Today's Stock News – 18.07.2019
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* ADANI TRANSMISSION: Will seek shareholders' approval on Aug 8 to raise 50 bln rupees through the issuance of shares, securities and other instruments.
* ALLAHABAD BANK: Said that loan accounts of SEL MANUFACTURING CO with outstanding dues of 6.9 bln rupees have been declared as fraud and reported to the Reserve Bank of India.
* APOLLO HOSPITALS ENTERPRISE: The family that controls the company is looking to sell assets or bring an outside investor into their holding company to reduce debt.
* AXIS BANK: Rakesh Makhija will be part-time non-executive chairman of the bank, with effect from today.
* BHARTI AIRTEL: The company and Reliance Jio Infocomm are in talks with HINDUSTAN UNILEVER for tie-ups to offer localised discounts on the latter's home and personal care brands through neighbourhood stores.
* CARE RATINGS: Managing Director Rajesh Mokashi has been sent on leave post Securities and Exchange Board of India complaint. Executive Director Arun Kumar has been appointed as interim chief executive officer.
* COAL INDIA: India may spin off units of the company into separate listed companies to boost competition and raise government funds.
* DEWAN HOUSING FINANCE CORP: Has defaulted on the payment of 237.5 mln rupees as interest to its bond holders.
* FIRSTSOURCE SOLUTIONS: Vipul Khanna, executive vice president and global head of Cognizant digital operations, has accepted the company's offer to take up the role of managing director and chief executive officer with effect from Aug 2.
* GVK POWER & INFRASTRUCTURE: Government of Singapore Investment Corp is in preliminary talks with the company to acquire its stake in Taj-GVK Hotels and Resorts.
* ICICI BANK: Has taken to the mobile platform to expand its small and medium enterprise business offering to even non-customers, providing them the facility to get loans sanctioned through a mobile application.
* INTERGLOBE AVIATION: IndiGo co-founder Rakesh Gangwal is likely to seek procedural changes in executing related party transactions at the budget carrier, besides calling for an extraordinary general meeting at the board meeting scheduled for Friday.
* JAYPEE INFRATECH: An appellate tribunal has asked counsel for lenders of the company to provide terms and conditions for new resolution plans, opening doors for new applicants including Adani Infrastructure for acquiring the debt-ridden real estate company.
* JBF INDUSTRIES: Lenders led by BANK OF BARODA have decided to sign an inter-creditor agreement with the company under a Jun 7 circular issued by the Reserve Bank of India.
* JET AIRWAYS (INDIA): Investigative agencies examining the books of the airline are likely to seek an explanation from the STATE BANK OF INDIA-led consortium after the lenders "closed" the forensic audit report on the basis of the "more-than-adequate" responses by the grounded airline.
* JINDAL STAINLESS: Expects the process for its exit from corporate debt restructuring to be completed in the next three to four months, the company's management said. Expects an additional revenue of 11 bln rupees over the next two years after launching a crackdown on counterfeit products sold using the company's name.
* MINDTREE: The board has approved the appointment of Anilkumar Manibhai Naik as non-executive chairman of the company, effective today.
* NHPC: The Cabinet Committee on Economic Affairs on Wednesday approved the company's 2,880-MW Dibang hydropower project in Arunachal Pradesh at an estimated cost of 280.80 bln rupees.
* NMDC: In a major relief for the company, the Karnataka High Court has admitted the company's plea regarding its dispute with the state government over royalty payment for Donimalai mines.
* OIL & NATURAL GAS CORP: Comptroller and Auditor General of India has red-flagged multiple
operational lacuna in marine logistics operations of the company.
* PRESTIGE ESTATES PROJECTS: Prestige Group is close to signing a joint development agreement for two office projects in Mumbai, spanning 4 mln sq ft, to mark its entry into the city's lucrative commercial real estate market.
* PUNJAB & SIND BANK: Reported the Reserve Bank of India about a fraud of 2.38 bln rupees by Bhushan Power and Steel.
* RELIANCE INDUSTRIES: BP plc and the company will invest $5 bln in bringing to production three sets of natural gas fields in the Krishna Godavari KG-D6 basin block by 2022.
* SPENCER'S RETAIL: Will be proposing its shareholders to roll out an employee stock option scheme.
* SUZLON ENERGY: The lenders of the company and certain subsidiaries have signed inter-creditor
agreement for resolution of the company's debt.
* TATA CHEMICALS: Plans to set up a factory to make lithium-ion cells, sources said, as it seeks to
capitalise on the emerging electric vehicle industry in India.
* TATA ELXSI: Avendus Enhanced Return Fund has sold 0.57% stake or 357,590 shares in the company at 755.68 rupees apiece through a bulk deal on the National Stock Exchange.
* TATA MOTORS: Will continue to sell its diesel cars with 1.5 ltr engine and above after the Bharat Stage-VI emission norms come into effect on Apr 1, 2020.
* WIPRO: The board has approved the appointment of M.K. Sharma as the lead independent director with effect from Aug 1.
* YES BANK: Is in the process of carrying out an enquiry into a whistleblower's allegations of irregularities in operations, potential conflicts of interest concerning a former chief, and incorrect classification of nonperforming assets.
* ZEE ENTERTAINMENT ENTERPRISES: Singapore-based First Degree Global Asset Management is said to have signed a binding agreement to buy two financial services firms owned by Essel Group promoter Subhash Chandra.
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