Daily Stock News Today – 21.09.2017
* ALLAHABAD BANK: The board has approved the merger of wholly-owned subsidiary AllBank Finance with itself.
* BANK OF BARODA: UK-based hedge fund Theleme Master Fund has sold its entire 3.29% stake or 75.82 mln shares, in bulk deals, in the bank at 147.06 rupees apiece on BSE.
* BHARAT HEAVY ELECTRICALS: Is eyeing a major role in the Indian Railways' track electrification programme to tide over the uncertainties of the Indian power sector.
* BHARTI AIRTEL: TRAI chief R.S. Sharma defended the cut in interconnect usage charge amid the
company's and Vodafone India's accusations of bias and non-transparency and said it was in the interest of consumers and the industry.
* COAL INDIA: Will shell out 17.67 bln rupees as festival bonus for its 310,000 non-executive employees in 2017-18 (Apr-Mar), sources said.
* GRANULES INDIA: Has set the floor price for its qualified institutional placement of equity shares at 127.63 rupees a share.
* HERO MOTOCORP: To offer discount of 3,000 rupees on its scooters from Thursday till Oct 22, a source said.
* INDIA TOURISM DEVELOPMENT CORP: The Cabinet Committee on Economic Affairs has approved a proposal to allow the company to exit three more hotel ventures. A memorandum of understanding has been executed for the transfer of Lalitha Mahal Palace Hotel, Mysuru, to the Karnataka government.
* JAYPEE INFRATECH: Lenders to the company and the insolvency resolution professional look to raise around 20 bln rupees from investors in what may be the first step towards starting work to complete projects.
* ITC: Has set an internal target of generating 650 bln rupees from packaged foods by 2030 to reach its goal of 1-trln-rupee revenue from non-cigarette packaged goods by that time.
* JSW ENERGY: Has raised 5 bln rupees through the non-convertible debentures maturing in 1,094 days.
* KAJARIA CERAMICS:Westbridge Crossover Fund LLC has sold 3.58 mln shares of the company at 722.62 rupees apiece, through a bulk deal on the National Stock Exchange.
* KARNATAKA BANK: The board will meet on Sunday to explore "transformative opportunities",
including engaging consultants/advisors". Has shortlisted three consultants to suggest a change in strategy with a digital focus as it prepares to achieve 800-bln-rupee loan book by March 2020.
* LARSEN & TOUBRO: The company expects some respite from the new markets in North Africa, where it is in the process of bidding for projects worth $1.5 bln and is optimistic of getting at least 30% on jobs in next nine months.
* MAGMA FINCORP: Leapfrog Financial Inclusion India Holdings sold 1.6 mln shares of the company at 180.09 rupees apiece in a bulk deal on the National Stock Exchange.
* MAX FINANCIAL SERVICES: The company is in talks with Aditya Birla Group to explore a merger of their life insurance businesses, Birla Sun Life and Max Life Insurance, to create one of the top three private life insurers.
* MPHASIS: Has partnered with Softomotive to develop software solutions for advanced automation
technologies.
* NBCC INDIA: Has received a letter of intent from the Department of Customs and Excise for a project worth 32 bln rupees.
* NOVARTIS INDIA: The board will meet on Monday to consider a proposal to buyback shares.
* RELIANCE INDUSTRIES: The cut in interconnect usage charge to 6 paise a minute won't result in any advantage to arm Reliance Jio Infocomm, as the company had already passed on all the benefits to the customers, the company said. The company is considering expanding its oil processing capacity by over 40% by 2030. It may expand the capacity at its dual refinery complex in Jamnagar in Gujarat by 30 mln tn a year to 100 mln tn per year.
* STATE BANK OF INDIA: Has started the process to sell some of its investments which are not critical to its core business in an attempt to shore up its capital base.
* SHOPPERS STOP: Has entered into an agreement with Amazon Seller Services to sell products on
Amazon.in.
* SMS PHARMACEUTICALS: The board will meet on Sep 27 to consider a proposal for joint venture between the company and Chemo SA, Switzerland.
* TITAN CO: Has been working to boost sales in its wedding segment by creating special design lines for the Rivaah jewellery brand.
* UNITECH: Supreme Court on Wednesday asked the company to pay 80,000 rupees each to 39 homebuyers at a residential project in Gurugram.
* YES BANK: Has cut around 2,500 jobs--over 10% of its workforce—citing increased redundancy, poor performance and the impact of digitisation.
CLICK HERE
*********************************************************************************
* BANK OF BARODA: UK-based hedge fund Theleme Master Fund has sold its entire 3.29% stake or 75.82 mln shares, in bulk deals, in the bank at 147.06 rupees apiece on BSE.
* BHARAT HEAVY ELECTRICALS: Is eyeing a major role in the Indian Railways' track electrification programme to tide over the uncertainties of the Indian power sector.
* BHARTI AIRTEL: TRAI chief R.S. Sharma defended the cut in interconnect usage charge amid the
company's and Vodafone India's accusations of bias and non-transparency and said it was in the interest of consumers and the industry.
* COAL INDIA: Will shell out 17.67 bln rupees as festival bonus for its 310,000 non-executive employees in 2017-18 (Apr-Mar), sources said.
* GRANULES INDIA: Has set the floor price for its qualified institutional placement of equity shares at 127.63 rupees a share.
* HERO MOTOCORP: To offer discount of 3,000 rupees on its scooters from Thursday till Oct 22, a source said.
* INDIA TOURISM DEVELOPMENT CORP: The Cabinet Committee on Economic Affairs has approved a proposal to allow the company to exit three more hotel ventures. A memorandum of understanding has been executed for the transfer of Lalitha Mahal Palace Hotel, Mysuru, to the Karnataka government.
* JAYPEE INFRATECH: Lenders to the company and the insolvency resolution professional look to raise around 20 bln rupees from investors in what may be the first step towards starting work to complete projects.
* ITC: Has set an internal target of generating 650 bln rupees from packaged foods by 2030 to reach its goal of 1-trln-rupee revenue from non-cigarette packaged goods by that time.
* JSW ENERGY: Has raised 5 bln rupees through the non-convertible debentures maturing in 1,094 days.
* KAJARIA CERAMICS:Westbridge Crossover Fund LLC has sold 3.58 mln shares of the company at 722.62 rupees apiece, through a bulk deal on the National Stock Exchange.
* KARNATAKA BANK: The board will meet on Sunday to explore "transformative opportunities",
including engaging consultants/advisors". Has shortlisted three consultants to suggest a change in strategy with a digital focus as it prepares to achieve 800-bln-rupee loan book by March 2020.
* LARSEN & TOUBRO: The company expects some respite from the new markets in North Africa, where it is in the process of bidding for projects worth $1.5 bln and is optimistic of getting at least 30% on jobs in next nine months.
* MAGMA FINCORP: Leapfrog Financial Inclusion India Holdings sold 1.6 mln shares of the company at 180.09 rupees apiece in a bulk deal on the National Stock Exchange.
* MAX FINANCIAL SERVICES: The company is in talks with Aditya Birla Group to explore a merger of their life insurance businesses, Birla Sun Life and Max Life Insurance, to create one of the top three private life insurers.
* MPHASIS: Has partnered with Softomotive to develop software solutions for advanced automation
technologies.
* NBCC INDIA: Has received a letter of intent from the Department of Customs and Excise for a project worth 32 bln rupees.
* NOVARTIS INDIA: The board will meet on Monday to consider a proposal to buyback shares.
* RELIANCE INDUSTRIES: The cut in interconnect usage charge to 6 paise a minute won't result in any advantage to arm Reliance Jio Infocomm, as the company had already passed on all the benefits to the customers, the company said. The company is considering expanding its oil processing capacity by over 40% by 2030. It may expand the capacity at its dual refinery complex in Jamnagar in Gujarat by 30 mln tn a year to 100 mln tn per year.
* STATE BANK OF INDIA: Has started the process to sell some of its investments which are not critical to its core business in an attempt to shore up its capital base.
* SHOPPERS STOP: Has entered into an agreement with Amazon Seller Services to sell products on
Amazon.in.
* SMS PHARMACEUTICALS: The board will meet on Sep 27 to consider a proposal for joint venture between the company and Chemo SA, Switzerland.
* TITAN CO: Has been working to boost sales in its wedding segment by creating special design lines for the Rivaah jewellery brand.
* UNITECH: Supreme Court on Wednesday asked the company to pay 80,000 rupees each to 39 homebuyers at a residential project in Gurugram.
* YES BANK: Has cut around 2,500 jobs--over 10% of its workforce—citing increased redundancy, poor performance and the impact of digitisation.
