Today Stock News – 11.04.2018

Today Stock News – 11.04.2018

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* ADANI ENTERPRISES: Having entered the road construction business with its first hybrid annuity model project, the Adani Group may now look at the toll-operate-transfer model.

* APL APOLLO TUBES: WF Asian Reconnaissance Fund has bought 236,000 shares or 1% stake in the company at 2,140 rupees each, through a bulk deal on the National Stock Exchange.

* AU SMALL FINANCE BANK: Will raise interest rates on savings accounts with a balance of 0.1-1.0 mln rupees by 50 basis points to 6.50%, and on accounts with balance of at least 1 mln rupees, by 25 bps to 6.75%.

* AXIS BANK: Has recovered 11 mln rupees out of the 37-mln-rupee loss incurred by the bank in a fraud by its employees.

* BANDHAN BANK: Ashok Kumar Lahiri on Monday stepped down as chairman of the bank.

* BHARTI AIRTEL: A telecom industry body has claimed that the company and Reliance Jio Infocomm are fully compliant with telecom regulator's latest call drop measurement parameters, while Vodafone India and IDEA CELLULAR are mostly meeting the norms.

* BLUE STAR: Has dropped its plans to set up a manufacturing unit at Samba in Jammu & Kashmir as the promised fiscal incentives was never delivered.

* CELESTIAL BIOLABS: The board has approved issue of 6 mln convertible warrants on a preferential basis.

* DALMIA BHARAT: In its bid to hold on to Binani Cement, the company on Tuesday sent a letter to the central bank governor, seeking his intervention for a scrutiny of the matter and for directing banks to 'not deviate' from the dedicated bankruptcy resolution process. Ten operational creditors of Binani Cement, led by Swastik Coal Corp, has filed an application with the Supreme Court to obtain an interim stay on the companyled consortium's resolution plan, which is up for the National Company Law Tribunal's approval.

* DILIP BUILDCON: Has completed a road project in Karnataka on Feb 28, seven months ah

* GUJARAT NATURAL RESOURCES: The board will meet on Monday to allot 250 mln convertible warrants to promoters on a preferential basis.

* GTL INFRASTRUCTURE: Lenders are looking to sell 40-bln-rupee loans of the stressed company on a consortium basis a move that will enable them to derive the best deal from asset reconstruction companies.

* HIMACHAL FUTURISTIC COMMUNICATIONS: Has received an advance purchase order worth 5.79 bln rupees from Bharat Sanchar Nigam.

* HOTEL LEELAVENTURE: Has won bid to operate a 34-acre convention and exhibition centre, Mahatma Mandir, and a 300-room hotel in Gandhinagar, Gujarat.

* ICICI BANK: Some directors feel they should wait for a communication or directive from the Reserve Bank of India before taking the next step on the conflict of interest controversy involving chief executive officer Chanda Kochhar and the bank's loans to Videocon Industries. The Reserve Bank of India is planning to seek details from the bank on its 32 bln rupees loan exposure to the Videocon group.
 -If the Finance Ministry has its way, Chanda Kochhar is likely to continue as the chief executive officer and managing director of the bank for now as the Ministry is against any immediate change.
 -Creditors, led by the bank, have sought more details on the lone bid for debt-laden ABG SHIPYARD, submitted by London-based metals group Liberty House under the Insolvency and Bankruptcy Code process.

* IFCI: Will increase its short-term benchmark rate by 20 basis points to 9.00%, with effect from Thursday.

* INFOSYS: Has entered into a multi-year partnership with US based Calix Inc to jointly invest to co-create new services and value-added offerings on AXOS platform.

* INTERGLOBE AVIATION: Aviation minister Suresh Prabhu has ordered an inquiry into the incident at Lucknow airport, where an IndiGo passenger was allegedly off-loaded, after he complained about mosquitoes on board.

* ITC: Heating up competition in the 25-bln-rupee packaged fruit juice market in India, the company has unveiled fruit concentrate-free B Natural range of juices, made largely from fruit pulp.

* JAYPEE INFRATECH: Sudhir Valia of Suraksha Asset Reconstruction Company has emerged as the surprise frontrunner to acquire the company, the insolvency-hit company that has to deliver around 25,000 houses in Noida and also runs Taj Expressway.

* JET AIRWAYS (INDIA): Has become the second airline, after INTERGLOBE AVIATION-led IndiGo, to opt out of the race to acquire debt-laden Air India, as the divestment plan is not in line with the company's strategy.

* KEC INTERNATIONAL: HDFC Trustee Co, through various schemes of HDFC Mutual Fund, sold 9.18 mln shares or 2.11% stake in the company via the open market on Monday.

* K.P. ENERGY: Has entered into an agreement with General Electric Renewables India to develop a 300- MW wind power project in Kutch, Gujarat.

* LAURUS LABS: SBI Mutual Fund, through various schemes, sold 1.23 mln shares or 1.16% stake in the company via the open market on Monday.

* LEMON TREE HOTELS: The company's wholly-owned subsidiary and management arm Carnation Hotels has signed a management contract with Laila Hotels and Resorts for a 120-room hotel in Vijayawada, Andhra Pradesh.

* MAGMA FINCORP: The company's board has approved the closure of its qualified institutional placement of shares, and set an issue price of 155 rupees apiece.

* MAHINDRA & MAHINDRA: The company's subsidiary, Mahindra Electric, and shared mobility platform Zoomcar have come together to offer 100 e2oPlus electric hatchbacks in Delhi.

* MUTHOOT FINANCE: Has closed its 30-bln-rupee public issue of non-convertible debentures on the second day of the offer.

* NESTLE INDIA: Wants to make all of its packaging recyclable or reusable by 2025, the Swiss food giant said on Tuesday, becoming the latest food company to vow to reduce plastic waste.

* OIL & NATURAL GAS CORP: Iran has agreed to take the gas produced from Farzad-B field, discovered by the company's subsidiary, ONGC Videsh, in the Persian Gulf, but differences remain over returns on investments made by the Indian firm. The company and RELIANCE INDUSTRIES have started discussions with buyers to sell natural gas from their fields in the Bay of Bengal that are expected to start production over the next three years.

* ORICON ENTERPRISES: The company has entered into a non-binding term sheet with Indiabulls
Infraestate, a subsidiary of INDIABULLS REAL ESTATE , for joint development of land located in Worli, Mumbai.

* PHOENIX MILLS: The Canada Pension Plan Investment Board has completed its second tranche
investment of 9.38 bln rupees to acquire additional 19% stake in Island Star Mall Developers, a subsidiary of the company.

* PRAKASH CONSTROWELL: The acquisition of SPG Multitrade could not happen as the said conditions were not met within the specified timeframe for the deal.

* PUNJAB NATIONAL BANK: Ratings agency Fitch has downgraded the viability rating of the bank to 'bb-' from 'bb' and maintained the 'rating watch negative' on the revised rating. Is among some government organisations which ignored the Central Vigilance Commission advice to act against its allegedly corrupt staff, the anti-corruption body has stated in a new report.

* PNB HOUSING FINANCE: Will complete its maiden masala bond issue worth $500 mln either by the end of Apr-Jun or early Jul-Sep, Sanjaya Gupta, managing director.

* RELIANCE INDUSTRIES: The surrender of two deep-sea satellite gas discoveries in the KG-D6 block will have no impact on upcoming projects of the company. Reliance Retail, a subsidiary of the company, signed a 50 bln rupees securitisation deal backed by lease rentals, according to ratings agency ICRA.

* SOMANY CERAMICS: The board of the company has approved the acquisition of up to 51% stake in Karanjot Enterprises, which is engaged in the business of manufacturing and selling bath fitting items.

* STAR CEMENT: The company, along with its subsidiaries, has received 802.60 mln rupees towards subsidies from the central government.

* STATE BANK OF INDIA: Has announced the launch of its UK subsidiary, SBI (UK). May absorb a large part of SBI Capital Markets' client-facing business which is believed to have proposed debt recasts for companies that were not warranted.

* STERLITE INDUSTRIES INDIA: Company' cup of woes overflowed on Tuesday, when the Tamil Nadu Pollution Control Board rejected its application seeking consent to operate its existing copper smelter at Thoothukudi in Tamil Nadu.

* SUPREME INDUSTRIES: Small Cap World Fund Inc has sold 1.8 mln shares or 1.42% stake in the company at 1,205 rupees each, in a bulk deal on the National Stock Exchange.

* TRENT: Arm, Trent Hypermarket, a joint venture between the Tata Group and Tesco which operates three formats Star Bazaar Hypermarket, Star Market and Star Daily has shut all its 20 loss-making Star Daily stores.

* UTTAM GALVA STEELS: The National Company Law Tribunal will hear on Thursday STATE BANK OF INDIA'S insolvency plea against the company after the steel maker's lawyer told the tribunal that the bank has rejected the proposed settlement offer.

* VRL LOGISTICS: Morgan Stanley Mauritius Co has sold 526,393 shares or 0.6% stake in the company at 389.22 rupees each, through a bulk deal on the National Stock Exchange, data on the bourse showed.

* WIPRO: IT industry body Nasscom said it has appointed company's chief strategy officer and board member Rishad Premji as its chairman for 2018-19.

* YES BANK: Euronet India Services, a wholly-owned subsidiary of Euronet Worldwide, will support the bank's core-payment infrastructure, including switching transactions between end-points, driving payment channels, and card management services.