Daily Stock News Today – 21.08.2017
* AJANTA PHARMA: Said it has got a tentative approval from the US Food and Drug
Administration for solifenacin succinate tablet of 5mg and 10mg strengths.
* ALEMBIC PHARMACEUTICALS: Alembic Mami SPA, the company's Algerian
joint venture, reported a fire at its Constantine plant that was later brought under
control.
* AUROBINDO PHARMA: Plans to broaden portfolio through accelerated growth in
injectable, over-the-counter and higher complexity products.
* BAJAJ ELECTRICALS: Has got a 3.91-bln-rupee order from Transmission Corp of
Telangana.
* BANK OF BARODA: Is setting up two subsidiaries--one for centralised processing
of loans and the other for data analytics--both aimed at sharply reducing the turnaround
time of loan disbursements, something that private banks have exploited to score over
public sector lenders.
* BANK OF INDIA: The bank, with the approval of appropriate authority, has decided
to exercise call option on its Innovative Perpetual Debt Instrument bonds series 2.
Plans to sell 31.69-bln-rupee bad loans to clean up its balance sheet.
* BHARTI AIRTEL: The company and Vodafone India sparred with newcomer
Reliance Jio Infocomm at an open house discussion on Friday over modalities of testing
of a network ahead of a commercial roll-out.
* COAL INDIA: Targets to limit its financial outgo in the latest wage negotiations--
National Coal Wage Agreement X.
* CENTRAL BANK OF INDIA: Has allotted 9.6 mln shares to the government at
104.15 rupees a share on a preferential basis, the lender informed exchanges.
* DILIP BUILDCON: Will seek the approval of its shareholders to offer nonconvertible
debentures, in one or more tranches, of an aggregate value up to 10 bln
rupees on a private placement basis, at its meeting on Sep 11.
* GAIL (INDIA): Will seek the approval of its shareholders to raise 25 bln rupees
through issuance of various securities, at its meeting on Sep 12.
* HINDALCO INDUSTRIES: Has raised its aluminium product prices, effective
Thursday, making it the fifth such hike so far in August.
* HINDUSTAN COPPER: Will meet on Tuesday to consider raising funds through
bonds, in one or more tranches, the company said.
* IDBI BANK: Has been planning to sell 5% stake in Clearing Corp of India and
disinvest 16.25% stake in Small Industries Development Bank of India. The lender aims
to conclude these transactions by end September.
* ICICI BANK: Has reduced the interest rate on savings account deposits of up to 5
mln rupees by 50 basis points to 3.5%.
* INDIAN HOTELS CO: Plans to raise about 10 bln rupees through a rights issue to
fund the expansion of its Sea Rock and Taj Lands End properties in Mumbai.
* INDIAN OIL CORP: In a bid to increase its global presence, the company is planning
to explore markets for its lubricant business in North America.Will invest about 520 bln
rupees in expanding Paradip refinery and setting up petrochemical complex after the
Odisha government agreed to restore part of tax incentives.
* INDIAN OVERSEAS BANK: All members of United Forum of Bank Unions have
proposed to go a one-day strike on Tuesday.
* INFOSYS: Vishal Sikka stepped down from the post of managing director and chief
executive officer. The company doesn't intend to invite founder Narayana Murthy to
play a formal role in governance. Will buy back 113.04 mln shares at 1,150 rupees per
shares aggregating up to 130 bln rupees.
- Infosys founder N.R. Narayana Murthy in a letter to the company's board said, "It is
not Vishal Sikka. My problem is with the governance at Infosys by the board."
- Rosen Law Firm, a US-based investor rights law firm, is preparing a class action
legal case against the company to help investors recover losses from share purchases
after the company announced materially misleading information.
- Life Insurance Corp of India plans to remain a large, committed, and long-term
investor in the company despite the developments that took place on Friday. The board
of directors is likely to see a restructuring in the coming weeks.
* INOX WIND: Russia's Rosatom State Atomic Energy Corp is exploring an
investment in Inox Group's wind turbine manufacturing business.
* JAIPRAKASH ASSOCIATES: Two fixed deposit holders have filed insolvency
proceedings against the company in the National Company Law Tribunal in Allahabad.
* JAYPEE INFRATECH: Insolvency and Bankruptcy Board of India Chairman M.S.
Sahoo said he was not sure under which category of "creditor" the flat buyers of the
company's projects will fall under.
* LAURUS LABS: The US Food and Drug Administration has completed inspection of
the company's bulk drug unit 1 and 3 at Parawada in Visakhapatnam with two
observations.
* MAGMA FINCORP: Has approved acquisition of 26% shares of subsidiary Magma
ITL Finance, from International Tractors, the joint venture partner of Magma ITL
Finance.
* MAHINDRA AND MAHINDRA: Is working on a slew of measures, including new
launches and better product positioning, in its bid to regain lost ground in the utility
vehicle segment.
* MINDA CORP: Steinberg India Emerging Opportunities has bought 2.49 mln shares
of the company in a bulk deal on the BSE at 112.00 rupees a piece.
* NAVA BHARAT VENTURES: Board has approved formation of special purpose
vehicle as a wholly-owned subsidiary of the company in Singapore, with an investment
of up to $11 mln over a period of time.
* NBCC (INDIA): Expects its topline to improve from Oct-Dec once revenue from
redevelopment projects kicks in, the company said in a post earnings conference call.
* NESTLE INDIA: Has entered into an association with Amazon India to launch
MAGGI NUTRI-LICIOUS Noodles.
* NEW DELHI TELEVISION: does not see any financial implication arising out of the
the Delhi High Court's Aug 10 order dismissing its writ petition challenging the validity
of reassessment proceedings initiated by the income tax department for assessment year
2008-09 (Apr-Mar).
* NMDC: Total iron ore production in Apr-Jul was at 10.93 mln tn, while overall sales
during the period were at 12.04 mln tn.
* PIRAMAL ENTERPRISES: Subsidiary Piramal Finance has extended loans worth 10
bln rupees to realty developer Rustomjee Group as growth capital across its multiple
projects.
* PUNJAB NATIONAL BANK: Said the recent cut in savings deposit rates will only
have a "marginal gain" on the bank's net interest margins.
* QUESS CORP: Has raised 8.74 bln rupees through institutional placement by
allotting 10.92 mln shares at 800 rupees apiece.
* RELIANCE CAPITAL: Has raised 2 bln rupees through the issue of non-convertible
debentures maturing on Sep 18, 2018, at a coupon of 7.50%.
* RELIANCE COMMUNICATIONS: Three creditors of the company and Aircel could
challenge the dismissal of their right to call for a lenders' meeting by the National
Company Law Tribunal in the National Company Law Appellate Tribunal.
* SATHAVAHANA ISPAT: The Company’s ferrous division and metallurgical coke
facility will continue to remain impacted until completion of debt restructuring.
* SUNIL HITECH ENGINEERS: Has approved the proposal of subsidiary VAG
Buildtech to raise capital through initial public offering by way of fresh issue of shares
on small and enterprise platform.
* TATA GLOBAL BEVERAGES: Has received shareholders approval for the issue of
non-convertible debentures on private placement basis. The company also received
approval for the appointment of N. Chandrasekaran as a director of the company.
- Will "review" plantation operations of its associate companies Amalgamated
Plantation and Kanan Devan Hill Plantations.
* UNION BANK OF INDIA: Will cut the interest rate on savings accounts with a
balance of up to 2.5 mln rupees by 50 basis points to 3.5%, effective Monday, the
lender said. Bajaj Allianz General Insurance and bank has signed a corporate agency
agreement for distribution of Bajaj Allianz's insurance products through bank's network
of over 4,200 branches.
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* AJANTA PHARMA: Said it has got a tentative approval from the US Food and Drug
Administration for solifenacin succinate tablet of 5mg and 10mg strengths.
* ALEMBIC PHARMACEUTICALS: Alembic Mami SPA, the company's Algerian
joint venture, reported a fire at its Constantine plant that was later brought under
control.
* AUROBINDO PHARMA: Plans to broaden portfolio through accelerated growth in
injectable, over-the-counter and higher complexity products.
* BAJAJ ELECTRICALS: Has got a 3.91-bln-rupee order from Transmission Corp of
Telangana.
* BANK OF BARODA: Is setting up two subsidiaries--one for centralised processing
of loans and the other for data analytics--both aimed at sharply reducing the turnaround
time of loan disbursements, something that private banks have exploited to score over
public sector lenders.
* BANK OF INDIA: The bank, with the approval of appropriate authority, has decided
to exercise call option on its Innovative Perpetual Debt Instrument bonds series 2.
Plans to sell 31.69-bln-rupee bad loans to clean up its balance sheet.
* BHARTI AIRTEL: The company and Vodafone India sparred with newcomer
Reliance Jio Infocomm at an open house discussion on Friday over modalities of testing
of a network ahead of a commercial roll-out.
* COAL INDIA: Targets to limit its financial outgo in the latest wage negotiations--
National Coal Wage Agreement X.
* CENTRAL BANK OF INDIA: Has allotted 9.6 mln shares to the government at
104.15 rupees a share on a preferential basis, the lender informed exchanges.
* DILIP BUILDCON: Will seek the approval of its shareholders to offer nonconvertible
debentures, in one or more tranches, of an aggregate value up to 10 bln
rupees on a private placement basis, at its meeting on Sep 11.
* GAIL (INDIA): Will seek the approval of its shareholders to raise 25 bln rupees
through issuance of various securities, at its meeting on Sep 12.
* HINDALCO INDUSTRIES: Has raised its aluminium product prices, effective
Thursday, making it the fifth such hike so far in August.
* HINDUSTAN COPPER: Will meet on Tuesday to consider raising funds through
bonds, in one or more tranches, the company said.
* IDBI BANK: Has been planning to sell 5% stake in Clearing Corp of India and
disinvest 16.25% stake in Small Industries Development Bank of India. The lender aims
to conclude these transactions by end September.
* ICICI BANK: Has reduced the interest rate on savings account deposits of up to 5
mln rupees by 50 basis points to 3.5%.
* INDIAN HOTELS CO: Plans to raise about 10 bln rupees through a rights issue to
fund the expansion of its Sea Rock and Taj Lands End properties in Mumbai.
* INDIAN OIL CORP: In a bid to increase its global presence, the company is planning
to explore markets for its lubricant business in North America.Will invest about 520 bln
rupees in expanding Paradip refinery and setting up petrochemical complex after the
Odisha government agreed to restore part of tax incentives.
* INDIAN OVERSEAS BANK: All members of United Forum of Bank Unions have
proposed to go a one-day strike on Tuesday.
* INFOSYS: Vishal Sikka stepped down from the post of managing director and chief
executive officer. The company doesn't intend to invite founder Narayana Murthy to
play a formal role in governance. Will buy back 113.04 mln shares at 1,150 rupees per
shares aggregating up to 130 bln rupees.
- Infosys founder N.R. Narayana Murthy in a letter to the company's board said, "It is
not Vishal Sikka. My problem is with the governance at Infosys by the board."
- Rosen Law Firm, a US-based investor rights law firm, is preparing a class action
legal case against the company to help investors recover losses from share purchases
after the company announced materially misleading information.
- Life Insurance Corp of India plans to remain a large, committed, and long-term
investor in the company despite the developments that took place on Friday. The board
of directors is likely to see a restructuring in the coming weeks.
* INOX WIND: Russia's Rosatom State Atomic Energy Corp is exploring an
investment in Inox Group's wind turbine manufacturing business.
* JAIPRAKASH ASSOCIATES: Two fixed deposit holders have filed insolvency
proceedings against the company in the National Company Law Tribunal in Allahabad.
* JAYPEE INFRATECH: Insolvency and Bankruptcy Board of India Chairman M.S.
Sahoo said he was not sure under which category of "creditor" the flat buyers of the
company's projects will fall under.
* LAURUS LABS: The US Food and Drug Administration has completed inspection of
the company's bulk drug unit 1 and 3 at Parawada in Visakhapatnam with two
observations.
* MAGMA FINCORP: Has approved acquisition of 26% shares of subsidiary Magma
ITL Finance, from International Tractors, the joint venture partner of Magma ITL
Finance.
* MAHINDRA AND MAHINDRA: Is working on a slew of measures, including new
launches and better product positioning, in its bid to regain lost ground in the utility
vehicle segment.
* MINDA CORP: Steinberg India Emerging Opportunities has bought 2.49 mln shares
of the company in a bulk deal on the BSE at 112.00 rupees a piece.
* NAVA BHARAT VENTURES: Board has approved formation of special purpose
vehicle as a wholly-owned subsidiary of the company in Singapore, with an investment
of up to $11 mln over a period of time.
* NBCC (INDIA): Expects its topline to improve from Oct-Dec once revenue from
redevelopment projects kicks in, the company said in a post earnings conference call.
* NESTLE INDIA: Has entered into an association with Amazon India to launch
MAGGI NUTRI-LICIOUS Noodles.
* NEW DELHI TELEVISION: does not see any financial implication arising out of the
the Delhi High Court's Aug 10 order dismissing its writ petition challenging the validity
of reassessment proceedings initiated by the income tax department for assessment year
2008-09 (Apr-Mar).
* NMDC: Total iron ore production in Apr-Jul was at 10.93 mln tn, while overall sales
during the period were at 12.04 mln tn.
* PIRAMAL ENTERPRISES: Subsidiary Piramal Finance has extended loans worth 10
bln rupees to realty developer Rustomjee Group as growth capital across its multiple
projects.
* PUNJAB NATIONAL BANK: Said the recent cut in savings deposit rates will only
have a "marginal gain" on the bank's net interest margins.
* QUESS CORP: Has raised 8.74 bln rupees through institutional placement by
allotting 10.92 mln shares at 800 rupees apiece.
* RELIANCE CAPITAL: Has raised 2 bln rupees through the issue of non-convertible
debentures maturing on Sep 18, 2018, at a coupon of 7.50%.
* RELIANCE COMMUNICATIONS: Three creditors of the company and Aircel could
challenge the dismissal of their right to call for a lenders' meeting by the National
Company Law Tribunal in the National Company Law Appellate Tribunal.
* SATHAVAHANA ISPAT: The Company’s ferrous division and metallurgical coke
facility will continue to remain impacted until completion of debt restructuring.
* SUNIL HITECH ENGINEERS: Has approved the proposal of subsidiary VAG
Buildtech to raise capital through initial public offering by way of fresh issue of shares
on small and enterprise platform.
* TATA GLOBAL BEVERAGES: Has received shareholders approval for the issue of
non-convertible debentures on private placement basis. The company also received
approval for the appointment of N. Chandrasekaran as a director of the company.
- Will "review" plantation operations of its associate companies Amalgamated
Plantation and Kanan Devan Hill Plantations.
* UNION BANK OF INDIA: Will cut the interest rate on savings accounts with a
balance of up to 2.5 mln rupees by 50 basis points to 3.5%, effective Monday, the
lender said. Bajaj Allianz General Insurance and bank has signed a corporate agency
agreement for distribution of Bajaj Allianz's insurance products through bank's network
of over 4,200 branches.
