Today Stock News – 10.04.2018
* AK CAPITAL SERVICES: National Housing Bank has granted a certificate of registration to Family Home Finance, a step-down subsidiary of the company, to commence the business of housing finance.
* AXIS BANK: Four months ago, the bank had announced a fresh three-year term for Managing Director and Chief Executive Officer Shikha Sharma, starting June 2018. However, amid reports that Reserve Bank of India had asked the board to reconsider her term, the bank has said Sharma will leave at the end of this year.
* BHARAT PETROLEUM CORP: Oil marketing companies INDIAN OIL CORP, the company and
HINDUSTAN PETROLEUM CORP plan to spend nearly 100 bln rupees to set up Bio-CNG plants across India to promote clean fuel and reduce the country's fuel import bill.
* COAL INDIA: Pay scales of the company's 17,000-odd executives from junior levels right up to chairman's post are proposed to be more than doubled, although the increase would be smaller after accounting for the dearness allowance already being paid on top of the basic salary.
* DALMIA BHARAT: The company, which emerged as the highest bidder for debt-ridden Binani Cement, will oppose the latter's plea in the Supreme Court to allow an out-of-court settlement of its debt.
* FORTIS HEALTHCARE: The sale of the company's hospital assets to a Manipal Health Enterprises -TPG Capital combine can still swing either way with a 50% probability of the deal going through, said Ranjan Pai the managing director and chief executive of Manipal Health.
* FUTURE SUPPLY CHAIN SOLUTIONS: Foreign portfolio investors can now invest 49% in the company from an earlier limit of 24%, after the insurer passed necessary resolutions, the Reser0.ve Bank of India said in a notification.
* GITANJALI GEMS: China cleared the decks for jeweller Nirav Modi's possible arrest in Hong Kong on Monday, a day after a Central Bureau of Investigation special court in Mumbai issued non-bailable warrants against him and the company's promoter Mehul Choksi.
* GRAVITA INDIA: Has started commercial production of polypropylene co-polymer granules by install ing new imported washing line and extrusion line, which has an annual capacity of 1,200 tn per annum, at Chittoor, Andhra Pradesh.
* GUJARAT NRE COKE: Is set to be shut down as efforts to liquidate the company as a going concern, to recover 53.40 bln rupees of outstanding debt, have failed.
* ICICI BANK: Merrill Lynch Markets Singapore Pte has bought 29.41 mln shares or 0.46% stake in the bank at 280 rupees per share in a block deal on the BSE. Ratings agency Fitch has said it would take appropriate rating action against the bank if "risks to the bank's reputation and financial profile were to rise considerably", adding that it is closely monitoring developments at the private sector lender.
-Large shareholders of the bank have sought clarifications from the lender's management about the alleged governance failures in the bank.
-The Central Bureau of Investigation continued to question Rajiv Kochhar, brother-in-law of the bank's chief Chanda Kochhar, for the fifth straight day on Monday.
-The Life Insurance Corp of India, which holds about a 9.4% stake in the bank, and the government's new nominee on the private lender's board have called a meeting of the bank's top management this week.
-The government expects the bank to clean up its own mess, as its CEO Chanda Kochhar faces allegations of impropriety in giving 32.50 bln rupees loan to the Videocon group.
-Some directors on the board of the bank are likely to meet soon to discuss the way ahead for chief
executive officer Chanda Kochhar following new information from investigating agencies about business dealings between her husband Deepak Kochhar and Videocon Group.
* IDBI BANK: The bank, which was hoping to sell stake in IDBI Federal Life Insurance Co in Jan-Mar, now expects the deal to go through only by the end of June or in Jul-Sep as the bid evaluation process is still underway.
* IDFC BANK: The board of the bank will meet on Apr 24 to consider its fund raising through nonconvertible debentures for 2018-19 (Apr-Mar).
* INDIAN HOTELS CO: The company, which is the top brass of Tata Group's hospitality arm, is now considering scrapping the 'Gateway' hotel brand altogether.
* INDIAN OVERSEAS BANK: Has tied up with SMC Global Securities to offer e-trading facilities to the former's customers.
* INDRAPRASTHA GAS: Expects its sales volume to industrial and commercial clients to rise 20% in 2018- 19, after experiencing a similar gain last fiscal year, following a ban on using polluting pet coke and fuel oil in the National Capital Region on rising green concerns.
* INTERGLOBE AVIATION: The government is still hopeful that the company will participate in the bidding process for Air India stake. A unit of InterGlobe Enterprises, the parent of the company, is among the three shortlisted bidders to acquire a 2.3-mln-sq ft tenanted business park WaveRock jointly owned by New York-based Tishman Speyer and GIC of Singapore in Hyderabad.
* IRB INFRASTRUCTURE DEVELOPERS: Ascension Health Master Pension Trust has bought 1.86 mln shares or 0.5% stake in the company at 243 rupees per share in a bulk deal on the National Stock Exchange.
* ITC: Has revised its juice advertisement to drop any reference to rival brand Tropicana or the phrase #saynotoconcentrate after a direction from the Delhi High Court.
* JET AIRWAYS INDIA: Has decided not to participate in the bid for a stake in Air India, further denting the divestment process.
* JYOTI STRUCTURES: A majority of lenders led by STATE BANK OF INDIA have given their consent to revive the company despite the approved resolution leading to a haircut of nearly 80% on their books.
* LARSEN & TOUBRO: The company has said the resolution plan submitted by TATA STEEL for
BHUSHAN STEEL is discriminatory to operational creditors such as itself.
* MAX FINANCIAL SERVICES: The board of directors of the company considered various fund raising proposals from KKR Capital Markets India, Standard Chartered Bank, TPG Global LLC, and other coinvestors for acquisition opportunity by Max Life Insurance Co.
* NEULAND LABORATORIES: The board has approved issuance of 1.68 mln shares through a qualified institutional placement.
* NITESH ESTATES: The company's project, Nitesh Virgin Island, has got approval from Bangalore
Development Authority.
* PTC INDIA: PTC India Financial Services, a subsidiary of the company, is seeking to consolidate its renewable energy lending business, while focussing on infrastructure sector, which it had forayed into lately.
* PUNJAB NATIONAL BANK: The Supreme Court has said that it will decide whether a public interest litigation which seeks a court-monitored probe into the bank's over 110-bln-rupee fraud is maintainable or not. The bank will take care of problems emanating from 130-bln-rupee fraud perpetrated by Nirav Modi on its own and will not seek any government assistance, the banks managing director Sunil Mehta said on Monday.
* STATE BANK OF INDIA: The executive committee of the central board of the bank will meet on Friday to examine the status and decide on extension of the validity period for raising of AT1 capital by way of Basel III compliant debt instruments in a single or multiple tranches in domestic or international markets through private placement.
* SUVEN LIFE SCIENCES: Canara Robeco Mutual Fund has sold 714,380 shares or 0.56% stake in the company at 171.48 rupees per share in a bulk deal on the National Stock Exchange.
* SYNDICATE BANK: Has kept its marginal cost of fund-based lending rates unchanged at 7.95-8.45%.
* TATA STEEL: Labour leaders at Thyssenkrupp are seeking more clarity from management over a planned European joint venture with the company, warning of possible fallout at the German group's sites.
* UNITECH: Supreme Court on Monday took note of all the unencumbered assets of the company and ordered that a public notice be issued inviting objections for auctioning them to realise the dues of the hassled home buyers.
* WIPRO: Its revenue and profitability for Jan-Mar will be impacted due to a client initiating corporate insolvency resolution process against itself.
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* AXIS BANK: Four months ago, the bank had announced a fresh three-year term for Managing Director and Chief Executive Officer Shikha Sharma, starting June 2018. However, amid reports that Reserve Bank of India had asked the board to reconsider her term, the bank has said Sharma will leave at the end of this year.
* BHARAT PETROLEUM CORP: Oil marketing companies INDIAN OIL CORP, the company and
HINDUSTAN PETROLEUM CORP plan to spend nearly 100 bln rupees to set up Bio-CNG plants across India to promote clean fuel and reduce the country's fuel import bill.
* COAL INDIA: Pay scales of the company's 17,000-odd executives from junior levels right up to chairman's post are proposed to be more than doubled, although the increase would be smaller after accounting for the dearness allowance already being paid on top of the basic salary.
* DALMIA BHARAT: The company, which emerged as the highest bidder for debt-ridden Binani Cement, will oppose the latter's plea in the Supreme Court to allow an out-of-court settlement of its debt.
* FORTIS HEALTHCARE: The sale of the company's hospital assets to a Manipal Health Enterprises -TPG Capital combine can still swing either way with a 50% probability of the deal going through, said Ranjan Pai the managing director and chief executive of Manipal Health.
* FUTURE SUPPLY CHAIN SOLUTIONS: Foreign portfolio investors can now invest 49% in the company from an earlier limit of 24%, after the insurer passed necessary resolutions, the Reser0.ve Bank of India said in a notification.
* GITANJALI GEMS: China cleared the decks for jeweller Nirav Modi's possible arrest in Hong Kong on Monday, a day after a Central Bureau of Investigation special court in Mumbai issued non-bailable warrants against him and the company's promoter Mehul Choksi.
* GRAVITA INDIA: Has started commercial production of polypropylene co-polymer granules by install ing new imported washing line and extrusion line, which has an annual capacity of 1,200 tn per annum, at Chittoor, Andhra Pradesh.
* GUJARAT NRE COKE: Is set to be shut down as efforts to liquidate the company as a going concern, to recover 53.40 bln rupees of outstanding debt, have failed.
* ICICI BANK: Merrill Lynch Markets Singapore Pte has bought 29.41 mln shares or 0.46% stake in the bank at 280 rupees per share in a block deal on the BSE. Ratings agency Fitch has said it would take appropriate rating action against the bank if "risks to the bank's reputation and financial profile were to rise considerably", adding that it is closely monitoring developments at the private sector lender.
-Large shareholders of the bank have sought clarifications from the lender's management about the alleged governance failures in the bank.
-The Central Bureau of Investigation continued to question Rajiv Kochhar, brother-in-law of the bank's chief Chanda Kochhar, for the fifth straight day on Monday.
-The Life Insurance Corp of India, which holds about a 9.4% stake in the bank, and the government's new nominee on the private lender's board have called a meeting of the bank's top management this week.
-The government expects the bank to clean up its own mess, as its CEO Chanda Kochhar faces allegations of impropriety in giving 32.50 bln rupees loan to the Videocon group.
-Some directors on the board of the bank are likely to meet soon to discuss the way ahead for chief
executive officer Chanda Kochhar following new information from investigating agencies about business dealings between her husband Deepak Kochhar and Videocon Group.
* IDBI BANK: The bank, which was hoping to sell stake in IDBI Federal Life Insurance Co in Jan-Mar, now expects the deal to go through only by the end of June or in Jul-Sep as the bid evaluation process is still underway.
* IDFC BANK: The board of the bank will meet on Apr 24 to consider its fund raising through nonconvertible debentures for 2018-19 (Apr-Mar).
* INDIAN HOTELS CO: The company, which is the top brass of Tata Group's hospitality arm, is now considering scrapping the 'Gateway' hotel brand altogether.
* INDIAN OVERSEAS BANK: Has tied up with SMC Global Securities to offer e-trading facilities to the former's customers.
* INDRAPRASTHA GAS: Expects its sales volume to industrial and commercial clients to rise 20% in 2018- 19, after experiencing a similar gain last fiscal year, following a ban on using polluting pet coke and fuel oil in the National Capital Region on rising green concerns.
* INTERGLOBE AVIATION: The government is still hopeful that the company will participate in the bidding process for Air India stake. A unit of InterGlobe Enterprises, the parent of the company, is among the three shortlisted bidders to acquire a 2.3-mln-sq ft tenanted business park WaveRock jointly owned by New York-based Tishman Speyer and GIC of Singapore in Hyderabad.
* IRB INFRASTRUCTURE DEVELOPERS: Ascension Health Master Pension Trust has bought 1.86 mln shares or 0.5% stake in the company at 243 rupees per share in a bulk deal on the National Stock Exchange.
* ITC: Has revised its juice advertisement to drop any reference to rival brand Tropicana or the phrase #saynotoconcentrate after a direction from the Delhi High Court.
* JET AIRWAYS INDIA: Has decided not to participate in the bid for a stake in Air India, further denting the divestment process.
* JYOTI STRUCTURES: A majority of lenders led by STATE BANK OF INDIA have given their consent to revive the company despite the approved resolution leading to a haircut of nearly 80% on their books.
* LARSEN & TOUBRO: The company has said the resolution plan submitted by TATA STEEL for
BHUSHAN STEEL is discriminatory to operational creditors such as itself.
* MAX FINANCIAL SERVICES: The board of directors of the company considered various fund raising proposals from KKR Capital Markets India, Standard Chartered Bank, TPG Global LLC, and other coinvestors for acquisition opportunity by Max Life Insurance Co.
* NEULAND LABORATORIES: The board has approved issuance of 1.68 mln shares through a qualified institutional placement.
* NITESH ESTATES: The company's project, Nitesh Virgin Island, has got approval from Bangalore
Development Authority.
* PTC INDIA: PTC India Financial Services, a subsidiary of the company, is seeking to consolidate its renewable energy lending business, while focussing on infrastructure sector, which it had forayed into lately.
* PUNJAB NATIONAL BANK: The Supreme Court has said that it will decide whether a public interest litigation which seeks a court-monitored probe into the bank's over 110-bln-rupee fraud is maintainable or not. The bank will take care of problems emanating from 130-bln-rupee fraud perpetrated by Nirav Modi on its own and will not seek any government assistance, the banks managing director Sunil Mehta said on Monday.
* STATE BANK OF INDIA: The executive committee of the central board of the bank will meet on Friday to examine the status and decide on extension of the validity period for raising of AT1 capital by way of Basel III compliant debt instruments in a single or multiple tranches in domestic or international markets through private placement.
* SUVEN LIFE SCIENCES: Canara Robeco Mutual Fund has sold 714,380 shares or 0.56% stake in the company at 171.48 rupees per share in a bulk deal on the National Stock Exchange.
* SYNDICATE BANK: Has kept its marginal cost of fund-based lending rates unchanged at 7.95-8.45%.
* TATA STEEL: Labour leaders at Thyssenkrupp are seeking more clarity from management over a planned European joint venture with the company, warning of possible fallout at the German group's sites.
* UNITECH: Supreme Court on Monday took note of all the unencumbered assets of the company and ordered that a public notice be issued inviting objections for auctioning them to realise the dues of the hassled home buyers.
* WIPRO: Its revenue and profitability for Jan-Mar will be impacted due to a client initiating corporate insolvency resolution process against itself.
