Today Stock News – 16.04.2018
* BANK OF INDIA: The Central Bureau of Investigation had "called for interaction" two officials of the bank's branch in Antwerp, Belgium, with respect to the over $2-bln fraud unearthed at PUNJAB NATIONAL BANK.
* BHARAT HEAVY ELECTRICALS: Despite getting Centre's clearances for the solar power plant that the company proposes to set up on its own land on Bhopal's outskirts, the project is yet to take off as the Madhya Pradesh government apparently wants to keep the site open for public and political events.
* BHARTI AIRTEL: Launched plans to expand its data capabilities and enhance presence in Madhya Pradesh and
* IDEA CELLULAR: The ongoing merger process of Vodafone India and the company could see about a fourth of the telecom companies' combined 21,000-strong workforce lose jobs in the next few months. The Department of Telecom is waiting for Department of Industrial Policy and Promotion to give clearance for raising the foreign direct investment limit in the company to 100% before approving the merger of Vodafone India with the company.
* IL&FS ENGINEERING AND CONSTRUCTION CO: Received an order worth 1.3 bln rupees from GAIL (INDIA) for laying and construction of steel gas pipeline along with associated facilities for Section V of Bokaro-Angul section of Jagdishpur-Haldia-Bokaro-Dhamra pipeline project PH-II in Odisha.
* INDIAN OIL CORP: Has signed a definitive agreement for booking 3 mtpa of regasification capacity from ADANI PORTS AND SPECIAL ECONOMIC ZONE's step-down subsidiary Dhamra LNG Terminal.
* INFOSYS: Has put its subsidiaries Skava and Kallidus, together known as Skava, and Panaya on the block and expects to complete their sale by March 2019. Had created a special bonus pool of $10 mln to be paid out to its over 200,000 employees in addition to their regular quarterly variable pay, at a time when its attrition is 20%. Will pay a final dividend of 20.5 rupees a share and special dividend of 10 rupees a share.
* JAIN IRRIGATION SYSTEMS: The board will meet on Wednesday to consider raising long-term funds for the corporate objectives of the company.
* JAYPEE INFRATECH: As multiple bidders eye taking over the company, fears of the valuation of the company being slashed to less than half are making the promoters rush to the Supreme Court to reclaim the company.
* JOST'S ENGINEERING CO: Entered into a binding agreement with Fardan Belts Manufacturing Co to acquire unexpired leasehold rights in respect of land, along with factory building, at Thane, Maharashtra, for 55.4 mln rupees.
* JSW STEEL: Has refuted ArcelorMittal's allegations that the Insolvency and Bankruptcy Code was inconsistently applied, allowing the former's bid on MONNET ISPAT & ENERGY while disqualifying the latter from the race to acquire Essar Steel.
* KIRLOSKAR FERROUS INDUSTRIES: HDFC Mutual Fund has bought 1.7 mln shares or 1.24% stake in the company at 89.05 rupees each, through a bulk deal on BSE, according to information on the bourse's website.
* MAHINDRA & MAHINDRA: Will launch luxury electric vehicles through its newly-formed company, Automobili Pininfarina GmbH, in Europe in 2020.
* MARICO: Entered into an agreement to acquire up to 22.5% stake in Revolutionary Fitness through primary and secondary infusions.
* MMTC: Has put its plan to sell 9.6% residual stake in Indian Commodity Exchange Ltd on hold for another 3-6 months.
* PUNJAB NATIONAL BANK: The Institute of Chartered Accountants of India has sent notices to statutory auditors of the bank's Brady House branch, where the 130-bln-rupee scam took place, to appear before its disciplinary board.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm is learnt to be in talks with three Japanese banks to raise $500 mln (around 32.50 bln rupees) in debt. Its resolution plan for acquiring ALOK INDUSTRIES in conjunction with JM Financial Asset Reconstruction Co has been rejected by the Committee of Creditors. Subsidiary Reliance Jio Infocomm has raised 25 bln rupees from AXIS BANK.
* RELIANCE POWER: Board has appointed K. Raja Gopal as chief executive officer, with effect from May 2.
* SANGINITA CHEMICALS: HINDUSTAN ZINC has revised the quantity of copper sulphate that it will buy from the company to 9,350 tn from 8,250 tn over a period of three years.
* SHRIRAM CITY UNION FINANCE: Fidelity Fund-Pacific Fund has sold 480,853 shares or 0.7% stake in the company at 2,200 rupees each, in a bulk deal on BSE.
* STATE BANK OF INDIA: The executive committee of the central board of the bank has extended the validity period for giving approval to the lender's plan to raise up to 80 bln rupees via additional tier-I bonds by a year till Mar 31, 2018. The RBI has pointed out a 'conflict of interest' between the bank, and its subsidiary, SBI Capital Markets. Is working on a restructuring plan to break the bad loan cycle that is threatening the health of the entire banking system in India.
* TATA MOTORS: The company's Jaguar Land Rover will announce plans today to cut production and jobs at its plants in the UK "in light of the continuing headwinds."
* TATA STEEL: Domestic production in Jan-Mar fell 4.06% on year to 3.07 mln tn.
* ULTRATECH CEMENT: The company, which lost out to a DALMIA BHARAT-led consortium in bidding for Binani Cement, has made yet another improved offer that is worth 79.9 bln rupees.
* UNITED SPIRITS: Board has approved splitting 548 mln shares of face value 10 rupees each into 2.74 bln shares of face value 2 rupees each.
* VEDANTA: The Income Tax Department has seized a further 4.4 bln rupees of dividend income due to Cairn Energy Plc, which holds 4.95% stake in the company, to recover a part of the 102.47 bln rupees tax demand it had raised on the UK firm using a retrospective tax legislation.
* VIDEOCON INDUSTRIES: Clarified that it is not aware of any enquiry by Enforcement Directorate regarding the loan case.
* VIPUL LTD: Received permission for higher floor area ratio under the transit oriented development policy of Haryana government for a project called Aarohan in Gurugram.
* YES BANK: Aims to disburse 10 bln rupees through 'YES GST', an overdraft facility for micro, small and medium enterprises, against goods and service tax returns, the bank said.
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* BHARAT HEAVY ELECTRICALS: Despite getting Centre's clearances for the solar power plant that the company proposes to set up on its own land on Bhopal's outskirts, the project is yet to take off as the Madhya Pradesh government apparently wants to keep the site open for public and political events.
* BHARTI AIRTEL: Launched plans to expand its data capabilities and enhance presence in Madhya Pradesh and
* IDEA CELLULAR: The ongoing merger process of Vodafone India and the company could see about a fourth of the telecom companies' combined 21,000-strong workforce lose jobs in the next few months. The Department of Telecom is waiting for Department of Industrial Policy and Promotion to give clearance for raising the foreign direct investment limit in the company to 100% before approving the merger of Vodafone India with the company.
* IL&FS ENGINEERING AND CONSTRUCTION CO: Received an order worth 1.3 bln rupees from GAIL (INDIA) for laying and construction of steel gas pipeline along with associated facilities for Section V of Bokaro-Angul section of Jagdishpur-Haldia-Bokaro-Dhamra pipeline project PH-II in Odisha.
* INDIAN OIL CORP: Has signed a definitive agreement for booking 3 mtpa of regasification capacity from ADANI PORTS AND SPECIAL ECONOMIC ZONE's step-down subsidiary Dhamra LNG Terminal.
* INFOSYS: Has put its subsidiaries Skava and Kallidus, together known as Skava, and Panaya on the block and expects to complete their sale by March 2019. Had created a special bonus pool of $10 mln to be paid out to its over 200,000 employees in addition to their regular quarterly variable pay, at a time when its attrition is 20%. Will pay a final dividend of 20.5 rupees a share and special dividend of 10 rupees a share.
* JAIN IRRIGATION SYSTEMS: The board will meet on Wednesday to consider raising long-term funds for the corporate objectives of the company.
* JAYPEE INFRATECH: As multiple bidders eye taking over the company, fears of the valuation of the company being slashed to less than half are making the promoters rush to the Supreme Court to reclaim the company.
* JOST'S ENGINEERING CO: Entered into a binding agreement with Fardan Belts Manufacturing Co to acquire unexpired leasehold rights in respect of land, along with factory building, at Thane, Maharashtra, for 55.4 mln rupees.
* JSW STEEL: Has refuted ArcelorMittal's allegations that the Insolvency and Bankruptcy Code was inconsistently applied, allowing the former's bid on MONNET ISPAT & ENERGY while disqualifying the latter from the race to acquire Essar Steel.
* KIRLOSKAR FERROUS INDUSTRIES: HDFC Mutual Fund has bought 1.7 mln shares or 1.24% stake in the company at 89.05 rupees each, through a bulk deal on BSE, according to information on the bourse's website.
* MAHINDRA & MAHINDRA: Will launch luxury electric vehicles through its newly-formed company, Automobili Pininfarina GmbH, in Europe in 2020.
* MARICO: Entered into an agreement to acquire up to 22.5% stake in Revolutionary Fitness through primary and secondary infusions.
* MMTC: Has put its plan to sell 9.6% residual stake in Indian Commodity Exchange Ltd on hold for another 3-6 months.
* PUNJAB NATIONAL BANK: The Institute of Chartered Accountants of India has sent notices to statutory auditors of the bank's Brady House branch, where the 130-bln-rupee scam took place, to appear before its disciplinary board.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm is learnt to be in talks with three Japanese banks to raise $500 mln (around 32.50 bln rupees) in debt. Its resolution plan for acquiring ALOK INDUSTRIES in conjunction with JM Financial Asset Reconstruction Co has been rejected by the Committee of Creditors. Subsidiary Reliance Jio Infocomm has raised 25 bln rupees from AXIS BANK.
* RELIANCE POWER: Board has appointed K. Raja Gopal as chief executive officer, with effect from May 2.
* SANGINITA CHEMICALS: HINDUSTAN ZINC has revised the quantity of copper sulphate that it will buy from the company to 9,350 tn from 8,250 tn over a period of three years.
* SHRIRAM CITY UNION FINANCE: Fidelity Fund-Pacific Fund has sold 480,853 shares or 0.7% stake in the company at 2,200 rupees each, in a bulk deal on BSE.
* STATE BANK OF INDIA: The executive committee of the central board of the bank has extended the validity period for giving approval to the lender's plan to raise up to 80 bln rupees via additional tier-I bonds by a year till Mar 31, 2018. The RBI has pointed out a 'conflict of interest' between the bank, and its subsidiary, SBI Capital Markets. Is working on a restructuring plan to break the bad loan cycle that is threatening the health of the entire banking system in India.
* TATA MOTORS: The company's Jaguar Land Rover will announce plans today to cut production and jobs at its plants in the UK "in light of the continuing headwinds."
* TATA STEEL: Domestic production in Jan-Mar fell 4.06% on year to 3.07 mln tn.
* ULTRATECH CEMENT: The company, which lost out to a DALMIA BHARAT-led consortium in bidding for Binani Cement, has made yet another improved offer that is worth 79.9 bln rupees.
* UNITED SPIRITS: Board has approved splitting 548 mln shares of face value 10 rupees each into 2.74 bln shares of face value 2 rupees each.
* VEDANTA: The Income Tax Department has seized a further 4.4 bln rupees of dividend income due to Cairn Energy Plc, which holds 4.95% stake in the company, to recover a part of the 102.47 bln rupees tax demand it had raised on the UK firm using a retrospective tax legislation.
* VIDEOCON INDUSTRIES: Clarified that it is not aware of any enquiry by Enforcement Directorate regarding the loan case.
* VIPUL LTD: Received permission for higher floor area ratio under the transit oriented development policy of Haryana government for a project called Aarohan in Gurugram.
* YES BANK: Aims to disburse 10 bln rupees through 'YES GST', an overdraft facility for micro, small and medium enterprises, against goods and service tax returns, the bank said.
