Today's Stock News – 03.06.2019
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* ALLAHABAD BANK: Aims to recover around 20 bln rupees of bad loans per quarter during the current fiscal to cut its high non-performing asset ratio level.
* ATUL AUTO: May total sales declined 13% on year to 3,464 units.
* BANK OF BARODA: Plans to raise 119 bln rupees in the current fiscal through share sale, including Employee Share Purchase Scheme, to shore up capital for meeting business expansion requirements.
* Bharti Airtel: Foreign promoter group, Indian Continent Investment's stake in the company has increased to 6.46% from 2.03% after the recently concluded 250-bln-rupee rights issue. Expects tariffs to firm up as stability returns to the telecom sector after over two years of intense competition.
* BHARTI INFRATEL: The Chandigarh bench of the National Company Law Tribunal has approved the merger of Indus Towers wit h the company, which will create one of the largest telecom tower companies globally.
* CEAT: The company will acquire 26% stake in Greenzest Solar for up to 50 mln rupees.
* COAL INDIA: Produced 46.59 mln tn of coal in May, registering a decline of 1.1% from the year-ago period.
* DHANLAXMI BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged for June.
* DLF: Promoter Rajdhani Investments & Agencies has acquired 130 mln shares on conversion of debentures.
* DR REDDY'S LABORATORIES: With incipient regulatory changes in China on Indian drug imports, the company has identified about 70 products for the country to be launched in a few years, and is also planning to build a new plant very close to the existing one.
* EICHER MOTORS: Total commercial vehicle sales fell 19.6% on year to 4,801 units in May. Total
motorcycles sales in May fell 17% on year to 62,371 units.
* ESCORTS: Total tractor sales in May fell 18% on year to 6,827 units.
* FUTURE LIFESTYLE FASHIONS: Has acquired 45.8 mln more shares in Koovs Plc for 3.67 mln pound sterling (around 324 mln rupees). Koovs operates a wholesale business, supplying branded fashion products in India.
* GEOJIT FINANCIAL SERVICES: Has withdrawn its application filed with Securities and Exchange Board of India for registration of mutual fund.
* GREAT EASTERN SHIPPING CO: The board has approved buyback of up to 3.27 mln shares or 2.17% stake at 306 rupees apiece.
* HERO MOTOCORP: Reported 13.5% rise in sales to over 650,000 units in May over the previous month.
* HINDUJA GLOBAL SOLUTIONS: Plans to bring its operating margins back to "at least" double digits in the current financial year, Chief Financial Officer Srinivas Palakodeti said.
* HINDUSTAN UNILEVER: GLAXOSMITHKLINE CONSUMER HEALTHCARE said Sunday that
its shareholders have approved its proposed merger with the company.
* HDFC ASSET MANAGEMENT CO: Has received two more show cause notices from the Securities and Exchange Board of India regarding investments of fixed maturity plans of HDFC Mutual Fund in debt instruments of Essel Group companies.
* HOUSING AND URBAN DEVELOPMENT CORP: Plans to raise at least 3 bln rupees through bonds maturing on Jun 22, 2022 and has invited bids on Tuesday.
* ICICI BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged for June.
* JET AIRWAYS (INDIA): Lenders are still in discussion with Abu Dhabi-based Etihad Airways for revival of the Indian airline. Etihad Airways and National Investment and Infrastructure Fund, the government-owned investor fund, are keen to invest 20 bln rupees each in the company, but bankers are unable to finalise an investor who will take a controlling stake to run the airline.
* KOTAK MAHINDRA BANK: Has reduced its one-month marginal cost of funds-based lending rates by 5 basis points to 8.30%, and two-year and 3-year rates by 10 basis points to 8.90%.
* LAKSHMI VILAS BANK: Is seeking investment of as much as 10 bln rupees from private equity funds in case its merger plan with INDIABULLS HOUSING FINANCE gets delayed.
* LARSEN & TOUBRO: Picked up 711,000 shares of MINDTREE between May 27 and May 30 for about 700 mln rupees.
* LEMON TREE HOTELS: The company which is conducting due diligence to acquire New York-based billionaire investor and philanthropist Nicolas Berggruen's hospitality business in India, will finalise its decision by the end of June.
* MAHINDRA & MAHINDRA: Total passenger and commercial vehicle sales fell 3% on year to 45,421 units. Plans to increase localisation of its Scorpio pick-up at its factory in Durban, South Africa, as it seeks to make deeper inroads into the adjoining African markets and get around trade barriers.
* MARUTI SUZUKI INDIA: Maruti Suzuki India Ltd posted the biggest fall in domestic sales in nearly seven years as a continued slowdown in the Indian automobile industry continued to drag the country's largest carmaker in May.
* MCNALLY BHARAT ENGINEERING CO: The company's auditors have raised concern over its continuance as a "going concern" unless the debt restructuring proposal receives favourable response.
* MOIL: Has decreased the rates of various grades of manganese ore and other products by 7.5%.
* NBCC (INDIA): Has received business worth 250 mln rupees in May.
* NTPC: Has started operations at 800-MW capacity unit-I of Gadarwara Super Thermal Power plant.
* MINDTREE: The Securities and Exchange Board of India has approved LARSEN & TOUBRO's open offer for acquiring shares of the company.
* ORCHID PHARMA: Three privately held pharmaceutical companies--Accord Life Spec, Dhanuka
Laboratories and Covalent Laboratories--have shown interest and submitted a resolution plan to take over the company, which is under corporate insolvency process.
* PC JEWELLER: Aims to open around 10 showrooms in the country in 2019-20 (Apr-Mar) through a combination of company-owned stores and franchisees, and take its total to 96.
* PNB HOUSING FINANCE: Shareholders have rejected a proposal to give rights to shareholders and their affiliates, who together own 15% or more stake in the company, to nominate a person to the board of directors, and various committees.
* PRABHAT DAIRY: The company's plans to foray into animal nutrition and cattle feed business have hit a roadblock as the company's proposal to make the necessary changes to its Articles of Association failed to get the required majority in shareholders' vote.
* PUNJAB NATIONAL BANK: Has kept its marginal cost of funds-based lending rates unchanged across tenures.
* PURAVANKARA: Has chalked out an expansion plan to start 13 new housing projects this fiscal at an estimated construction cost of around 30 bln rupees.
* RAMCO CEMENTS: Plans to invest around 35 bln rupees to boost its capacity to 20 mln tn by 2020.
* REC: Plans to raise at least 3 bln rupees each through two bonds--one maturing in three years, and the other in 10 years, and has invited bids on Friday.
* RELIANCE COMMUNICATIONS: The National Company Law Tribunal said that any decision taken by the Committee of Creditors of the company's subsidiary, Reliance Infratel, will not be binding till the tribunal decides on the plea filed by Doha Bank.
* RELIANCE INDUSTRIES: Has resumed lobbying among US lawmakers through a new lobbyist for
advocating its position on the "US economic trade sanctions policies".
* SBI LIFE INSURANCE CO: Deputy Chief Executive Officer Julien Hautiere Rey has resigned.
* SML ISUZU: The company has reported 17.1% on year increase in total sales at 1,689 units in May.
* SPICEJET: Plans to hire up to 2,000 staff, including pilots and cabin crew, of the defunct JET AIRWAYS (INDIA) as the no-frills carrier continues to expand its operations.
Will start flights on the Guwahati-Dhaka-Guwahati route from Jul 1 under the central government scheme UDAN International.
* STEEL AUTHORITY OF INDIA: As the talks with ArcelorMittal to form auto-grade joint venture are getting delayed, the company has started talking to other global players, a top company official said.
* SOLAR INDUSTRIES INDIA: Plans to invest 3 bln rupees to enhance its capacity and defence capabilities.
* UCO BANK: Has invited bids from merchant bankers to arrange its proposed Basel III-compliant tier-II bond issue by 1600 IST on Jun 14.
* ULTRATECH CEMENT: Raised 2.5 bln rupees through the issuance of bonds maturing in five years at a coupon of 7.64%.
* UNION BANK OF INDIA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for June.
* YES BANK: Is in talks with two private equity investors--Advent International and Apax Partners--to raise equity funds to build investor confidence after attempts for a share sale to a broader set of institutional investors did not materialise.
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