as provision for future event risk.
* L&T TECHNOLOGY SERVICES: Has raised its sales growth guidance for the current financial year ending March to 21% from 16% earlier.
* LIC HOUSING FINANCE: Plans to raise at least 2.5 bln rupees through its bonds maturing on Jan 28, 2022.
* MARUTI SUZUKI INDIA: Achieving its earlier target of 10% revenue growth for 2018-19 (Apr-Mar) would be difficult due to rising fuel prices and higher insurance premiums.
* PIRAMAL ENTERPRISES: Is open to tying up with private equity funds to acquire select non-banking financial company portfolios, said Ajay Piramal, group chairman.
* PUNJAB NATIONAL BANK: The Enforcement Directorate said it has attached valuables and jewellery worth 2.55 bln rupees in Hong Kong of diamond jeweller Nirav Modi in connection with the $2-bln alleged fraud in the bank.
* REC: Plans to raise at least 5 bln rupees through bonds maturing in 10 years and has invited bids on Monday between 1030 and 1130 IST.
* RELIANCE COMMUNICATIONS: At least 24 operational creditors of the company and Reliance Telecom have moved various benches of the National Company Law Tribunal in Mumbai against the two firms of Anil Ambani-led Reliance Group to recover dues, under Section 9 of the Insolvency and Bankruptcy Code.
* SCHAEFFLER INDIA: Has completed the merger of Indian entities - FAG Bearings India, INA Bearings India and LuK India.
* SHREE GLOBAL TRADEFIN: SEBI has imposed a total penalty of 7 mln rupees on 10 entities for
indulging in manipulative trade in shares of Shree Global Tradefin.
* SYNDICATE BANK: The bank's newly appointed Chief Executive Officer Mrutyunjay Mahapatra is planning a differentiated employee stock purchase plan as a performance incentive, where employees will get to buy shares at varying discounts and varying quantities.
* TATA CONSULTANCY SERVICES: Has completed an order from Extreme Networks to integrate the networking assets of Zebra, Avaya, and Brocade which were acquired by Extreme Networks.
* TATA TELESERVICES MAHARASHTRA: The board will meet on Nov 15 to consider extension of redemption period on 201.8 mln non-cumulative redeemable preference shares issued to promoter Tata Teleservices Ltd on private placement basis in 2016.
* TATA MOTORS: The company's Jaguar Land Rover has opened its first 1.4-bln-euro
manufacturing facility in Slovakia.
* TATA STEEL: Is ready to underwrite the 18-bln-rupee rights issue being planned by its arm TATA
SPONGE IRON to fund that latter's acquisition of USHA MARTIN's steel business.
-The auction process for Bhushan Power & Steel was compromised, the company said, making its first public comment on the bidding race where it was overtaken by JSW STEEL even after being declared the highest bidder by the debt-ridden company's creditors.
* TVS MOTOR CO: Has introduced a special edition of its TVS Sport motorcycle for the festival season.
* UJJIVAN FINANCIAL SERVICES: The company and Equitas Holdings will mull merging with their respective small finance banks after the subsidiaries are listed in a bid to meet norms on promoter holding.
* YES BANK: Hopes to start its asset management company in the current quarter ending December, said Rajat Monga, senior group president - financial markets at YES Bank.
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* ASHOK LEYLAND: UK-based bus maker Optare has said the company has increased its shareholding in Optare to 99.08% from 98.31% during 2017-2018 to convert Optare's debt to equity, resulting in significantly lower levels of debt.
* AXIS BANK: Has tied up with India Mortgage Guarantee Corp to offer mortgage guarantee-backed affordable housing loans.
* BHARTI INFRATEL: Expects around 15 bln rupees in the form of exit penalties in the coming quarters, Devender Singh Rawat, managing director and chief executive officer said.
* BHARAT FINANCIAL INCLUSION: Route One Fund I Ltd bought 802,000 shares or 0.6% in the
company at 914.17 rupees a share in a bulk deal on the National Stock Exchange.
* BODAL CHEMICALS: The board has approved incorporation of wholly-owned subsidiaries in India, Turkey, and Bangladesh and has also approved expanding dyestuff production capacity of the company to 35,000 tn per annum from 29,000 tn at Unit-VII in Gujarat.
* CENTURY TEXTILES & INDUSTRIES: Kumar Mangalam Birla's move to demerge the cement arm of the company faced stiff opposition at the shareholders' meeting with over 23% of voting public shareholders opposing the scheme.
* COFFEE DAY ENTERPRISES: Board will meet on Monday to consider the proposal to raise up to 1 bln rupees through issuance of secured non-convertible debentures.
* DILIP BUILDCON: Will receive a maximum bonus of 144 mln rupees for early completion of a road project in Maharashtra.
* DISH TV INDIA: Has written to Securities and Exchange Board of India seeking a probe on the unusual trading pattern and the manner of price-hammering of the company's shares, which happened immediately after the company announced its Jul-Sep results.
* GIC HOUSING FINANCE: The shareholders have approved the appointment of Neera Saxena as managing director and chief executive officer.
* HINDUSTAN CONSTRUCTION CO: Cube Highways is in talks with the company to acquire full
ownership of Baharampore Farakka Highways from the latter.
* IDFC BANK: The board of IDFC Bank Ltd today approved applying to the Reserve Bank of India to rename the lender as IDFC First Bank, following its merger with Capital First.
* IL&FS TRANSPORTATION NETWORKS: The board has appointed Vineet Nayyar and C.S. Rajan, nominees of Infrastructure Leasing and Financial Services, as directors of the company, effective Thursday.
* JET AIRWAYS INDIA: May look to resize its team of pilots soon--a large chunk of whom currently fly ATRs--with a smaller number of pilots.
The heads of cargo, information technology and revenue management have resigned from the company amid worsening financial situation.
* JSW STEEL: The board has approved raising up to 50 bln rupees through rights issue of shares.
Also approved merger of wholly-owned subsidiaries Dolvi Minerals and Metals, Dolvi Coke Projects, JSW Steel Processing Centres, and JSW Steel (Salav) with itself.
* KRIDHAN INFRA: Vijay Nirman Co, an associate of the company, has received an order worth 1.67 bln rupees for civil construction work.
* L&T FINANCE HOLDINGS: Plans to build a corpus of 10 bln rupees in two to three years as provision for future event risk.
* L&T TECHNOLOGY SERVICES: Has raised its sales growth guidance for the current financial year ending March to 21% from 16% earlier.
* LIC HOUSING FINANCE: Plans to raise at least 2.5 bln rupees through its bonds maturing on Jan 28, 2022.
* MARUTI SUZUKI INDIA: Achieving its earlier target of 10% revenue growth for 2018-19 (Apr-Mar) would be difficult due to rising fuel prices and higher insurance premiums.
* PIRAMAL ENTERPRISES: Is open to tying up with private equity funds to acquire select non-banking financial company portfolios, said Ajay Piramal, group chairman.
* PUNJAB NATIONAL BANK: The Enforcement Directorate said it has attached valuables and jewellery worth 2.55 bln rupees in Hong Kong of diamond jeweller Nirav Modi in connection with the $2-bln alleged fraud in the bank.
* REC: Plans to raise at least 5 bln rupees through bonds maturing in 10 years and has invited bids on Monday between 1030 and 1130 IST.
* RELIANCE COMMUNICATIONS: At least 24 operational creditors of the company and Reliance Telecom have moved various benches of the National Company Law Tribunal in Mumbai against the two firms of Anil Ambani-led Reliance Group to recover dues, under Section 9 of the Insolvency and Bankruptcy Code.
* SCHAEFFLER INDIA: Has completed the merger of Indian entities - FAG Bearings India, INA Bearings India and LuK India.
* SHREE GLOBAL TRADEFIN: SEBI has imposed a total penalty of 7 mln rupees on 10 entities for
indulging in manipulative trade in shares of Shree Global Tradefin.
* SYNDICATE BANK: The bank's newly appointed Chief Executive Officer Mrutyunjay Mahapatra is planning a differentiated employee stock purchase plan as a performance incentive, where employees will get to buy shares at varying discounts and varying quantities.
* TATA CONSULTANCY SERVICES: Has completed an order from Extreme Networks to integrate the networking assets of Zebra, Avaya, and Brocade which were acquired by Extreme Networks.
* TATA TELESERVICES MAHARASHTRA: The board will meet on Nov 15 to consider extension of redemption period on 201.8 mln non-cumulative redeemable preference shares issued to promoter Tata Teleservices Ltd on private placement basis in 2016.
* TATA MOTORS: The company's Jaguar Land Rover has opened its first 1.4-bln-euro
manufacturing facility in Slovakia.
* TATA STEEL: Is ready to underwrite the 18-bln-rupee rights issue being planned by its arm TATA
SPONGE IRON to fund that latter's acquisition of USHA MARTIN's steel business.
-The auction process for Bhushan Power & Steel was compromised, the company said, making its first public comment on the bidding race where it was overtaken by JSW STEEL even after being declared the highest bidder by the debt-ridden company's creditors.
* TVS MOTOR CO: Has introduced a special edition of its TVS Sport motorcycle for the festival season.
* UJJIVAN FINANCIAL SERVICES: The company and Equitas Holdings will mull merging with their respective small finance banks after the subsidiaries are listed in a bid to meet norms on promoter holding.
* YES BANK: Hopes to start its asset management company in the current quarter ending December, said Rajat Monga, senior group president - financial markets at YES Bank.
