Today's Stock News – 16.04.2019
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* ADHUNIK METALIKS: Liberty House Group has failed to pay the 4.10 bln rupees offer money for the company within the deadline set by the bankruptcy court.
* CYIENT: Launched a portfolio of services and solutions to help communication service providers expedite the roll-out of fifth generation network globally.
* DEEPAK FERTILISERS & PETROCHEMICALS CORP: Started commercial production at nitric acid complex in Dahej, Gujarat. The board of the company and its wholly-owned subsidiary Smartchem Technologies will meet on Monday to consider raising a combined $60 mln through foreign currency convertible bonds and compulsorily convertible debentures, respectively, to International Finance Corp.
* DR REDDY'S LABORATORIES: The US Food and Drug Administration has assigned "voluntary action initiated" status to the company's formulations manufacturing plant-3 at Bachupally, Hyderabad.
* DYNAMATIC TECHNOLOGIES: Launched main fuselage assembly for fighter aircraft Tejas for
HINDUSTAN AERONAUTICS.
* IIFL HOLDINGS: Arm IIFL Asset Management Co has acquired minority stake in Neewee Analytics through IIFL India Private Equity Fund.
* INFO EDGE (INDIA): Has invested 4.14 bln rupees in Etechaces Marketing and Consulting.
* JET AIRWAYS (INDIA): Lenders to the company are yet to take a final call on interim funding for the airline, which is on the verge of grounding its entire fleet due to paucity of funds. Etihad Airways PJSC, India's National Investment and Infrastructure Fund and private equity firms TPG Capital and Indigo Partners were shortlisted on Monday to place binding bids for the company, although there is no clarity on the eligibility of founder Naresh Goyal to bid for a stake in the company.
* JYOTI STRUCTURES: The 40-bln-rupee resolution plan by Sharad Sanghi and others for the company on Monday got approval from the Supreme Court.
* LAKSHMI VILAS BANK: Plans to sell 4.99% stake to INDIABULLS HOUSING FINANCE by the end of April through a preferential allotment of shares.
* MARUTI SUZUKI INDIA: Is staring at a potential drop in both sales and market share as it weighs a plan to stop selling diesel passenger vehicles from April next year, according to an internal projection.
* NESTLE INDIA: Has dropped a controversial proposal to pay royalty in perpetuity to its Swiss parent after minority shareholders and proxy advisory firms said the move was against good corporate governance norms.
* PRESTIGE ESTATES PROJECTS: Acquired the remaining 51% stake in Babji Realtors, which owns Forum Sujana Mall in Hyderabad, for 3.64 bln rupees.
* RELIANCE COMMUNICATIONS: RattanIndia Finance has sold 1.62% stake in the company on Monday through bulk deals.
* STATE BANK OF INDIA: Said the bid process for the "orderly sale" of equity in JET AIRWAYS INDIA was currently being vetted by a legal team and a shortlist of prospective bidders will be issued by SBI Capital Markets "shortly".
* SUVEN LIFE SCIENCES: Board has approved doubling investment in US-based wholly-owned subsidiary Suven Neurosciences Inc to up to $50 mln.
* SYNDICATE BANK: Cut its marginal cost of funds-based lending rates across tenures by 5 basis points, effective Monday. The government has appointed Nageswara Rao Y. as officer on special duty and wholetime director from Apr 1 to Jan 21.
* TATA CONSULTANCY SERVICES: Is working with Israel's finance ministry to build platforms that will make technology affordable for small banks in the country.
* TATA MOTORS: Plans to expand its offering in the passenger vehicle space with the widest portfolio. Plans to add Altroz EV, based on its premium hatchback and H2X, small SUV EV, to complement Tiago and Tigor EV.
* TATA POWER CO: Is confident of getting regulatory approvals for higher tariff for its Mundra ultra mega power project after the Central Electricity Regulatory Commission has set a precedent by allowing ADANI POWER's plant in Mundra to pass through imported coal cost to power consumers.
* VODAFONE IDEA: Has asked the telecom regulator to abandon its plan to scrap the interconnect usage charge from Jan 1 and instead raise it to 20 paise a minute from 6 paise now.
Rights issue entitlement worth about 20 bln rupees renounced by Malaysia-based Axiata Group was fully subscribed on Friday on strong demand.
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