Today's Stock News – 06.05.2019
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* AAVAS FINANCIERS: The board has approved change in the designation of Sushil Kumar Agarwal as managing director and chief executive officer of the company, from whole-time director and CEO. The board has also approved raising up to 30 bln rupees through non-convertible debentures.
* ADITYA BIRLA CAPITAL: Proceeding with plans to raise up to $300 mln through external commercial borrowings in 2019-20 (Apr-Mar).
* BANK OF BARODA: The bank has hiked its marginal cost of funds-based lending rates by five basis points across all tenures, effective Tuesday.
* BHARTI AIRTEL: The National Company Law Tribunal has accepted the company's plea that it was entitled to 1.12 bln rupees, which the company had deducted as adjustments from rest of the payments it had made to Aircel.
* BIRLA CORP: The board has approved raising up to 1.5 bln rupees through the issue of secured or
unsecured redeemable non-convertible debentures on private placement basis in one or more tranches, within overall limits of the company, within a period of one year.
* CADILA HEALTHCARE: The US Food and Drug Administration has issued 14 observations to the
company's Moraiya unit in Ahmedabad after an inspection that started on Apr 22 and ended on Friday.
-Zydus Pharmaceuticals USA Inc is recalling 7,668 bottles of Carvedilol Tablets, used to treat high
blood pressure, in the US. DEWAN HOUSING FINANCE CORP: Board approved raising up to 20 bln rupees via securities, in one or more tranches.
* EID PARRY INDIA: Board will meet on Wednesday to consider raising 3 bln rupees through nonconvertible debentures in one or more tranches.
* FORCE MOTORS: The company's total sales in April fell 5% on year to 1,732 units.
* HERO MOTOCORP: Has launched a buyback scheme that offers resale price protection for five years for anyone buying a new scooter.
* HINDALCO INDUSTRIES: Has tied up with two international manufacturers of beverage cans - US-based Ball Beverage Packaging AMEA and CAN-PACK India, arm of Poland-headquartered CAN-PACK, to promote aluminium.
* HINDUSTAN UNILEVER: Has announced the appointments of Anuradha Razdan as executive director, human resources, and Vibhav Sanzgiri as executive director, research and development.
* IFCI: The government has invited applications for the post of deputy managing director of the company.
* INDIAN OVERSEAS BANK: The board will meet on Thursday to consider raising capital for 2019-20 (Apr-Mar).
* INFIBEAM AVENUES: Has terminated one of its joint statutory auditors, SRBC & Co, a firm affiliated with Ernst & Young (EY), alleging data breach.
* JAYPEE INFRATECH: The company's committee of creditors has rejected Suraksha Realty's resolution plan to acquire the debt-laden company.
* JET AIRWAYS (INDIA): The government is likely to start distributing foreign flying rights of the company among other carriers towards the end of the coming week if the airline does not find new owners quickly. Government sees little hope of a bidder emerging for the company.
* LUPIN: Recalling 46,700 bottles of Morphine Sulfate extended-release tablets, used to treat severe pain, in the US market.
* MAX FINANCIAL SERVICES: Chief Financial Officer Sujatha Ratnam has resigned due to personal reasons effective Jun 30.
* MMTC: Planning to launch franchises for selling bullion products across the country to expand its presence, Chairman and Managing Director Ved Prakash said.
* OBEROI REALTY: The board will meet on Friday to mull raising funds via debt and equity.
* OIL AND NATURAL GAS CORP: Has received the green nod to drill six development wells in Assam at an estimated cost of 2.40 bln rupees.
* PNC INFRATECH: To sell entire stake in Ghaziabad Aligarh Expressway.
* RELIANCE INDUSTRIES: Focusing on new business-to-customer initiatives to hedge against volatility and strengthen its petrochemicals business.
* STATE BANK OF INDIA: SBI Card raised 7 bln rupees from several financial institutions, including its parent the bank, in the second half of 2018-19 (Apr-Mar) as it aims to grow above the industry average.
* TATA MOTORS: May phase out small diesel cars from its portfolio as demand is expected to slow down due to upcoming BS-VI emission norms.
* TATA POWER: Has drawn a blueprint to collapse several of its estimated 95-plus subsidiaries with an eye on profitability and a nimbler operational structure.
* TATA STEEL: thyssenKrupp said it still saw scope for agreement with European antitrust regulators on a planned joint venture with the company despite a Financial Times report that said Brussels was likely to block the deal.
* VIVIMED LABS: Subsidiary is recalling 19 lots of losartan potassium tablets of 25 mg, 50 mg, and 100 mg strengths due to detection of an impurity.
* VODAFONE IDEA: Promoters, the UK's Vodafone Group and Aditya Birla Group, have infused 179.20 bln rupees into the company via the 250 bln rupees rights issue.
-It will seek its shareholders' approval on Jun 6 to transfer optical fibre assets to a wholly-owned
subsidiary, Vodafone Towers.
* YES BANK: The Reserve Bank of India on Apr 22 imposed a penalty of 1.13 mln rupees on the bank for violating norms on domestic money transfer.
-ICRA has downgraded the long-term rating of the lender's various debt instruments by one notch due to significant increase in stressed assets, and weakening of capital positions.
-The bank has reduced its overnight marginal cost of funds-based lending rates by 10 basis points to
8.15% effective Thursday.
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