Today's Stock News – 21.06.2019
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* ANDHRA BANK: Board will meet on Tuesday to consider the capital-raising plan for 2019-20 (Apr-Mar).
* APOLLO HOSPITALS ENTERPRISE: Apollo Hospitals Group is looking to sell its stake in two more subsidiaries to raise up to $200 mln.
* AU SMALL FINANCE BANK: Board of directors on Thursday approved raising 5 bln rupees through Basel III-compliant tier-II bonds, in one or more tranches.
* BALAJI TELEFILMS: Sold theatrical distribution rights for its upcoming films "Mental Hai Kya", "Jabariya Jodi", "Dream Girl" and "Dolly Kitty Aur Woh Chamakte Sitaare" to Pen Marudhar Entertainment, for over 1 bln rupees.
* BOMBAY DYEING & MANUFACTURING CO: Vishnu Sundararajan Peruvemba has resigned as chief financial officer citing personal reasons, effective Sep 1.
* DEWAN HOUSING FINANCE: Sold worth 20 bln rupees of its loan portfolio to offshore investors in a transaction led by SC Lowy, a privately-held banking group headquartered in Hong Kong.
* ENTERTAINMENT NETWORK (INDIA): US-based subsidiary Entertainment Network, LLC has entered into a time brokerage arrangement with a US-based broadcaster to broadcast radio programmes and content, targeting the South Asian community in New Jersey.
* ELGI EQUIPMENTS: Wholly-owned subsidiary Elgi Gulf FZE has formed a company named Elgi Gulf Mechanical and Engineering Equipment Trading LLC in United Arab Emirates.
* HCL TECHNOLOGIES: Entered into a pact with Avon Products Inc to support ongoing digital transformation.
* IDBI BANK: Identified 38 of the stressed accounts on its book, which individually owe over 20 bln rupees to several lenders, for immediate review under the Reserve Bank of India's new norms on stressed assets, Executive Director Buddhadev Dasgupta said.
* INTERGLOBE AVIATION: The aviation ministry has distributed JET AIRWAYS INDIA's foreign flying rights among Indian carriers through an allocation process that was opposed by airlines such as the company-led IndiGo and GoAir, which have challenged the move in separate letters to the ministry.
* ITC: Has launched an instant coffee brand Sunbean Beaten Caffe--a ready to use beaten coffee paste--in Delhi national capital region on a test basis before its national rollout.
* JB CHEMICALS & PHARMACEUTICALS: LUPIN and the healthcare arm of PIRAMAL ENTERPRISES are among the potential buyers, who are in early stages of talks to buy the company.
* JET AIRWAYS (INDIA): The National Company Law Tribunal has admitted an insolvency petition against the company, and directed resolution professional for the airline to try to finish the process within three months.
* MAHINDRA & MAHINDRA: Has launched Bolero Camper range in five variants, starting at 726,000 rupees.
* MARUTI SUZUKI INDIA: Has raised prices of all variants of Dzire due to introduction of automotive industry standard-145 safety norms in petrol and diesel models, and Bharat Stage-VI norms in petrol variants.
* MINDTREE: Subroto Bagchi, one of the co-founders, has chosen to retire from the company rather than offer himself for re-appointment to the company's board. Deepa Gopalan Wadhwa has also been appointed as an independent director on the board of the company till Jul 15, 2024. The board of directors appointed four officials from LARSEN & TOUBRO. They include Sekharipuram Narayanan Subrahmanyan, Jayant Damodar Patil, Ramamurthi Shankar Raman and Prasanna Rangacharya Mysore.
* MSTC: The Odisha government has appointed the company for sale of scrap material, ores and minerals, forest produce and agricultural produce through forward auction on the company's e-commerce platform.
* NHPC: Will aggregate 2,500 MW of power from coal-based power plants through e-tendering under the second leg of a pilot scheme notified by the power ministry.
* NEW DELHI TELEVISION: The Securities Appellate Tribunal has stayed the Securities and Exchange Board of India's order that barred promoters of the company from the securities markets for two years. The impact of the SEBI order on the company is not quantifiable.
* REC: Plans to raise up to 50 bln rupees through two bonds--one maturing in five years and the other in 10 years, and has invited bids on Monday.
* RELIANCE INDUSTRIES: Exploring an initial public offering for its Reliance Jio Infocomm unit in 2020. Raising about $1.85 bln of fresh overseas loans.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: Entered into an agreement to provide advisory services to Australian investors, following the launch of the first India-focussed exchange traded fund by ETF Securities.
* RELIANCE POWER: Disagrees with ICRA Ltd for its revised ratings on the company's long-term nonconvertible debentures to 'C' from 'BB'.
* SADBHAV ENGINEERING: HDFC Mutual Fund has acquired 2.01% stake or 3.45 mln shares in the company through the open market on Wednesday.
* SASKEN TECHNOLOGIES: The board has fixed the price for share buyback at 825 rupees apiece,
aggregating to 1.7 bln rupees.
* SREI INFRASTRUCTURE FINANCE: Wholly-owned subsidiary Srei Equipment Finance has received credit approval for $30 mln from the Netherlands-based development bank FMO.
* STATE BANK OF INDIA: Reviewing big-ticket stressed accounts referred to the insolvency court under the central bank's February 2018 framework for resolution under the revised circular, said Rajnish Kumar, chairman of the state-owned bank.
* SUNDARAM FINANCE: Has agreed to buy out BNP Paribas Personal Finance's 49.9% stake in Sundaram BNP Paribas Home Finance, thus making the mortgage lender a wholly-owned arm of itself.
* SUNIL HITECH ENGINEERS: Due to non-receipt of any resolution plan until the expiry of the 270th day of the corporate insolvency resolution process, the resolution professional has filed an application for liquidation of the company in accordance with the Insolvency and Bankruptcy Code, 2016.
* TATA MOTORS: Moody's Investor Service has downgraded the corporate family rating of Jaguar Land Rover Automotive Plc to "B1" from "Ba3" and that of the company's to "Ba3" from "Ba2" with negative outlook, citing that the free cash flow of both companies will be negative in 2019-20 (Apr-Mar) and 2020-21.
* WELSPUN CORP: Started commercial production at the spiral pipe plant in Jamunia, Madhya Pradesh.
* WIPRO: Has launched a centre of excellence at its Dallas, US, office in collaboration with Pivotal Software, Inc to accelerate innovation and digital transformation capabilities.
-About three-fourth of the company's employees were re-skilled for digital technologies in 2018-19
(Apr-Mar), up more than three times in just two years.
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