Today's Stock News – 26.06.2019
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* ADANI POWER: Will acquire GMR Chhattisgarh Energy as the consortium of lenders to the latter has approved its resolution plan.
* APTECH: Washington University has sold 1.33% stake or 530,000 shares in the company at 137.50 rupees a share through a bulk deal on the National Stock Exchange.
* ASIAN PAINTS: LIC has sold over 19.2 mln shares, about 2% stake of the company, through an open market transaction.
* BAJAJ FINANCE: Raised 2.56 bln rupees on Monday through non-convertible debentures maturing on Jul 8, 2022 at a coupon of 8.1130%.
* BHARTI AIRTEL: Has prepaid over 220 bln rupees of rupee-denominated domestic loans to multiple banks using a majority of the carrier's 250-bln-rupee rights issue proceeds.
* CESC: Will seek shareholders' approval to raise 3.5 bln rupees through various modes of securities next month.
* COX & KINGS: IFCI sold 0.6% stake or 1.08 mln shares in the company at 50.56 rupees a share through a bulk deal on the National Stock Exchange.
* DEWAN HOUSING FINANCE CORP: Has defaulted on part payment of commercial papers, which were due on Tuesday, but insisted that it would repay the balance amount in the "next couple of days". CPs totalling 3.75 bln rupees were set to mature on Tuesday, of which only 1.50 bln rupees, or 40% of the total dues, were paid.
* EMAMI: Promoter Diwakar Viniyog pledged 650,255 shares, representing 0.14% stake in the company on Monday.
* GODREJ PROPERTIES: The company's qualified institutional placement opened on Tuesday and the floor price has been set at 928 rupees per share.
* GVK POWER & INFRASTRUCTURE: Subsidiary GVK Deoli Kota Expressway has issued a notice to the National Highways Authority of India terminating concession agreement of a road project, citing breach of terms of agreement by the road authority.
* ICICI LOMBARD GENERAL INSURANCE CO: Societe Generale has bought 2.97 mln shares or 0.65% stake in the company at 1,100 rupees apiece through a bulk deal on the National Stock Exchange.
-Warburg Pincus on Tuesday sold 3.15% stake in the company to raise about 15.77 bln rupees.
* IFCI: The board has approved corporate business plan based on the current economic condition. This follows a substantial clean-up of its non-performing accounts, especially in the power sector in the previous year.
* INDIABULLS HOUSING FINANCE: Few weeks after a petitioner withdrew a plea alleging fraud by the company, it said on Tuesday that Gurgaon Police had unearthed a racket which blackmailed companies with false complaints against corporates.
* INTERGLOBE AVIATION: IndiGo co-founder Rakesh Gangwal wants "higher standards" when the airline gets into related-party transactions, a demand that is the bone of contention between him and business partner Rahul Bhatia, a top executive at the airline said Monday.
* JUBILANT LIFE SCIENCES: Has raised 400 mln rupees through commercial papers maturing on Jul 31, and has set a coupon of 6.75% per annum.
* KESORAM INDUSTRIES: Net debt for the financial year ended March 2019 declined 24% to 29.72 bln rupees from 39.04 bln rupees a year ago, as the company cut both current and non-current borrowings during the period.
* L&T TECHNOLOGY SERVICES: Plans to deal with a slowdown in its key geographies or a cyclical downturn in its key segments by cross-selling its technological expertise and capabilities to clients. The non-retail portion of LARSEN & TOUBRO's offer for sale of shares of the company was subscribed 5.41 times on Tuesday, with the company receiving bids for 973,367 shares as against 180,000 shares on offer.
* LARSEN & TOUBRO INFOTECH: Average salary of the company's employees in India rose by 7.5% and of those outside India by 2.0% in 2018-19 (Apr-Mar).
* MAHANAGAR TELEPHONE NIGAM: The government is likely to announce a revival package for Bharat Sanchar Nigam and the company in the next few days as a severe cash crunch has again jeopardised timely payment of salaries for June.
* MINDTREE: Is conscious that its current margin levels are below expectations, and improving the profitability is one of the company's two high-priority areas. LARSEN & TOUBRO bought Arohi Asset Management's 1.22% stake held in the company via Ontario Teachers' Pension Plan, through its ongoing open offer, thus increasing its stake to 51%.
* NATIONAL ALUMINIUM CO: Has lined up investments of 170 bln rupees to enhance capacity, foray into new areas, and increase coal production.
* NTPC: Has won a 40-MW solar power project from an Uttar Pradesh utility at a tariff of 3.02 rupees per kWh for 25 years.
* ORCHID PHARMA: The National Company Law Tribunal on Monday approved Dhanuka Laboratories' 11.16-bln-rupee resolution plan to take over the company.
* PUNJAB & SIND BANK: On Tuesday set a coupon of 9.50% on tier-II bonds maturing in 10 years, and has accepted bids worth 2.37 bln rupees. The capital issue committee has approved allotment of 37.15 mln shares, at 20.19 rupees a share, to employees under PUNJAB AND SIND BANK Employee Share Purchase Scheme.
* RELIANCE INFRASTRUCTURE: One of the company's contracts worth 5.67 bln rupees from NTPC has been re-tendered and awarded to another company this month.
* RELIANCE POWER: YES BANK had sold 52.90 mln shares or 1.89% stake in the company at 4.14 rupees apiece through a bulk deal on the National Stock Exchange.
* SBI LIFE INSURANCE CO: The non-retail portion of BNP Paribas Cardiff's offer for sale of shares of the company was subscribed 3.81 times on Tuesday, with the company receiving bids for 85.83 mln shares as against 22.50 mln shares on offer.
* SUNDARAM FINANCE: Plans to raise 3 bln rupees through zero coupon non-convertible debentures maturing on Jun 28, 2022.
* SUPERSHAKTI METALIKS: Aviator Emerging Market Fund has bought 159,900 shares or 2.77% stake in the company at 407 rupees apiece through a bulk deal on the BSE.
* TATA STEEL: Is looking to partially insulate revenues from cyclicality of the steel business by exploring possibilities in the non-steel materials segment, which it hopes will corner 10% of revenues by 2025.
* TECH MAHINDRA: On Monday introduced K2, the first human resource humanoid, for its Noida Special Economic Zone Campus in Uttar Pradesh.
* TORRENT POWER: Gujarat Electricity Regulatory Commission has approved the power procurement arrangement of 278 MW between the company's UNOSUGEN power plant and its licensed distributor in Ahmedabad, Gandhinagar, and Surat.
* TV TODAY NETWORK: HDFC Mutual Fund acquired 1.28 mln shares, representing 2.1% stake in the company through the open market on Monday.
* UNITECH: Board meeting to consider Jan-Mar earnings, that was scheduled on Tuesday, has been adjourned to Jul 4.
* VISAKA INDUSTRIES: Has announced the expansion of its Vnext division with a new plant for "Vnext boards" in Tamil Nadu.
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