Today's Stock News – 15.03.2019

Today's Stock News – 15.03.2019 


* ADHUNIK METALIKS: Is seeing renewed interest from a clutch of strategic steel players as well as asset reconstruction companies, even as the fate of the company's ongoing resolution process with the winning bidder, Liberty House, is still to be decided by courts.

* ALEMBIC PHARMACEUTICALS: Plans to raise 1.5 bln rupees through bonds maturing on Mar 18, 2022, and has invited bids on Monday.

* BHARTI AIRTEL: A Bharti Group company, Indo Teleports, has approached the telecom department for inflight connectivity licence, which allows service providers to offer connectivity and data services to Indian and foreign airlines.

* CG POWER AND INDUSTRIAL SOLUTIONS: The Gautam Thapar family may lose control of the
company after it defaulted on payments forcing private equity giant KKR to convert its loans into equity.

* CMI: Power Grid Projects, Airports Authority of India, Mazagaon Dock Shipbuilders, and Jawaharlal Nehru Port Trust have selected the company as vendor to supply various types of cables.

* COAL INDIA: Will pay the second interim dividend of 5.85 rupees per share for 2018-19 (Apr-Mar).

* CORPORATION BANK: Will cut its marginal cost of funds-based lending rates by 5 basis points across tenures, with effect from Friday.

* DEWAN HOUSING FINANCE CORP: The company has denied a media report that National Housing Bank had given a clean chit to the company on allegations that it had created shell companies to divert funds.

* GARDEN SILK MILLS: A consortium of lenders, led by BANK OF BARODA, has put on sale their
exposure to the company on a 100% cash basis, according to a bid document.

* HINDUSTAN UNILEVER: Chairman and Managing Director Sanjiv Mehta has been elevated as president of Unilever, South Asia, effective May 1.

* HOUSING DEVELOPMENT FINANCE CORP: HDFC Capital Advisors, the real estate-focused fund management arm of the company, and property developer Tribeca have set up a platform to develop midincome housing projects in Mumbai and Delhi-National Capital Region.

* IDBI BANK: Reserve Bank of India has categorised the bank as a private sector bank for regulatory purposes, effective Jan 21.
-Life Insurance Corp of India is likely to retain its majority stake in the lender for three to five years
before lowering it.

* INFOSYS: Shareholders of the company have approved the board's proposal to buy back shares of the company and reappoint Kiran Mazumdar Shaw as an independent director.

* JAYPEE INFRATECH: Lenders of the company met on Thursday to discuss bids of NBCC and Suraksha Group for the bankruptcy-bound realty firm and asked them to sweeten their offers.

* JET AIRWAYS INDIA: The Directorate General of Civil Aviation may bar the airline from accepting advance booking. 
-There is no proposal to bar the company from accepting advance bookings, an official from
Directorate General of Civil Aviation said. 
-Revival plan has stalled over promoter Naresh Goyal's insistence that his shareholding shouldn't be
capped at 22% in "perpetuity".
-Has defaulted on a tranche payment of $31 mln to HSBC that was due on Mar 11.
-Etihad Airways PJSC is unlikely to agree to a provisional debt resolution plan proposed by lenders for the company. PUNJAB NATIONAL BANK Wednesday said any decision to provide emergency funds to the company will be taken collectively by the lenders and not on a standalone basis.

* JUBILANT FOODWORKS: Delhi High Court on Wednesday stayed the National Anti-Profiteering
Authority's order and penalty, subject to deposit of 200 mln rupees in the Central Consumer Welfare Fund within four weeks.

* MAHINDRA & MAHINDRA: Got more than 13,000 bookings for the compact sport utility vehicle XUV 300 since its launch on Feb 14.

* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Is looking to get an international rating, which will enable the company to raise funds through offshore bonds.

* NTPC: Has teamed up with the Indian Railways for fly ash transportation, a move that will help enhance ash utilisation at Rihand and Vindhyachal Super Thermal Power plants.

* OIL & NATURAL GAS CORP: An arbitration tribunal rejected a 13.20-bln-rupee claim filed by the
engineering, procurement and construction contractor PUNJ LLOYD against the company and also the company's counterclaim against PUNJ LLOYD for 11.53 bln rupees for loss of production due to delay. Nine biggest oil and gas fields, including Mumbai High and Vasai East, came tantalisingly close to being sold to private and foreign companies, but the plan was nixed after strong opposition from within the government.

* RANJEET MECHATRONICS: Has received orders worth 115.64 mln rupees for supply, installation, and commission of various equipment for fire fighting and gas flooding and fire suppression system works for Lucknow airport.

* RELIANCE COMMUNICATION: The Department of Telecommunications is invoking bank guarantees to recover the company's latest spectrum dues and is set to issue a notice asking why the airwaves shouldn't be withdrawn, adding to the woes of the telecom whose Chairman Anil Ambani faces jail for not paying a vendor.

* RELIANCE INDUSTRIES: Has decided to cap its purchase of Venezuelan crude oil at current levels amid mounting pressure from the US.
-The company is facing a steep increase in cost for transporting gas from its eastern offshore Krishna
Godavari D6 block as the Petroleum and Natural Gas Regulatory Board has approved a 37% hike in pipeline tariff sought by operator East West Pipeline.
-Brookfield is buying the loss-making East West Pipeline, previously known as Reliance Gas
Transportation Infrastructure, for an enterprise valuation of 130 bln rupees from the oil giant's promoter group company.
-Infotel Business Solutions, the parent company of Infotel Broadband, which was sold to the company
in 2010, has objected to the consolidation of insolvency proceedings of Videocon group at the National Company Law Tribunal.

* RELIANCE INFRASTRUCTURE: Life Insurance Corp of India sold 5.49 mln shares or 2.09%  stake in the company through the open market between Jan 24 and Mar 13.

* RELIGARE ENTERPRISES: The Securities and Exchange Board of India has directed the company and Religare Finvest to initiate steps to recall 23.15-bln-rupee loans given to 22 entities owned by promoters Malvinder Mohan Singh and Shivinder Mohan Singh.

* STATE BANK OF INDIA: The bank, ICICI BANK, and HDFC BANK remain domestic systemically
important bank, a concept linked to "too big to fail" that gained importance in the aftermath of 2008 global financial crisis.

* STERLING BIOTECH: The National Company Law Tribunal has directed the government, regulators, and investigation agencies to clear their stand before the dedicated bankruptcy court decides on the legality of the one-time settlement offer of the absconding promoters of the company.

* TATA MOTORS: The Securities and Exchange Board of India has served a new show cause notice to the company and its top management in an 18-year-old case involving erstwhile Tata Finance on  fraudulent and unfair trade practices affecting four companies, including INFOSYS.

* TECH MAHINDRA: Through its wholly-owned subsidiary Mahindra Engineering Services (Europe) will acquire entire stake in Japan-based K-Vision Co for $1.5 mln enterprise value.

* TIDE WATER OIL INDIA: Will pay the second interim dividend for 2018-19 (Apr-Mar) at 85 rupees per share.

* UJJIVAN FINANCIAL SERVICES: Board has declared an interim dividend of 0.85 rupee a share.

* WIPRO: Has launched its centre of excellence for internet of things in Kochi.

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