Today Stock News – 16.07.2018
* ALLCARGO LOGISTICS: Is seeking to set up a warehousing or logistics park platform and is in talks with investors to raise 10 bln rupees for it.
* ANDHRA BANK: Has filed bankruptcy plea against Provogue India in National Company Law Tribunal. Has left its marginal cost of funds-based lending rates unchanged for July.
* AUROBINDO PHARMA: Will acquire commercial operations and certain supporting infrastructure of Apotex International in five European countries for 74 mln euros (about 5.9 bln rupees).
* AU SMALL FINANCE BANK: International Finance Corp has sold 12.04 mln shares or 4.2% stake in the bank through bulk deals on the National Stock Exchange and the BSE.
* BANK OF BARODA: Has received shareholder approval to raise up to 60 bln rupees through equity capital by way of qualified institutional placement, follow-on issue, preferential or rights issue.
* BERGER PAINTS INDIA: The company is considering acquisition of competing paint companies in Russia after the 2018 FIFA World Cup instilled it with fresh hopes to scale up the hitherto loss making operation in this country.
* BHARTI AIRTEL: The telecom tribunal has again said the bank guarantees given by the company on behalf of Aircel to the Department of Telecommunications should not be encashed, dealing a setback to the government's plans of recovering dues from bankrupt Aircel.
* COCHIN SHIPYARD: Has signed a 1.03-bln-rupee shipbuilding contract to supply 10 vessels to Inland Water Authority of India.
* CORPORATION BANK: Has left its marginal cost of funds-based lending rates unchanged for July.
* DALMIA BHARAT: The company is weighing options such as acquisition of other cement companies or units in the region. Plans to bring onstream two brownfield units--in Kalyanpur, Bihar, and Murli, Nagpur--enhancing its total
capacity to 29 mtpa from 25 mtpa, by end of this fiscal.
* DIAMOND POWER INFRASTRUCTURE: The Central Bureau of Investigation has filed a charge sheet against the company, its officials, and two former employees of BANK OF INDIA in a 26.54-bln-rupee scam.
* DR REDDY'S LABORATORIES: The company intends to appeal against a ban it faces in the US for selling its generic version of Suboxone drug, saying it disagrees with the decision.
* FEDERAL BANK: Has left its marginal cost of funds-based lending rates unchanged for July.
* GLENMARK PHARMACEUTICAL: The Competition Commission of India has imposed a penalty of 450 mln rupees on the company for unfair business practices, according to an order on the website of the anti-trust agency.
* GUJARAT NRE COKE: A stay order ahead of a crucial meet of the lenders and shareholders of the company has cast shadow on the future of the debt-laden firm, which found no takers under the Insolvency and Bankruptcy Code.
* ICICI BANK: The bank to the GITANJALI GEMS, has sought to attach various properties of the group under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act to recover multiple loans amounting to over 8 bln rupees. Has launched a second external probe to examine allegations of irregularities in 31 loan accounts raised by a third whistleblower complaint.
* IDBI BANK: The board of Life Insurance Corp will meet today to finalise the timeline for investing more than 120 bln rupees in the bank, and will also draw up a roadmap on how it would bring down its stake to 15%, as per the directive of the insurance regulator.
* INFOSYS: Has retained its constant currency sales growth guidance of 6-8% for 2018-19 (Apr-Mar) and operating margin view of 22-24%, as it sees strong demand in its core banking and financial services vertical. The board has approved a bonus issue of one equity share for every equity share held in the company.
- The GSTN Group of Ministers has asked the company to create a new tax return filing form in an effort to simplify income tax returns for businesses. The company's plan to hire 10,000 workers in the US over the next few years, is facing a challenge as Indiana Hotel Equities in a lawsuit, alleged tortious interference by the software giant and its former chief executive officer Vishal Sikka.
* INTERGLOBE AVIATION: Will seek shareholders' approval for borrowing additional 100 bln rupees as it will be taking deliveries of a significant number of aircraft.
* JSW STEEL: Plans to invest 400 bln rupees in the next three years, even as lending rates continue to rise globally.
* K.P. ENERGY: The company and GE India Industrial have entered into a definitive agreement to develop a 300 MW wind power project at Kutch in Gujarat.
* KESORAM INDUSTRIES: The company is on the lookout for a partner for its loss-making tyre business.
* LANCO INFRATECH: The National Company Law Tribunal has extended the deadline for completion of the company's insolvency resolution till Jul 27, giving lenders time to decide on the lone resolution plan submitted by Triveni Earthmovers.
* MAHANAGAR GAS: The company installed its first compressed natural gas station in Uran, Navi Mumbai.
* NTPC: Has signed a term loan agreement of 15 bln rupees with HDFC BANK on Tuesday.
* NUCLEUS SOFTWARE EXPORTS: Has acquired the remaining 4% stake in Avon Mobility Solutions for 8.30 mln rupees.
* PC JEWELLER: The board has decided to withdraw the buyback offer for non-receipt of the requisite no objection certificate from the company's bankers.
* RELIANCE INDUSTRIES: The battle over lucrative pipelines supplying jet fuel to Mumbai airport is heating up with the company along with private airlines JET AIRWAYS and Emirates trying to break the stranglehold of BHARAT PETROLEUM CORP and HINDUSTAN PETROLEUM CORP.
* RELIANCE POWER: The board will meet on Jul 21 to consider raising funds by issuing debt securities through privately placed debentures.
* SEAMEC: Has given a $7.2-mln corporate guarantee to BANK OF BARODA on behalf of its wholly-owned subsidiary Seamec International FZE.
* SHOPPERS STOP: Is betting big on an omni-channel retail strategy--a combination of physical stores and online site-- to grow its business and aims to be completely debt-free by the end of this fiscal.
* SOLARA ACTIVE PHARMA SCIENCES: Reliance Strategic Investments has sold 136,666 shares in the company at 150.24 rupees per share through a bulk deal on the National Stock Exchange.
* STATE BANK OF INDIA: ArcelorMittal has deposited 70 bln rupees in a current account with the bank contrary to its earlier claim of putting the money in an escrow account.
* TATA GLOBAL BEVERAGES: Tata Starbucks, a joint venture between the company and Starbucks, posted its first positive operating margin and amortisation after its sales growth nearly doubled during FY18.
* TATA MOTORS: Moody's Investors Service has downgraded the company's debt rating by a notch to Ba2 from Ba1, stating that a weak performance of its subsidiary Jaguar Land Rover would have a bearing on the parent company. The company plans to raise a total of up to 25 bln rupees through non-convertible debentures in 2018-2019 (Apr-Mar) on a private placement basis in one or more series.
- The remuneration of top executives and independent directors at the company, including that of its Managing Director and Chief Executive Guenter Butschek, saw a drop in fiscal year 2018 over the last year amid company's efforts to contain costs and turnaround the domestic operations. The company and MAHINDRA & MAHINDRA were the biggest spenders on research and development in 2016-17 among 25 automakers in India which together invested 63.44 bln rupees, latest industry data showed.
* TATA STEEL: Is gearing up to acquire Bhushan Power & Steel, going through insolvency proceedings, if it gets the requisite approvals.
* TATA TELESERVICES: Has reported India Inc's biggest loss ever at 2.75 bln rupees for the fiscal year ended March due to write-offs taken on its wireless service business.
* UNITED BANK OF INDIA: The board will meet on Jul 25 to consider the issuance of shares under the employee share purchase scheme.
* V2 RETAIL: Has opened its fourth V2 Retail store at Khatima in Uttarakhand.
* VEDANTA: Has been declared the highest bidder for the debt-laden GMR Chhattisgarh Energy's 1,370 MW power plant in Raipur. The company has re-appointed Navin Agarwal as whole-time director for a five-year term, effective Aug 1.
- Vedanta's Group's profit is likely to take a 2-3% hit as it arm Sterlite Copper's plant in Thoothukudi, Tamil Nadu, remains shut following police firing on locals seeking its closure on environmental grounds.
* VIJAYA BANK: The bank is looking at a 20% growth in its business in Kerala by focussing on retail and MSME-sector lending this fiscal.
* WOCKHARDT: The group company Wockhardt Hospitals plans to sell four of its seven residual hospitals located outside Mumbai.
* ZEE ENTERTAINMENT ENTERPRISES: The company's 1.56% stake or 15 mln shares will be acquired by Essel Corp LLP from Essel Holdings through open market.
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* ALLCARGO LOGISTICS: Is seeking to set up a warehousing or logistics park platform and is in talks with investors to raise 10 bln rupees for it.
* ANDHRA BANK: Has filed bankruptcy plea against Provogue India in National Company Law Tribunal. Has left its marginal cost of funds-based lending rates unchanged for July.
* AUROBINDO PHARMA: Will acquire commercial operations and certain supporting infrastructure of Apotex International in five European countries for 74 mln euros (about 5.9 bln rupees).
* AU SMALL FINANCE BANK: International Finance Corp has sold 12.04 mln shares or 4.2% stake in the bank through bulk deals on the National Stock Exchange and the BSE.
* BANK OF BARODA: Has received shareholder approval to raise up to 60 bln rupees through equity capital by way of qualified institutional placement, follow-on issue, preferential or rights issue.
* BERGER PAINTS INDIA: The company is considering acquisition of competing paint companies in Russia after the 2018 FIFA World Cup instilled it with fresh hopes to scale up the hitherto loss making operation in this country.
* BHARTI AIRTEL: The telecom tribunal has again said the bank guarantees given by the company on behalf of Aircel to the Department of Telecommunications should not be encashed, dealing a setback to the government's plans of recovering dues from bankrupt Aircel.
* COCHIN SHIPYARD: Has signed a 1.03-bln-rupee shipbuilding contract to supply 10 vessels to Inland Water Authority of India.
* CORPORATION BANK: Has left its marginal cost of funds-based lending rates unchanged for July.
* DALMIA BHARAT: The company is weighing options such as acquisition of other cement companies or units in the region. Plans to bring onstream two brownfield units--in Kalyanpur, Bihar, and Murli, Nagpur--enhancing its total
capacity to 29 mtpa from 25 mtpa, by end of this fiscal.
* DIAMOND POWER INFRASTRUCTURE: The Central Bureau of Investigation has filed a charge sheet against the company, its officials, and two former employees of BANK OF INDIA in a 26.54-bln-rupee scam.
* DR REDDY'S LABORATORIES: The company intends to appeal against a ban it faces in the US for selling its generic version of Suboxone drug, saying it disagrees with the decision.
* FEDERAL BANK: Has left its marginal cost of funds-based lending rates unchanged for July.
* GLENMARK PHARMACEUTICAL: The Competition Commission of India has imposed a penalty of 450 mln rupees on the company for unfair business practices, according to an order on the website of the anti-trust agency.
* GUJARAT NRE COKE: A stay order ahead of a crucial meet of the lenders and shareholders of the company has cast shadow on the future of the debt-laden firm, which found no takers under the Insolvency and Bankruptcy Code.
* ICICI BANK: The bank to the GITANJALI GEMS, has sought to attach various properties of the group under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act to recover multiple loans amounting to over 8 bln rupees. Has launched a second external probe to examine allegations of irregularities in 31 loan accounts raised by a third whistleblower complaint.
* IDBI BANK: The board of Life Insurance Corp will meet today to finalise the timeline for investing more than 120 bln rupees in the bank, and will also draw up a roadmap on how it would bring down its stake to 15%, as per the directive of the insurance regulator.
* INFOSYS: Has retained its constant currency sales growth guidance of 6-8% for 2018-19 (Apr-Mar) and operating margin view of 22-24%, as it sees strong demand in its core banking and financial services vertical. The board has approved a bonus issue of one equity share for every equity share held in the company.
- The GSTN Group of Ministers has asked the company to create a new tax return filing form in an effort to simplify income tax returns for businesses. The company's plan to hire 10,000 workers in the US over the next few years, is facing a challenge as Indiana Hotel Equities in a lawsuit, alleged tortious interference by the software giant and its former chief executive officer Vishal Sikka.
* INTERGLOBE AVIATION: Will seek shareholders' approval for borrowing additional 100 bln rupees as it will be taking deliveries of a significant number of aircraft.
* JSW STEEL: Plans to invest 400 bln rupees in the next three years, even as lending rates continue to rise globally.
* K.P. ENERGY: The company and GE India Industrial have entered into a definitive agreement to develop a 300 MW wind power project at Kutch in Gujarat.
* KESORAM INDUSTRIES: The company is on the lookout for a partner for its loss-making tyre business.
* LANCO INFRATECH: The National Company Law Tribunal has extended the deadline for completion of the company's insolvency resolution till Jul 27, giving lenders time to decide on the lone resolution plan submitted by Triveni Earthmovers.
* MAHANAGAR GAS: The company installed its first compressed natural gas station in Uran, Navi Mumbai.
* NTPC: Has signed a term loan agreement of 15 bln rupees with HDFC BANK on Tuesday.
* NUCLEUS SOFTWARE EXPORTS: Has acquired the remaining 4% stake in Avon Mobility Solutions for 8.30 mln rupees.
* PC JEWELLER: The board has decided to withdraw the buyback offer for non-receipt of the requisite no objection certificate from the company's bankers.
* RELIANCE INDUSTRIES: The battle over lucrative pipelines supplying jet fuel to Mumbai airport is heating up with the company along with private airlines JET AIRWAYS and Emirates trying to break the stranglehold of BHARAT PETROLEUM CORP and HINDUSTAN PETROLEUM CORP.
* RELIANCE POWER: The board will meet on Jul 21 to consider raising funds by issuing debt securities through privately placed debentures.
* SEAMEC: Has given a $7.2-mln corporate guarantee to BANK OF BARODA on behalf of its wholly-owned subsidiary Seamec International FZE.
* SHOPPERS STOP: Is betting big on an omni-channel retail strategy--a combination of physical stores and online site-- to grow its business and aims to be completely debt-free by the end of this fiscal.
* SOLARA ACTIVE PHARMA SCIENCES: Reliance Strategic Investments has sold 136,666 shares in the company at 150.24 rupees per share through a bulk deal on the National Stock Exchange.
* STATE BANK OF INDIA: ArcelorMittal has deposited 70 bln rupees in a current account with the bank contrary to its earlier claim of putting the money in an escrow account.
* TATA GLOBAL BEVERAGES: Tata Starbucks, a joint venture between the company and Starbucks, posted its first positive operating margin and amortisation after its sales growth nearly doubled during FY18.
* TATA MOTORS: Moody's Investors Service has downgraded the company's debt rating by a notch to Ba2 from Ba1, stating that a weak performance of its subsidiary Jaguar Land Rover would have a bearing on the parent company. The company plans to raise a total of up to 25 bln rupees through non-convertible debentures in 2018-2019 (Apr-Mar) on a private placement basis in one or more series.
- The remuneration of top executives and independent directors at the company, including that of its Managing Director and Chief Executive Guenter Butschek, saw a drop in fiscal year 2018 over the last year amid company's efforts to contain costs and turnaround the domestic operations. The company and MAHINDRA & MAHINDRA were the biggest spenders on research and development in 2016-17 among 25 automakers in India which together invested 63.44 bln rupees, latest industry data showed.
* TATA STEEL: Is gearing up to acquire Bhushan Power & Steel, going through insolvency proceedings, if it gets the requisite approvals.
* TATA TELESERVICES: Has reported India Inc's biggest loss ever at 2.75 bln rupees for the fiscal year ended March due to write-offs taken on its wireless service business.
* UNITED BANK OF INDIA: The board will meet on Jul 25 to consider the issuance of shares under the employee share purchase scheme.
* V2 RETAIL: Has opened its fourth V2 Retail store at Khatima in Uttarakhand.
* VEDANTA: Has been declared the highest bidder for the debt-laden GMR Chhattisgarh Energy's 1,370 MW power plant in Raipur. The company has re-appointed Navin Agarwal as whole-time director for a five-year term, effective Aug 1.
- Vedanta's Group's profit is likely to take a 2-3% hit as it arm Sterlite Copper's plant in Thoothukudi, Tamil Nadu, remains shut following police firing on locals seeking its closure on environmental grounds.
* VIJAYA BANK: The bank is looking at a 20% growth in its business in Kerala by focussing on retail and MSME-sector lending this fiscal.
* WOCKHARDT: The group company Wockhardt Hospitals plans to sell four of its seven residual hospitals located outside Mumbai.
* ZEE ENTERTAINMENT ENTERPRISES: The company's 1.56% stake or 15 mln shares will be acquired by Essel Corp LLP from Essel Holdings through open market.
