Today Stock News – 22.03.2018
* ALLAHABAD BANK: Has received approval from the Ministry of Corporate Affairs for merger of its fully-owned subsidiary AllBank Finance with itself.
* ANDHRA BANK: Invited bids from asset reconstruction companies for the proposed sale of 21 non-performing loan accounts, and electronic bidding for the same is scheduled for Thursday, according to a tender on the bank's website.
* AXIS BANK: Following media reports claiming that the bank had failed to invoke bank guarantee on behalf of a telecom company, the bank informed exchanges that the guarantee had been issued on behalf of BHARTI AIRTEL, not Aircel.
* BANK OF INDIA: Has closed down its operations of representative office in Yangoon (Myanmar) from mid-January.
* BHARTI AIRTEL: The company along with its wholly owned subsidiary Telesonic Network has approached the National Company Law Tribunal over their scheme of demerger, under which latter will have an independent fibre cable business. Vodafone India, IDEA CELLULAR, Reliance Jio Infocomm and the company have been served notices for exaggerated credit claims under the goods and services tax.
* BHARAT PETROLEUM CORP: Bharat Petro Resources, the exploration and production arm of the company is planning to raise $600 mln to refinance debt.
* BINANI INDUSTRIES: The promoter of Binani Cement, has denied allegations of fraud in the debt-ridden cement company.
* COAL INDIA: Has started supplying coal to some of the 10 power plants that won long-term coal allocation at the first such auction held in September last year. Coal India is planning to set up plants for coal gasification, Parliament was informed on Wednesday.
* DEWAN HOUSING FINANCE CORP: Associate company Avanse Financial Services has completed securitisation of its education loans worth 1.08 bln rupees.
* DILIP BUILDCON: Declared the lowest bidder for National Highways Authority of India's project in Uttar Pradesh.
* ELECTROSTEEL STEELS: SCIIL Steel Cast Iron Investments (Cyprus) has sold 17.55 mln shares or 0.72% stake in the company at 2.30 rupees apiece through a bulk deal on the National Stock Exchange.
* GE POWER INDIA: Received an order worth 2.3 bln rupees from NTPC for Barh stage-1.
* GRUH FINANCE: The company's board will meet on Apr 14 to consider borrowing or raising of funds via onshore and/or offshore debt instruments, including but not limited to bonds, non-convertible debentures, non-convertible subordinated tier-II debentures, denominated in Indian currency and/or any foreign currency.
* HAVELLS INDIA: Has appointed Shashi Arora as chief executive officer for the company's consumer durable brand Lloyd.
* HINDUSTAN CONSTRUCTION CO: India's first Private hill project Lavasa, envisioned by the company' Chairman Ajit Gulabchand, could be heading for bankruptcy.
* ICICI BANK: Has raised 40 bln rupees by selling perpetual bonds to marquee institutional investors, including the mutual fund arms of AXIS BANK, Birla, HDFC BANK, STATE BANK OF INDIA, Reliance and ICICI PRUDENTIAL, a move that will help strengthen the bank's capital base.
* IDBI BANK: Has sold its $385-mln foreign currency loan extended to Essar Steel, to Deutsche Bank taking a haircut of 38%, in a deal that could set a benchmark for the steel company that will soon be under the hammer.
* IDFC BANK: Has begun discussions with INDUSIND BANK and Citic CLSA, among others, to merge or sell its asset management company which manages about $11 bln, or 710 bln rupees as part of value-unlocking moves for shareholders.
* INDIAN OIL CORP: Has launched home-delivery of diesel on a pilot basis in Pune and plans to expand doorstep delivery of the fuel to other parts of the country in near future, its Chairman Sanjiv Singh said.
* INTERGLOBE AVIATION: Qatar Airways and the company-led IndiGo have denied a media report, which said two airlines will jointly bid for Air India.
* ITI: The Cabinet Committee on Economic Affairs has given its nod to a follow-on public offer by the company to issue 180 mln fresh shares to meet the Securities and Exchange Board of India's requirement of minimum 25% public shareholding and to raise working capital for new projects, and reduce its debt obligations, according to an official release.
* JINDAL DRILLING & INDUSTRIES: Has settled an arbitration award for $9.10 mln, including a waiver of all costs.
* JSW STEEL: The race to acquire Essar Steel will start all over again with new players, including the company, evincing interest in bidding for the company.
* MAJESCO: An Indian health insurer has implemented the company's distribution management and digital solutions tools to manage its distribution channels and online engagement.
* NTPC: The board of NTPC-SAIL Power Co, a 50:50 joint venture between the company and STEEL AUTHORITY OF INDIA, approved payment of interim dividend of 1 bln rupees.
* OIL INDIA: Signed a memorandum of understanding with the government of Assam and Assam Petro-Chemicals for a 13.37-bln-rupee project.
* OMAX AUTOS: Approved reorganisation of operations at its Manesar plant in Haryana, which would involve partial closure to improve efficiencies.
* POWER FINANCE CORP: Scrapped plans to issue bonds maturing in one-year-seven-months and three-year-23-days for now, citing coupon bids at rates higher than the state-owned organisation was willing to pay.
* PRICOL: Have received the coveted ARAI certification for telematics devices.
* PUNJAB NATIONAL BANK: Expects a 145 bln rupees loss on account of frauds in this financial year, including contingent liabilities, following the scam by diamond traders, the government said. Has blamed the concurrent auditor at its Brady House branch in Mumbai for not detecting the 129-billion-rupee scam related to fraudulent letters of undertaking issued to the Nirav Modi and Mehul Choksi groups of companies.
* RELIANCE HOME FINANCE: Has raised up to 150 mln rupees through non-convertible debentures maturing in 3,554 days.
* SEQUENT SCIENTIFIC: Pronomz Ventures LLP bought 3.97 mln shares or 1.62% stake in the company from Agnus Capital LLP at 81.90 rupees apiece through a bulk deal on the National Stock Exchange.
* SHRIRAM TRANSPORT FINANCE CO: Raised 1.85 bln rupees through non-convertible debentures maturing in threeyears-two-months, at a coupon rate of 8.55%.
* SKIL INFRASTRUCTURE: A former promoter of RELIANCE NAVAL AND ENGINEERING, said the security trustee of the corporate debt restructuring lenders of the latter has "wrongfully and illegally" invoked the corporate guarantee and Reliance Naval shares pledged by it.
* STATE BANK OF INDIA: In yet another case of an alleged banking fraud, the Central Bureau of Investigation has registered a case on a complaint by the bank against a Chennai-based jewellery company and its top executives over allegations of cheating a 14-bank consortium of 8.24 bln rupees, as per a release issued by the investigative agency.
* SUN PHARMACEUTICAL INDUSTRIES: Its novel drug tildrakizumab has got an approval from the US Food and Drug Administration, the Indian drugmaker said.
* TATA GLOBAL BEVERAGES: Arm Tata Starbucks has started operations in Kolkata with three new stores, and plans to open two more stores in India before the end of March.
* TATA MOTORS: And a joint venture between Hyderabad-based Goldstone Infratech and China's biggest e-vehicles seller BYD have bagged electric bus supply contracts for nine out of 10 cities, leaving rivals such as MAHINDRA & MAHINDRA, EICHER MOTORS and JBM Solaris empty handed. Has come on board as the official partner for Indian Premier League for three years, the BCCI announced on Wednesday.
* ULTRATECH CEMENT: Said that it has not violated the IBC in offering a 72.66 bln rupees bid to acquire debt-ridden Binani Cement, which was already set to be sold to the Dalmia Bharat group by its creditors.
* ZENSAR TECHNOLOGIES: Entered into a definitive agreement to acquire Cynosure Interface Solutions for 130 mln rupees.
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* ANDHRA BANK: Invited bids from asset reconstruction companies for the proposed sale of 21 non-performing loan accounts, and electronic bidding for the same is scheduled for Thursday, according to a tender on the bank's website.
* AXIS BANK: Following media reports claiming that the bank had failed to invoke bank guarantee on behalf of a telecom company, the bank informed exchanges that the guarantee had been issued on behalf of BHARTI AIRTEL, not Aircel.
* BANK OF INDIA: Has closed down its operations of representative office in Yangoon (Myanmar) from mid-January.
* BHARTI AIRTEL: The company along with its wholly owned subsidiary Telesonic Network has approached the National Company Law Tribunal over their scheme of demerger, under which latter will have an independent fibre cable business. Vodafone India, IDEA CELLULAR, Reliance Jio Infocomm and the company have been served notices for exaggerated credit claims under the goods and services tax.
* BHARAT PETROLEUM CORP: Bharat Petro Resources, the exploration and production arm of the company is planning to raise $600 mln to refinance debt.
* BINANI INDUSTRIES: The promoter of Binani Cement, has denied allegations of fraud in the debt-ridden cement company.
* COAL INDIA: Has started supplying coal to some of the 10 power plants that won long-term coal allocation at the first such auction held in September last year. Coal India is planning to set up plants for coal gasification, Parliament was informed on Wednesday.
* DEWAN HOUSING FINANCE CORP: Associate company Avanse Financial Services has completed securitisation of its education loans worth 1.08 bln rupees.
* DILIP BUILDCON: Declared the lowest bidder for National Highways Authority of India's project in Uttar Pradesh.
* ELECTROSTEEL STEELS: SCIIL Steel Cast Iron Investments (Cyprus) has sold 17.55 mln shares or 0.72% stake in the company at 2.30 rupees apiece through a bulk deal on the National Stock Exchange.
* GE POWER INDIA: Received an order worth 2.3 bln rupees from NTPC for Barh stage-1.
* GRUH FINANCE: The company's board will meet on Apr 14 to consider borrowing or raising of funds via onshore and/or offshore debt instruments, including but not limited to bonds, non-convertible debentures, non-convertible subordinated tier-II debentures, denominated in Indian currency and/or any foreign currency.
* HAVELLS INDIA: Has appointed Shashi Arora as chief executive officer for the company's consumer durable brand Lloyd.
* HINDUSTAN CONSTRUCTION CO: India's first Private hill project Lavasa, envisioned by the company' Chairman Ajit Gulabchand, could be heading for bankruptcy.
* ICICI BANK: Has raised 40 bln rupees by selling perpetual bonds to marquee institutional investors, including the mutual fund arms of AXIS BANK, Birla, HDFC BANK, STATE BANK OF INDIA, Reliance and ICICI PRUDENTIAL, a move that will help strengthen the bank's capital base.
* IDBI BANK: Has sold its $385-mln foreign currency loan extended to Essar Steel, to Deutsche Bank taking a haircut of 38%, in a deal that could set a benchmark for the steel company that will soon be under the hammer.
* IDFC BANK: Has begun discussions with INDUSIND BANK and Citic CLSA, among others, to merge or sell its asset management company which manages about $11 bln, or 710 bln rupees as part of value-unlocking moves for shareholders.
* INDIAN OIL CORP: Has launched home-delivery of diesel on a pilot basis in Pune and plans to expand doorstep delivery of the fuel to other parts of the country in near future, its Chairman Sanjiv Singh said.
* INTERGLOBE AVIATION: Qatar Airways and the company-led IndiGo have denied a media report, which said two airlines will jointly bid for Air India.
* ITI: The Cabinet Committee on Economic Affairs has given its nod to a follow-on public offer by the company to issue 180 mln fresh shares to meet the Securities and Exchange Board of India's requirement of minimum 25% public shareholding and to raise working capital for new projects, and reduce its debt obligations, according to an official release.
* JINDAL DRILLING & INDUSTRIES: Has settled an arbitration award for $9.10 mln, including a waiver of all costs.
* JSW STEEL: The race to acquire Essar Steel will start all over again with new players, including the company, evincing interest in bidding for the company.
* MAJESCO: An Indian health insurer has implemented the company's distribution management and digital solutions tools to manage its distribution channels and online engagement.
* NTPC: The board of NTPC-SAIL Power Co, a 50:50 joint venture between the company and STEEL AUTHORITY OF INDIA, approved payment of interim dividend of 1 bln rupees.
* OIL INDIA: Signed a memorandum of understanding with the government of Assam and Assam Petro-Chemicals for a 13.37-bln-rupee project.
* OMAX AUTOS: Approved reorganisation of operations at its Manesar plant in Haryana, which would involve partial closure to improve efficiencies.
* POWER FINANCE CORP: Scrapped plans to issue bonds maturing in one-year-seven-months and three-year-23-days for now, citing coupon bids at rates higher than the state-owned organisation was willing to pay.
* PRICOL: Have received the coveted ARAI certification for telematics devices.
* PUNJAB NATIONAL BANK: Expects a 145 bln rupees loss on account of frauds in this financial year, including contingent liabilities, following the scam by diamond traders, the government said. Has blamed the concurrent auditor at its Brady House branch in Mumbai for not detecting the 129-billion-rupee scam related to fraudulent letters of undertaking issued to the Nirav Modi and Mehul Choksi groups of companies.
* RELIANCE HOME FINANCE: Has raised up to 150 mln rupees through non-convertible debentures maturing in 3,554 days.
* SEQUENT SCIENTIFIC: Pronomz Ventures LLP bought 3.97 mln shares or 1.62% stake in the company from Agnus Capital LLP at 81.90 rupees apiece through a bulk deal on the National Stock Exchange.
* SHRIRAM TRANSPORT FINANCE CO: Raised 1.85 bln rupees through non-convertible debentures maturing in threeyears-two-months, at a coupon rate of 8.55%.
* SKIL INFRASTRUCTURE: A former promoter of RELIANCE NAVAL AND ENGINEERING, said the security trustee of the corporate debt restructuring lenders of the latter has "wrongfully and illegally" invoked the corporate guarantee and Reliance Naval shares pledged by it.
* STATE BANK OF INDIA: In yet another case of an alleged banking fraud, the Central Bureau of Investigation has registered a case on a complaint by the bank against a Chennai-based jewellery company and its top executives over allegations of cheating a 14-bank consortium of 8.24 bln rupees, as per a release issued by the investigative agency.
* SUN PHARMACEUTICAL INDUSTRIES: Its novel drug tildrakizumab has got an approval from the US Food and Drug Administration, the Indian drugmaker said.
* TATA GLOBAL BEVERAGES: Arm Tata Starbucks has started operations in Kolkata with three new stores, and plans to open two more stores in India before the end of March.
* TATA MOTORS: And a joint venture between Hyderabad-based Goldstone Infratech and China's biggest e-vehicles seller BYD have bagged electric bus supply contracts for nine out of 10 cities, leaving rivals such as MAHINDRA & MAHINDRA, EICHER MOTORS and JBM Solaris empty handed. Has come on board as the official partner for Indian Premier League for three years, the BCCI announced on Wednesday.
* ULTRATECH CEMENT: Said that it has not violated the IBC in offering a 72.66 bln rupees bid to acquire debt-ridden Binani Cement, which was already set to be sold to the Dalmia Bharat group by its creditors.
* ZENSAR TECHNOLOGIES: Entered into a definitive agreement to acquire Cynosure Interface Solutions for 130 mln rupees.
