Today's Stock News – 23.04.2019
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* ADHUNIK METALIKS: Lenders are planning to appeal before the National Company Law Tribunal to debar UK-based Liberty House Group from the corporate insolvency resolution process of the company and restart the process by inviting fresh bids.
* ASIAN PAINTS: Has resumed operations at its paint manufacturing facility in Visakhapatnam, Andhra Pradesh, that was affected by a fire on Apr 8.
* BIOCON: The board will meet on Thursday to consider and recommend a proposal for dividend and issue of bonus shares.
* CIPLA: Has announced the appointment of Raju Mistry as president and global chief people officer at the company.
* DEEPAK FERTILISERS & PETROCHEMICALS CORP: The board has approved raising up to $30 mln rupees via issue of foreign currency convertible bonds in two tranches to International Finance Corp.
* ESSEL PROPACK: Global private equity fund Blackstone has acquired a 51% stake in the company, part of the financially beleaguered Essel group, for nearly 22 bln rupees and will make an offer for another 26% stake in the company for 11 bln rupees.
* GAIL INDIA: Is the highest bidder for seven operating wind power plants of IL&FS Wind Energy, the latter's parent company Infrastructure Leasing & Financial Services said in a release.
* HINDUSTAN COPPER: The board will meet on Thursday to consider and seek shareholders' approval for raising funds by issuing shares through qualified institutional placement.
* HINDUSTAN PETROLEUM CORP: Department of Public Enterprises has thrown a spanner at petroleum minister Dharmendra Pradhan's push to grant more autonomy to the company.
* ICICI BANK: The Enforcement Directorate, probing the money laundering case in connection with the ICICI Bank-Videocon loan matter, has summoned the bank's former managing director and chief executive Chanda Kochhar, her husband Deepak Kochhar, and brother-in-law Rajiv Kochhar.
* INTERGLOBE AVIATION: IndiGo announced six additional daily non-stop flights from Delhi from May 25.
* JAYPEE INFRATECH: Lenders are unlikely to seek any fresh offers, including from Adani Group, till current round of bidding process is complete under the insolvency law.
* JET AIRWAYS (INDIA): The crisis at the company snowballed into a predicament for the Indian aviation sector as the country's domestic passenger traffic growth was nearly flat on year in March at 11.6 mln.
-Potential investors for the airline--Etihad Airways, TPG Capital and Indigo Partners--are having
second thoughts on whether to bid for it as questions about the bidding procedure remain unanswered.
-With several independent directors quitting just before the airline shut its operations, corporate
lawyers said all board members are equally liable for the crisis.
-Lenders of airline have approached the government to safeguard the carrier's international landing
slots which are critical to the airline's valuation by qualified bidders.
-The All India Jet Airways Technicians Association has asked aviation regulator DGCA to stop
allocation of the airline's slots to other carriers till the bidding process for stake sale is complete.
-A plea was filed in the Delhi High Court on Monday to direct the Directorate General of Civil
Aviation and the civil aviation ministry to ensure refunds or alternate arrangements for passengers who had booked tickets on the airline, which suspended operations last week.
* LAKSHMI VILAS BANK: Board has set the issue price for allotment of shares to INDIABULLS
HOUSING FINANCE at 112 rupees per share.
* LINDE INDIA: BOC Group is making a second attempt to delist the company after a failed bid to buy back shares from the public in January.
* MAHANAGAR TELEPHONE NIGAM: The telecom department is learnt to have circulated a draft Cabinet note for the allocation of 4G spectrum to Bharat Sanchar Nigam and the company, and implementation of a voluntary retirement scheme at the two loss-making telecom PSUs.
* MCLEOD RUSSEL INDIA: Will sell specified assets of Addabarie Tea Estate, Mahakali Tea Estate and Dirai Tea Estate to Luxmi Tea Co for 1.50 bln rupees.
* MT EDUCARE: Has begun the process of spinning off its online education app Robomate into a separate entity, and is holding discussions with multiple private equity and venture capital investors to raise capital for the venture.
* NITESH ESTATES: Plans to raise about 13 bln rupees to build a commercial office portfolio even as it mulls exiting the residential business, the company's top executive said.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm emerged as the fastest mobile network in February with an average download speed of 22.2 megabit per second, while Vodafone led the chart in terms of upload speed, according to Telecom Regulatory Authority of India data.
-Reliance Jio Infocomm's GigaFiber service will offer a broadband-landline-television combo service
for 600 rupees a month, and additional facilities plus the option to connect at least 40 devices to its smart home network for up to 1,000 rupees.
* SHRIRAM TRANSPORT FINANCE CO: Ajay Piramal is in preliminary discussions with Anand Mahindra and others as he looks to exit from the Shriram group of companies, having been unable to achieve his ambitions in the financial services sector.
* STATE BANK OF INDIA: Will offer loans for electric vehicles at interest rate 20 basis points lower than that for vehicles that run on fossil fuels.
-Has issued bonds worth 27.73 bln rupees for funding political parties, since the scheme was launched on Mar 1 last year. Is set to hire nearly 9,000 junior associates for its customer support and sales function as part of its clerical cadre over the course of the next few months.
* SUNTECK REALTY: The board will meet on May 2 to consider and approve raising funds by way of issue of debt or equity or any other convertible securities through qualified institutional placement, American depositary receipt, global depositary receipt, rights issue, debt issue, preferential issue, foreign currency convertible bond, among others.
* SUVEN LIFE SCIENCES: Has completed the purchase of the assets of Rising Pharmaceuticals and its subsidiaries through its joint venture partner Shore Suven Pharma Inc.
* SYNDICATE BANK: BEML has signed a memorandum of understanding for financing earth moving and construction equipment manufactured by it with the bank.
* TATA CONSULTANCY SERVICES: Has partnered with India Post to modernise delivery of mail and packages, enhance customer experience and launch innovative services.
* TATA STEEL BSL: Weak realisations for the March quarter should not be treated as a read-through for its parent TATA STEEL's earnings because of a difference in the product mix.
* TEXMACO RAIL & ENGINEERING: The board will meet on Thursday to consider raising funds through a qualified institutions placement or a preferential issue or a rights issue of shares.
* UTTAM GALVA STEELS: Lenders to the distressed steel assets of Uttam Value Steels and Uttam Galva Metallics on Sunday approved a 24-bln-rupee resolution package in a staggered payment plan that requires banks to take haircuts of more than 60% on the loans.
* VODAFONE IDEA: Has evinced interest in providing in-flight connectivity services, and is believed to have approached the Department of Telecommunications for a licence, joining the line of firms readying to provide mid-air voice and data services.
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