Today Stock News – 12.03.2018

Today Stock News – 12.03.2018

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* AARTI DRUGS: The company's facility in Tarapur has been adversely affected due to a massive explosion at the adjoining unit of Novaphene Specialties at Maharashtra Industrial Development Corp.

* AARTI INDUSTRIES: No employee or worker of the company was injured and operations have not been affected due to the recent fire at Tarapur Maharashtra Industrial Development Corp in Palghar, Maharashtra.

* ADHUNIK INDUSTRIES: The National Company Law Tribunal has dismissed an Odhisa government order that had sought the stoppage of mining activity at Orissa Manganese and Minerals, giving a fresh lease of life to the Adhunik group company that faces 54 bln rupees in unpaid debt claims at the insolvency court.

* AMBER ENTERPRISES INDIA: The board has approved the proposal for acquiring 70% stake in Ever Electronics Pvt Ltd at 54.80 rupees per share in an all-cash deal.

* ANDHRA BANK: The Enforcement Directorate has filed a prosecution complaint against the bank's former director Anup Prakash Garg in a 50-bln-rupee bank fraud case involving Sterling Biotech, and the company's directors, the agency posted on social media website Twitter.

* ARSS INFRASTRUCTURE PROJECTS: The company's joint venture firm ARSS-KIPPL received an order worth 154.4 mln rupees from East Coast Railway on Wed.

* AUROBINDO PHARMA: Has got an approval from the US Food and Drug Administration for cinacalcet hydrochloride drug in equivalent of 30 mg, 60 mg and 90 mg strengths. US Food and Drug Administration officials found a 'large female mosquito' in a facility of the company during inspection, which, according to them, was not 'free of infestation by rodents and other insects'.

* BANK OF BARODA: A South African court investigating corruption charges against former President Jacob Zuma and the Gupta family on Friday absolved the bank of charges of being in possession of "proceeds of crime".

* BANK OF INDIA: Has raised marginal cost of funds-based lending rates on overnight tenure effective Saturday.

* BHARAT WIRE ROPES: Board has approved raising up to 500 mln rupees through issue of securities.

* BHARTI AIRTEL: Director of consumer business and Chief Marketing Officer for its India operations, Raj Pudipeddi, has resigned.

* BHUSHAN STEEL: The company confirmed that Chairman B.B. Singal appeared before Serious Fraud Investigation Office on Thursd miner's board approved payment of interim dividend for the financial year 2017-18 at a rate of 16.50 rupees per share.

* DALMIA BHARAT: The consortium led by the company is confident of taking over the stressed assets of BINANI CEMENT despite ULTRATECH CEMENT raising its bid by 7 bln rupees to 72 bln rupees after the lenders announced the former as the highest winning bidder.

* DB REALTY: Is in advanced talks with Rustomjee Group to enter into a Development Management Agreement to execute its residential project 'DB Crown' spread over 7 acres in Mumbai's Prabhadevi locality.

* DCM SHRIRAM: Has started commercial production at its distillery unit in Hariawan. The unit has capacity of 150 kl per day.

* DEWAN HOUSING FINANCE CORP: Will raise at least 5 bln rupees through secured non-convertible debentures maturing in 653 days.

* EQUITAS HOLDINGS: Clarifying on the 1-mln-rupee fine imposed by the RBI for carrying out sale of third-party products without the regulator's approval, Equitas Small Finance Bank has said it had secured the approval to carry out such business on Dec 29.

* GOA CARBON: The Goa State Pollution Control Board has revoked its order to suspend operations at company's plant at St. Jose de Areal, Salcete, Goa.

* IDBI BANK: The Securities and Exchange Board of India is set to buy the bank's building in Bandra-Kurla Complex, Mumbai's financial hub, for close to 10 bln rupees. The bank management and the All India IDBI Officers Association have reached a 'broad consensus' over the terms of revision of wages pending from 2012.

* INDO RAMA SYNTHETICS (INDIA): The board has approved raising 1.83 bln rupees through
the issue of nonconvertible debentures.

* INTERGLOBE AVIATION: The company led-IndiGo plans to order as many as 50 Airbus SE A330 wide-body jets as it seeks to expand beyond short-haul flights.

* JET AIRWAYS INDIA: A consortium of the company, Air France-KLM and Delta Air Lines is understood to have expressed interest in the disinvestment of national carrier Air India.

* JSW STEEL: Is tapping overseas bond investors to raise $1 bln to fund its plan to buy distressed assets in India.

* L&T FINANCE HOLDINGS: Morgan Stanley Investment Management, Templeton, ICICI Prudential Life and HDFC Mutual Fund are among the bulge bracket investors to have bought into the company, which successfully raised about 10 bln rupees in an exclusive share sale to institutions.

* MAHINDRA & MAHINDRA: The growth in the commercial vehicles industry, especially the medium and heavy trucks, in the last few months caught the industry off guard as demand has far outstripped supply, said Vinod Sahay, chief executive officer of the company's truck and bus division.

* MOIL: The company's board has approved investment of 2.64 bln rupees to set up a ferro alloys plant at Balaghat mine, with capacity of 50,000 tn per annum.

* NTPC: Is likely to finalise the acquisition of entire stake of Bihar State Power Holding Co in its two joint venture plants at Nabinagar and Kanti for around 30 bln rupees in a month.

* OIL AND NATURAL GAS CORP: May sell stake in its mega petrochemical project in Gujarat to fund acquisition of HINDUSTAN PETROLEUM CORP.

* ORIENTAL BANK OF COMMERCE: Will increase some of its marginal cost of funds-based lending rates by 5-15 basis points from Monday.

* PENINSULA LAND: Wholly-owned subsidiary Peninsula Holdings and Investments has entered into an agreement with HEM Infrastructure and Property Developers to acquire 6.43% stake, or 70,464 shares, for 137.97 mln rupees.

* POWER FINANCE CORP: Could see around 11.4% of its loan book getting into the insolvency route. This includes debt-laden thermal power projects, stranded gas and hydro power units.

* POWER GRID CORP: Has been declared as the lowest bidder under tariff-based competitive bidding to establish transmission system for new 765 kV inter-regional corridor on build, own, operate, and maintain basis.

* PRAKASH INDUSTRIES: The company has said it is not part of alleged benami transactions and is considering legal action.

* PUNJAB NATIONAL BANK: A probe by the Institute of Chartered Accountants of India into the bank's fraud has revealed that the bank did not engage independent chartered accountants for a concurrent audit and instead, carried out the audit through its own officials. The bank has lost 28 bln rupees to various frauds last fiscal year, the government said on Friday, making it the biggest loser among all state-owned banks even before it uncovered an alleged $2 bln fraud this year.
 - Has suspended its general manager in charge of international banking operations, Nehal Ahad, after he allegedly recalled internal auditors who were sent to the Dubai and Hong Kong branches of the bank. The lender is planning to dilute stakes in its subsidiaries and sell non-core assets to improve its capital base.

* RELIANCE CAPITAL: Has raised 9 bln rupees through the issue of non-convertible debentures maturing in 3,653 days at a coupon of 8.93%, payable annually on Mar 9 each year starting 2019.

* RELIANCE COMMUNICATIONS: The National Company Law Tribunal has given the company and Ericsson a week's time to negotiate a settlement over outstanding payment.

* RELIANCE INDUSTRIES: The Competition Commission of India has approved Reliance Jio Infocomm's acquisition of some assets from RELIANCE COMMUNICATIONS for about 245 bln rupees. The company's step-down subsidiary, Reliance Retail, has acquired 16% stake, or 1.9 mln shares, for $7 mln in US-based KaiOS Technologies Inc at $3.675 per share.

* SHREE RENUKA SUGARS: Wilmar Sugar Holdings, along with Wilmar International, has issued an open offer to buy 26% stake, or 498.37 mln shares, in the company at 16.29 rupees apiece.

* SIMBHAOLI SUGARS: Has denied any illegality or fraud in response to reports that said Central Bureau of Investigation had filed a first information report based on a complaint by Oriental Bank of Commerce.

* SPICEJET: Is to take delivery of its first Boeing 737 MAX aircraft later this year, could examine the possibility of launching a direct flight linking Delhi and Colombo, Ajay Singh, promoter of the company said.

* STATE BANK OF INDIA: The bank and UCO BANK are looking for buyers to sell non-performing accounts worth 12.45 bln rupees and have invited bids from asset reconstruction companies, banks, non-bank financial companies and financial institutions to clean their books of such assets. Is tightening the noose around borrowers in the gems and jewellery sector by telling them to either bring in more collaterals to back the existing borrowings or reduce the size of it in a time-bound manner.

* STATE TRADING CORP OF INDIA: Indian Bank and UNION BANK OF INDIA has declared the company as a nonperforming assets due to non-payment of interest worth 192.9 mln rupees.

* SYNDICATE BANK: Has decided to leave its marginal cost of fund-based lending rates unchanged at 7.95-8.45% for March.

* TATA MOTORS: The company's global wholesale sales, including those of subsidiary Jaguar Land Rover, rose 18% on year to 121,252 units in February. Will invest more than 30 bln rupees in its commercial vehicle business unit over the next two years to develop new products, upgrade existing models to conform with upcoming emission standards, and de-bottleneck production processes to meet increasing demand.
 - Arm Jaguar Land Rover expecting a drop in growth this year due to the hike in customs duty on components and imposition of high goods and services tax rates on the premium segment, Managing Director of JLR India Rohit Suri said.

* TUBE INVESTMENTS OF INDIA: Has completed the acquisition of 80% stake each in Great Cycles and Creative Cycles, both based in Sri Lanka.

* USHA MARTIN: Both the enforcement directorate and the serious fraud investigation office have waded into the 54- bln-rupee loan to Usha Martin Group, owed to a consortium of lenders headed by STATE BANK OF INDIA.

* VIJAYA BANK: Received shareholders' approval for allotment of shares worth 12.77 bln rupees at 65.73 rupees apiece to the government.

* WINSOME DIAMONDS AND JEWELLERY: The Central Bureau of Investigation, which has revived the Winsome case, has summoned the company's former director (operations) R. Ravichandran. He is expected to appear before the CBI this week. The agency has also interrogated a former director and a senior official of Winsome group last week.