Today's Stock News – 26.04.2019
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* APCOTEX INDUSTRIES: Board has approved sub-division of 5-rupee face value shares into 2 rupees each.
* AXIS BANK: The government has filed contempt pleas against former director of Infrastructure Leasing & Financial Services Ramesh Bawa, the bank's Chief Executive Officer Amitabh Chaudhary, and Standard Chartered Bank Chief Executive Officer Zarin Daruwala before the National Company Law Tribunal. The pleas were filed for violation of the tribunal's earlier order restraining former directors of IL&FS from alienating their assets.
* BANK OF BARODA: Approved raising up to 50.42 bln rupees through issue of shares to government, on a preferential basis.
* BIOCON: The board has approved the transfer of the company's stake in its UK-based subsidiary Biocon Biologics to another subsidiary Biocon Biologics India. The board has approved issuance of bonus shares in a ratio of one equity share for every one held. The board has also approved re-appointment of Arun Suresh Chandavarkar as chief executive officer and joint managing director, for a period up to Nov 30, subject to shareholders' approval.
* CG POWER AND INDUSTRIAL SOLUTIONS: Bharti (SBM) Holdings has acquired 6.13% stake or 38.43 mln shares in the company via open market on Tuesday.
* DEWAN HOUSING FINANCE CORP: Global distressed funds Oaktree Capital, Cerberus Capital, Lone Star Funds and Piramal Group are in talks to acquire the company.
* DISH TV INDIA: Telecom Regulatory Authority of India has directed the company to comply with the provisions of the new framework for broadcasting and cable TV services, acting on consumer complaints pertaining to the operators' specific offering and grievance redressal helpline. Launched its over-the-top platform called 'Watcho', which will primarily focus on short-form content, including original series and usergenerated content, besides live and 'catch-up' content.
* DR REDDY'S LABORATORIES: Confirmed that it has received approval from China's drug regulator for generic of anti-blood clotting drug clopidogrel.
* GHCL: The board has approved capital expenditure of 1.26 bln rupees for 2019-20 (Apr-Mar).
* HINDUSTAN COPPER: Approved raising up to 14 bln rupees through qualified institutional placement.
* IDBI BANK: Has sold 0.84% stake or 7.5 mln shares of Lloyds Steels Industries at 0.62 rupees apiece through a bulk deal on the National Stock Exchange.
* INTERGLOBE AVIATION: IndiGo Has decided to hike the salaries of its pilots and cabin crew as well other categories of employees effective this month.
* ITC: The National Companies Law Tribunal has asked the company to prove its eligibility to be heard in the petition alleging oppression and mismanagement against HOTEL LEELAVENTURE, but the company cannot buy shares from the open market in the interim to prove its point in the next hearing or partner with another minority shareholder to show they qualify jointly.
* JAYPEE INFRATECH: Committee of Creditors will meet today and on Tuesday to discuss the revised resolution plans submitted by NBCC (INDIA) and Suraksha Realty.
* JET AIRWAYS INDIA: Has asked the aviation ministry to not release its international traffic rights to rival carriers.
-An eight-member group of minority shareholders in the airline has asked SBI Capital not to sell the
airline by taking a huge haircut.
* KOTAK MAHINDRA BANK: Wholly-owned subsidiary Kotak Mahindra Investments will sell 19.8% stake in associate company Matrix Business Services India for 103.2 mln rupees.
* MAHINDRA & MAHINDRA: Has deployed 50 of its electric vehicles to Uber, an on-demand ride-sharing company, to provide zero-emission mobility in Hyderabad.
* MANAPPURAM FINANCE: Is seeking to bring on board a private equity investor for its small loans business--Asirvad Microfinance.
* NBCC (INDIA): Has sweetened its bid to acquire debt-ridden JAYPEE INFRATECH and has now offered to give lenders 50 bln rupees worth land parcels.
* NESTLE INDIA: The board has approved an interim dividend of 23 rupees a share; to be paid on May 15. The board has approved re-appointment of Shobinder Duggal as whole-time director with effect from May 10.
-A resolution for continuity of royalty payments every five years has been approved with a majority.
* ORIENTAL VENEER PRODUCTS: Wholly-owned subsidiary Oriental Foundry has secured orders worth 370.13 mln rupees for manufacturing and supplying bogies.
* RAYMOND: Ravi Uppal has been appointed non-executive chairman of subsidiaries Ring Plus Aqua and JK Files (India).
* RATTANINDIA POWER: Global Infrastructure Partners is in advanced negotiations to buy the company for an enterprise value of about $300 mln. Lenders to RattanIndia's 1,350-MW Amravati power plant are weighing the option of taking the company to National Company Law Tribunal if the one-time settlement offer by the promoters hits a roadblock.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm has bought back about 8-10 bln rupees worth of bonds in the past one week as those bonds may be secured against assets of its tower and fibre businesses.
* RUCHI SOYA INDUSTRIES: Lenders will meet today to consider the revised bid of Baba Ramdev's
Patanjali Ayurved to acquire the company.
* STATE BANK OF INDIA: Elevated eight executives as deputy managing directors, establishing an
organisational structure which is likely to underpin growth in the current financial year.
* TATA STEEL: Board has approved merger of Bamnipal Steel, TATA STEEL BSL with the company.
* ULTRATECH CEMENT: Will focus on debt reduction in the next two financial years, top officials said.
* VEDANTA: Has received environment clearance for the expansion of its oil and gas operation in Rajasthan that would entail an investment of 120 bln rupees.
* VODAFONE IDEA: Franklin Templeton, Blackstone, Eastspring Investments, ICICI Prudential Mutual Fund and SBI Mutual Fund were among major financial institutions to bid for the 250-bln-rupee rights issue of the company.
* VOLTAS: Has entered into a distribution agreement with Japanese textile machinery manufacturing major Shima Seiki to market the latter's products in India.
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