Daily Stock News Today – 11.12.2017

Daily Stock News Today – 11.12.2017


* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Life Insurance Corp bought 2.05% stake or 43.31 mln shares of the company from the open market.

* AXIS BANK: Shareholders approved a proposal to raise 116.26 bln rupees through the issue of equity and warrants on preferential basis.

* BHARTI AIRTEL: Has signed an agreement with the telecom department and the Universal
Service Obligation Fund to provide mobile services to over 2,100 unconnected villages in the northeast.

* BLUE STAR: Saif India IV FII Holdings Ltd has sold 1.82% stake or 1.74 mln shares of the company at 800 rupees a share through two bulk deals on the National Stock Exchange and BSE.

* CANARA BANK: Is planning to raise up to 35 bln rupees through qualified institutional placement.

* CAPITAL FIRST: Raised 1.8 bln rupees through non-convertible debentures on a private placement basis.

* COAL INDIA: After an average wage revision of 20% for around 298,000 permanent employees of the company, trade unions are now readying to pitch for a similar wage agreement for contractual workers of the miner. Trying to secure self-sufficiency in obtaining explosives, the company continues to rely on third-party sources and has spent over 16.09 bln rupees so far in the current financial year.

* EROS INTERNATIONAL: Expects about 75% of its revenues from digital platform in the next three years--up from 25% now--with increasing data affordability bringing more people online to content consumption.

* HEXAWARE TECHNOLOGIES: Baring Asia is looking to sell 10-15% stake in the company for around 14.7 bln rupees through multiple block deals in the next week.

* ICICI BANK: Has sold its entire 4.08% stake in Fine Line Circuits at 13.99 rupees a share through a bulk deal on BSE.

* IIFL HOLDINGS: Announced that its asset management company has signed binding agreement to acquire Ashburton India Equity Opportunities Fund and merge into IIFL India Equity Opportunities Fund.

* IL&FS ENGINEERING AND CONSTRUCTION CO: Has received an order worth 2.16 bln rupees from GAIL INDIA for a 157.8-km long section of the Dobhi-Durgapur-Haldia pipeline.

* INDOCO REMEDIES: First State Investment ICVC's Stewart Investors Asia Pacific Fund has sold 1.1% stake or 1 mln shares of the company at 266.04 rupees a share through a bulk deal on BSE.

* INDIAN OIL CORP: To increase their chances in the latest tender floated by the company for hiring of tankers, domestic shipping companies are asking for an easing of the vessel-age criteria.

* INDUSIND BANK: Is preparing to open a new vertical to focus on so-called impact financing.

* INFOSYS: Will hold the line in renewed confrontation over corporate governance, as it prepares to welcome a new chief executive officer in the New Year. May have to pay remaining 120 mln rupees of severance package to former chief financial officer Rajiv Bansal to settle the dispute even as the whistleblower in the case has opposed any such settlement. The anonymous whistleblower has sent another letter to the US Securities and Exchange Commission, and Securities and Exchange Board of India demanding that the regulators dismiss the settlement overture from the company, and prosecute the management and board.

* JET AIRWAYS INDIA: Plans to induct 25 narrow-body planes into its fleet over the next three years, even as it is yet to take a call on the delivery schedule of the Boeing 787 planes.

* JYOTHY LABORATORIES: The board of the company has approved the company's decision to redeem 4,000 nonconvertible debentures for 4 bln rupees. The company will borrow 4 bln rupees from banks and financial institutions.

* KAJARIA CERAMICS: To acquire up to 8% of paid-up equity shares of Clean Solar Power (Jaipur), a wholly-owned subsidiary of Hero Future Energies, at par value aggregating up to 20 mln rupees.

* MAX INDIA: The Delhi government cancelled the licence of the company's Shalimar Bagh hospital with immediate effect, after a probe by a committee found the hospital guilty of negligence in wrongly declaring a newborn dead last week.

* NLC INDIA: Has said it has no information on the news report saying Damodar Valley Corp has scrapped a plan to sell the 1,200-MW Raghunathpur power plant (phase-I) to the proposed joint venture with the company.

* NTPC: The CBI has booked the director (finance) of the company, along with two others, in connection with a case pertaining to corruption, and carried out search at his residence.

* ORIENTAL BANK OF COMMERCE: Will cut its marginal cost of funds-based lending rates by 5 basis points each for one-month, three-month and one-year tenures, effective from today.

* POWER GRID CORP OF INDIA: Has entered into an agreement for a loan of $100 mln from Asian Infrastructure Investment Bank for funding of a project HVDC Bipole link between Western Region and Southern Region-North Trichur, Kerala.

* PRECISION CAMSHAFTS: Will give corporate guarantee in favour of Bank of Baroda for a term loan of 19.6 mln euros (around 1.5 bln rupees) sanctioned to its Netherlands-based subsidiary PCL (International) Holding.

* PRESTIGE ESTATES PROJECTS: The board has approved raising 5 bln rupees through the issuance of non-convertible debentures to three schemes of Aditya Birla Sun Life Mutual Fund.

* PUNJAB CHEMICALS & CROP PROTECTION: Board has approved raising up to 1.5 bln rupees through issue of debt or equity, including global depositary receipts, American depositary receipts, foreign currency convertible bonds or qualified institutional placement of shares, among others.

* RELIANCE COMMUNICATIONS: Bids for assets of spectrum, towers and optical fibres will open this week under the aegis of the joint lenders forum as the company is pushed to the wall by bankers to repay their debt.

* RELIANCE INDUSTRIES: Subsidiary Reliance Retail wants to expand its business-to-business
play by foraying into distribution of apparel, FMCG and white goods directly to neighbourhood and kirana outlets since it wants to tap a larger pie of the market considering scope of exponential growth in organised retail, currently limited to 8% of the total market.

* RELIGARE ENTERPRISES: The National Company Law Tribunal gave its approval to the merger of Religare Capital India with the company. YES BANK has sold 1.1% stake or 1.9 mln shares of the company at 60.80 rupees through a bulk deal on the National Stock Exchange.

* RUCHI SOYA INDUSTRIES: The National Company Law Tribunal admitted petitions filed by two foreign lenders-- Standard Chartered Bank and DBS Bank—against the company for non-payment of dues. Cresta Fund has sold 1.1% stake or 3.69 mln shares of the company at 19.42 rupees a share through a bulk deal on the National Stock Exchange.

* RURAL ELECTRIFICATION CORP: Is likely to set 7.70% as coupon on its bonds maturing in 10 years.

* SADBHAV INFRASTRUCTURE PROJECT: Signed a 1.5-bln-rupee contract with subsidiary Sadbhav Vidarbha Highway for maintenance and repair work during the four-laning of the Waranga to Mahagaon section of National Highway-361 in Maharashtra on hybrid annuity mode. Xander Investment Holding XVII has sold 1% stake or 3.59 mln shares of the company at 133.19 rupees a share through a bulk deal on the National Stock Exchange.

* STATE BANK OF INDIA: Has sanctioned around 10,000 home loans under the government's Credit Linked Subsidy Scheme for home buyers from the economically weaker section, low income group and middle income group categories.

* STEEL AUTHORITY OF INDIA: Steel Minister Birender Singh said Gujarat and Andhra Pradesh are competing for a proposed 1.5 mln tn specialty steel plant, which will be set up by a proposed joint venture between ArcelorMittal S.A. and the company.

* TATA STEEL: Thyssenkrupp has offered workers commitments on jobs and investments to get union backing for its deal with the company to merge their European steel operations.

* TECH MAHINDRA: The Supreme Court reaffirmed that the company will not be an accused in the money laundering cases arising out of the "Satyam scam", while dismissing a plea by Enforcement Directorate against a Hyderabad High Court order.

* ULTRATECH CEMENT: The board has approved setting up of 3.5 mtpa integrated cement plant at Pali, Rajasthan, at an investment of around 18.5 bln rupees.

* VIDEOCON INDUSTRIES: Said 3.19% shares pledged by promoter group entities have been invoked by various pledgees.

* WEBSOL ENERGY SYSTEM: India Max Investment Fund has sold 3.2% stake or 795,724 shares of the company at 100.33 rupees a share through a bulk deal on the National Stock Exchange.