Today Stock News – 26.03.2018

Today Stock News – 26.03.2018

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* 63 MOONS TECHNOLOGIES: Central Bureau of Investigation has conducted search at the company's Mumbai office in connection with its shareholding in Multi Commodity Exchange of India.

* ADANI POWER: A power surplus state till recently, Gujarat may witness a scorcher of a summer, with private power producers the company and Essar Power Gujarat discontinuing supply on account of paucity of coal.

* ALKYL AMINES CHEMICALS: Company's new methylamines plant at Dahej in Gujarat has commenced production.

* BAJAJ AUTO: Honda Motorcyle & Scooter India is snapping at the heels of the company for the second spot in the domestic motorcycle segment, with the gap between the companies coming down to a meager 14,200 units during the ongoing fiscal.

* BANK OF INDIA: Will recall five of its Basel III-compliant additional tier-I bonds on Apr 21, ahead of its scheduled call

* GOCL CORP: The company has declared an interim dividend of 1.60 rupees per share for 2017-18 (Apr-Mar).

* HCL TECHNOLOGIES: Has transferred 100% stake in wholly-owned subsidiary HCL Training and Staffing Services to another wholly-owned subsidiary HCL Comnet for 23.5 mln rupees.

* HDFC BANK: Is seeking to garner higher fee income by entering the business of selling global bonds, with a swelling list of local companies lining up debt issues overseas.

* HOUSING AND URBAN DEVELOPMENT CORP: Plans to raise 4.6 bln rupees through the issuance of non-convertible debentures maturing on Apr 5, 2021, at a coupon rate of 7.68%.

* HSIL: Hopes to complete the demerger of its consumer products and building materials businesses soon and is awaiting necessary regulatory approvals.

* IDBI BANK: The Central Bureau of Investigation has registered two separate cases against former employees of the bank and others for cheating the state-owned bank of a total of 2.27 bln rupees.

* INDIABULLS HOUSING FINANCE: Has raised 4.32 bln rupees through the issuance of two bonds.

* INDIABULLS REAL ESTATE: The company will sell 50% stake in two subsidiaries--Indiabulls Properties Pvt Ltd and Indiabulls Real Estate Co Pvt Ltd--to Blackstone group LP for 95 bln rupees. Is in advanced talks with global private equity majors including Blackstone Group, Brookfield Asset Management and Xander Group, to sell its Chennai commercial asset One Indiabulls Park for around 12 bln rupees.

* INDIAN OIL CORP: The Petroleum and Natural Gas Regulatory Board has awarded the rights to develop the city gas distribution network in major parts of Uttar Pradesh's Bulandshahr district to the company's joint venture with Adani Gas, as per the authorisation letter.

* INTERGLOBE AVIATION: The company and SPICEJET on Sunday shifted partial operations to Terminal 2 of the Indira Gandhi International Airport in the national capital, with both airlines reporting an on-time departure of flights and smooth operations. Grounded one more A320neo fitted with Pratt & Whitney engine due to "oil chip issue" taking the total number of such planes on ground to seven.

* JET AIRWAYS INDIA: Plans to fly to new destinations in Africa and Commonwealth of Independent States countries with its soon-to-be-delivered Boeing 737 Max planes.

* JYOTI STRUCTURES: Lenders will meet next week to put the only resolution bid received for the company to vote.

* L&T FINANCE HOLDINGS: L&T Infrastructure Finance, a subsidiary of the company, has increased its prime lending rate by 25 basis points to 15.75%.

* LANCO INFRATECH: Seven companies have shown interest in acquiring the company, one of the first 12 stressed assets identified by the Reserve Bank of India for resolution under the Insolvency and Bankruptcy Code.

* LA OPALA RG: The company has allotted 55 mln bonus shares in 1-for-1 ratio.

* LUMAX AUTO TECHNOLOGIES: Has approved splitting each share of 10 rupees into five shares of 2 rupees.

* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Has raised 570 mln rupees through zero-coupon bonds maturing in April 2021.

* MANGALORE REFINERY & PETROCHEMICALS: Petroleum Minister Dharmendra Pradhan has said the company will come out with BS6 standard diesel by March 2019 and BS6 petrol by December that year.

* MARG LTD: Has approved the proposed restructuring of borrowings from Edelweiss Asset Reconstruction Co.

* MMTC: A merger of the company and The State Trading Corp of India is on the cards and the matter is under process, commerce and industry minister said.

* NBCC: Less than three months after the CBI filed an FIR naming the company's Chief Managing Director A.K. Mittal among five accused in a case involving the 21-bln-rupee Pragati Maidan redevelopment project, the vigilance department of the company informed its board at a meeting on Mar 8 that the CBI chargesheet failed to establish any charges against Mittal.

* NDA SECURITIES: Has sold 121,000 shares or 36.19% stake in subsidiary NDA Share Brokers Ltd for 17.3 mln rupees.

* NOIDA TOLL BRIDGE CO: Has received show cause notice from the income tax department for non-payment of tax dues worth 13.39 bln rupees, excluding interest, for assessment years 2007-08 (Apr-Mar) to 2014-15.

* NHPC: Has commissioned a 50 MW solar power project at Theni in Tamil Nadu.

* NMDC: Board will meet on Monday to consider declaration of interim dividend for Apr-Mar (2017-18).

* NTPC: Has commissioned first 800 MW unit of Lara Super Thermal Power project in Chhattisgarh.

* OIL & NATURAL GAS CORP: May buy out gas utility GAIL INDIA in its Dahej mega petrochemical project in Gujarat to take full control of the recently commissioned plant.

* POLARIS CONSULTING & SERVICES: Has given in-principle approval for the proposed share buyback of 14,938 shares by its Singapore-based subsidiary Polaris Consulting & Services Pte for around 155 mln rupees.

* PUNJAB NATIONAL BANK: Has plans to take part in the bankruptcy proceeding of Firestar Diamond, a group company of jewellery designer Nirav Modi who has been accused of defrauding the state-run bank of nearly 130 bln rupees.

* RELIANCE COMMUNICATIONS: Russia's Sistema has emerged as the highest bidder for the remaining assets of the company at a total value of $1.5 bln.

* RELIANCE INDUSTRIES: Reliance Jio Infocomm, a subsidiary of the company, has approved issuance of nonconvertible debentures worth up to 200 bln rupees. Has announced the merger of global music streaming platform Saavn with its own service JioMusic to form an entity worth over $1 bln.

* RELIANCE NIPPON LIFE ASSET MANAGEMENT: Will not accept lump sum investments in its Reliance Small Cap fund beginning Mar 26.

* RELIGARE ENTERPRISES: The Serious Fraud Investigation Office is probing the company and its group company FORTIS HEALTHCARE for alleged frauds, Union Minister P P Chaudhary said. The Delhi High Court ordered the attachment of all movable assets of respondents mentioned in the affidavit, including those of Malvinder Mohan Singh and Shivinder Mohan Singh, in the Daiichi Sankyo award case of nearly 35 bln rupees.

* RURAL ELECTRIFICATION CORP: Is likely to set a semi-annual coupon of 8.01% on its issue of government-serviced bonds maturing in 10 years.

* SANDUR MANGANESE & IRON ORES: Has appointed Sachin D. Sanu as chief financial officer from Apr 1, after the retirement of K. Raman.

* SBI LIFE INSURANCE CO: Has declared interim dividend of 2 rupees per share for 2017-18 (Apr-Mar).

* SHARIKA ENTERPRISES: Has received the letter of award worth 60 mln rupees from one of the major public utility company for designing, engineering, testing, commissioning and supply of fault passage indicator and fault sensing indicator.

* SHRIRAM TRANSPORT FINANCE CO: Has raised 1 bln rupees through subordinated bonds maturing in 10 years at a coupon of 9%.

* SOMANY CERAMICS: Has approved an increase in the company's stake in Sudha Somany Ceramics to 61% from 51%.

* STATE BANK OF INDIA: Will soon have a blockchain-based exchange for bad debts along with other banks, asset reconstruction companies and investors on the same infrastructure, according to Sudin Baraokar, Head Innovation.

* TATA CHEMICALS: The company has approved the merger of the company's subsidiary, Bio Energy Venture 1 (Mauritius), with itself.

* TATA MOTORS: Subsidiary, Tata Motors Finance, which funds buyers of commercial vehicles sold under the Tata badge, plans to sell securities backed by loans worth 5 bln rupees ahead of the completion of the fiscal year to free up cash to lend more in FY19.

* TATA POWER CO: Will sell 39.98% stake in Panatone Finvest to Tata Sons for 15.43 bln rupees as a part of a deal to transfer surplus land assets to the government.

* UCO BANK: Following the Reserve Bank of India's ban on letters of undertaking the bank is planning to merge its two branches in Hong Kong.

* UNION BANK OF INDIA: Close to 10 bln rupees of the bank's exposure on account of letters of undertakings issued by PUNJAB NATIONAL BANK is due in the next few days.

* UNITED BANK OF INDIA: The National Small Industries Corporation has accused the bank of providing "factually incorrect" information to stock exchanges and not releasing over 1.73 bln rupees in lieu of bank guarantees, days after the Enforcement Directorate launched a probe into the bank guarantees case.

* UTTAM GALVA STEELS: Has received approval from the National Stock Exchange and BSE to declassify ArcelorMittal Netherlands BV as the promoter of the company.

* VEDANTA: Is unlikely to participate in the second round of bidding for debt-laden Essar Steel. The Board has approved issuance of bonds worth up to 45 bln rupees.

* WHIRLPOOL OF INDIA: Is focussing on an aggressive product portfolio, distribution and production capacity expansion as it is eyeing revenues of $1 bln by 2020.