Today Stock News – 29.01.2018

Today Stock News – 29.01.2018

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* ANDHRA BANK: Is selling its loan exposure to SEL Manufacturing Co to asset reconstruction companies.

* AVENUE SUPERMARTS: Will acquire the remaining 50.8% stake in its arm Avenue E- commerce for 492.12 mln rupees.

* BAJAJ AUTO: President of the company's labour union-Vishwakalyan Kamgar Sanghatna-Dilip Pawar will be going on an indefinite hunger strike from Jan 29.

* BANK OF MAHARASHTRA: The board of directors of the bank will meet on Wednesday, to consider the proposal of raising equity via preferential allotment of shares to the government, the lender said in a notice to the exchanges.

* BHUSHAN STEEL: PIRAMAL ENTERPRISES will join JSW STEEL and its Japanese business partner JFE Steel Corp to bid for the company.

* BHARAT FORGE: Has incorporated a wholly-owned subsidiary in Israel, Indigenous IL.

* COAL INDIA: Has decided to extend third-party sampling of coal to its e-auction and other non-power customers for the first time.

* DALMIA BHARAT: Gajanan Oil, the number two in the race to acquire debt-laden MURLI INDUSTRIES, has moved the National Company Law Tribunal to challenge, the resolution professional's decision in favour of the company.

* DEEPAK NITRITE: closed its qualified institutional placement on Friday, and fixed the issue price at 264 rupees a share.

* DLF: Has called a board meeting on Dec 1 to approve its proposals to issue equity shares to institutional investors and warrants or debentures to promoters.

* DR REDDY'S LABORATORIES: Expects the US Food and Drug Administration to conduct a fresh round of audit of its unit in Duvvada, Andhra Pradesh, in the next few months, Chief Operating Officer Abhijit Mukherjee said.

* EDUCOMP SOLUTIONS: Ebix and London based investor are competing to buy the company after they submitted binding offers for the company on Saturday.

* FDC: The UK Medicines and Healthcare Products Regulator Agency has renewed the good manufacturing practice status of the company's Waluj Ophthalmic manufacturing unit at Aurangabad.

* FUTURE SUPPLY CHAIN SOLUTIONS: Has entered into an agreement with Jasper Infotech, which also owns Snapdeal, to acquire Vulcan Express for 350 mln rupees in cash.

* HAVELLS INDIA: The company's board has approved an investment of up to 3.60 bln rupees in three years for setting up of a new consumer durables manufacturing facility in Rajasthan.

* HERO MOTOCORP: Has cut the ex-showroom price of its Pleasure scooter by 2.3-2.6% with effect from Wednesday in Delhi.

* HINDUSTAN COPPER: The company's board will meet on Jan 31 to consider raising funds through a qualified institutional placement.

* IDBI BANK: Has dragged Manor Floatel Hotel to the National Company Law Tribunal as it failed to repay more than 320-mln-rupee loans taken to set up a floating hotel on the Hooghly.

* IDEA CELLULAR: Has approached the government for raising foreign direct investment level in the company to 100%.

* IDFC: ICICI Prudential Mutual Fund has sold 8.62 mln shares or 0.6% stake in the company at 56.60 rupees a share through a bulk deal on the National Stock Exchange.

* INDIABULLS REAL ESTATE: Expects its annual rental income from commercial properties to jump over two-fold to 15.13 bln rupees by 2020-21 on the back of acquisition as well as development of new assets.

* INDIAN HOTELS CO: Is looking to enter the branded homes business, following the example of global companies like Four Seasons, Ritz Carlton and Grand Hyatt that lend their brands and provide hospitality services to luxury homes across the world.

* INDIAN OVERSEAS BANK: The insolvency resolution professional for BHUSHAN STEEL, on Thursday informed the National Company Law Tribunal that the bank, assigned a debt amount of 7.48 bln rupees to Assets Care and Reconstruction, an asset reconstruction company.

* INTERGLOBE AVIATION: Will start low-cost flights to major European cities next winter.

* JAIPRAKASH ASSOCIATES: Complying with the Supreme Court order, the company has deposited 1.25 bln rupees with the Supreme Court registry.

* JSW STEEL: Is expected to double its bid for debt-laden BHUSHAN STEEL to as high as 30,0 bln rupees, setting the stage for a bidding war with rivals like TATA STEEL and ArcelorMittal.

* LAKSHMI VILAS BANK: Has revised rates and buckets of some term deposits effective today.

* MARUTI SUZUKI: Expects easing of waiting period pressure on its popular models as it is slated to receive 250,000 units in 2018-19 from parent Suzuki's Gujarat plant.

* NITCO: Approved the sanction received from JM Financial Asset Reconstruction company for debt restructuring plan.

* OIL AND NATURAL GAS CORP: The company's acquisition of government's stake in HINDUSTAN PETROLEUM CORP is a "win-win" situation for both companies, India Ratings & Research said.

* PC JEWELLER: VAKRANGEE purchased 2 mln shares of the company for a little over 1.12 bln rupees through an open market transaction.

* PERSISTENT SYSTEMS: The board has declared an interim dividend of 7 rupees per share.

* PRATAAP SNACKS: Has entered into a new contract for third party manufacturing of potato chips at Ahmedabad, Bengaluru and Kolkata.

* POWER FINANCE CORP: The government has embarked on a consolidation drive by merging the group companies of the company and Rural Electrification Corp to create a single unit that would harness embedded synergies.

* PVR: The company and Managing Director Ajay Bijli have paid a total fine of 2.32 mln rupees to settle certain violations of the listing norms, said Securities and Exchange Board of India in an order.

* RAYMOND: The company has proposed to buy 26% stake in Shahane Solar Power for 520,000 rupees to purchase power for consumption facility in Thane.

* RBL BANK: Has appointed Deepak Ruiya as the interim chief financial officer, effective from Thursday.

* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has announced a new 49-rupee pack for JioPhone users, which will give them 1 GB of high-speed data and free voice calls for 28 days. Arm Reliance Jio Infocomm is gearing up to harness internet of things, focusing first on enterprises and industries while initiating talks with car manufactures and consumer durable companies as well, among others, for the consumer segment.
- Arm Reliance Jio Infocomm will raise as much as $2.2 bln in foreign currency debt to fund the purchase of RELIANCE COMMUNICATIONS's wireless assets. Eastern offshore KG-D6 gas fields have seen production plummet to the lowest level of 4.9 mln standard cubic feet per day in the third quarter of the on going fiscal.

* SHRIRAM TRANSPORT FINANCE CO: Has agreed to sell majority stake in wholly-owned subsidiary Shriram Automall India Ltd to MXC Solutions India for 1.56 bln rupees, the non-bank lender said in a note accompanying its results.

* SPICEJET: The company's Chairman Ajay Singh has said that he aims to make the airline an international-level carrier with long-haul flights in the next one or two years.

* STATE BANK OF INDIA: A proposed plan of the bank to invoke personal and corporate guarantees of defaulting companies is unlikely to pass legal scrutiny, having been barred from doing so in previous cases. Will invite new bids to select interim resolution professionals for VIDEOCON INDUSTRIES and Videocon Telecommunications.

* TATA MOTORS: The high-profile investment by Warburg Pincus in the company's subsidiary Tata Technologies has come under a cloud, potentially derailing the transaction all together.

* TATA POWER: The company's chief executive officer Anil Sardana is understood to be soon putting in his papers.

* TATA STEEL: Has sought to submit a fresh bid for ELECTROSTEEL STEELS on grounds that clarity had emerged regarding taxes that have to be paid on acquiring a stressed asset.

* MARUTI SUZUKI INDIA: Plans to rebrand 32 of its regular retail showrooms as ARENA by March, and was on track to convert all regular showrooms to ARENA in the next two years.

* NMDC: Steel mills and sponge iron manufacturers, both users of iron ore, have urged the company to immediately cancel its latest price hike.

* NTPC: On Wednesday, The Hindu reported that The Central Bureau of Investigation has started a probe into an alleged 4.87-bln-rupee scam pertaining to overvaluation of imported coal from Indonesia to power generation companies, including the company and MMTC). The company said it is not aware of any information in this matter. BSE arm India International Exchange on Thursday listed the company's $6 bln medium-term note programme on its debt listing platform, the global securities market.

* UPL: Has acquired 24.5% stake or 2.08 mln shares in subsidiary UPL Agromed Tarim Ilaclari Ve Tohumculik San ve Tic A.S for 1.35 mln euro (about 107.10 mln rupees).

* VAKRANGEE: Announced a partnership with Cinestaan Digital to offer free and offline videos from Vakrangee Kendra. The Securities and Exchange Board of India is investigating the company for allegedly manipulating its share price and trading volumes on the stock exchanges.

* VEDANTA: Has been awarded two bauxite mines in Odisha by the state government, a top official said, confirming the move that will help reverse the massive financial drain the group has endured since 2013.

* ZOTA HEALTH CARE: Has received product registrations from Myanmar for 12 drugs -- Tamzed, Deslozed, ZotacetLV, Zompep, Teimetazed, Zoglic, Levoz, Losarzed, Z-Hexin, Z-Oflox, Zotadol, Levoz.