Today's Stock News – 20.05.2019

Today's Stock News – 20.05.2019 

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* ADHUNIK METALIKS: Delays in closing the insolvency resolution, lenders of the company have forfeited the performance bank guarantee given by Liberty House, implying a failure to implement the approved plan.

* ALKEM LABORATORIES: The US Food and Drug Administration has issued Form 483 with four
observations to the company's manufacturing facility in Baddi, Himachal Pradesh.

* BAJAJ AUTO: Plans to offer entry-level and mid-segment motorcycles in the next three to four months to intensify its rivalry with HERO MOTOCORP and Honda Motorcycle & Scooter India.

* BANK OF BARODA: Is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with DENA BANK and VIJAYA BANK.

* BHARTI AIRTEL: The company's 250-bln-rupee rights issue has been oversubscribed. The company offers the highest 4G download speeds in the country, while Reliance Jio continued to have the highest availability of 4G LTE.

* CAPITAL TRUST: Has entered into a business partnership arrangement with IDFC FIRST BANK to work together on various financial products in territories where the company is present.

* CIPLA: The US Food and Drug Administration has cleared the company's Indore unit with zero observations after an inspection from May 13 to May 17.

* FORTIS HEALTHCARE: The company, through its subsidiary, will sell its entire 28.89% stake in its associate company Medical and Surgical Centre for 393.6 mln Mauritian rupees (around 781.9 mln rupees) to CIEL.

* FUTURE CONSUMER: Has entered into an agreement with International Finance Corp to issue compulsorily convertible debentures to the latter.

* INDIAN OIL CORP: Has inked two term deals for a total of 4.6 mln tn of US crude and has opted for additional volumes from Saudi Arabia to make up for the loss of Iranian crude oil, which went off the market due to sanctions imposed by the US on Iran's oil and gas sector.
-The board has appointed Sandeep Kumar Gupta as chief financial officer of the company.
-Will evaluate the implications of US sanctions if Iran was to invest in its subsidiary Chennai refinery's 357-bln-rupee expansion, Chairman Sanjiv Singh said.

* INFOSYS: Visa restrictions, and changes to minimum wage norms by foreign governments and key global issues such as Brexit remain a concern for the company as it deploys a large number of employees to the US, the UK and Europe on various projects.
-The board has recommended the reappointment of its Chairman Nandan Nilekani, who was appointed on Aug 24, 2017, and is liable to retire by rotation and seeks reappointment.

* INTERGLOBE AVIATION: Indicating that differences might have emerged between the two major promoters of the company, the company's Chief Executive Officer Ronojoy Dutta, in a press release, stated that the company would try to resolve these.

* JET AIRWAYS INDIA: Robin Kamark, Etihad Airways PJSC-nominated director, has resigned as the director of the company with effect from Thursday.
The formula for distributing the foreign flying rights of the company has led to a schism in the airline industry, with IndiGo on one side and its rivals on the other.

* LARSEN & TOUBRO: Acquisition of MINDTREE is the topmost agenda for the company at the moment and eventually the mid-sized IT firm is going to be transformed into a big company, L&T Group Chairman A.M. Naik said.

* MONNET ISPAT & ENERGY: Approved increasing capacity of its iron pellet manufacturing plant at Raigarh, Chhattisgarh, by 0.50 mln tn per year to 2.50 mtpa.

* NESTLE INDIA: Has forayed into the organic food category. The company will launch three products in the organic food category which include an organic variant of its kids cereals brand Ceregrow.

* NIIT: Received 20.20 bln rupees from the sale of its 23.10% stake in subsidiary NIIT TECHNOLOGIES to Hulst B.V., a company indirectly owned by Baring Private Equity Asia.

* OIL & NATURAL GAS CORP: The company, Global Infrastructure Partners and the Tripura government are seeking to buy Infrastructure Leasing & Financial Services' 26% stake in the ONGC Tripura Power Co, which runs the Palatana power project in the state.

* PNC INFRATECH: Wholly-owned subsidiary PNC Delhi Industrialinfra has received 1.46 bln rupees from Delhi State Industrial and Infrastructure Development Corp as final arbitration award for the Narela annuity project in Delhi.

* RELIANCE CAPITAL: The company has repaid dues of 6.50 bln rupees on non-convertible debentures matured on Friday.

* RUCHI SOYA INDUSTRIES: JM Financial Products has sold 0.6% stake or 2 mln shares in the company at 6.07 rupees apiece through a bulk deal on the National Stock Exchange.

* SHREE CEMENT: Will invest 5.25 bln rupees for new 3 mtpa cement grinding unit at Patas in Pune.

* SOUTH INDIAN BANK: Will hike its marginal cost of funds-based lending rates by 5 basis points, across tenures, from today.

* SUNDARAM CLAYTON: Has opened its first overseas facility in South Carolina, US, to serve customers in North America, its biggest export market.

* TATA CONSULTANCY SERVICES: President Pratik Pal said to have moved to Tata Sons as the salt-tosoftware services conglomerate doubles down on digital initiatives to improve its offerings to customers.

* TRF: Has approved the sale of subsidiary Dutch Lanka Trailer Manufacturers and its entire 50% stake in Tata International DLT for a total amount of 1.7 bln rupees to ADV Partners.

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