Today's Stock News – 25.04.2019
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* BANK OF MAHARASHTRA: The board will meet on Monday to consider raising funds through a followon public offer/rights issue/qualified institutional placement/preferential issue, and issue of bonds or other securities.
* CONTAINER CORP OF INDIA: Has decided not to raise rates for one year till March 2020.
* DECCAN GOLD MINES: Subsidiary Deccan Exploration Services on Mar 6 filed an interim application with the Supreme Court, asking it to direct the Karnataka government to process its prospecting mining licence application for the Hutti belt within two months.
* FDC: The company's non-sterile manufacturing facility at Waluj, Aurangabad, has received approval from Pharmaceutical Inspection Co-Operation Scheme, Malaysia, following which it will continue to export oral liquid, oral powder, and external powder products.
* HATHWAY CABLE & DATACOM: RELIANCE INDUSTRIES subsidiaries Jio Content Distribution
Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings have acquired 12.73% stake, or 1.03 mln shares, in the company's arm Hathway Bhawani Cabletel & Datacom, via an open offer on Monday.
* HPL ELECTRIC & POWER: Raised 600 mln rupees through commercial papers, maturing on Jul 23, at a coupon rate of 8.85% per annum.
* INDIABULLS REAL ESTATE: Indiabulls group promoters are ready to exit the real estate business in case the Reserve Bank of India is not comfortable with a bank owner having realty business under wings.
* INDIAN OVERSEAS BANK: Has reduced the number of loss-incurring branches to 157 as on March 2019, from 742 branches recorded in March 2015.
* INTERGLOBE AVIATION: IndiGo, and the Tata Group, which operates Air Asia India and Vistara, have opposed a government decision to allocate JET AIRWAYS (INDIA) slots only to those deploying new aircraft.
* IPCA LABORATORIES: Has entered into a pact to buy Maharashtra-based Ramdev Chemical for 1.09 bln rupees.
* JET AIRWAYS (INDIA): Has advised the unknown British entrepreneur, who sent an "unsolicited email" offering to take control of the airline, to engage with SBI Capital Markets.
-The Delhi High Court has said it will hear next week the plea seeking direction to the civil aviation
ministry and the Directorate General of Civil Aviation to ensure refunds or provide alternative travel mode for passengers who have booked tickets with the airline. Business process management and technology services companies are offering jobs to the company's employees, as they look for talent with experience in the airline industry for better domain expertise. Will validate ticket refund claims within 45 days, the airline informed travel agents. Air India seems to have had a change of mind and is now understood to have decided against leasing five grounded aircraft of the airline to fly on five international routes.
* KHADIM INDIA: Raised 300 mln rupees through commercial papers maturing on Jul 23.
* LARSEN & TOUBRO: Raised 15 bln rupees through non-convertible debentures at 7.87% coupon.
* MAHANAGAR TELEPHONE NIGAM: The voluntary retirement scheme being proposed by the telecom department could save 10.80 bln rupees in annual wage expenses for the company, and the telcom company expects about 9,500 employees to opt for the scheme as and when it comes up, according to its chairman.
* MULTI COMMODITY EXCHANGE OF INDIA: A forensic audit of the company conducted by TR
Chadha & Co says, "Prima facie indications are that the objective behind seeking trading-related data 'seems more related to develop algo strategy' than underlying deliverables as per agreement/undertaking".
* NBCC (INDIA): Has submitted its revised bid to acquire JAYPEE INFRATECH and complete over 20,000 delayed apartments in Noida.
* POWER FINANCE CORP: Plans to raise at least 5 bln rupees through bonds maturing in 15 years, and has invited bids on Friday.
* RELIANCE COMMUNICATIONS: Names of two Supreme Court officials who were sacked for tampering with orders in a contempt case against the company's promoter Anil Ambani have cropped up in a case running parallel to allegations of sexual misconduct against Chief Justice Ranjan Gogoi.
* RELIGARE ENTERPRISES: Is talking to banks and private equity investors for debt restructuring and capital infusion as the new management of the financial services firm, formerly promoted by Malvinder and Shivinder Singh, looks to revive it.
* STATE BANK OF INDIA: The executive committee of the central board on Wednesday approved raising up to $2.5 bln through a public offer or private placement of senior unsecured notes, during 2019-20 (Apr- Mar). Has elevated eight executives as deputy managing directors in one of the biggest recent human resource revamps, establishing an organisational structure that can underpin growth in FY20.
* STERLING BIOTECH: ACG Associated Capsules, whose bid was rejected by lenders earlier, approached the National Company Law Tribunal on Wednesday to reconsider its bid for the company.
* STERLITE TECHNOLOGIES: Is working hard to become a network builder for telecom companies and data service providers.
* SUN PHARMACEUTICAL INDUSTRIES: US Food and Drug Administration has found several
deficiencies, including those relating to medicine quality as well as data collection and maintenance, during a recent inspection of one of the company's Dadra unit.
* TATA ELXSI: Board has appointed Manoj Raghavan as managing director and chief executive officer, effective from Oct 2.
* VODAFONE IDEA: The 250-bln-rupee rights issue of the company was subscribed about 80% on closing day.
* YES BANK: Has picked up over 230,000 sq ft office space in Navi Mumbai for a total of 21 years.
New Managing Director Ravneet Gill is looking to replace the entire top management of the lender, including some of ousted founder Rana Kapoor's trusted aides, to remedy corporate governance lapses, and lax risk management and credit disbursal policies that were pointed out by the central bank last year.
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