Today's Stock News – 19.06.2019
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* ABG SHIPYARD: A customs tribunal on Jun 6 overturned a Directorate of Revenue Intelligence order that accused debt-ridden firm ABG Shipyard of making "sham" imports of about 5.82 bln rupees to "fraudulently" obtain letters of credit from banks and remitted foreign exchange market abroad in the "guise" of such imports for "siphoning".
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Fitch Ratings has affirmed the company's long-term foreign-currency issuer default rating at 'BBB-'. The outlook is stable.
* BHARTI AIRTEL: The company and VODAFONE IDEA are gearing up to challenge any penalty order that will be handed down to them by the Department of Telecommunications for allegedly denying their competitor Reliance Jio Infocomm adequate points of interconnection.
-Expects to become the number 2 telecom operator in terms of revenue market share by end of June on the back of a revamped digital services app, which is likely to spur revenue and customer growth.
* CANARA BANK: The board of the bank on Tuesday approved starting the process to sell part or full stake in CAN FIN HOMES.
* CHOLAMANDALAM INVESTMENT AND FINANCE CO: Plans to raise at least 2.01 bln rupees through bonds maturing on Jun 21, 2021, and has invited bids on Thursday.
* DILIP BUILDCON: In final stages of talks to sell all of its 12 Hybrid Annuity Model projects under nonbinding agreements. These national highway projects are expected to fetch close to 25 bln rupees.
* DLF: Looking to strengthen its presence in southern India.
* HDFC BANK: The Reserve Bank of India penalised the bank 10 mln rupees for not following rules on knowyour- customers and anti-money laundering, as well as on reporting of frauds.
* IDBI BANK: Has signed an agreement with Tata AIG General Insurance Co to act as a bancassurance partner for distribution of the insurance company's products.
* INTERGLOBE AVIATION: Retained the top position in passenger aviation market with a 49% market share in May. Passenger load factor was at 90.9%, up by 310 bps.
* ITC: A minority shareholder in HOTEL LEELAVENTURE is seeking a waiver on the equity-ownership threshold to be eligible to file a case claiming oppression and mismanagement against the embattled provider of luxury leisure accommodation.
* JAIN IRRIGATION SYSTEMS: India Ratings and Research has downgraded the company's long-term issuer rating to 'IND BBB' from 'IND A-'; while placing it on rating watch negative.
* JET AIRWAYS (INDIA): The Enforcement Directorate is likely to summon the company's founder Naresh Goyal for questioning over alleged wrongdoing related to stake sales in the unit that ran the grounded carrier's loyalty programme.
-Lenders to the company have named Ashish Chhawchharia of Grant Thornton India as the resolution professional for the airline's bankruptcy proceedings.
* LARSEN & TOUBRO: Could win orders worth up to 2 trln rupees across segments in the current financial year.
* MAHINDRA & MAHINDRA: Expects sales of its Bolero pick-ups to grow 10-12% in 2019-20 (Apr-Mar), Vikram Garga, vice-president.
-Announced the launch of the new Bolero Camper range with more comfort features, starting at a price of 728,000 rupees.
* MINDTREE: With LARSEN & TOUBRO seeking induction of its nominees on Mindtree board, the founders of the IT services firm are likely to be in a spot as at least one of them might have to vacate the board seat.
* NEW DELHI TELEVISION: The Securities Appellate Tribunal on Tuesday granted interim stay on the Securities and Exchange Board of India's order that barred promoters of the company from the securities markets for two years.
* NLC INDIA: Commissioned a 100-MW solar photovoltaic power plant at Ramanathapuram district in Tamil Nadu, awarded by TANGEDCO.
* ORCHID PHARMA: Accord Life Spec has filed a petition before the Chennai bench of the National Company Law Tribunal against a decision by the committee of creditors to approve the resolution plan by Dhanuka Laboratories to take over the company.
* PFIZER: Parent Pfizer Inc has agreed to buy Array BioPharma Inc for $10.64 bln in cash.
* RELIANCE COMMUNICATIONS: Claims against the company have risen to 573.82 bln rupees with new entities, including some Reliance Anil Dhirubhai Ambani Group companies, joining the creditors' list
* QUICK HEAL TECHNOLOGIES: Clarified that the promoters had tendered 4.27 mln shares in the company as part of the buyback, which closed on May 31.
* RELIANCE INDUSTRIES: Will invest 200 bln rupees in its telecom business Reliance Jio Infocomm to fuel its broadband and e-commerce play and enter 5G services in the future.
* SANOFI INDIA: Holding company Sanofi, a French pharmaceutical firm, said it is partnering with Google to use artificial intelligence and deep analytics tools to sift through its data to find better treatments.
* SPICEJET: Increased its market share by 170 basis from the previous month to 14.8%. Recorded the highestv passenger loads factor in India at 93.9% in May, up 20 basis points from April.
* VEDANTA: Cut prices of its aluminium products by more than 1% from Tuesday.
* VYAPAR INDUSTRIES: The board of the company will meet on Friday to consider a proposal to buy back the company's shares.
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