Today's Stock News – 22.07.2019
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* ARSS INFRASTRUCTURE PROJECTS: The company's joint venture ARSS-SCPL has received work order of 779.6 mln rupees from Rail Vikas Nigam.
* AXIS BANK: Has reduced its marginal cost of funds-based lending rate by 5 basis points across tenures. The board has approved raising 180 bln rupees through issue of equity shares or convertible securities linked to equity shares via qualified institutional placement or preferential issue.
* BANK OF BARODA: Has reduced interest rate on savings accounts of up to 5 mln rupees by 25 basis points to 3.25%, effective Saturday.
* BHARTI AIRTEL: Will seek shareholders' approval for a waiver of recovery of excess remuneration paid to company Chairman Sunil Bharti Mittal and CEO Gopal Vittal in 2018-19 (Apr-Mar).
* BHARAT HEAVY ELECTRICALS: Has received 4.86-bln-rupee order from Nuclear Power Corp of India.
* BOSCH: To suspend manufacturing operations at Gangaikondan plant from Jul 23 to 27.
* CENTURY TEXTILES AND INDUSTRIES: The board elected Kumar Mangalam Birla as chairman with immediate effect.
* CG POWER AND INDUSTRIAL SOLUTIONS: The company has bagged a contract worth 12.5 mln euros (967.7 mln rupees) for high voltage substations that will connect the Dumat Al Jandal wind farm to the Saudi Arabian electricity transmission grid.
* CIPLA: Cipla's active pharmaceuticals ingredients manufacturing facility in Virgonangar, Bengaluru has received seven observations from the US Food & Drug Administration.
* DEWAN HOUSING FINANCE CORP: California Public Employees' Retirement System has bought 1.3% stake in Dewan Housing Finance Corp for over 222 mln rupees.
-Lenders to the company may propose this week a six-month moratorium on repayments of around 800 bln rupees of outstanding loans under the inter-creditor agreement, with private equity investors likely buying a fifth of the embattled home financier after the debt recast.
* DR REDDY'S LABORATORIES: The company has announced closure of the transaction to sell its rights for migraine treatment drugs sumatriptan injection in 3-mg strength and sumatriptan nasal spray in 10-mg strength in the US and select territories to Upsher-Smith Laboratories, LLC.
* GRASIM INDUSTRIES: Board of subsidiary Aditya Birla Idea Payments Bank has approved voluntary winding up of operations of the payments bank.
* IDBI BANK: Has entered into a bancassurance deal with The New India Assurance Co on Jun 14, to deliver the latter's general insurance products through its branches.
-Has reduced the interest rate on some retail term deposits by 15-75 basis points, effective Friday.
* INDIABULLS REAL ESTATE: Embassy Property Development is expected to mop up an additional 14% stake in the company in a week.
* INDUSIND BANK: Will reduce its marginal cost of funds-based lending rates on most tenures by 5 basis points, effective from Monday.
* INTERGLOBE AVIATION: The board of the company has decided to seek the approval of shareholders at the upcoming annual general meeting for induction of an independent woman director.
* JET AIRWAYS (INDIA): The committee of creditors has approved the resolution to raise interim finance and the eligibility criteria for prospective bidders.
-The names of Etihad Airways and Hinduja Group have resurfaced as contenders for submitting a joint expression of interest to revive the company, which is facing insolvency proceedings.
-A 49.9% stake in Jet Privilege, the company's frequent-flyer loyalty programme, is likely to be the key attraction for those bidding for the grounded airline, which was referred to a bankruptcy court last month.
* L&T TECHNOLOGY SERVICES: Has cut its guidance for sales growth in the current financial year to 12- 14% in dollar terms from 14-16% earlier.
* MCLEOD RUSSEL: Deloitte Haskins & Sells LLP has resigned as the statutory auditor for McLeod Russel India with effect from Jul 18.
-Has rejigged the board and top management as it faces a financial crisis that could force the company into insolvency.
* MCNALLY BHARAT ENGINEERING CO: Received an order worth 104.39 mln rupees from NLC INDIA for formation of internal and peripheral roads and construction of culverts in Odisha.
* PUNJAB CHEMICALS & CROP PROTECTION: Has resumed operations at its agro-chemical division in Mohali, Punjab, that was affected by a fire on Jul 10.
* PUNJAB NATIONAL BANK: The board will meet on Thursday to consider raising up to 50 bln rupees through equity instruments, including qualified institutional placement or rights issue, in one or more tranches.
* PUNJ LLOYD: Has received initial bids from both strategic players and asset reconstruction companies, including Sterlite Power, WELSPUN ENTERPRISES, International Asset Reconstruction Co, Rare ARC and Eight Capital.
* RBL BANK: Planning a share sale to raise up to 35 bln rupees, shoring up its capital base to expand into newer lending areas and maintain fast-paced growth in retail banking, Chief Executive Officer Vishwavir Ahuja said.
* RELIANCE INDUSTRIES: Brookfield Asset Management Inc, along with other co-investors, will invest 252.2 bln rupees in Reliance Jio Infocomm's Tower Infrastructure Trust.
-Reliance Jio Infocomm will continue to invest and build world-class digital infrastructure, the parent
company said in its annual report for the year 2018-19 (Apr-Jun). -In line with its current strategy to increase the number of stores and launch more in-house brands to increase customer footfall, Reliance Retail will continue to invest in expanding its existing store network across all consumption baskets.
-Has commenced development work for R-Cluster and Satellite Cluster fields in the KG D6 Block.
-Reliance Jio Infocomm, the wholly-owned telecom unit of the company, has stressed the need for data localisation and a regulatory framework that ensures corporates take adequate measures for data protection, saying it is critical to stave off increasing cyberattacks.
-The company's petrochemicals business has taken a hit owing to trade tensions between the US and
China.
* RELIANCE INFRASTRUCTURE: California Public Employees' Retirement System has sold 3.3 mln shares of Reliance Infrastructure at 44.89 rupees per share through bulk deal. With this, it has exited the Anil Ambani-led infrastructure company.
* SOUTH INDIAN BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged.
* STRIDES PHARMA SCIENCE: The US Food & Drug Administration has assigned "voluntary action indicated" status on the company's formulation facility at Bengaluru.
* SUZLON ENERGY: UNION BANK OF INDIA has tagged the company as a bad loan and more banks are expected to follow suit as the stressed wind turbine maker has struggled to repay its lenders.
* TATA STEEL: Has sold steel at 2,000 rupees lower per tn in the June quarter as compared to the March quarter, Chief Executive Officer and Managing Director T.V. Narendran said.
* THOMAS COOK INDIA: Has no relationship with UK-based Thomas Cook Plc and there are no implications on it from the issues being faced by the British firm.
* VODAFONE IDEA: Has been ordered to compensate a bank fraud victim 850,000 rupees for not following "reasonable security" practices in issuing a duplicate SIM card, which led to the duping.
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