Today's Stock News – 02.08.2019
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* ADANI TRANSMISSION: Has received a letter of intent from PFC Consulting, a wholly-owned subsidiary of Power Finance Corp, to build, operate, and maintain a transmission project in Rajasthan for a period of 35 years.
* ALLAHABAD BANK: The Reserve Bank of India has imposed penalty of 20 mln rupees for violating fraud reporting norms.
* ASHOK LEYLAND: Has undertaken cost-cutting measures that will save around 5 bln rupees. The company added it would continue with its capital expenditures plans, which would be around 17-20 bln rupees.
* ATUL AUTO: Total sales declined 15% on year in July to 3,272 units.
* BANK OF INDIA: RBI has imposed 15-mln-rupee penalty for violating fraud reporting norms.
* BHARTI AIRTEL: The company and VODAFONE IDEA have called on the government to 'fix' the sector by reducing multiple levies, making spectrum prices affordable, backhaul spectrum available and resolving the input tax credit issue.
* CEAT: Will invest 11 bln rupees against the 14 bln rupees planned for 2019-20 (Apr-Mar), and defer some funding into the next few years, Managing Director Anant Goenka said.
* CIPLA: In talks to invest in online healthcare platform Medlife.
* COAL INDIA: As per provisional figures, the company's production fell 5.1% on year to 38.50 mln tn in July, while offtake was down 2.9% at 46.82 mln tn.
- Has decided to buy 40 rakes for 7 bln rupees to enhance its evacuation capability by 56 mln tn.
* COFFEE DAY ENTERPRISES: A Tamil Nadu-based private bank has come under the scanner of taxmen for having issued farm loans worth 1.45 bln rupees to a few top executives of Cafe Coffee Day group companies on the basis of bogus purchase letters.
* DEWAN HOUSING FINANCE CORP: Has defaulted on 3.5-mln-rupee interest payment on two unsecured, perpetual bonds.
* DISHMAN CARBOGEN AMCIS: Wholly-owned subsidiary Carbogen Amcis AG's manufacturing site in Neuland, Switzerland, has cleared the US Food and Drug Administration's pre-approval inspection.
* DHUNSERI TEA & INDUSTRIES: Has entered into a binding agreement with TATA GLOBAL
BEVERAGES to sell its branded business.
* EICHER MOTORS: Total motorcycles sales in July slipped 22% on year to 54,185 units.
* FORTIS HEALTHCARE: The Enforcement Directorate on Thursday carried out raids at the residences of the company's former promoters Malvinder Mohan Singh and Shivinder Mohan Singh in connection with a moneylaundering case.
* HERO MOTOCORP: Total sales in July were at 535,810 units.
* JAYPEE INFRATECH: The National Company Law Appellate Tribunal on Thursday set aside a National Company Law Tribunal order that directed JAIPRAKASH ASSOCIATES to return 758 acres of land, which was pledged with several banks, to the company.
* JET AIRWAYS INDIA: As many as four potential bidders have evinced interest in the company, though talks for a potential bid are still in early stages.
- Employees are unlikely to get their dues--salaries and other emoluments--amounting to 930 mln
rupees, anytime soon after lenders on Thursday expressed their inability to provide any further funds.
* JSW STEEL: Less than a year after JSW Steel (USA) Inc. lauded US metal tariffs for aiding the steel industry, it is suing because it's not exempted from the levies.
* KARNATAKA BANK: Has cut its marginal cost of funds-based lending rates by 5 basis points across tenures, effective Thursday.
* LAKSHMI VILAS BANK: on Thursday said that it does not have any exposure to COFFEE DAY
ENTERPRISES or any of its subsidiaries.
- Eriska Investment Fund sold 0.63% stake or 2 mln shares in the bank at 46.33 rupees apiece in a bulk deal on the National Stock Exchange.
* LIC HOUSING FINANCE: Has appointed Siddhartha Mohanty as managing director and chief executive officer, effective Thursday, on account of the transfer of the current managing director and chief executive officer to Life Insurance Corp of India.
* MMTC: Has received an in-principle approval from the board for divesting stake in joint venture company Neelachal Ispat Nigam.
* NATIONAL ALUMINIUM CO: Has entered into an agreement with HINDUSTAN COPPER and Mineral Exploration Corp to form a joint venture company to explore, acquire, develop, and process primarily strategic minerals overseas for supply to India to meet domestic requirements and for sale to any other country for commercial use.
* ORIENTAL BANK OF COMMERCE: RBI imposed 10-mln-rupee penalty for violating fraud reporting norms.
* POWER GRID CORP OF INDIA: Has been declared successful bidder under tariff-based competitive bidding for transmission line projects--in Gujarat, Rajasthan, Haryana and Delhi--on build, own, operate, and maintain basis.
* PSP PROJECTS: Has bagged new work orders worth 862 mln rupees for institutional projects from various clients.
* RELIANCE INDUSTRIES: The Delhi High Court on Thursday set aside a trial court order allowing criminal prosecution of the company and its then three senior officials for allegedly possessing secret documents pertaining to cabinet meetings on economic matters.
* TALWALKARS BETTER VALUE FITNESS: Has defaulted on 9.4-mln-rupee interest payment on term loan from three banks--AXIS BANK, SOUTH INDIAN BANK and ANDHRA BANK, payable Wednesday.
* TATA MOTORS: Has decided to cut the prices of its electric vehicles by 80,000 rupees a unit in August, following the government's decision to cut goods and services tax rates on such vehicles.
- Total sales in July were at 32,938 units, down 34% on year.
* TECH MAHINDRA: Shareholders approved appointment of Mukti Khaire, Haigreve Khaitan and Shikha Sharma as independent directors of the company, not liable to retire by rotation for 5 consecutive years.
* VODAFONE IDEA: Promoter IGH Holdings has acquired 22.77 mln shares or 0.08% stake in the company through stock exchanges on Tuesday.
- Set to monetise its stake in Indus Towers as part of the latter's merger with BHARTI INFRATEL,
which is in the final stages. Likely to get about 55-60 bln rupees from the sale of its holding.
* WIPRO: Has opened a co-innovation centre, in collaboration with Amazon Web Services, at its campus in Bengaluru.
- Rishad Premji took charge as the chairman of the company effective Wednesday.
* YES BANK: Has cut its overnight marginal cost of funds-based lending rate by five basis points to 8.05%, and hiked the 1-year lending rate by five bps to 9.75%, effective Thursday.
A foreign investor in the Indian property market has alleged in a complaint to Reserve Bank of India that the bank and realty group HDIL have moved funds to evergreen loans.
* ZUARI AGRO CHEMICALS: The right issue committee will meet on Tuesday to consider and revise the issue price of the rights issue of compulsorily convertible debentures.
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