Today Stock News – 03.04.2018
* ABBOTT INDIA: Corona Remedies has announced the acquisition of Obimet and Thyrocab brands, comprising of 14 product line extensions, from the company for an undisclosed sum. The brands are popular prescription drugs to manage diabetes and hyperthyroidism.
* ARVIND LTD: Is planning to produce 40% of garments in-house, from 10% at present, as it looks to notch up the turnover of its textile business to 100 bln rupees in the next five years.
* CAMLIN FINE SCIENCES: The company and Singapore-based Pahang Pharma (S) will incorporate a company in Singapore that will act as a holding company for Camlin Fine's subsidiaries in South East Asian countries.
* CANARA BANK: Expects to generate about 4.5 bln rupees through offloading stake in Canbank Factors and Computer Co as well as real estate in 2018-19.
* COLGATE PALMOLIVE INDIA: In a bid to reduce dependence on oral care products, the company plans to launch new personal care products under its Palmolive brand.
* ELECTROSTEEL STEELS: The company's resolution professional has filed VEDANTA's resolution plan with the National Company Law Tribunal's Kolkata Bench after the committee of creditors declared it a successful applicant.
* ESCORTS: Has sold its entire shareholding of 30% or 3 mln shares in its subsidiary Quant Money
Managers.
* FORTIS HEALTHCARE: Minority shareholders of the company are upset with the valuation of the
company in the deal with TPG-backed Manipal Hospital Enterprises.
* GALAXY SURFACTANTS: The US Food and Drug Administration issued four observations to the company's M3 plant, and nine observations to N46 plant, both in Tarapur.
* HINDUSTAN AERONAUTICS: Has recorded provisional sales of over 180 bln rupees in 2017-18 (AprMar) against sales of 176.05 bln rupees a year ago.
* ICICI BANK: The Reserve Bank of India has not yet approached the bank over loans worth 32.50 bln rupees sanctioned to the Videocon Group in 2012. With investigative agencies now probing the bankVIDEOCON INDUSTRIES loan issue, Life Insurance Corp of India has decided to keep an "active watch" and to take "appropriate action if required" in the matter.
-Avista founder Rajiv Kochhar said he or his firm Avista Advisory Group does not have any business
arrangements with the bank, after BJP leader Subramanian Swamy alleged so on Twitter.
* IDBI BANK: Said that it was putting in place a competency framework to improve its top-level talent, and had engaged a human resource consultant for the exercise.
* INFIBEAM INCORPORATION: Smaller Cap World Fund Inc has bought 18.9 mln shares or 3.5% stake in the company at 152 rupees per share in a bulk deal on the National Stock Exchange.
* JAYPEE INFRATECH: Has been placed under the National Stock Exchange's additional surveillance mechanism from Tuesday, the bourse said.
* JSW STEEL: Has joined the consortium led by Nu Metal & Steel in submitting a bid for debt-laden Essar Steel, which is undergoing insolvency resolution process under the Insolvency and Bankruptcy Code.
* KARNATAKA BANK: Has raised its marginal cost of fund-based lending rates by 5-10 basis points across tenures, effective Sunday. The bank aims to grow its business to 1.3 trln rupees by the end of 2018-19 (AprMar).
* KOTAK MAHINDRA BANK: Has launched 'Keya' an AI-powered voice bot integrated with Kotaks phone-banking helpline aimed at augmenting the traditional interactive voice response system in both English and Hindi.
* MOTHERSON SUMI SYSTEMS: Step-down subsidiary Samvardhana Motherson Automotive Systems Group BV will acquire Reydel Automotive Holdings BV and Reydel Automotive Management BV for $201 mln. The company's proposed $201 mln acquisition of Reydel Automotive Group from Cerberus Capital Management L.P. will add to its earnings from day one, the company's management said in a conference call.
* NMDC: Iron ore sales rose 1.5% to 36.1 mln tn in 2017-18 (Apr-Mar), topping the annual target.
* NTPC: Has paid in advance 47 bln rupees to railways for coal that the transporter will carry for the power major in 2018-19.
* PUNJAB NATIONAL BANK: The Central Bureau of Investigation has started questioning senior
executives of other Indian banks, the overseas branches of which were issued letters of undertaking by the bank. Facing heat over nearly 130-bln-rupee scam, the bank said money of customers is safe and asserted that there would be zero tolerance towards unethical practices.
* SAREGAMA INDIA: A fire broke out at logistics service provider Agility Logistics's warehouse in
Bhiwandi, Maharashtra.
* SBI LIFE INSURANCE CO: Has appointed Sanjeev Nautiyal as its new managing director and chief executive officer, replacing Arijit Basu who moves back to parent SBI Group to take up a key role.
* TATA STEEL: Has offered to pay 352 bln rupees upfront to financial creditors of BHUSHAN STEEL, while offering 12 bln rupees one year after the completion of transaction to operational creditors, a committee of creditors informed the National Company Law Tribunal.
* UNION BANK OF INDIA: Has raised its marginal cost of funds-based lending rates by 15 basis points across tenures, as per data on the lender's website.
* ULTRATECH CEMENT: The Kolkata bench of the National Company Law Tribunal on Monday gave Binani Cement's lenders one more week to decide on the revised acquisition offer made by the company.
* VEDANTA: ArcelorMittal along with Nippon Steel and Sumitomo, the company, and Numetal along with JSW STEEL as an investor have put in their bids for Essar Steel in the second round of bidding. Renaissance Steel India will file an application before the Kolkata bench of the National Company Law Tribunal, challenging the decision of the committee of creditors that the company and TATA STEEL are eligible bidders for ELECTROSTEEL STEELS.
* VEER ENERGY & INFRASTRUCTURE: Aegis Investment Fund has bought 59,857 shares or 0.54% stake in the company at 30.34 rupees per share in a bulk deal on the BSE.
* VIDEOCON INDUSTRIES: Goldman Sachs has approached the bankruptcy court in Mumbai to recover around $5.6 mln from the company.
* VST TILLERS TRACTORS: Sales of the company's power tillers were at 30,143 units in 2017-18 (AprMar), up 18.1% on year, while sales of tractors were at 11,367 units in 2017-18, up 17.9% on year.
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* ARVIND LTD: Is planning to produce 40% of garments in-house, from 10% at present, as it looks to notch up the turnover of its textile business to 100 bln rupees in the next five years.
* CAMLIN FINE SCIENCES: The company and Singapore-based Pahang Pharma (S) will incorporate a company in Singapore that will act as a holding company for Camlin Fine's subsidiaries in South East Asian countries.
* CANARA BANK: Expects to generate about 4.5 bln rupees through offloading stake in Canbank Factors and Computer Co as well as real estate in 2018-19.
* COLGATE PALMOLIVE INDIA: In a bid to reduce dependence on oral care products, the company plans to launch new personal care products under its Palmolive brand.
* ELECTROSTEEL STEELS: The company's resolution professional has filed VEDANTA's resolution plan with the National Company Law Tribunal's Kolkata Bench after the committee of creditors declared it a successful applicant.
* ESCORTS: Has sold its entire shareholding of 30% or 3 mln shares in its subsidiary Quant Money
Managers.
* FORTIS HEALTHCARE: Minority shareholders of the company are upset with the valuation of the
company in the deal with TPG-backed Manipal Hospital Enterprises.
* GALAXY SURFACTANTS: The US Food and Drug Administration issued four observations to the company's M3 plant, and nine observations to N46 plant, both in Tarapur.
* HINDUSTAN AERONAUTICS: Has recorded provisional sales of over 180 bln rupees in 2017-18 (AprMar) against sales of 176.05 bln rupees a year ago.
* ICICI BANK: The Reserve Bank of India has not yet approached the bank over loans worth 32.50 bln rupees sanctioned to the Videocon Group in 2012. With investigative agencies now probing the bankVIDEOCON INDUSTRIES loan issue, Life Insurance Corp of India has decided to keep an "active watch" and to take "appropriate action if required" in the matter.
-Avista founder Rajiv Kochhar said he or his firm Avista Advisory Group does not have any business
arrangements with the bank, after BJP leader Subramanian Swamy alleged so on Twitter.
* IDBI BANK: Said that it was putting in place a competency framework to improve its top-level talent, and had engaged a human resource consultant for the exercise.
* INFIBEAM INCORPORATION: Smaller Cap World Fund Inc has bought 18.9 mln shares or 3.5% stake in the company at 152 rupees per share in a bulk deal on the National Stock Exchange.
* JAYPEE INFRATECH: Has been placed under the National Stock Exchange's additional surveillance mechanism from Tuesday, the bourse said.
* JSW STEEL: Has joined the consortium led by Nu Metal & Steel in submitting a bid for debt-laden Essar Steel, which is undergoing insolvency resolution process under the Insolvency and Bankruptcy Code.
* KARNATAKA BANK: Has raised its marginal cost of fund-based lending rates by 5-10 basis points across tenures, effective Sunday. The bank aims to grow its business to 1.3 trln rupees by the end of 2018-19 (AprMar).
* KOTAK MAHINDRA BANK: Has launched 'Keya' an AI-powered voice bot integrated with Kotaks phone-banking helpline aimed at augmenting the traditional interactive voice response system in both English and Hindi.
* MOTHERSON SUMI SYSTEMS: Step-down subsidiary Samvardhana Motherson Automotive Systems Group BV will acquire Reydel Automotive Holdings BV and Reydel Automotive Management BV for $201 mln. The company's proposed $201 mln acquisition of Reydel Automotive Group from Cerberus Capital Management L.P. will add to its earnings from day one, the company's management said in a conference call.
* NMDC: Iron ore sales rose 1.5% to 36.1 mln tn in 2017-18 (Apr-Mar), topping the annual target.
* NTPC: Has paid in advance 47 bln rupees to railways for coal that the transporter will carry for the power major in 2018-19.
* PUNJAB NATIONAL BANK: The Central Bureau of Investigation has started questioning senior
executives of other Indian banks, the overseas branches of which were issued letters of undertaking by the bank. Facing heat over nearly 130-bln-rupee scam, the bank said money of customers is safe and asserted that there would be zero tolerance towards unethical practices.
* SAREGAMA INDIA: A fire broke out at logistics service provider Agility Logistics's warehouse in
Bhiwandi, Maharashtra.
* SBI LIFE INSURANCE CO: Has appointed Sanjeev Nautiyal as its new managing director and chief executive officer, replacing Arijit Basu who moves back to parent SBI Group to take up a key role.
* TATA STEEL: Has offered to pay 352 bln rupees upfront to financial creditors of BHUSHAN STEEL, while offering 12 bln rupees one year after the completion of transaction to operational creditors, a committee of creditors informed the National Company Law Tribunal.
* UNION BANK OF INDIA: Has raised its marginal cost of funds-based lending rates by 15 basis points across tenures, as per data on the lender's website.
* ULTRATECH CEMENT: The Kolkata bench of the National Company Law Tribunal on Monday gave Binani Cement's lenders one more week to decide on the revised acquisition offer made by the company.
* VEDANTA: ArcelorMittal along with Nippon Steel and Sumitomo, the company, and Numetal along with JSW STEEL as an investor have put in their bids for Essar Steel in the second round of bidding. Renaissance Steel India will file an application before the Kolkata bench of the National Company Law Tribunal, challenging the decision of the committee of creditors that the company and TATA STEEL are eligible bidders for ELECTROSTEEL STEELS.
* VEER ENERGY & INFRASTRUCTURE: Aegis Investment Fund has bought 59,857 shares or 0.54% stake in the company at 30.34 rupees per share in a bulk deal on the BSE.
* VIDEOCON INDUSTRIES: Goldman Sachs has approached the bankruptcy court in Mumbai to recover around $5.6 mln from the company.
* VST TILLERS TRACTORS: Sales of the company's power tillers were at 30,143 units in 2017-18 (AprMar), up 18.1% on year, while sales of tractors were at 11,367 units in 2017-18, up 17.9% on year.
