Today's Stock News - 09.08.2019: 09.00 Am
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* ADANI ENTERPRISES: By December, the company hopes to achieve financial closure for three airport projects for which it won rights from the government, Chief Financial Officer Jugeshinder Singh said.
* ADANI GREEN ENERGY: Subhash Chandra-owned Essel Infraprojects is in the final leg of negotiations with the Adani Group to sell parts of operational solar energy portfolio for about 20 bln rupees.
* ADANI TRANSMISSION: The company has plans for capital expenditure of 12 bln rupees in Mumbai utility and another 25 bln rupees for other transmission projects, Anil Sardana, managing director and CEO of the company said.
* AFFLE (INDIA): Kuwait Investment Authority has bought 262,958 shares of the company at 885.27 rupees apiece through a bulk deal on the National Stock Exchange.
* BHARTI AIRTEL: Has applied for a hike in foreign investment limit to 100% due to possible change in classification of its promoter, Bharti Telecom, as an overseas investor.
* CARE RATINGS: Reliance Banking Fund has sold 170,000 shares or 0.58% stake in the company at 548.19 rupees apiece through a bulk deal on the National Stock Exchange.
* COAL INDIA: The Indian Railways is in talks with the company and the governments of Jharkhand and West Bengal to partner it on a fresh lease for the 538-km stretch of the Eastern Dedicated Freight Corridor.
* COFFEE DAY ENTERPRISES: The company has decided to appoint a person of eminence as strategic corporate advisor on its board of directors to guide the company on its way forward, following the demise of its Chairman V.G. Siddhartha.
- Board decided on Thursday to sell the group's 90-acre technology park in Bengaluru to reduce the
company's debt.
* DEWAN HOUSING FINANCE CORP: Has reiterated that it remains committed to resolving issues being faced by the company and is making the best efforts to work out a resolution plan.
* GMR INFRASTRUCTURE: Board has approved raising up to 25 bln rupees via issue of equity shares or equity-linked instruments, debentures or any other securities.
* GODREJ PROPERTIES: Boards of the company's subsidiaries Godrej Landmark Redevelopers and Godrej Projects Development have approved the merger of former with the latter.
* HCL TECHNOLOGIES: Subsidiary HCL Technologies UK has acquired 6.64% stake or 2.8 mln shares in Om Mobile Ventures for $2 mln.
* HINDUSTAN PETROLEUM CORP: Has agreed to rectify the shareholding pattern to include OIL AND NATURAL GAS CORP as a "promoter" after it got a reprimand from market regulator Securities and Exchanges Board of India for refusing to recognise its majority shareholder.
* IDBI BANK: Will reduce its marginal cost of funds-based lending rates on most tenures by 5-15 basis points, effective Monday.
* INDIABULLS HOUSING FINANCE: Indiabulls founder Sameer Gehlaut has promised the Reserve Bank of India that he will relinquish all control and rights, have no say in the management, and bring the promoter group shareholding below 10% in the proposed bank to be formed after the merger of the company with LAKSHMI VILAS BANK.
* INDIAN HOTELS CO: Is looking to sell some assets and avoid owning new properties to further pare debt, as it braces for a slump in consumer spending.
* INFOSYS: Is gunning for higher margins as it aims to earn half its revenue from the company's fast-growing
digital portfolio, according to Chief Executive Salil Parekh.
- BIRLA CORP has engaged the company over a three-month period to advise the firm on the scope of digitisation.
* INTERGLOBE AVIATION: IndiGo co-promoter Rakesh Gangwal has reiterated that he wants systems in place to ensure co-promoter Rahul Bhatia and InterGlobe Enterprises don't get any further authority in the airline's operations.
* JAMNA AUTO INDUSTRIES: The company has said its plants may not run or only partially run on all working days in August due to weak customer schedule and high inventory.
* JET AIRWAYS (INDIA): The company has told the National Company Law Tribunal that it was willing to give up its headquarters and shift to another premises by resolving disputes with HOUSING DEVELOPMENT FINANCE CORP and Luckystar Property Holdings.
- The legal counsel of the resolution professional for the company on Thursday informed the National
Company Law Tribunal that paying salary dues of the employees remains a concern since the airline has no income from operations at present.
* JK TYRE & INDUSTRIES: Has launched one-of-a-kind technology-based tool geared towards smart monitoring and maintenance of tyres called of 'Treel'.
* LAKSHMI VILAS BANK: The bank's capital adequacy ratio has improved by 110 basis points to 7.56% after capital infusion by INDIABULLS HOUSING FINANCE, with whom the bank has proposed a merger.
* MAHINDRA & MAHINDRA: Plans to open a plant in Flint, Michigan, to make vehicles including maildelivery trucks for the US market, a move that could create up to 2,000 jobs.
* MARICO: Will acquire additional 14.5% stake in Revolutionary Fitness over the next one year, taking its shareholding to 37%.
* MUKAND LTD: The board has approved raising 56.3 mln rupees by issuing 5.63 mln cumulative
redeemable preference shares on a private placement basis.
* NATIONAL ALUMINIUM CO: The company has entered into an agreement with MISHRA DHATU
NIGAM to incorporate a joint venture company and set up an aluminium alloys plant.
* ORIENTAL BANK OF COMMERCE: Will reduce the marginal cost of funds-based lending rate across tenures by 5-10 basis points, effective Saturday.
* PIRAMAL ENTERPRISES: Has reduced its exposure to residential real estate as part of its strategy to derisk its portfolio.
* POWER FINANCE CORP: On Thursday sought bids for consortium loans of 82.15 bln rupees to
RATTANINDIA POWER's 1,350 MW Amravati Thermal Power Project Phase-I, as a plan to settle the loans with the promoter likely fell through.
* RASHTRIYA CHEMICALS & FERTILIZERS: Board has approved raising up to 10 bln rupees through issue of non-convertible debentures in one or more tranches in next 12 months.
* RELIANCE CAPITAL: The board of directors of the company has said Price Waterhouse & Co's letter to the Ministry of Corporate Affairs regarding suspected fraud at the company was "grossly inadequate" and did not even point to a single specific instance of alleged fraud.
* RELIANCE INFRASTRUCTURE: KBC Equity Fund has sold 0.91% stake or 2.4 mln shares of the
company at 47.17 rupees apiece through a bulk deal on the National Stock Exchange.
* STEEL AUTHORITY OF INDIA: Chairman Anil Kumar Chaudhary was "brutally" attacked by four unknown assailants on Wednesday night near New Delhi's HUDCO Place when he was returning home from office in his staff car.
* SUZLON ENERGY: Offered to repay about 85 bln rupees ($1.2 bln) to lenders as part of a bad debt
resolution plan.
* TATA POWER CO: Faces concerns over its mining leases in Indonesia, as licences come for medium-term renewal.
* UCO BANK: Has approached the Life Insurance Corp of India to acquire up to 15% stake in it as the bank is looking to pare government holding to below 75% to comply with sectoral regulations.
* VODAFONE IDEA: The Company has partnered with Amdocs, a software services company, to streamline, automate, and digitise post-paid operations across the merged entity--Vodafone Idea.
* WIPRO: Has partnered with Germany-based software company Camunda to offer a workflow automation platform.
* YES BANK: The capital raising committee of board of directors of the bank approved opening of qualified institutional placement issue today and set the floor price at 87.9 rupees per equity share.
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