Daily Stock News Today – 28.08.2017
* BANK OF BARODA: Has snapped up its first marquee client from the private equity space, Kohlberg Kravis Roberts & Co's India unit, with a line of credit of 20 bln rupees.
* CHENNAI PETROLEUM CORP: Expects to finalize the 250-bln-rupee Cauvery Basin Refinery mega expansion in three-four months.
* DLF: Will receive nearly 119 bln rupees from the proposed sale of stake and share buyback in its rental assets arm DLF Cyber City Developers.
- A stake sale by the company's promoters to an affiliate of Singapore's sovereign wealth fund GIC will see capital infusion of nearly 130 bln rupees into the company.
* EMAMI PAPER MILLS: The board will meet on Thursday to consider fund raising through various securities for an aggregate amount not exceeding 2.5 bln rupees.
* EMCO: SSG Capital Management is interested in acquiring a stake in the company.
* ESSAR SHIPPING: Has issued nearly 123 mln shares of the company to its Cyprus-based promoter Essar Shipping & Logistics at 91.70 rupees after the latter exercised conversion of its foreign currency convertible bonds worth $240 mln.
* FUTURE ENTERPRISES: The Company’s subsidiary, Future Supply Chain Solutions, has filed a draft red hearing prospectus with the Securities and Exchange Board of India for an initial public offering of 9.8 mln shares.
* FUTURE RETAIL: Future Group is looking to increase the penetration of its smaller format retail stores in tier II and III cities.
* HCL TECHNOLOGIES: The Company has completed the acquisition of Urban Fulfillment Services, with effect from Aug 24.
* HERO MOTOCORP: The Company’s arm, Hero FinCorp, is looking to rise up to 10 bln rupees at a
valuation of $1 bln at its next funding round.
* HIMACHAL FUTURISTIC: The board has approved the issuance of 45 mln convertible warrants on a preferential basis to promoters and non-promoters at an issue price of 16 rupees per warrant.
* HT MEDIA: Plans to list its subsidiary HT Digital Ventures on the exchanges after demerging its
entertainment and digital innovative business.
* IDBI BANK: Has extended the last date for submission of bids to buy its stake in Small Industries
Development Bank of India to Thursday.
* IDEA CELLULAR: The Telecom Regulatory Authority of India has directed the company to pay 29.7 mln rupees for overcharging consumers in Maharashtra, Tamil Nadu, West Bengal and Uttar Pradesh, for calls terminating on Bharat Sanchar Nigam and MAHANAGAR TELEPHONE NIGAM networks between May 2005 and January 2007.
* IL&FS INVESTMENT MANAGERS: Infrastructure Leasing and Financial Services plans to hit the domestic bond market to refinance almost 60 bln rupees of debt.
* INFOSYS: Appointed co-founder Nandan Nilekani as non-executive chairman, while accepting the
resignation of four directors, all with immediate effect. Vishal Sikka, who resigned as executive vicechairman of the company, will receive $246,575 as base pay for 90 days "in lieu of notice", and a variable pay of $205,572. - Co-founder Nandan Nilekani, who has returned to the company as non-executive chairman, said his biggest job is to ensure alignment of the board with all stakeholders and bring his "consensus-building" skill to the company.
- After his return to the company as non-executive chairman, Nandan Nilekani refused to comment on whether the company's board will withdraw its scathing statement against lead founder N.R. Narayana Murthy.
- Has tasked the committee of directors to "review and refresh" the Company’s growth strategy by October, newly appointed Non-Executive Chairman Nandan Nilekani said.
* INTERGLOBE AVIATION: IndiGo plans to expand its fleet to 350 aircraft in the next five years, sources said. It could also offer fares up to 50% lower on regional connectivity routes.
* JSW STEEL: Is making a fresh attempt to buy Italian steel mill, Aferpi, formerly known as Lucchini, from its new owners, the Cevital Group.
* KOTAK MAHINDRA BANK: Canada's largest pension fund CPPIB will call off its proposed joint venture with Kotak Mahindra Group to invest in stressed assets in India.
* LUMAX AUTO TECHNOLOGIES: The company has signed a joint venture agreement with Spain-based Francisco Albero S.A.U to manufacture and supply oxygen sensors to the Indian automotive industry.
* MAHINDRA & MAHINDRA: Wholly-owned subsidiary Mahindra Agri Solutions has launched 'Tromph', an advanced insecticide, to build innovative crop care solutions for farmers.
* PIRAMAL ENTERPRISES: Is looking at growing organically in pharmaceutical segment and expanding in services like antibody drug conjugates, injectables and drug discovery.
* PUNJAB NATIONAL BANK: Is looking to sell up to 10% in its housing finance unit and list its life insurance subsidiary, Managing Director and Chief Executive Officer Sunil Mehta said.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has suspended the pre-booking of its 4G feature phone JioPhone on its website. A message on Jio's website reads that the customers will be informed when Jio resumes pre-booking.
- The company and its partner BP plc of the UK, plan to use a floating production system at high-sea in the Bay of Bengal to bring to production the deepest gas discovery in the flagging KG-D6 block.
* RURAL ELECTRIFICATION CORP: Has entered into a non-binding memorandum of understanding with Maharashtra State Power Generation Co for extending financial assistance of about 130 bln rupees and providing required services.
* STEEL AUTHORITY OF INDIA: A joint task force of the company and ArcelorMittal is in the process to finalise a business model for the proposed joint venture.
* SHOPPERS STOP: The Company is in preliminary stages to dispose of its entire 40% shareholding in Nuance Group (India).
* SHREE RENUKA SUGARS: Shareholders of the company have approved the issue of up to 500 mln compulsorily convertible preference shares of 16.27 rupees each to Wilmar Sugar Holdings.
* SPICEJET: Has obtained extension of two months from the Registrar of Companies to conduct its annual general meeting.
* TATA GLOBAL BEVERAGES: Life Insurance Corp of India has sold 12.80 mln shares or 2.03% stake in the company via open market.
* TATA MOTORS: Is still looking for a partnership with other global automobile companies for its new advanced modular platform despite talks with Volkswagen group firm Skoda failing to fructify.
- The company had more than 50% market share in the light commercial vehicle segment a few years back, but has lost its leadership position to rival MAHINDRA AND MAHINDRA.
- The company will not be phasing out the Nano, but will look to reposition the vehicle and alternative plans are being put in place, said Executive Director and Chief Operating Officer Satish B. Borwankar.
* TATA STEEL: Thyssenkrupp should consider alternatives to a planned merger of its European steel
activities with the Tata group company, German foreign minister Sigmar Gabriel said.
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* BANK OF BARODA: Has snapped up its first marquee client from the private equity space, Kohlberg Kravis Roberts & Co's India unit, with a line of credit of 20 bln rupees.
* CHENNAI PETROLEUM CORP: Expects to finalize the 250-bln-rupee Cauvery Basin Refinery mega expansion in three-four months.
* DLF: Will receive nearly 119 bln rupees from the proposed sale of stake and share buyback in its rental assets arm DLF Cyber City Developers.
- A stake sale by the company's promoters to an affiliate of Singapore's sovereign wealth fund GIC will see capital infusion of nearly 130 bln rupees into the company.
* EMAMI PAPER MILLS: The board will meet on Thursday to consider fund raising through various securities for an aggregate amount not exceeding 2.5 bln rupees.
* EMCO: SSG Capital Management is interested in acquiring a stake in the company.
* ESSAR SHIPPING: Has issued nearly 123 mln shares of the company to its Cyprus-based promoter Essar Shipping & Logistics at 91.70 rupees after the latter exercised conversion of its foreign currency convertible bonds worth $240 mln.
* FUTURE ENTERPRISES: The Company’s subsidiary, Future Supply Chain Solutions, has filed a draft red hearing prospectus with the Securities and Exchange Board of India for an initial public offering of 9.8 mln shares.
* FUTURE RETAIL: Future Group is looking to increase the penetration of its smaller format retail stores in tier II and III cities.
* HCL TECHNOLOGIES: The Company has completed the acquisition of Urban Fulfillment Services, with effect from Aug 24.
* HERO MOTOCORP: The Company’s arm, Hero FinCorp, is looking to rise up to 10 bln rupees at a
valuation of $1 bln at its next funding round.
* HIMACHAL FUTURISTIC: The board has approved the issuance of 45 mln convertible warrants on a preferential basis to promoters and non-promoters at an issue price of 16 rupees per warrant.
* HT MEDIA: Plans to list its subsidiary HT Digital Ventures on the exchanges after demerging its
entertainment and digital innovative business.
* IDBI BANK: Has extended the last date for submission of bids to buy its stake in Small Industries
Development Bank of India to Thursday.
* IDEA CELLULAR: The Telecom Regulatory Authority of India has directed the company to pay 29.7 mln rupees for overcharging consumers in Maharashtra, Tamil Nadu, West Bengal and Uttar Pradesh, for calls terminating on Bharat Sanchar Nigam and MAHANAGAR TELEPHONE NIGAM networks between May 2005 and January 2007.
* IL&FS INVESTMENT MANAGERS: Infrastructure Leasing and Financial Services plans to hit the domestic bond market to refinance almost 60 bln rupees of debt.
* INFOSYS: Appointed co-founder Nandan Nilekani as non-executive chairman, while accepting the
resignation of four directors, all with immediate effect. Vishal Sikka, who resigned as executive vicechairman of the company, will receive $246,575 as base pay for 90 days "in lieu of notice", and a variable pay of $205,572. - Co-founder Nandan Nilekani, who has returned to the company as non-executive chairman, said his biggest job is to ensure alignment of the board with all stakeholders and bring his "consensus-building" skill to the company.
- After his return to the company as non-executive chairman, Nandan Nilekani refused to comment on whether the company's board will withdraw its scathing statement against lead founder N.R. Narayana Murthy.
- Has tasked the committee of directors to "review and refresh" the Company’s growth strategy by October, newly appointed Non-Executive Chairman Nandan Nilekani said.
* INTERGLOBE AVIATION: IndiGo plans to expand its fleet to 350 aircraft in the next five years, sources said. It could also offer fares up to 50% lower on regional connectivity routes.
* JSW STEEL: Is making a fresh attempt to buy Italian steel mill, Aferpi, formerly known as Lucchini, from its new owners, the Cevital Group.
* KOTAK MAHINDRA BANK: Canada's largest pension fund CPPIB will call off its proposed joint venture with Kotak Mahindra Group to invest in stressed assets in India.
* LUMAX AUTO TECHNOLOGIES: The company has signed a joint venture agreement with Spain-based Francisco Albero S.A.U to manufacture and supply oxygen sensors to the Indian automotive industry.
* MAHINDRA & MAHINDRA: Wholly-owned subsidiary Mahindra Agri Solutions has launched 'Tromph', an advanced insecticide, to build innovative crop care solutions for farmers.
* PIRAMAL ENTERPRISES: Is looking at growing organically in pharmaceutical segment and expanding in services like antibody drug conjugates, injectables and drug discovery.
* PUNJAB NATIONAL BANK: Is looking to sell up to 10% in its housing finance unit and list its life insurance subsidiary, Managing Director and Chief Executive Officer Sunil Mehta said.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has suspended the pre-booking of its 4G feature phone JioPhone on its website. A message on Jio's website reads that the customers will be informed when Jio resumes pre-booking.
- The company and its partner BP plc of the UK, plan to use a floating production system at high-sea in the Bay of Bengal to bring to production the deepest gas discovery in the flagging KG-D6 block.
* RURAL ELECTRIFICATION CORP: Has entered into a non-binding memorandum of understanding with Maharashtra State Power Generation Co for extending financial assistance of about 130 bln rupees and providing required services.
* STEEL AUTHORITY OF INDIA: A joint task force of the company and ArcelorMittal is in the process to finalise a business model for the proposed joint venture.
* SHOPPERS STOP: The Company is in preliminary stages to dispose of its entire 40% shareholding in Nuance Group (India).
* SHREE RENUKA SUGARS: Shareholders of the company have approved the issue of up to 500 mln compulsorily convertible preference shares of 16.27 rupees each to Wilmar Sugar Holdings.
* SPICEJET: Has obtained extension of two months from the Registrar of Companies to conduct its annual general meeting.
* TATA GLOBAL BEVERAGES: Life Insurance Corp of India has sold 12.80 mln shares or 2.03% stake in the company via open market.
* TATA MOTORS: Is still looking for a partnership with other global automobile companies for its new advanced modular platform despite talks with Volkswagen group firm Skoda failing to fructify.
- The company had more than 50% market share in the light commercial vehicle segment a few years back, but has lost its leadership position to rival MAHINDRA AND MAHINDRA.
- The company will not be phasing out the Nano, but will look to reposition the vehicle and alternative plans are being put in place, said Executive Director and Chief Operating Officer Satish B. Borwankar.
* TATA STEEL: Thyssenkrupp should consider alternatives to a planned merger of its European steel
activities with the Tata group company, German foreign minister Sigmar Gabriel said.
