Today Stock News – 25.04.2018

Today Stock News – 25.04.2018

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* ABG SHIPYARD: Liberty House, the UK-based metals group, has once again emerged as the only bidder for the company which is into the fourth round of bidding.

* ADANI TRANSMISSION: Has tied up funds for its acquisition of the Mumbai power business from RELIANCE INFRASTRUCTURE.

* ADHUNIK METALIKS: The company's resolution professional and bankers have sought information on an outstanding loan that UK-based Liberty House didn't mention in its bid for the bankrupt Indian steelmaker.

* ADVANCED ENZYME TECHNOLOGIES: HDFC Mutual Fund bought 2.20

* FORTIS HEALTHCARE: To make its bid for the company eligible for consideration, IHH Healthcare Berhad has submitted a revised two-part offer for investment of up to 40 bln rupees.

* FUTURE RETAIL: India's leading retailer Future Group's value fashion format FBB sold about 200 mln pieces of garments in the year to March 2018, which is a fifth of what the world's top two apparel retailers, Zara and H&M, sold individually in 2017.

* GIC HOUSING FINANCE: The board has approved raising up to 10 bln rupees through non-convertible debentures. The board has announced dividend of 5.50 rupees per share.

* GMR INFRASTRUCTURE: An appellate tribunal held that the GMR group company that operates Delhi airport is entitled to claim returns on a refundable security deposit of 14.71 bln rupees.

* HDFC BANK: Narrowed the gap between its credit and deposit growth in the three months ended March as investors moved to term deposits following a fall in gilts yields during the quarter. Has revised interest rates on deposits of under 10 mln rupees, raising the rate on one-year fixed deposits by 10 basis points to 6.85%.

* HERO MOTOCORP: The company has increased the ex-showroom prices of motorcycles and scooters by up to 625 rupees.

* HIL LTD: Has commenced commercial production at its plant in Golan, Gujarat.

* HOUSING DEVELOPMENT FINANCE CORP: The board will, on Apr 30, consider raising funds through issue of non-convertible debentures or hybrid instruments, the mortgage lender said.

* ICICI BANK: The Mumbai Bench of the National Company Law Tribunal has admitted the bank's plea to initiate corporate insolvency resolution process against Unimark Remedies to recover an outstanding loan of about 1.49 bln rupees.
 -Has abandoned plans to sell its non-banking finance company that was primarily into home finance after more than two years of trying and is now looking to expand its loan book through the affordable housing segment that saw a spike in demand due to government subsidy.

* ICICI LOMBARD GENERAL INSURANCE CO: Buyout firm West-Bridge Capital, which has teamed up with billionaire investor Rakesh Jhunjhunwala, is in talks to match the 65-bln-rupee offer of the company for Star Health Insurance Company.

* IDBI BANK: Has invited bids to implement a system for early warning on loans where a default is likely.

* IDFC BANK: The board has declared a dividend of 0.75 rupees per share.

* INDIAN HOTELS CO: Has entered Lonavala through a management contract with Wilds and Water Developers, a part of the Kakade Group.

* INDIAN METALS & FERRO ALLOYS: The company has shut all its furnaces at the Therubali unit in Odisha due to an agitation outside the plant.

* INFOSYS: Is taking its time-tested talent pyramid model with a large base of freshers at the bottom to the US where it plans to hire more than 10,000 people in two years.

* ITC: Plans to make inroads into the 70-bln-rupee mango drinks market with its B Natural brand in the next few months.

* JAYPEE INFRATECH: Unhappy with the "low bids" received in the insolvency resolution process, the creditors of the company want the top bidder to raise the value of bids.

* JB CHEMICALS & PHARMACEUTICALS: Will resume operations at its formulations manufacturing unit in Daman, after the pollution control committee revoked its earlier order for closure of the unit.

* LARSEN & TOUBRO: Has raised 632.4 mln rupees through the sale of stake in subsidiaries LARSEN & TOUBRO INFOTECH and L&T TECHNOLOGY SERVICES.

* MAHANAGAR TELEPHONE NIGAM: An internal panel of telecom department is meeting on regular basis to discuss the revival options for the ailing state-owned firm, and ruled out any talks on closure of the company at this point, chief P.K. Purwar said.

* MAHINDRA & MAHINDRA: Has seen its market cap swelling by over 100 bln rupees since the start of the new financial year, giving it a valuation of 1.03 trln rupees.

* MINDTREE: The company has launched a new platform 'Lightning Bolt Factory' for providing better access to its clients to set-up online communities.

* MONNET ISPAT & ENERGY: A decision on the sale of the company to the JSW STEEL-Aion Investments combine was held up in the National Company Law Tribunal on Tuesday after KOTAK MAHINDRA BANK requested that it be classified as an assenting creditor.

* MPS Ltd: Has entered into a business transfer agreement with Tata Industries to buy the latter's e-learning business unit Tata Interactive Systems.

* NMDC: Has planned to increase the iron ore production capacity to 50 mln tn by 2019-20 (Apr-Mar).

* OBEROI REALTY: The board has declared a dividend of 2 rupees per share. The board has also approved raising up to 15 bln rupees through non-convertible debentures and up to 20 bln rupees through qualified institutional placement.

* PERSISTENT SYSTEMS: The board has declared a final dividend of 3 rupees per share.

* RAYMOND: The board has announced dividend of 3 rupees per share. The board has approved the
development of 20 acre for residential purposes. The estimated expenditure for the project in 2018-19 (AprMar) will be around 3 bln rupees.

* RELIGARE ENTERPRISES: The Burman family of Dabur Group has picked up a 9.9% stake in the company by converting warrants that were issued to three of their companies last week after they committed to invest 1.5 bln rupees.

* SITI NETWORKS: The company's investment committee has approved incorporation of two limited liability partnerships through an infusion of 100 mln rupees into each partnership.

* STATE BANK OF INDIA: The government has authorised 11 branches of the bank to issue and encash electoral bonds from May 1 to May 10 in the third phase of the sale of these bonds.

* STRIDES SHASUN: The board of the company has approved to sell the company's entire 100% stake in Strides Chemicals to Solara Active Pharma Sciences for 1.3 bln rupees.

* SUPREME PETROCHEM: The board has recommended a final dividend of 3.50 rupees per share.

* SUVEN LIFE SCIENCES: During an inspection of the Pashamylaram, Medak, unit, the US Food and Drug Administration observed that some procedures followed had aspects which were deficient in nature.

* TATA MOTORS: Following its success in the commercial vehicles segment in the last fiscal year, the company has initiated a plan under which it hopes to regain its market share in the passenger vehicles segment.
 -Is working on revamping its product portfolio and entering new large markets to strengthen its overseas presence once vehicles developed on its recently-unveiled advanced modular platform start hitting the roads in 2019.

* TATA STEEL: The company, which was so far leading the race in acquiring BHUSHAN POWER & STEEL, is contemplating challenging an order passed by the bankruptcy court that directs the resolution professional to consider Liberty's application, despite it being filed after the deadline.

* ULTRATECH CEMENT: The second-highest bidder for Binani Cement, the company, appealed on Tuesday to the authorities concerned for reconsidering its enhanced bid for the bankrupt firm, citing the order of the National Company Law Tribunal Delhi in the BHUSHAN POWER AND STEEL case.

* UNITED BREWERIES: The stock market regulator will soon pass a final order on whether former liquor baron Vijay Mallya can hold board positions in listed companies, which will also end the company's long wait for a full-time chairman.

* ZENSAR TECHNOLOGY: The board has declared final dividend of 7 rupees per share.