Today Stock News – 05.04.2018
* A2Z INFRA ENGINEERING: Has signed a one-time settlement of 28 mln rupees for a 113.3-mln-rupee loan from HSBC Bank.
* ADANI ENTERPRISES: Has forayed into the road sector with the company-led consortium winning an
* DALMIA BHARAT: Despite terming the proposal from the promoters of Binani Cement "superior", lenders sided with the the company-led consortium's resolution plan in a meeting.
* DILIP BUILDCON: Completed a road project in Karnataka on Feb 5, seven-and-a-half month ahead of the scheduled completion, and is therefore entitled to a bonus of 177.3 mln rupees.
* ELECTROSTEEL STEELS: The resolution professional told the Kolkata bench of the National Company Law Tribunal that he and the company's lenders had rejected the allegation that VEDANTA was ineligible to bid because an affiliate of the company was found guilty of criminal misconduct eight years ago and paid a fine as punishment.
* EMAMI PAPER MILLS: Has accepted a term loan of 500 mln rupees from IndusInd Bank.
* ESSAR SHIPPING: Has filed an interim application in the Delhi High Court seeking the enforcement of a favourable arbitration award passed two years ago, citing a recent Supreme Court order.
* FORCE MOTORS: Total sales in March were 4,518 units, up 3.58% on year.
* FORTIS HEALTHCARE: Daiichi Sankyo has approached the Delhi High Court to block the sale of the company to Manipal Health Enterprises until the Japanese drug company is paid an arbitration award granted in its favour.
* ICICI BANK: Said it did not give individual loans to any Videocon Group company, and that the loans given as part of a consortium were collectively to the Videocon Group.
-Ruling out any action against chief executive officer and managing director Chanda Kochhar, the bank's non-executive chairman M.K. Sharma said that the lender's board is unlikely to discuss the allegations of impropriety against Kochhar at its board meeting on Apr 27 to consider annual earnings.
-The company has announced the launch of a service that enables non-resident Indians to send money to a beneficiary in India using social media platforms like WhatsApp and e-mail.
* INDIAN HOTELS CO: The company's indirect wholly-owned subsidiary IHMS (USA) LLC has received $6.91 mln upon the amendment of its management services agreement with Newbury Owner LLC.
* INDOCO REMEDIES: Japanese regulatory authorities have renewed accreditation for the company's bulk drug plant at Patalganga near Mumbai.
* INFOSYS: There could be a service tax implication for the severance pay received by former the company's Chief Financial Officer Rajiv Bansal. A portion of the 170-mln rupees payout related to the non-compete clause may come under the service tax ambit.
* INTERGLOBE AVIATION: Nearly 56 staffers of the company-led IndiGo's ground handling agency at Varanasi went on a strike over issues related to payments and salaries, causing "minor" difficulties for airport authorities.
* IVRCL: The committee of creditors approved the scope, terms of appointment and fees of the forensic auditor of the company, which is undergoing corporate insolvency process.
* JSW STEEL: India Ratings and Research has upgraded its outlook on the company and its non-convertible debentures to 'stable' from 'negative' to reflect a higher-than-expected improvement in the company's credit profile over the next 12-18 months.
* JYOTI STRUCTURES: The company might find a buyer and not go into liquidation as feared with the committee of creditors having sought a grace period.
* KANSAI NEROLAC PAINTS: Will acquire 100% stake or 3 mln shares in Marpol Pvt Ltd for 360 mln rupees in an all-cash deal.
* LARSEN & TOUBRO: A spate of new orders from October 2017 will help the company surpass its revised order inflow guidance for 2017-18 (Apr-Mar).
* LUPIN: Plans to focus on chronic therapies, explore in-licensing opportunities and restructure its domestic business in the year ahead.
* MAHINDRA & MAHINDRA: Total vehicle production in March was up 17.66% at 60,282 units, against 51,236 units in the year-ago period.
* MAHINDRA LIFESPACE DEVELOPERS: Has sold over 400 units within 45 days of launch of its third affordable housing project HappinestPalghar, near Mumbai.
* MARUTI SUZUKI INDIA: Is creating a dedicated business model in a bid to tap into the institutional customers better.
* MAX FINANCIAL SERVICES: The board of director will meet on Monday to consider raising funds through debt.
* MCNALLY BHARAT ENGINEERING CO: Has allotted its promoter Williamson Financial Services 8.5 mln shares in the company by way of conversion of 8.5 mln compulsorily convertible preference shares on Mar 30.
* MPS: HDFC Trustee Co on Tuesday sold 2% stake or 372,900 shares in the company via open market.
* NATCO PHARMA: Launched generic of Teriflunomide tablets in India in 14 mg and 7 mg strengths, which will be sold under the brand name Denopsy.
* PUNJAB NATIONAL BANK: A US bankruptcy court on Mar 29 allowed Nirav Mod's Firestar Diamonds and other related companies to sell their assets. Will recover its losses from the Nirav Modi scam within six months, said Managing Director Sunil Mehta. May have had misled RBI about the bank's preparedness in integrating SWIFT messaging system with its core banking solution, the central bank has reportedly told the finance ministry.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has launched a 251-rupee pack that will give its customers 102 GB of data.
* RELIANCE INFRASTRUCTURE: IL&FS Rail has pipped the company with a bid of 20 bln rupees to operate and maintain the Mumbai monorail network.
* RELIANCE POWER: Has got shareholders approval to raise up to 20 bln rupees by issuance of securities through qualified institutional placement.
* SHOPPERS STOP: The company has shut at least five loss-making stores in FY18, while it has re-sized a few.
* SMARTLINK NETWORK SYSTEMS: Board will meet on Saturday to consider the proposal to buy back shares of the company.
* TATA COMMUNICATIONS: To facilitate the transfer of 773.13 acres of land from the company to stateowned special purpose vehicle Hemisphere Properties India, the Union Cabinet has approved the transfer of control of the latter to the urban development ministry from the telecom ministry, after infusing 7 bln rupees into it and extending a secured loan of 510 mln rupees.
* TATA MOTORS: Has raced ahead of Honda Cars India to grab the number four position in the highly competitive Indian passenger vehicle market in the year ended March, riding on the success of its Tiago hatchback and Nexon compact SUV.
* TORRENT PHARMACEUTICALS: Has opted out of the bid for Sanofi's European generic business, which was valued at around 160 bln rupees.
* TORRENT POWER: Adani Group and the company have shown interest in acquiring six electricity distribution firms put on sale by Brazil's Centrais Eltricas Brasileiras, or Eletrobras.
* ULTRATECH CEMEMT: Lenders have decided not to vote on the company's 72.66-bln rupees proposal to buy Binani Cement outside the bankruptcy proceedings and have instead asked Binani to obtain an approval from the Supreme Court for the deal.
* VEDANTA: Has bid 53.2 bln rupees for ELECTROSTEEL STEELS. The Supreme Court has allowed the company and others to transport extracted iron ore, on which royalty has been paid to the Goa government, for export purposes or for captive consumption. The Kolkata bench of the National Company Law Tribunal has reserved its order on Renaissance Steel's application opposing the committee of creditors' decision to select the proposal by the company in the insolvency process for ELECTROSTEEL STEELS, citing ineligibility of the metals and minerals major.
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* ADANI ENTERPRISES: Has forayed into the road sector with the company-led consortium winning an
* DALMIA BHARAT: Despite terming the proposal from the promoters of Binani Cement "superior", lenders sided with the the company-led consortium's resolution plan in a meeting.
* DILIP BUILDCON: Completed a road project in Karnataka on Feb 5, seven-and-a-half month ahead of the scheduled completion, and is therefore entitled to a bonus of 177.3 mln rupees.
* ELECTROSTEEL STEELS: The resolution professional told the Kolkata bench of the National Company Law Tribunal that he and the company's lenders had rejected the allegation that VEDANTA was ineligible to bid because an affiliate of the company was found guilty of criminal misconduct eight years ago and paid a fine as punishment.
* EMAMI PAPER MILLS: Has accepted a term loan of 500 mln rupees from IndusInd Bank.
* ESSAR SHIPPING: Has filed an interim application in the Delhi High Court seeking the enforcement of a favourable arbitration award passed two years ago, citing a recent Supreme Court order.
* FORCE MOTORS: Total sales in March were 4,518 units, up 3.58% on year.
* FORTIS HEALTHCARE: Daiichi Sankyo has approached the Delhi High Court to block the sale of the company to Manipal Health Enterprises until the Japanese drug company is paid an arbitration award granted in its favour.
* ICICI BANK: Said it did not give individual loans to any Videocon Group company, and that the loans given as part of a consortium were collectively to the Videocon Group.
-Ruling out any action against chief executive officer and managing director Chanda Kochhar, the bank's non-executive chairman M.K. Sharma said that the lender's board is unlikely to discuss the allegations of impropriety against Kochhar at its board meeting on Apr 27 to consider annual earnings.
-The company has announced the launch of a service that enables non-resident Indians to send money to a beneficiary in India using social media platforms like WhatsApp and e-mail.
* INDIAN HOTELS CO: The company's indirect wholly-owned subsidiary IHMS (USA) LLC has received $6.91 mln upon the amendment of its management services agreement with Newbury Owner LLC.
* INDOCO REMEDIES: Japanese regulatory authorities have renewed accreditation for the company's bulk drug plant at Patalganga near Mumbai.
* INFOSYS: There could be a service tax implication for the severance pay received by former the company's Chief Financial Officer Rajiv Bansal. A portion of the 170-mln rupees payout related to the non-compete clause may come under the service tax ambit.
* INTERGLOBE AVIATION: Nearly 56 staffers of the company-led IndiGo's ground handling agency at Varanasi went on a strike over issues related to payments and salaries, causing "minor" difficulties for airport authorities.
* IVRCL: The committee of creditors approved the scope, terms of appointment and fees of the forensic auditor of the company, which is undergoing corporate insolvency process.
* JSW STEEL: India Ratings and Research has upgraded its outlook on the company and its non-convertible debentures to 'stable' from 'negative' to reflect a higher-than-expected improvement in the company's credit profile over the next 12-18 months.
* JYOTI STRUCTURES: The company might find a buyer and not go into liquidation as feared with the committee of creditors having sought a grace period.
* KANSAI NEROLAC PAINTS: Will acquire 100% stake or 3 mln shares in Marpol Pvt Ltd for 360 mln rupees in an all-cash deal.
* LARSEN & TOUBRO: A spate of new orders from October 2017 will help the company surpass its revised order inflow guidance for 2017-18 (Apr-Mar).
* LUPIN: Plans to focus on chronic therapies, explore in-licensing opportunities and restructure its domestic business in the year ahead.
* MAHINDRA & MAHINDRA: Total vehicle production in March was up 17.66% at 60,282 units, against 51,236 units in the year-ago period.
* MAHINDRA LIFESPACE DEVELOPERS: Has sold over 400 units within 45 days of launch of its third affordable housing project HappinestPalghar, near Mumbai.
* MARUTI SUZUKI INDIA: Is creating a dedicated business model in a bid to tap into the institutional customers better.
* MAX FINANCIAL SERVICES: The board of director will meet on Monday to consider raising funds through debt.
* MCNALLY BHARAT ENGINEERING CO: Has allotted its promoter Williamson Financial Services 8.5 mln shares in the company by way of conversion of 8.5 mln compulsorily convertible preference shares on Mar 30.
* MPS: HDFC Trustee Co on Tuesday sold 2% stake or 372,900 shares in the company via open market.
* NATCO PHARMA: Launched generic of Teriflunomide tablets in India in 14 mg and 7 mg strengths, which will be sold under the brand name Denopsy.
* PUNJAB NATIONAL BANK: A US bankruptcy court on Mar 29 allowed Nirav Mod's Firestar Diamonds and other related companies to sell their assets. Will recover its losses from the Nirav Modi scam within six months, said Managing Director Sunil Mehta. May have had misled RBI about the bank's preparedness in integrating SWIFT messaging system with its core banking solution, the central bank has reportedly told the finance ministry.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has launched a 251-rupee pack that will give its customers 102 GB of data.
* RELIANCE INFRASTRUCTURE: IL&FS Rail has pipped the company with a bid of 20 bln rupees to operate and maintain the Mumbai monorail network.
* RELIANCE POWER: Has got shareholders approval to raise up to 20 bln rupees by issuance of securities through qualified institutional placement.
* SHOPPERS STOP: The company has shut at least five loss-making stores in FY18, while it has re-sized a few.
* SMARTLINK NETWORK SYSTEMS: Board will meet on Saturday to consider the proposal to buy back shares of the company.
* TATA COMMUNICATIONS: To facilitate the transfer of 773.13 acres of land from the company to stateowned special purpose vehicle Hemisphere Properties India, the Union Cabinet has approved the transfer of control of the latter to the urban development ministry from the telecom ministry, after infusing 7 bln rupees into it and extending a secured loan of 510 mln rupees.
* TATA MOTORS: Has raced ahead of Honda Cars India to grab the number four position in the highly competitive Indian passenger vehicle market in the year ended March, riding on the success of its Tiago hatchback and Nexon compact SUV.
* TORRENT PHARMACEUTICALS: Has opted out of the bid for Sanofi's European generic business, which was valued at around 160 bln rupees.
* TORRENT POWER: Adani Group and the company have shown interest in acquiring six electricity distribution firms put on sale by Brazil's Centrais Eltricas Brasileiras, or Eletrobras.
* ULTRATECH CEMEMT: Lenders have decided not to vote on the company's 72.66-bln rupees proposal to buy Binani Cement outside the bankruptcy proceedings and have instead asked Binani to obtain an approval from the Supreme Court for the deal.
* VEDANTA: Has bid 53.2 bln rupees for ELECTROSTEEL STEELS. The Supreme Court has allowed the company and others to transport extracted iron ore, on which royalty has been paid to the Goa government, for export purposes or for captive consumption. The Kolkata bench of the National Company Law Tribunal has reserved its order on Renaissance Steel's application opposing the committee of creditors' decision to select the proposal by the company in the insolvency process for ELECTROSTEEL STEELS, citing ineligibility of the metals and minerals major.
