Today's Stock News – 11.04.2019
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* BAJAJ CONSUMER CARE: Does not see a reduction in gross margins in 2019-20 (Apr-Mar) as raw material prices are seen cooling down soon, Managing Director Sumit Malhotra said.
* BHARTI AIRTEL: Singapore Telecommunications, Warburg Pincus and the company are in talks to
initially buy the near-61% stake of Zee founder Subhash Chandra's family in DISH TV INDIA, to be followed by an open offer for 26% more.
-Has fixed Apr 24 as the record date for determining shareholders eligible to apply for its upcoming
250-bln-rupee rights issue.
* BLUE STAR: Has filed petition before court in Oman for liquidation of its joint venture Blue Star Oman Electro-Mechanical Co LLC.
* HOTEL LEELAVENTURE: The National Company Law Tribunal has granted time till May 28 to the company and JM Financial Asset Reconstruction Co to arrive at settlement ahead of its ongoing sale to Canadian fund Brookfield.
* INDRAPRASTHA GAS: The company's launch of the new 'Type 3' cylinders can double the quantity of natural gas transported in each vehicle, making access to natural gas easier for consumers.
* INFO EDGE INDIA: The company, through its wholly-owned subsidiary, has invested 140 mln rupees in Agstack Technologies by acquiring 32,339 compulsorily convertible preference shares.
* JAYPEE INFRATECH: Suraksha ARC, in its revised resolution plan for the company, has proposed some cosmetic changes in the form of higher upfront payment to financial creditors and fixed deposit holders.
* JET AIRWAYS INDIA: INDIAN OIL CORP has stopped supply of fuel to aircraft of the airline at all
airports across the country due to non-payment.
-Due to non-payment of dues, a European cargo service provider has seized an aircraft of the airline at Amsterdam airport.
-Lenders have extended the deadline to submit initial interest to purchase stake in the airline to 1800
IST on Friday.
-SBI Capital Markets will also evaluate bids for restructuring of the existing credit facilities and
infusion of funds by way of loans or acquisition of up to 75% in the airline in addition to identifying suitable investor.
-As many as five companies are said to have submitted expressions of interest in picking up stakes in
the company that have been put on sale by lenders as part of a rescue plan.
-Having infused close to 2.5 bln rupees into the company, bankers are now looking to quickly sell the
airline's remaining stake in Jet Privilege to Etihad Airways.
-Directorate General of Civil Aviation has said it has de-registered seven Boeing 737-800 aircraft of
the company, allowing its lessors to take the planes out of the country so that it can be leased to any other airline.
* JSW STEEL: Has managed to sustain the over 4% price hike that it had taken in the Neosteel 500-D steel bars last month. Has received approval for raising $500 mln through five-year senior notes at 5.950%.
* KANSAI NEROLAC PAINTS: Has completed acquisition of 100% stake in Perma Construction Aids.
* NBCC (INDIA): Has secured orders worth 30.32 bln rupees in March.
* OIL INDIA: Board has approved the appointment of Harish Madhav as chief financial officer of the
company, effective Wednesday.
* PIRAMAL ENTERPRISES: Private equity giant Texas Pacific Group and the company have kicked off a process to sell their over $1-bln shares in Shriram Capital.
* REC: Plans to raise up to 20 bln rupees through bonds maturing in 10 years, and has invited bids on Monday.
* RELIANCE COMMUNICATIONS: Has so far not deposited its outstanding amount of 4.92 bln rupees in spectrum dues.
* RUCHI SOYA INDUSTRIES: Patanjali Ayurved's proposed acquisition of the company has reached the final stages with the committee of creditors meeting on Tuesday to clear the proposed deal.
* SOBHA LTD: Wholly-owned subsidiary Sobha Developers (Pune) has acquired entire stake in Sobha Interiors.
* TATA CONSULTANCY SERVICES: Has partnered with Google Cloud to build industry-specific cloud solutions to accelerate digital transformation.
* VEDANTA: Has moved the Supreme Court seeking access to its now-shut copper plant at Thoothukudi in Tamil Nadu to repair and maintain it, citing the high court's inordinate delay in hearing the case despite repeated requests by the firm. The company's oil and gas division Cairn has seen three high-profile exits in the past three months, of which two, including Chief Executive Sudhir Mathur and Chief Financial Officer Pankaj Kalra, resigned last week. The UK Supreme Court has ruled in favour of thousands of Zambian villagers seeking the right to sue a subsidiary of the company in the UK courts.
* WELSPUN CORP: Has received orders to supply 180,000 tn pipes, of which 136,000 tn will be supplied from India.
* WIPRO: Board will meet on Tuesday to consider a proposal to buy back shares, the third one since the company went public.
* WOCKHARDT: Has received the US Food and Drug Administration's approval for generic of Dacogen injection.
* ZEE ENTERTAINMENT ENTERPRISES: Investors of Kotak Mahindra Asset Management Co's fixed maturity plans that are scheduled to mature in April and May, will not receive the full amount on the date of maturity due to delay in redemption of bonds of Essel Group.
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