Today's Stock News – 24.07.2019
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* BAJAJ AUTO: In an effort to combat subdued sales, the company and TVS MOTOR CO are taking steps like trimming prices between 500 rupees and 2,000 rupees on some products.
* BAJAJ ELECTRICALS: ICRA cuts the company's long term credit rating to A from A+.
* BHARTI AIRTEL: The telecom department plans to challenge merger of Tata Teleservices with the company in the Supreme Court next month.
* BOSCH: The company will suspend all manufacturing operations at its plant at Naganathapura, Karnataka, on Saturday and Monday to adjust production to avoid unnecessary buildup of inventory.
* COX & KINGS: The company said it is sourcing airline tickets from alternative travel companies on a cashand- carry basis, due to suspension of licence to sell flight tickets by the International Air Transport Association.
-The promoter stake in the company has reduced 10 percentage points to 39.73%, with its lenders
having invoked pledged shares.
* DEWAN HOUSING FINANCE CORP: Insurance companies with exposure to the troubled company are likely to sign the inter-creditor agreement with lenders to recover dues.
* DR REDDY'S LABORATORIES: Launched ramelteon tablets, a generic version of Takeda Pharmaceutical Co's Rozerem, in the US.
* FILATEX INDIA: The board will meet on Aug 2 to reconsider a proposal to raise funds through American depositary receipts, global depositary receipts, foreign currency convertible bonds, qualified institutional placement, debt issue, preferential issue, or any other method.
* FUTURE LIFESTYLE FASHIONS: Board to mull raising funds through equity on Friday.
* GARDEN REACH SHIPBUILDERS & ENGINEERS: UTI Asset Management Co has sold 600,000 shares or 0.52% stake in the company at 131.99 rupees apiece through a bulk deal on the National Stock Exchange.
* GRASIM INDUSTRIES: The National Green Tribunal has imposed an interim penalty of 10 mln rupees on the company for storing huge stock of mercury, obtained as a by-product, in its premises in Sonbhadra district of Uttar Pradesh.
* HINDUSTAN CONSTRUCTION CO: Board has approved a debt resolution plan, which includes repayment of long-term loans from proceeds of sale of arbitration claims, and availing new working capital loans.
* HOTEL LEELAVENTURE: The Securities and Exchange Board of India has directed the company to seek a fresh approval from shareholders for sale of its four hotels to Brookfield Asset Management, after making additional disclosures on the deal.
* HOUSING DEVELOPMENT FINANCE CORP: The company said it does not see any "significant impact" on the growth of its individual business despite National Housing Bank's recently issued circular asking housing finance companies to desist from offering loan products involving subvention schemes.
* INDUSIND BANK: Plans to raise up to 200 bln rupees by issuing bonds on a private placement basis from domestic or foreign markets, the bank said in its annual report 2018-19.
* JET AIRWAYS (INDIA): Luckystar Property Holdings has moved the National Company Law Tribunal against the interim resolution professional of the company, seeking possession of the Siroya Centre. The airline has its registered office at the Siroya Centre, in Andheri suburb of Mumbai.
* JOHNSON CONTROLS -HITACHI AIR CONDITIONING INDIA: Aditya Birla Sun Life Mutual Fund bought 2% stake or 544,923 shares in Johnson Controls Hitachi Air Conditioning India through the open market on Friday.
* MAHANAGAR TELEPHONE NIGAM: The government on Tuesday ordered a high-level inquiry into the fire incidents in the company and Bharat Sanchar Nigam buildings in Mumbai, Delhi and Kolkata, and asked the two firms to conduct fresh fire and safety audits in a time-bound manner.
* MARUTI SUZUKI INDIA: Suzuki Motor Corp plans to suspend a planned doubling of vehicle manufacturing capacity in Gujarat, reflecting continuing uncertainty in India's automobile market.
* MULTI COMMODITY EXCHANGE OF INDIA: The Securities and Exchange Board of India has renewed the recognition for the company to act as a clearing corporation by three years.
* ORIENTAL BANK OF COMMERCE: The Chennai bench of the National Company Law Tribunal has initiated a corporate insolvency resolution process against L&T Halol-Shamlaji Tollway, a special purpose vehicle of L&T Infrastructure Development Projects, admitting an application by the bank as financial creditor of the beleaguered company.
* RELIANCE COMMUNICATIONS: The National Company Law Appellate Tribunal has dismissed a contempt petition filed by HSBC Daisy Investments (Mauritius) against Reliance Group Chairman Anil Ambani and other group companies for alleged non-payment of dues worth 2.8 bln rupees by Reliance Infratel.
* RELIANCE INDUSTRIES: Talks to grant a minority stake in the company's refining assets to Saudi Aramco have hit a roadblock over the valuation and structure of the deal.
-Has jumped 42 places to become the highest-ranking Indian firm on the Fortune Global 500 list.
* STRIDES PHARMA SCIENCE: Received establishment inspection report from the US Food and Drug Administration for its formulations facility in Bengaluru, which was inspected by the drug regulator in May.
* SUZLON ENERGY: Brookfield's plan to acquire the company has hit a roadblock, with the Canadian firm asking Indian banks to take a 'significant haircut' on its 103-bln-rupee debt.
* UNITED SPIRITS: Expects double-digit revenue growth and an operating margin in mid- to high teens over the medium term, the company's management said.
* VADILAL INDUSTRIES: Is undergoing top level changes with its Chairman Rajesh Gandhi resigning amid regulatory compliance requirements.
* ZEE ENTERTAINMENT ENTERPRISES: Promoters of the company have received one binding agreement for purchase of stake in the company, Punit Goenka, chief executive officer and managing director said.
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