Today's Stock News – 07.08.2019
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* 63 MOONS TECHNOLOGIES: The Bombay high court has allowed the company to sue former finance minister P. Chidambaram and two Indian Administrative Service officers Ramesh Abhishek and K.P. Krishnan, with a 100-bln-rupee suit for damages in a 56-bln-rupee National Spot Exchange case.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The company, Haldia Petrochemicals and, Accord Distilleries and Breweries have evinced interest in the assets of Nagarjuna Oil Corp, Cuddlore, which is under liquidation.
* ADITYA BIRLA CAPITAL: Aditya Birla Sun Life Insurance Co, a subsidiary of the company has entered into a bancassurance agreement with INDIAN BANK, for distribution of insurance products.
* AIA ENGINEERING: International Court of Arbitration dismissed Magotteaux International S.A.'s claim for seeking damages of up to $60 mln from the company and Managing Director Bhadresh K. Shah through an arbitration process, saying that it does not have jurisdiction to hear the dispute.
* AU SMALL FINANCE BANK: Temasek is set to raise its stake in the bank by the end of this calendar year.
* AVENUE SUPERMARTS: The company raised 500 mln rupees today through the issue of commercial papers maturing on Sep 30. The company's promoter Radhakishan Damani will sell up to 1% stake, aggregating 6.23 mln shares, in the supermarket chain through the open market.
* BHARTI AIRTEL: The company's direct-to-home arm Airtel Digital TV, private equity firm Warburg Pincus, and Essel Group-owned DISH TV INDIA have reached an agreement to merge the two businesses, and a formal announcement in this regard is expected in four-six weeks.
* COFFEE DAY ENTERPRISES: The board of the company will either rope in strategic investors or sell key assets to stem the group's financial woes following V.G. Siddhartha's death last week, but clarity will emerge only after the coffee chain founder's family, which holds a substantial stake, takes a view.
* COX & KINGS: Defaulted on a 50-mln-rupee payment on unsecured commercial papers, due on Tuesday.
* DEWAN HOUSING FINANCE CORP: Has defaulted on interest payment of 443.3 mln rupees towards interest and principal amount of non-convertible debentures, scheduled to be repaid on Monday and Tuesday.
* ESSEL PROPACK: Clareville Capital India Master Fund Ltd has sold 8.9 mln shares or 2.82% stake in the company through multiple bulk deals.
* HDFC BANK: Has cut its lending rates by 0.10% across all tenors, effective today.
* HINDALCO INDUSTRIES: The operating profit of US-based subsidiary Novelis Inc rose 11% on year to $372 mln due to higher shipments, and a favourable price and product mix in the June quarter.
* HINDUJA GLOBAL SOLUTIONS: The fluctuation in currency will continue to be the company's biggest worry as 90% of its revenues come from global operations, said Partha De Sarkar, global chief executive officer.
* HINDUSTAN UNILEVER: Has now claimed to have emerged as the country's largest tea company in terms of sales volume over the past few months.
* HOUSING AND URBAN DEVELOPMENT CORP: Plans to raise at least 3 bln rupees through bonds maturing on Oct 13, 2022, and has invited bids on Thursday.
* IIFL FINANCE: IIFL Wealth and Asset Management is the frontrunner to buy out L&T Financial Services' Wealth Management business.
* IRB INFRASTRUCTURE DEVELOPERS: With a view to deleverage its road projects, IRB Infrastructure Developers Ltd will float an infrastructure investment trust and transfer nine of its road assets to it. The company will be the sponsor of the trust and hold 51% stake.
* IRCON INTERNATIONAL: Cube Highways is in discussions to acquire Ircon Soma Tollway, a special purpose vehicle and a joint venture between the company and Soma Enterprise with equal equity participation, which operates a crucial expressway connecting Dhule and Pimpalgaon in north-central Maharashtra.
* INDIABULLS HOUSING FINANCE: Board has approved raising up to 10 bln rupees via debt, and up to 250 bln rupees via non-convertible debentures.
* JAMMU & KASHMIR BANK: The government will take six months to divide the assets, liabilities and ownership of the bank and other state government-floated companies between the Union Territories of Jammu & Kashmir and Ladakh, according to the Jammu and Kashmir Reorganisation Bill, 2019, which was cleared by Parliament on Tuesday.
* JET AIRWAYS (INDIA): All the resolutions, including the one for the approval of evaluation matrix and request for resolution plan were passed by the committee of creditors with requisite majority.
-On Tuesday, employees of the company gathered in the national capital to seek an interim financial
assistance till the insolvency resolution process was completed.
* KARUR VYSYA BANK: Will cut its overnight, one-month, and three-month tenures marginal cost of fundbased lending rates by 10 basis points each.
* MANDHANA INDUSTRIES: The management committee has approved raising up to 1.5 bln rupees through external commercial borrowings, as part of the resolution plan approved by the National Company Law Tribunal.
* MANPASAND BEVERAGES: The board of directors of the company has clarified that the term of the company's statutory auditors Batliboi and Purohit will be up to the conclusion of its upcoming annual general meeting.
* MAX FINANCIAL SERVICES: Board of the company approved the issue and allotment of 73.55 mln shares of the company to Mitsui Sumitomo Insurance on a preferential basis at 421.67 rupees a share.
* NIIT TECHNOLOGIES: White Oak Capital Management Consultants LLP acquired 1.26 mln shares or 2.03% stake in the company on Monday.
* NLC INDIA: The board has decided not to pursue the joint venture project plan with NMDC and ECT Australia.
* OIL & NATURAL GAS CORP: Board of the company has offered to help ONGC Petro Additions raise debt resources of 26.8 bln rupees.
* PVR: Artisan Developing World Fund has sold 530,647 shares or 1.13% stake in the company at 1,428.77 rupees apiece through a bulk deal on the National Stock Exchange.
* REC: The board has approved the sale and transfer of special purpose vehicles to successful bidders in a tariffbased competitive bidding process.
* RELIANCE INDUSTRIES: The company and BP Plc have agreed to form a joint venture for retail fuel stations and aviation fuel business on the former's existing Indian retail operations.
-Reliance Brands will take Hamleys toy stores to the US and Canada to capitalise on the vacuum
created by liquidation of one the world's largest toy store chains Toys R Us.
* SUZLON ENERGY: Brookfield's plan to acquire a majority stake in the company has fallen through, after the Canadian investor could not reach a deal with the wind-turbine maker's lenders on valuation.
-Bondholders are planning to take legal action against the company for defaulting on the repayment
mid-July. Bondholders have hired a legal firm, Kirkland and Ellis, to chalk out the strategy.
* TITAN BIOTECH: Promoter Titan Securities has bought 57,750 shares or 0.7% stake in the company at 35.44 rupees apiece through a bulk deal on BSE.
* TITAN CO: Is targeting a revenue growth of over 20% in the second half of the current financial year in the jewellery segment on the back of more auspicious dates for weddings and festive season, the management of the company said.
* TATA STEEL: The government of Hebei province in China has not agreed to Tata Steel's deal to sell its entire stake in NatSteel Holdings and Tata Steel (Thailand) for $327 mln through its subsidiary TS Global Holdings.
* UJJIVAN FINANCIAL SERVICES: Has decided to dilute about 13-15% of its stake in Ujjivan Small Finance Bank to raise about 10-12 bln rupees through share sale via initial public offer and other instruments in the next six months, indicating that it expects a post-issue valuation higher than that of the holding company's.
* ZEE ENTERTAINMENT ENTERPRISES: Subhash Chandra's Essel Group is in advanced talks to sell some toll road projects to an arm of sovereign wealth fund National Investment and Infrastructure Fund for about $350 mln.
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