Daily Stock News Today – 10.01.2018
* ALLAHABAD BANK: The ministry of housing and urban affairs and the bank on Tuesday signed a memorandum of understanding to provide a centralised platform for processing interest subsidy under the self employment programme component of Deendayal Antyodaya Yojana- National Urban Livelihood Mission.
* ALPS INDUSTRIES: Has sold the entire stake in its subsidiary, Snowflakes Meditach, for 61 mln rupees to Radix Investment and Leasing.
* AXIS BANK: Is looking to acquire life insurance business.
* BANK OF BARODA: The bank and the UNION BANK OF INDIA have put together nearly 175.5 bln rupees of bad loans including that of BHUSHAN STEEL and ESSAR STEEL, on sale, as they look to avoid steep provisioning if the loans do not get resolved by Mar 31.
* CANARA BANK: Has appointed N. Sivasankaran as the chief financial officer.
* DCB BANK: Has approved raising 1.5 bln rupees through unsecured non-convertible tier-II bonds.
* DENA BANK: The Enforcement Directorate on Tuesday attached assets worth 131.9 mln rupees of one Vimal Maluka alias Vimal Barot in connection with the 2.2-bln-rupee fraud in the Malabar Hill branch of the bank, Mumbai.
* DR REDDY'S LABORATORIES: Will present its strategy for limited-competition products at the ongoing JP Morgan Healthcare Conference in San Francisco.
* EID PARRY INDIA: Will pay up to 900 mln rupees to sugarcane farmers in the company's reserved area in Tamil Nadu as a one-time additional payment from 2013-14 (Oct-Sep) sugar season to 2016-17 season.
* ELECTROSTEEL STEELS: TATA STEEL, VEDANTA, Renaissance Steel India and Edelweiss Asset Reconstruction Co have submitted their respective resolution plans for acquiring assets of the company. The resolution professional for the company has sought three more days from the National Company Law Tribunal Kolkata bench to provide an update on the progress of troubled steelmaker, even as the race to buy the company gathers pace with bids due to open on Jan 17.
* FLEXITUFF INTERNATIONAL: Clearwater Capital Partners has sold its 2% stake or 498,561 shares in the company through open market.
* ENERGY EFFICIENCY SERVICES: Is trying to rope in more states and make a pan-India roll out of 9,500 electric vehicles this year, as the first 500 cars are ready to be delivered in Delhi next week.
* GAIL (INDIA): Following reports claiming that the government may be looking at splitting the company and spinning off its marketing operations into a separate entity, Petroleum Minister Dharmendra Pradhan said the company should focus on building gas transport infrastructure, while "anyone" can do marketing.
* GREENLAM INDUSTRIES: IDFC Mutual Fund's Premier Equity Fund bought 1.8% stake or 438,474 shares in the company at 1,315 rupees apiece through a bulk deal on the BSE.
* GUJARAT NRE COKE: The National Company Law Tribunal's Kolkata chapter has reserved the expected liquidation order on the company after its management provided the company's human resources data to the dedicated bankruptcy court.
* HINDUJA VENTURES: The company's board has approved the merger of its wholly-owned subsidiary, Grant Investrade, with the company.
* HINDUSTAN PETROLEUM CORP: The revised viability gap funding and project plans for the proposed 9 mtpa refinery and petrochemical complex in Barmer, which is being set up as a joint-venture of the company and Rajasthan government, will lead to savings of around 400 bln rupees for Rajasthan, Petroleum Minister Dharmendra Pradhan said.
* ICICI BANK: The bank on Tuesday raised interest rates on deposits of over 10 mln rupees by between 5 and 35 basis points.
* IDFC BANK: The bank, which scrapped a deal to merge with Shriram City Union, is said to be exploring a similar deal with Mumbai-based Capital First. The Kolkata bench of the National Company Law Tribunal has admitted a petition filed by steelmaker Ramsarup Industries for initiating corporate resolution process, even as the bank had opposed the insolvency petition of the company.
* IFCI: Has sold 0.20% stake in National stock exchange for 925.1 mln rupees.
* IL&FS ENGINEERING AND CONSTRUCTION: The Delhi High Court on Monday dismissed a plea filed by the company against termination of a contract by a power transmission company in Uttar Pradesh to electrify some villages.
* INFOSYS: Has signed an advance pricing agreement with the internal revenue services in the US under which tax payments of $225 mln made by the company will be reversed in Oct-Dec.
* INSILCO: Has shut down the plant from Jan 9 to Jan 21 due to high inventory and low sales volume.
* JET AIRWAYS INDIA: The company on Tuesday terminated services of two senior pilots, a woman and a man, who fought inside the cockpit during a London-Mumbai flight on New Year's Day. A female flight attendant of the company has been arrested by the directorate of revenue intelligence for allegedly trying to smuggle out $480,200 out of the country, according to an official statement.
* MONNET ISPAT & ENERGY: STATE BANK OF INDIA have demanded that a proposal in the resolution plan for the company by JSW and Aion Capital to accommodate defaulted promoters Jajodias with a minority stake in the company post restructuring be tossed out, signalling lenders are in no mood to oblige defaulters.
* MOTHERSON SUMI SYSTEMS: Step-down subsidiary Motherson Innovations Co and Ossia Inc of the US will set up a joint venture to develop and distribute wireless power products to automobile companies.
* NATH BIO-GENES (INDIA): The company's share issue through a qualified institutional placement will open on Jan 22.
* NMDC: The government has decided to exercise the greenshoe option to pare additional 1.02% stake in the company through an offer for sale. Institutional investors put in bids worth 9.76 bln rupees on Tuesday for buying government's part stake in the company.
* POWER GRID CORP OF INDIA: The company's board on Saturday approved the investment of up to 921.3 mln rupees for the transmission system of ultra mega solar power park at Tumkur in Karnataka.
* PUNJ LLOYD: Has initiated arbitration against the Libyan government-owned Sirte Oil Co to recover dues of 13 bln rupees.
* RELIANCE COMMUNICATIONS: Reliance Jio Infocomm may target the company's remaining unsold airwaves in the 85 MHz band-considered among the most suitable for rollout of 4th generation services, with the government backing the sector regulator's call for easing spectrum cap rules.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: The company's board will meet on Jan 16 to consider interim dividend.
* SANKHYA INFOTECH: The company's board has approved the allotment of 1.9 mln equity shares to non-promoter investors on a preferential basis at 56.07 rupees per share.
* SOUTH INDIAN BANK: The board of the bank has decided to issue up 200 mln shares through qualified institutional placement.
* SPICE MOBILITY: The company's subsidiary, Spice Digital, has divested its entire stake in Sunstone Eduversity.
* SREI INFRASTRUCTURE FINANCE: The company "is only acting as a lender" to the consortium that is buying Sterling Port in Dahej from lenders. The board of the company will, on Jan 17, consider raising up to 150 bln rupees through public or private issue of non-convertible debentures in one or more tranches or the issuance of commercial papers, in 2018-19 (Apr-Mar).
* STATE BANK OF INDIA: Has moved the National Company Law Tribunal against independent power producer East Coast Energy which suffered project execution delays due to funds constraints.
* TATA CONSULTANCY SERVICES: French car maker Group PSA has partnered with the company to develop and engineer Group PSA's ambitious Smart Cars plan for the emerging market.
* TECH MAHINDRA: Has partnered with edX.org for reskilling its existing 117,000 employees in India, and across the world.
* TVS MOTOR CO: Has acquired additional 5.6% stake in Condivision Solutions for 5 mln rupees.
* ULTRATECH CEMENT: The Supreme Court on Tuesday stayed the invocation of a bank guarantee of 16.5 mln rupees given by the company in a 2008 contract for the allocation of the Bhaskarpapa coal block in Chhattisgarh.
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* ALPS INDUSTRIES: Has sold the entire stake in its subsidiary, Snowflakes Meditach, for 61 mln rupees to Radix Investment and Leasing.
* AXIS BANK: Is looking to acquire life insurance business.
* BANK OF BARODA: The bank and the UNION BANK OF INDIA have put together nearly 175.5 bln rupees of bad loans including that of BHUSHAN STEEL and ESSAR STEEL, on sale, as they look to avoid steep provisioning if the loans do not get resolved by Mar 31.
* CANARA BANK: Has appointed N. Sivasankaran as the chief financial officer.
* DCB BANK: Has approved raising 1.5 bln rupees through unsecured non-convertible tier-II bonds.
* DENA BANK: The Enforcement Directorate on Tuesday attached assets worth 131.9 mln rupees of one Vimal Maluka alias Vimal Barot in connection with the 2.2-bln-rupee fraud in the Malabar Hill branch of the bank, Mumbai.
* DR REDDY'S LABORATORIES: Will present its strategy for limited-competition products at the ongoing JP Morgan Healthcare Conference in San Francisco.
* EID PARRY INDIA: Will pay up to 900 mln rupees to sugarcane farmers in the company's reserved area in Tamil Nadu as a one-time additional payment from 2013-14 (Oct-Sep) sugar season to 2016-17 season.
* ELECTROSTEEL STEELS: TATA STEEL, VEDANTA, Renaissance Steel India and Edelweiss Asset Reconstruction Co have submitted their respective resolution plans for acquiring assets of the company. The resolution professional for the company has sought three more days from the National Company Law Tribunal Kolkata bench to provide an update on the progress of troubled steelmaker, even as the race to buy the company gathers pace with bids due to open on Jan 17.
* FLEXITUFF INTERNATIONAL: Clearwater Capital Partners has sold its 2% stake or 498,561 shares in the company through open market.
* ENERGY EFFICIENCY SERVICES: Is trying to rope in more states and make a pan-India roll out of 9,500 electric vehicles this year, as the first 500 cars are ready to be delivered in Delhi next week.
* GAIL (INDIA): Following reports claiming that the government may be looking at splitting the company and spinning off its marketing operations into a separate entity, Petroleum Minister Dharmendra Pradhan said the company should focus on building gas transport infrastructure, while "anyone" can do marketing.
* GREENLAM INDUSTRIES: IDFC Mutual Fund's Premier Equity Fund bought 1.8% stake or 438,474 shares in the company at 1,315 rupees apiece through a bulk deal on the BSE.
* GUJARAT NRE COKE: The National Company Law Tribunal's Kolkata chapter has reserved the expected liquidation order on the company after its management provided the company's human resources data to the dedicated bankruptcy court.
* HINDUJA VENTURES: The company's board has approved the merger of its wholly-owned subsidiary, Grant Investrade, with the company.
* HINDUSTAN PETROLEUM CORP: The revised viability gap funding and project plans for the proposed 9 mtpa refinery and petrochemical complex in Barmer, which is being set up as a joint-venture of the company and Rajasthan government, will lead to savings of around 400 bln rupees for Rajasthan, Petroleum Minister Dharmendra Pradhan said.
* ICICI BANK: The bank on Tuesday raised interest rates on deposits of over 10 mln rupees by between 5 and 35 basis points.
* IDFC BANK: The bank, which scrapped a deal to merge with Shriram City Union, is said to be exploring a similar deal with Mumbai-based Capital First. The Kolkata bench of the National Company Law Tribunal has admitted a petition filed by steelmaker Ramsarup Industries for initiating corporate resolution process, even as the bank had opposed the insolvency petition of the company.
* IFCI: Has sold 0.20% stake in National stock exchange for 925.1 mln rupees.
* IL&FS ENGINEERING AND CONSTRUCTION: The Delhi High Court on Monday dismissed a plea filed by the company against termination of a contract by a power transmission company in Uttar Pradesh to electrify some villages.
* INFOSYS: Has signed an advance pricing agreement with the internal revenue services in the US under which tax payments of $225 mln made by the company will be reversed in Oct-Dec.
* INSILCO: Has shut down the plant from Jan 9 to Jan 21 due to high inventory and low sales volume.
* JET AIRWAYS INDIA: The company on Tuesday terminated services of two senior pilots, a woman and a man, who fought inside the cockpit during a London-Mumbai flight on New Year's Day. A female flight attendant of the company has been arrested by the directorate of revenue intelligence for allegedly trying to smuggle out $480,200 out of the country, according to an official statement.
* MONNET ISPAT & ENERGY: STATE BANK OF INDIA have demanded that a proposal in the resolution plan for the company by JSW and Aion Capital to accommodate defaulted promoters Jajodias with a minority stake in the company post restructuring be tossed out, signalling lenders are in no mood to oblige defaulters.
* MOTHERSON SUMI SYSTEMS: Step-down subsidiary Motherson Innovations Co and Ossia Inc of the US will set up a joint venture to develop and distribute wireless power products to automobile companies.
* NATH BIO-GENES (INDIA): The company's share issue through a qualified institutional placement will open on Jan 22.
* NMDC: The government has decided to exercise the greenshoe option to pare additional 1.02% stake in the company through an offer for sale. Institutional investors put in bids worth 9.76 bln rupees on Tuesday for buying government's part stake in the company.
* POWER GRID CORP OF INDIA: The company's board on Saturday approved the investment of up to 921.3 mln rupees for the transmission system of ultra mega solar power park at Tumkur in Karnataka.
* PUNJ LLOYD: Has initiated arbitration against the Libyan government-owned Sirte Oil Co to recover dues of 13 bln rupees.
* RELIANCE COMMUNICATIONS: Reliance Jio Infocomm may target the company's remaining unsold airwaves in the 85 MHz band-considered among the most suitable for rollout of 4th generation services, with the government backing the sector regulator's call for easing spectrum cap rules.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: The company's board will meet on Jan 16 to consider interim dividend.
* SANKHYA INFOTECH: The company's board has approved the allotment of 1.9 mln equity shares to non-promoter investors on a preferential basis at 56.07 rupees per share.
* SOUTH INDIAN BANK: The board of the bank has decided to issue up 200 mln shares through qualified institutional placement.
* SPICE MOBILITY: The company's subsidiary, Spice Digital, has divested its entire stake in Sunstone Eduversity.
* SREI INFRASTRUCTURE FINANCE: The company "is only acting as a lender" to the consortium that is buying Sterling Port in Dahej from lenders. The board of the company will, on Jan 17, consider raising up to 150 bln rupees through public or private issue of non-convertible debentures in one or more tranches or the issuance of commercial papers, in 2018-19 (Apr-Mar).
* STATE BANK OF INDIA: Has moved the National Company Law Tribunal against independent power producer East Coast Energy which suffered project execution delays due to funds constraints.
* TATA CONSULTANCY SERVICES: French car maker Group PSA has partnered with the company to develop and engineer Group PSA's ambitious Smart Cars plan for the emerging market.
* TECH MAHINDRA: Has partnered with edX.org for reskilling its existing 117,000 employees in India, and across the world.
* TVS MOTOR CO: Has acquired additional 5.6% stake in Condivision Solutions for 5 mln rupees.
* ULTRATECH CEMENT: The Supreme Court on Tuesday stayed the invocation of a bank guarantee of 16.5 mln rupees given by the company in a 2008 contract for the allocation of the Bhaskarpapa coal block in Chhattisgarh.
