Today's Stock News – 14.06.2019
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* ADANI GAS: French energy giant Total SA is advancing on a deal to acquire a 30% stake in the company for over $800 mln, or upwards of 55 bln rupees.
* BAJAJ AUTO: Uber has announced a partnership with the company to launch quadricycle Bajaj Qute on UberXS.
* BHARTI AIRTEL: The Digital Communications Commission deferred its decision to impose a 30.5-bln-rupee cumulative penalty on the company and VODAFONE IDEA in a case about not providing adequate points of interconnect to Reliance Jio Infocomm.
* CANARA BANK: Plans to raise about 60 bln rupees by issuing shares through qualified institutional placement and has invited initial bids to appoint up to five merchant banks.
* DEWAN HOUSING FINANCE CORP: Has not yet received Securities and Exchange Board of India's approval to sell 17% stake in DHFL Pramerica Asset Managers and 33% in DHFL Pramerica Trustees. Promoters are in talks with private equity firms and are expecting to garner $1 bln (about 69 bln -rupees) by selling nearly 50% of their holdings.
* FEDERAL BANK: Capital raising committee will meet on Wednesday to mull raising up to 5 bln rupees through issuance of Basel III-compliant tier-II bonds.
* FUTURE CONSUMER: Fonterra Future Dairy, a joint venture between global dairy nutrition firm Fonterra Co-operative group and the company, has tied up with Baramati-based contract manufacturer Schreiber Dynamix Dairies for processing its dairy products.
* HOUSING DEVELOPMENT FINANCE CORP: Is likely to sell 4.2% stake in its subsidiary GRUH
FINANCE today to comply with the requirements laid down by the Reserve Bank of India for facilitating the proposed merger of the housing finance arm with BANDHAN BANK.
-HDFC Property Fund has hit the road to raise a $500-mln special situations fund, which will invest in residential projects, both under development as well as buyout projects with ready, unsold inventory at a discount.
* INDIABULLS REAL ESTATE: Tax settlement commission, a quasi-judicial body to settle tax liabilities, has asked the company to cough up 3 bln rupees on the undisclosed income — detected during a probe by the income tax department initiated in 2016.
* INFOSYS: Subsidiary Infosys Knowledge Institute has said that cloud adoption is gaining traction but is not uniform across various industries.
* INTELLECT DESIGN ARENA: Has sold its subsidiary SFL Properties for 205 mln rupees.
* INTERGLOBE AVIATION: Engine maker CFM International is poised to announce one of the world's largest jet engine orders with a deal for more than 600 engines from IndiGo.
* ITC: Will scale up its fast-moving consumer goods business, strengthen its market share and seize growth opportunities in the sector, the company said in its annual report.
* JET AIRWAYS (INDIA): The National Company Law Tribunal on Thursday deferred hearing of insolvency pleas against the company to Jun 20.
-India's aviation regulator has cancelled critical authorisations to the company's engineering
department, rendering it defunct and the grounded airline unable to carry out any maintenance work on aircraft. STATE BANK OF INDIA will soon convene a meeting of all lenders to the airline to work on a fresh resolution plan based on the new Reserve Bank of India guidelines for stressed assets released on Jun 7.
-The Export-Import Bank of the US is likely to start proceedings to take back a few aircraft it financed for the airline.
* KOTAK MAHINDRA BANK: Subsidiary Kotak Mahindra Prime plans to raise up to 3.5 bln rupees through the issuance of non-convertible debentures.
* MASTEK: UK-based wholly-owned subsidiary Mastek (UK) has invested 12 mln pound sterling (1.06 bln rupees) in a new digital skills programme for graduates.
* PIRAMAL ENTERPRISES: India Resurgence Fund, promoted by the company and Bain Capital Credit, may announce the final close of its maiden India-focused fund at $750 mln against the initial target of $1 bln.
* RELIANCE INDUSTRIES: The International Maritime Organisation's 2020 regulation mandating ships to use low sulphur content bunker fuel is expected to increase the gross refining margins of oil refiners like the company and Nayara Energy in India by $4 per barrel from Jan-Mar of 2020, a senior S&P Global Platts official
said.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: RELIANCE CAPITAL's offer for sale in the company was subscribed 257.92% by non-retail investors on Thursday, as per data on BSE.
* TATA CONSULTANCY SERVICES: Chairman Natarajan Chandrasekaran defended the salaries of the company's top personnel, stating that they are not 'overpaid'.
-Intends to continue giving out 80-100% of the free cash flow it generates each year.
* TATA POWER CO: Wholly-owned subsidiary Coastal Gujarat Power raised 11.10 bln rupees through its bonds maturing in three years at a coupon rate of 9.15%.
* TATA STEEL: The European Commission has said it was forced to block a proposed merger between the company and German-giant ThyssenKrupp over concerns it would have led to a spike in prices of the metal.
* THE NEW INDIA ASSURANCE CO: India is looking to establish a single, mega state-run general insurer under the company, possibly revising its earlier plan to have two such firms.
* TRENT: Board will meet on Tuesday to consider raising funds through issue of shares or other securities, including rights issue or qualified institutions placement or debt issue or a preferential issue among others.
* VEDANTA: Vedanta Cairn is open to bringing in partners for few oil and gas blocks it has got under the Open Acreage Licensing Policy.
* WIPRO: Has opened a new centre of excellence for clients in Minneapolis, US.
* WOCKHARDT: US Food and Drug Administration has cleared the bioequivalence centre under the company's research and development centre at Aurangabad, Maharashtra, with zero observations.
* YES BANK: Management and board of directors faced criticism from its shareholders at the annual general meeting on Wednesday, especially regarding management's inaction over the bank entering into riskier portfolios under erstwhile managing director and chief executive officer Rana Kapoor.
-The bank will not be impacted by the liquidity crisis that has affected a few non-banking financial
institutions, and there are unlikely to be any nasty surprises due to higher bad loans or slippages from its watch list, CEO Ravneet Gill said.
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