Today Stock News – 17.04.2018
* ABG SHIPYARD: Lenders of the company have once again rejected resolution plan of sole bidder Liberty House in a unanimous decision.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Has entered into a pact with INDIAN OIL CORP to provide liquefied natural gas re-gasification services at its import terminal in Odisha.
* AHLUWALIA CONTRACTS INDIA: Has received orders worth 12.35 bln rupees from HSCC (India).
* ALLCARGO LOGISTICS: The company-owned international subsidiary ECU Worldwide announced the appointment of Rene Wernli as the regional CEO for the India, Indian subcontinent, West Asia and African region.
* ALOK INDUSTRIES: The company's resolution professional has today filed an application for liquidation of the company at the National Company Law Tribunal's Ahmedabad bench.
* AMTEK AUTO: Has submitted a resolution plan with the Chandigarh bench of the National Company Law Tribunal for approval.
* ANGEL FIBERS: Plans to double the capacity at its Jamnagar unit in Gujarat to 39,684 spindles, which will take its total cotton yarn capacity to 10,440 tn a year.
* AXIS BANK: Has tied up with Mastercard to launch a forex card for football fans.
* BAJAJ ELECTRICALS: The company's engineering and project business unit has received an order worth 35.78 bln rupees from Madhyanchal Vidyut Vitran Nigam under the Saubhagya Yojna of the central government.
* BHARTI AIRTEL: Is planning to pump in 240 bln rupees as capital expenditure in 2018-19 (Apr-Mar), offer aggressive tariff plans to customers and incentives to its distributors.
* BINANI INDUSTRIES: Exim Bank has submitted an application to the National Company Law Tribunal, Kolkata bench, objecting to the resolution plan of Dalmia Bharat Cement, which was accepted as the highest bid for subsidiary Binani Cement.
* BLUE STAR: The company's Dubai-based wholly-owned subsidiary Blue Star International FZCO has announced a distribution partnership with Sands International for its unitary products range in Saudi Arabia.
* CIPLA: The US Food and Drug Administration conducted routine current Good Manufacturing Practices audit at the company's Indore formulations facility between Apr 2-13.
* ELECTROSTEEL STEELS: The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional Dhaivat Anjaria of the company, for neglecting the claims of an operational creditor of the company.
* FEDERAL MOGUL GOETZE (INDIA): Tenneco Inc has made an open offer to public shareholders of Federal-Mogul India to buy 13.92 mln shares, or 25.02% stake, in Federal-Mogul India, at 400 rupees per share.
* FORTIS HEALTHCARE: The board of the company will on Thursday consider the merger and acquisition offers it received from all the three interested parties. Institutional Investor Advisory Services India believes that the current four-member board of the company needs additional support in finalising which of the three offers received should be accepted, and has suggested appointing a special committee to advise it on the sale. Malaysian IHH Healthcare has made public that it's offer, highest among all the offers, was turned down by the company. Has got a 1.50-blnrupee bridge loan from RattanIndia Finance to keep the struggling hospital operator afloat till it finds a buyer, amid a credit squeeze.
* GOA CARBON: The company's Paradeep unit in Jagatsinghpur district in Odisha resumed operations on Monday.
* GOODLUCK INDIA: Union KBC Equity Fund has sold 235,787 shares or 1.24% stake in the company at 86.74 rupees per share in a bulk deal on the National Stock Exchange.
* HINDALCO INDUSTRIES: Has raised the prices of aluminium ingots, wire rods and billets by 3-4% with effect from Saturday.
* HOUSING DEVELOPMENT FINANCE CORP: HDFC Asset Management Co reported a profit after tax of 7.22 bln rupees for 2017-18 (Apr-Mar), up 31.1% from the previous year.
* ICICI BANK: The principal bench of the National Company Law Tribunal has admitted the bank's plea to initiate insolvency proceedings against Essar Power Jharkhand for defaulting on loans worth nearly 30.6 bln rupees. Has filed an intervention application in the Union of India (Ministry of Corporate Affairs) versus GITANJALI GEMS (and others) case, currently being heard at the National Company Law Tribunal in Mumbai. Has informed the stock exchanges that the Securities and Exchange Board of India has requested the bank to clarify on news reports on the alleged corporate governance breaches at the bank.
* ICICI PRUDENTIAL LIFE INSURANCE CO: Is open to inorganic growth provided any good opportunity comes up.
* IDEA CELLULAR: The Aditya Birla group is in talks with buyout firms to sell stakes in promoter entities that control the company to raise $1 bln, part of which will be used to pay regulatory dues of the telecom operator ahead of a merger with Vodafone India.
* INDIAN OVERSEAS BANK: Has entered into a strategic alliance with SMC Global Securities, a retail brokerage house, for offering online trading services to IOB customers through the portal www.smctradeonline.com.
* INFOSYS: SEBI has begun a preliminary examination of the allegations made by a whistleblower over inconsistency of the company's board in Panaya acquisition.
* JSW STEEL: The allegations that the company's successful bid for MONNET ISPAT & ENERGY violated Section 29A of the insolvency and bankruptcy code are incorrect, it said. Has accused ArcelorMittal of 'suppression of facts', saying the company did not inform SEBI about its non-disposal undertaking that it had signed, which makes transfer of shares illegal.
* KOTAK MAHINDRA BANK: Surpassed the STATE BANK OF INDIA in market value for the first time to become the second-most valuable bank in India after HDFC BANK.
* LARSEN & TOUBRO: Subsidiary L&T Shipbuilding has said its facility, as also those of other private shipyards, is running at a low capacity in the absence of a level playing field.
* OMKAR SPECIALITY CHEMICALS: BANK OF BARODA has declared a loan account of the company as a nonperforming asset.
* POWER FINANCE CORP: Has announced foray into funding waste-to-energy projects by lending 2.90 bln rupees to the Bawana project in Delhi.
* PUNJAB NATIONAL BANK: The dues by the bank's scam-hit big wilful defaulters grew to 149.04 bln rupees in February, up 2.1% from the previous month, according to the bank data.
* RELIGARE ENTERPRISES: The company has received an order on Wednesday from Delhi High Court, barring it from selling shares of arm Religare Health Insurance Co until further hearing.
* SHOPPERS STOP: Has reshuffled its omni-channel retail team, in a little over two quarters after US-based online retail giant Amazon picked up a stake in the company.
* SOBHA: Will invest 5 bln rupees in Gujarat International Finance Tec-City for residential development.
* STATE BANK OF INDIA: The Central Bureau of Investigation spoke to officials of the bank's offices in Frankfurt and Mauritius to understand the process of buyers credit in relation to the $2-bln fraud at PUNJAB NATIONAL BANK. Financial organisations ought to guard against reputation risks by a sizeable investment in process thinking and cultural improvements as they can result in huge losses to the institutions, says a report by the bank.
* UCO BANK: Has fully provided for 7.57 bln rupees of outstanding loans to Era Infra Engineering.
* VEDANTA: The company has, for the third time in a row, increased the prices of aluminium products this month.
* WS INDUSTRIES INDIA: The company's board has proposed one-time settlements with Edelweiss Group, Comfortable Adobe and Mantri Developers, and STATE BANK OF INDIA for 3.45 bln rupees, 911.4 mln rupees and 125.3 mln rupees, respectively.
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Has entered into a pact with INDIAN OIL CORP to provide liquefied natural gas re-gasification services at its import terminal in Odisha.
* AHLUWALIA CONTRACTS INDIA: Has received orders worth 12.35 bln rupees from HSCC (India).
* ALLCARGO LOGISTICS: The company-owned international subsidiary ECU Worldwide announced the appointment of Rene Wernli as the regional CEO for the India, Indian subcontinent, West Asia and African region.
* ALOK INDUSTRIES: The company's resolution professional has today filed an application for liquidation of the company at the National Company Law Tribunal's Ahmedabad bench.
* AMTEK AUTO: Has submitted a resolution plan with the Chandigarh bench of the National Company Law Tribunal for approval.
* ANGEL FIBERS: Plans to double the capacity at its Jamnagar unit in Gujarat to 39,684 spindles, which will take its total cotton yarn capacity to 10,440 tn a year.
* AXIS BANK: Has tied up with Mastercard to launch a forex card for football fans.
* BAJAJ ELECTRICALS: The company's engineering and project business unit has received an order worth 35.78 bln rupees from Madhyanchal Vidyut Vitran Nigam under the Saubhagya Yojna of the central government.
* BHARTI AIRTEL: Is planning to pump in 240 bln rupees as capital expenditure in 2018-19 (Apr-Mar), offer aggressive tariff plans to customers and incentives to its distributors.
* BINANI INDUSTRIES: Exim Bank has submitted an application to the National Company Law Tribunal, Kolkata bench, objecting to the resolution plan of Dalmia Bharat Cement, which was accepted as the highest bid for subsidiary Binani Cement.
* BLUE STAR: The company's Dubai-based wholly-owned subsidiary Blue Star International FZCO has announced a distribution partnership with Sands International for its unitary products range in Saudi Arabia.
* CIPLA: The US Food and Drug Administration conducted routine current Good Manufacturing Practices audit at the company's Indore formulations facility between Apr 2-13.
* ELECTROSTEEL STEELS: The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional Dhaivat Anjaria of the company, for neglecting the claims of an operational creditor of the company.
* FEDERAL MOGUL GOETZE (INDIA): Tenneco Inc has made an open offer to public shareholders of Federal-Mogul India to buy 13.92 mln shares, or 25.02% stake, in Federal-Mogul India, at 400 rupees per share.
* FORTIS HEALTHCARE: The board of the company will on Thursday consider the merger and acquisition offers it received from all the three interested parties. Institutional Investor Advisory Services India believes that the current four-member board of the company needs additional support in finalising which of the three offers received should be accepted, and has suggested appointing a special committee to advise it on the sale. Malaysian IHH Healthcare has made public that it's offer, highest among all the offers, was turned down by the company. Has got a 1.50-blnrupee bridge loan from RattanIndia Finance to keep the struggling hospital operator afloat till it finds a buyer, amid a credit squeeze.
* GOA CARBON: The company's Paradeep unit in Jagatsinghpur district in Odisha resumed operations on Monday.
* GOODLUCK INDIA: Union KBC Equity Fund has sold 235,787 shares or 1.24% stake in the company at 86.74 rupees per share in a bulk deal on the National Stock Exchange.
* HINDALCO INDUSTRIES: Has raised the prices of aluminium ingots, wire rods and billets by 3-4% with effect from Saturday.
* HOUSING DEVELOPMENT FINANCE CORP: HDFC Asset Management Co reported a profit after tax of 7.22 bln rupees for 2017-18 (Apr-Mar), up 31.1% from the previous year.
* ICICI BANK: The principal bench of the National Company Law Tribunal has admitted the bank's plea to initiate insolvency proceedings against Essar Power Jharkhand for defaulting on loans worth nearly 30.6 bln rupees. Has filed an intervention application in the Union of India (Ministry of Corporate Affairs) versus GITANJALI GEMS (and others) case, currently being heard at the National Company Law Tribunal in Mumbai. Has informed the stock exchanges that the Securities and Exchange Board of India has requested the bank to clarify on news reports on the alleged corporate governance breaches at the bank.
* ICICI PRUDENTIAL LIFE INSURANCE CO: Is open to inorganic growth provided any good opportunity comes up.
* IDEA CELLULAR: The Aditya Birla group is in talks with buyout firms to sell stakes in promoter entities that control the company to raise $1 bln, part of which will be used to pay regulatory dues of the telecom operator ahead of a merger with Vodafone India.
* INDIAN OVERSEAS BANK: Has entered into a strategic alliance with SMC Global Securities, a retail brokerage house, for offering online trading services to IOB customers through the portal www.smctradeonline.com.
* INFOSYS: SEBI has begun a preliminary examination of the allegations made by a whistleblower over inconsistency of the company's board in Panaya acquisition.
* JSW STEEL: The allegations that the company's successful bid for MONNET ISPAT & ENERGY violated Section 29A of the insolvency and bankruptcy code are incorrect, it said. Has accused ArcelorMittal of 'suppression of facts', saying the company did not inform SEBI about its non-disposal undertaking that it had signed, which makes transfer of shares illegal.
* KOTAK MAHINDRA BANK: Surpassed the STATE BANK OF INDIA in market value for the first time to become the second-most valuable bank in India after HDFC BANK.
* LARSEN & TOUBRO: Subsidiary L&T Shipbuilding has said its facility, as also those of other private shipyards, is running at a low capacity in the absence of a level playing field.
* OMKAR SPECIALITY CHEMICALS: BANK OF BARODA has declared a loan account of the company as a nonperforming asset.
* POWER FINANCE CORP: Has announced foray into funding waste-to-energy projects by lending 2.90 bln rupees to the Bawana project in Delhi.
* PUNJAB NATIONAL BANK: The dues by the bank's scam-hit big wilful defaulters grew to 149.04 bln rupees in February, up 2.1% from the previous month, according to the bank data.
* RELIGARE ENTERPRISES: The company has received an order on Wednesday from Delhi High Court, barring it from selling shares of arm Religare Health Insurance Co until further hearing.
* SHOPPERS STOP: Has reshuffled its omni-channel retail team, in a little over two quarters after US-based online retail giant Amazon picked up a stake in the company.
* SOBHA: Will invest 5 bln rupees in Gujarat International Finance Tec-City for residential development.
* STATE BANK OF INDIA: The Central Bureau of Investigation spoke to officials of the bank's offices in Frankfurt and Mauritius to understand the process of buyers credit in relation to the $2-bln fraud at PUNJAB NATIONAL BANK. Financial organisations ought to guard against reputation risks by a sizeable investment in process thinking and cultural improvements as they can result in huge losses to the institutions, says a report by the bank.
* UCO BANK: Has fully provided for 7.57 bln rupees of outstanding loans to Era Infra Engineering.
* VEDANTA: The company has, for the third time in a row, increased the prices of aluminium products this month.
* WS INDUSTRIES INDIA: The company's board has proposed one-time settlements with Edelweiss Group, Comfortable Adobe and Mantri Developers, and STATE BANK OF INDIA for 3.45 bln rupees, 911.4 mln rupees and 125.3 mln rupees, respectively.
