Today's Stock News – 05.08.2019
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* ADANI ENTERPRISES: Incorporated a new wholly-owned subsidiary, Adani Airports, on Friday with paid-up share capital of 100,000 rupees for acquiring, operating, maintaining, constructing, renovating, expanding and managing airports in India or abroad.
* ADANI GREEN ENERGY: Step-down subsidiary Adani Renewable Energy (RJ) has part commissioned 100 MW-alternate current capacity in Rajasthan out of a 200 MW-alternate current solar power project, having power purchase agreement with Maharashtra State Electricity Distribution Co at 2.71 rupees per kWh for a period of 25 years.
* ADANI POWER: Has completed the acquisition of GMR Chhattisgarh Energy for an enterprise value of 35.3 bln rupees.
* ALLAHABAD BANK: Reserve Bank of India has fined the bank 20 mln rupees for not complying with certain directions issued.
* ASTRAL POLY TECHNIK: The board has approved issue of bonus shares in the ratio of one share for every four held in the company, subject to approval by shareholders.
* BANK OF BARODA: Reserve Bank of India has fined the bank 15 mln rupees for not complying with certain directions issued.
- Reserve Bank of India has imposed penalty of 5 mln rupees on the lender for delay in reporting of
fraud pertaining to one account.
* BANK OF INDIA: Reserve Bank of India has fined the bank 15 mln rupees for not complying with certain directions issued.
* BANK OF MAHARASHTRA: Reserve Bank of India has fined the bank 20 mln rupees for not complying with certain directions issued.
* BHARTI AIRTEL: Plans to shut down its third-generation mobile services across the country in the current financial year, in a bid to encourage customers to upgrade to 4G network and, consequently, boost its revenue, the management said.
- Reliance Jio Infocomm and the company are among around a dozen companies which have shown
interest in the assets of bankrupt RELIANCE COMMUNICATIONS and its Reliance Telecom and Reliance Infratel units.
* BIRLA CORP: The board has approved raising up to 2 bln rupees by issuing non-convertible debentures, including bonds, on a private placement basis in one or more tranches within a period of one year. Pracheta Majumdar has been appointed wholetime director and chief executive officer of the company, effective Friday, till May 19, 2021.
* COFFEE DAY ENTERPRISES: Sulakshana Raghavan, an independent director of the company, has resigned, effective Thursday.
- The board has postponed the company's Apr-Jun earnings due to certain unavoidable circumstances.
* CORPORATION BANK: Reserve Bank of India has fined the bank 10 mln rupees for not complying with certain directions issued.
* COX & KINGS: Has defaulted on a payment on unsecured commercial papers of 1 bln rupees, payable Thursday.
- The company-owned booking website and travel firm in the UK have shut down, leaving hundreds of customers in a lurch.
- US-based Ebix and India-headquartered MakeMyTrip have joined the race to acquire the company.
* DEWAN HOUSING FINANCE CORP: DSP Mutual Fund has moved the Bombay High Court against the company, seeking to recover 750 mln rupees in dues arising from commercial papers issued by the company.
- Has defaulted on interest payment of 920.2 mln rupees on two non-convertible debentures, due on
Friday and Saturday. - Deloitte Haskins & Sells, one of the company's joint auditors, is believed to have put in its papers.
* DLF: Has settled 31 bln rupees amount payable to its joint venture with Singapore investment firm GIC by transferring Noida shopping mall and some land parcels.
* EQUITAS HOLDINGS: Has sought extension from the Reserve Bank of India to comply with the norm for listing its wholly-owned subsidiary Equitas Small Finance Bank within the period of three years from the date of commencement of banking operations.
* FILATEX INDIA: The board has approved raising up to 2.5 bln rupees by issuing shares, American Depository Receipts, Global Depository Receipts, convertible bonds, through qualified institutional placement or other modes, subject to shareholders' approval.
* GOCL CORP: The listing of Quaker Houghton on NYSE, after the merger of Quaker Chemical Corp and Houghton International, has unlocked significant value for the Hinduja Group, including shareholders of the company.
* GUJARAT STATE FERTILIZERS & CHEMICALS: Has shut down most operations of its Vadodara unit due to heavy rainfall.
* HINDALCO INDUSTRIES: Novelis must offer concessions to European Union competition authorities by Aug 9 to secure approval for its $2.6-bln takeover of aluminum processor Aleris.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on 22.94-mln-rupee interest payment on nonconvertible debentures, due Friday.
* INDIABULLS REAL ESTATE: US-based private equity giant Blackstone Group is set to acquire the
remaining 50% stake in the company's commercial properties for around 48 bln rupees.
- The proposed stake-purchase deal between Embassy Property Developments and the company may
be called off.
* INDIAN OVERSEAS BANK: Reserve Bank of India has fined the bank 15 mln rupees for not complying with certain directions issued.
- Reserve Bank of India has imposed a penalty of 25 mln rupees on the bank for breaching the central
bank's norms on declaration or reporting of frauds.
* INTERGLOBE AVIATION: Securities and Exchange Board of India is scanning the company's shareholders' agreement to check for any violation of the rights of minority investors and individual shareholders.
* JET AIRWAYS (INDIA): The deadline for the submission of expression-of-interest for the airline's assets has been extended to 1600 IST on Aug 10 from Aug 3.
* JM FINANCIAL: JM Financial Products is set to launch a 5-bln-rupee non-convertible debenture issue on Tuesday as the NBFC that belongs to the Nimesh Kampani-founded JM Financial Group seeks to diversify its borrowing options.
* JUBILANT LIFE SCIENCES: Has raised 400 mln rupees through the issue of commercial papers, maturing on Sep 6, at a coupon rate of 6.75% per annum.
* LARSEN & TOUBRO: Five years after a three-year-old boy died in an accident caused by a pothole, Faridabad police have named as accused all directors of the company, including its chairman and two independent directors, in its charge sheet submitted to a local court, which has issued notices to all of them.
* MAHINDRA & MAHINDRA: Has reduced prices of e-Verito by up to 80,000 rupees in order to pass the benefit of reduced GST on electric vehicles to customers.
* MANPASAND BEVERAGES: Has appointed Batliboi & Purohit as statutory auditors, effective Friday, for five years.
* MARUTI SUZUKI INDIA: Has cut the number of its temporary workers to cope with a slowdown in
automobile sales. - Plans to focus on developing hybrid vehicles and automobiles that run on compressed natural gas till technology to develop electric vehicles becomes cheaper in the country.
- Is likely to operate just one shift at all its plants, with demand for cars slumping to multi-decade lows across the country, and causing inventory to bloat ahead of the traditional festival season.
* MCLEOD RUSSEL INDIA: Dimensional Funds Plc has sold 578,285 shares or 0.55% stake in the company at 10.04 rupees apiece through a bulk deal on the National Stock Exchange.
- Is hopeful that its restructuring proposal will be accepted by the consortium of lenders led by ICICI
BANK.
* NESTLE INDIA: Will soon commence construction of the ninth factory in India to come up in Gujarat. The factory for Maggi Noodles will involve an initial investment of nearly 7 bln over the next two years.
* NIIT: The board will meet on Aug 10 to mull buyback of equity shares of the company.
* NRB BEARINGS: BAJAJ FINANCE has sold 1.95 mln shares or 2% stake in the company through separate bulk deals on the National Stock Exchange and BSE.
* NTPC: Plans to set up a dedicated solar power plant for selling power in the spot market, said Gurdeep Singh, the company's chairman and managing director.
* ORIENTAL BANK OF COMMERCE: Reserve Bank of India has fined the bank 10 mln rupees for not complying with certain directions issued.
- Reserve Bank of India has imposed penalty of 15 mln rupees on the lender for delay in reporting of
fraud pertaining to one account.
* PARAG MILK FOODS: The board has approved the appointment of Shashikant Dalmia as chief financial officer of the company.
- The board has approved acquisition of Protein brand 'Proliva' from Nutrisattva Foods.
* PETRONET LNG: Has tied up with INDRAPRASTHA GAS and Gujarat State Petrolem Corp group to set up a total of 12 liquefied natural gas dispensing stations for trucks and buses on the Delhi-Mumbai route on a pilot basis, the company's Managing Director and Chief Executive Officer Prabhat Singh told.
* PUNJAB & SIND BANK: A non-performing asset account, Fairdeal Supplies, with outstanding dues of 404.9 mln rupees has been declared as a fraud and reported to the Reserve Bank of India as per the regulatory requirement.
* PUNJAB NATIONAL BANK: Reserve Bank of India has imposed penalty of 5 mln rupees for delay in reporting of fraud pertaining to one account.
* RELIANCE INDUSTRIES: Said its Reliance Industrial Investments & Holdings subsidiary has agreed to invest 2.95 bln rupees in Mumbai-based Fynd.
* RPP INFRA PROJECTS: Has won an order worth 1.08 bln rupees from the Bruhat Bengaluru Mahanagara Palike for white—topping of selected roads in Bengaluru city.
* SATHAVAHANA ISPAT: Has signed an operation, maintenance and management agreement with JINDAL SAW.
* SHRIRAM TRANSPORT FINANCE CO: Bought back non-convertible debentures worth 800 mln rupees issued by the company on a private placement basis.
* SICAL LOGISTICS: The board has asked the management to explore all strategic alternatives to reduce debt of the company and its subsidiaries.
* STATE BANK OF INDIA: Is in the process of resolving stressed loans of over 482 bln rupees under the central bank's revised framework.
- Reserve Bank of India has imposed a penalty of 5 mln rupees on the bank for non-compliance with
norms on reporting of fraud.
* STERLING BIOTECH: National Company Law Appellate Tribunal has stayed eviction of the company from its premises as the company was going under the insolvency resolution process and was under the moratorium period.
* SUN PHARMACEUTICAL INDUSTRIES: Will discontinue operations at research and development centres in Vaodara-Tandalja and Akota.
* TATA CONSULTANCY SERVICES: Launched the Advanced Drug Development Site Feasibility Platform, which provides life sciences companies with a single, integrated platform.
* TATA POWER CO: The company and TATA MOTORS have announced their partnership to install 300 fast electric vehicle charging stations by the end of 2019-20 (Apr-Mar), across Mumbai, Delhi, Pune, Bengaluru and Hyderabad.
* TRIDENT: Board has approved de-bottlenecking and modernisation of its paper units at the Dhaula plant in Punjab. The company will need 2.22 bln rupees to expand capacity by 20,000 tn per annum to 195,000 tn per annum.
* UJJIVAN FINANCIAL SERVICES: Ujjivan Small Finance Bank is set to get listed by Jan 31 as its board has approved a proposal for an initial public offering of its equity shares.
* UNION BANK OF INDIA: Reserve Bank of India has fined the bank 15 mln rupees for not complying with certain directions issued.
* UNIPLY INDUSTRIES: Several small investors in the company are stuck with their holdings, as Kuwait-based multi-family office investment firm Markab Capital WLL, which acquired controlling stake in the company last month, failed to launch on time the mandatory open offer to minority stockholders.
* V-MART RETAIL: Has opened a store each in Rajasthan, Uttar Pradesh and Punjab. The company has closed two stores in Jharkhand and Delhi, respectively.
* VODAFONE IDEA: Stiff competition and the need for heavy investment have "significantly worsened" the financial stress in the Indian telecom sector and a revival in pricing is imperative for the health of the sector in the long term, Chairman Kumar Mangalam Birla said.
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