Today's Stock News – 25.07.2019
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* BHARAT HEAVY ELECTRICALS: Has signed a memorandum of understanding with NTPC to form a joint venture company for setting up an 800 MW coal-fired power plant at the latter's existing power plant in Sipat, Chhattisgarh.
* BHARAT ELECTRONICS: Reliance Mutual Fund has bought 2.9% stake, or 70.37 mln shares, in the company through the open market on Monday.
* BHARTI AIRTEL: The Digital Communications Commission accepted telecom regulator's recommendation of 30.5-bln-rupee penalty on the company and VODAFONE IDEA.
* CASTROL INDIA: Announced it is ready for the BS-VI transition by launching a range of BS-VI compliant lubricants across categories.
* CIPLA: Arm Cipla USA Inc acquired worldwide rights of Zemdri drug from Achaogen Inc.
* COX & KINGS: Sneh Sadan Traders and Agents, a lender to the company has, between Jul 12 and 18, invoked a pledge on 3.66% promoter stake in the company.
-Has defaulted on a 1.7-bln-rupee repayment on commercial papers, due today.
* DEWAN HOUSING FINANCE CORP: Has defaulted on payment of 80.7 mln rupees on non-convertible debentures, due on Tuesday.
-Is looking to form a joint venture structure for its proposed stake sale that's part of the company's
revival plan.
* FERTILISERS & CHEMICALS TRAVANCORE: The Cabinet approved the sale of 482 acres of land held by the company to Kerala government.
* HINDUSTAN AERONAUTICS: Has delivered a Chetak helicopter ahead of schedule to the Indian Navy.
* INDIABULLS REAL ESTATE: Morgan Stanley has acquired 1.32 mln shares, or 0.29% stake, in the company through open market on Monday.
* INFOSYS: Has launched a new application programming interface speed layer solution in collaboration with general purpose database platform MongoDB, Inc.
-Board of directors is directly monitoring measures to reduce employee attrition, two people aware of
the deliberations said.
* INTERGLOBE AVIATION: The company-run IndiGo has announced launch of flight services to Myanmar with daily non-stop services between Kolkata and Yangon commencing Sep 20.
-IndiGo is close to finalising a policy to regulate the issue of related-party transactions, a move aimed at addressing the concerns raised by co-promoter Rakesh Gangwal, who has complained to the markets' regulator against transactions between Rahul Bhatia's InterGlobe Enterprises and the airline.
* HDFC BANK: Has discontinued inventory finance to some dealers of EICHER MOTORS—makers of the Royal Enfield motorcycle.
* JAMMU & KASHMIR BANK: The Ministry of Home Affairs has written to the Jammu & Kashmir Governor Satya Pal Malik asking him to consider merger of the bank with another bank under Section 44 of the Banking Regulation Act, a senior industry source said.
* JSW ENERGY: Plans to raise around $750 mln from international bond sale to fund expansion plans as well as to repay some of its existing debt of over 100.50 bln rupees.
* JSW STEEL: Plans to raise $500 mln-$700 mln from overseas investors as the company aims to lower borrowing costs amid declining yields. The funds could be raised either through loans or bonds issue.
* KINETIC ENGINEERING: Is exploring partnerships to get into battery and electric motor manufacturing in India amid the government's push for developing green mobility solutions in the country.
* LARSEN & TOUBRO: Aims to double revenue from its water and effluent treatment project business to $4 bln in three-four years on the back of government-funded water infrastructure projects and desalination jobs from industry.
* MAHANAGAR TELEPHONE NIGAM: Life Insurance Corp of India has sold 2% stake or 12.74 mln shares in the company through the open market between Jun 4 and Jul 22.
* MCNALLY BHARAT ENGINEERING CO: Has received an order worth 467.06 mln rupees from Hong Kong-based SGTORE Co for construction of a plant, supply of equipment, and spare parts.
* NMDC: The company, which signed a research collaboration agreement with Environmental Clean
Technologies of Australia in May 2018, has described Environmental Clean Technologies' lignite-based steel making technology as "unproven" and one that has "no business relevance for the company".
* OIL & NATURAL GAS CORP: The company's plans to bring its entire refining and marketing business under one umbrella may get delayed further over its differences with HINDUSTAN PETROLEUM CORP.
* POWER FINANCE CORP: Reliance Mutual Fund has acquired 76.25 mln shares, or 2.89% stake, in the company through open market on Monday.
* RELIANCE INDUSTRIES: More than two years after the idea of doorstep delivery of fuels was mooted, the company is preparing to enter the fray. The state-run oil marketing companies on their part will add at least 500 doorstep fuel delivery vehicles within the current financial year.
* SANDHAR TECHNOLOGIES: Has signed a 50:50 joint venture agreement with South Korea-based Han Shin Corp to manufacture electronic parts and accessories for automobile industry which includes antenna, radio cable, USB cable, among others.
* SBI LIFE INSURANCE CO: Value Line Pte has sold 0.65% stake, or 6.5 mln shares, in the company at 775.06 rupees apiece through a bulk deal on the National Stock Exchange.
* SPICEJET: Will start daily flight between Mangaluru and Delhi from Aug 4.
* STATE BANK OF INDIA: On Wednesday moved an intervention application against HOUSING
DEVELOPMENT FINANCE CORP's plea claiming rights over a portion of JET AIRWAYS (INDIA)'s property in Bandra-Kurla Complex, Mumbai.
* TATA POWER: Plans to install 500 electric vehicles charging outlets across five cities over the next year as the integrated power company readies the ground for the transition to battery-powered vehicles.
* YES BANK: Rana Kapoor, co-founder and former managing director and chief executive officer of the bank, has pledged his entire stake of 4.31% in the bank as security to debenture holders of Morgan Credits. WestBridge Capital Partners, Farallon Capital and GIC are likely to be among the top investors in the upcoming share sale by the bank.
* ZEE ENTERTAINMENT ENTERPRISES: Is racing against time to announce a deal closure before the Jul 31 deadline set by mutual funds.
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