Today Stock News – 07.06.2018
* ADHUNIK METALIKS: The National Company Law Tribunal has reserved its order over the issue of exclusion of requisite number of days from the mandated 270-day deadline under the insolvency resolution process for the company.
* AMTEK AUTO: The National Company Law Tribunal has reserved its order on whether Liberty House was eligible to bid for the company.
* ARVIND LTD: To invest 15 bln rupees in three years to increase its garment making capacity from fabric by six-fold to meet the rising demand for branded apparel and fashion garments.
* ASSAM CO INDIA: The National Company Law Appellate Tribunal has allowed James Warren Tea to make a resolution bid for the company.
* BAJAJ AUTO: Has been slashing prices of its CT100 range of entry-level models since the beginning of the year, the most recent being an average reduction of about 3,000 rupees in April.
* BANK OF INDIA: Has appointed General Manager Shankardas Gupta as chief risk officer.
* BHARTI AIRTEL: Plans to add 5,000 new mobile sites across Kerala in 2018-19 (Apr-Mar) to expand its network capacity and take high-speed data services to rural areas.
* BLUE STAR: Has upped the ante on its water purifier business and has set an ambitious target of 10% market share by 2021.
* C & C CONSTRUCTIONS: Joint venture BLPL-C&C has received order worth 1.45 bln rupees from the Bihar government for execution of restoration and lining work of Sone western link canal on engineering, procurement and construction basis.
* CANARA BANK: Financial Conduct Authority--the regulator for financial services firms and financial markets in the UK- -has imposed a penalty of 896,100 pound sterling on the bank for not having adequate anti-money laundering measures.
* CAPITAL FIRST: Plans to raise up to 1 bln rupees through non-convertible debentures maturing on Jun 7, 2024 and Jun 6, 2025 at coupon rate of 9.10%.
* GMR INFRASTRUCTURE: Said tax demands by Maldives Inland Revenue Authority are baseless as it had ceased business operations after the government wrongfully terminated the concession agreement on Dec 7, 2012. Is planning to monetise 137 acres of land around the Delhi and Hyderabad airports in 2018-19, which is expected to give a further fillip to the airport business.
* GSK CONSUMER HEALTHCARE: Nutrition Advocacy in Public Interest has asked actor Amitabh Bachchan to withdraw his endorsement of the brand, on grounds that "Horlicks is a high-sugar product" and its claims of making children healthier are not scientifically backed.
* GULF OIL LUBRICANTS INDIA: To look at manufacturing two-wheeler batteries in India, a business it ventured into two years ago.
* HCL INFOSYSTEMS: The company's agreement with Apple India for distribution of iPhones and other Apple products will end on Mar 30, 2019.
* HERO MOTOCORP: Having clocked double-digit volume growth last year, the company is expanding focus in its international operations.
* HINDUSTAN UNILEVER: For the second year in a row, the company has been ranked as India's most innovative company by Forbes.
* ICICI BANK: Is yet to receive a copy of the order by the National Company Law Tribunal to reverse 480 mln rupees to RUCHI SOYA INDUSTRIES' current account.
* IDEA CELLULAR: The company and Vodafone India may not be able to cite the ruling in the Airtel-Telenor case as a legal precedent to seek exemption when the Department of Telecommunications demands bank guarantees to cover one-time spectrum charges before approving the deal.
* INFOSYS: CEO Salil Parekh said the company had hired 4,000 out of its 2021 target of 10,000 US locals, as its model adapts to tightening immigration policies and meet a growing demand from clients for local professionals, who can jointly work on emerging areas such as digital.
* ITC: The cumulative sales of the company's fast-moving consumer goods brands crossed the $2-bln milestone in the fiscal ending March 2018, with three packaged food brands Sunfeast biscuits, Bingo chips and snacks and Aashirvaad atta driving the surge.
* JAMMU & KASHMIR BANK: RBI has informed the Comptroller and Auditor General of India that henceforth the central bank alone will audit the bank.
* JET AIRWAYS INDIA: Has taken various steps including optimising aircraft rotations and streamlining internal process to regain its on-time performance, which hit a rock bottom at 52.2% last December.
* JSW ENERGY: Sajjan Jindal-promoted JSW Energy has expressed interest in bidding for stressed assets of Bhushan Energy.
* KARUR VYSYA BANK: Will hike its six-month and one-year marginal cost of fund-based lending rates by 10 basis points each to 9.10% and 9.30%, respectively.
* KIRLOSKAR OIL ENGINES: Even as engineering group Kirloskar is negotiating the sale of its flagship business, the family has decided to diversify into the financial services space by launching a new non-banking financial company, Kirloskar Capital.
* LEMON TREE HOTELS: Has signed a license agreement for a 104-room property in Gwalior, Madhya Pradesh.
* MAJESCO: US-based subsidiary Majesco Core Suite has been selected by an insurance start-up to support its market launch and growth strategies in a software-as-a-service model.
* MARUTI SUZUKI INDIA: Is launching a 1.5-ltr petrol engine fitted in its mid-size sedan Ciaz, in hybrid version, as early as August, marking the rollout of a bigger engine size for its products.
* MCLEOD RUSSEL INDIA: Entered into a memorandum of understanding with Luxmi Tea Co to sell some tea estates for 1.41 bln rupees, subject to financial due diligence.
* MRF: Has stepped in to encourage small farmers in south India to tap rubber this monsoon season even as low prices of the commodity dissuade small growers from tapping during the rainy season.
* PUNJAB NATIONAL BANK: Has set a target to recover around 200 bln rupees from its non-performing assets in the first half of this fiscal.
* QUESS CORP: The Administrative and Investment Committee has approved the sale of 74% stake in Inticore VJP Advance Systems to Vee J Pee Aluminium Foundry for 25 mln rupees.
* RELIANCE POWER: The Delhi High Court has turned down an appeal by the company in which it sought to increase maximum coal production limit from the company's coal blocks in Moher and Moher-Amlohri to 19 mtpa from 17 mtpa.
* SADBHAV INFRASTRUCTURE PROJECT: The board has approved raising up to 30 bln rupees by issuing securities.
* SOUTH INDIAN BANK: The board has approved raising up to 5 bln rupees through debt securities, including but not limited to non-convertible debentures and bonds.
* STATE BANK OF INDIA: RBI's move to allow a further carve-out from statutory liquidity ratio for liquidity coverage ratio under Basel-III norms will provide more liquidity to banks and moderate short-end interest rates, Chairman Rajnish Kumar said.
* SYNDICATE BANK: The board has approved raising up to 50 bln rupees through a qualified institutional placement, rights issue, follow-on public issue, preferential allotment or any other mode in one or more tranches in 2018-19 (AprMar).
* TATA CONSULTANCY SERVICES: Has entered into a pact with Intel Corp to set up a centre for advanced computing in Pune to develop advanced solutions in the areas of high-performance computing, high-performance data analytics, and artificial intelligence.
* TATA MOTORS: Has planned an aggressive turnaround strategy for its India operations and aims to achieve significant improvement on the operational front in the medium term, driven by new launches, market gains and costreduction measures.
* TATA POWER CO: The company, Sterlite Power, CLP India and EDELWEISS FINANCIAL SERVICES are in the fray to acquire $1 bln worth power transmission projects of Essel Infraprojects, which plans to exit the solar business apart from transmission projects.
* VEDANTA: The government will appeal against the Delhi High Court's order to extend the production sharing contract of the company's prolific Rajasthan oil block on the prevailing terms and conditions. Protests against Sterlite Copper unit in Tamil Nadu, which finally led to its closure, have not only hurt the companys brand image but could also make investors more watchful when the firm chalks out its next expansion plan.
* VIDEOCON INDUSTRIES: The National Company Law Tribunal has admitted the insolvency plea filed by STATE BANK OF INDIA against the company.
* ULTRATECH CEMENT: Has clarified that the case was related to infringement of trademark and not copyright.
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* AMTEK AUTO: The National Company Law Tribunal has reserved its order on whether Liberty House was eligible to bid for the company.
* ARVIND LTD: To invest 15 bln rupees in three years to increase its garment making capacity from fabric by six-fold to meet the rising demand for branded apparel and fashion garments.
* ASSAM CO INDIA: The National Company Law Appellate Tribunal has allowed James Warren Tea to make a resolution bid for the company.
* BAJAJ AUTO: Has been slashing prices of its CT100 range of entry-level models since the beginning of the year, the most recent being an average reduction of about 3,000 rupees in April.
* BANK OF INDIA: Has appointed General Manager Shankardas Gupta as chief risk officer.
* BHARTI AIRTEL: Plans to add 5,000 new mobile sites across Kerala in 2018-19 (Apr-Mar) to expand its network capacity and take high-speed data services to rural areas.
* BLUE STAR: Has upped the ante on its water purifier business and has set an ambitious target of 10% market share by 2021.
* C & C CONSTRUCTIONS: Joint venture BLPL-C&C has received order worth 1.45 bln rupees from the Bihar government for execution of restoration and lining work of Sone western link canal on engineering, procurement and construction basis.
* CANARA BANK: Financial Conduct Authority--the regulator for financial services firms and financial markets in the UK- -has imposed a penalty of 896,100 pound sterling on the bank for not having adequate anti-money laundering measures.
* CAPITAL FIRST: Plans to raise up to 1 bln rupees through non-convertible debentures maturing on Jun 7, 2024 and Jun 6, 2025 at coupon rate of 9.10%.
* GMR INFRASTRUCTURE: Said tax demands by Maldives Inland Revenue Authority are baseless as it had ceased business operations after the government wrongfully terminated the concession agreement on Dec 7, 2012. Is planning to monetise 137 acres of land around the Delhi and Hyderabad airports in 2018-19, which is expected to give a further fillip to the airport business.
* GSK CONSUMER HEALTHCARE: Nutrition Advocacy in Public Interest has asked actor Amitabh Bachchan to withdraw his endorsement of the brand, on grounds that "Horlicks is a high-sugar product" and its claims of making children healthier are not scientifically backed.
* GULF OIL LUBRICANTS INDIA: To look at manufacturing two-wheeler batteries in India, a business it ventured into two years ago.
* HCL INFOSYSTEMS: The company's agreement with Apple India for distribution of iPhones and other Apple products will end on Mar 30, 2019.
* HERO MOTOCORP: Having clocked double-digit volume growth last year, the company is expanding focus in its international operations.
* HINDUSTAN UNILEVER: For the second year in a row, the company has been ranked as India's most innovative company by Forbes.
* ICICI BANK: Is yet to receive a copy of the order by the National Company Law Tribunal to reverse 480 mln rupees to RUCHI SOYA INDUSTRIES' current account.
* IDEA CELLULAR: The company and Vodafone India may not be able to cite the ruling in the Airtel-Telenor case as a legal precedent to seek exemption when the Department of Telecommunications demands bank guarantees to cover one-time spectrum charges before approving the deal.
* INFOSYS: CEO Salil Parekh said the company had hired 4,000 out of its 2021 target of 10,000 US locals, as its model adapts to tightening immigration policies and meet a growing demand from clients for local professionals, who can jointly work on emerging areas such as digital.
* ITC: The cumulative sales of the company's fast-moving consumer goods brands crossed the $2-bln milestone in the fiscal ending March 2018, with three packaged food brands Sunfeast biscuits, Bingo chips and snacks and Aashirvaad atta driving the surge.
* JAMMU & KASHMIR BANK: RBI has informed the Comptroller and Auditor General of India that henceforth the central bank alone will audit the bank.
* JET AIRWAYS INDIA: Has taken various steps including optimising aircraft rotations and streamlining internal process to regain its on-time performance, which hit a rock bottom at 52.2% last December.
* JSW ENERGY: Sajjan Jindal-promoted JSW Energy has expressed interest in bidding for stressed assets of Bhushan Energy.
* KARUR VYSYA BANK: Will hike its six-month and one-year marginal cost of fund-based lending rates by 10 basis points each to 9.10% and 9.30%, respectively.
* KIRLOSKAR OIL ENGINES: Even as engineering group Kirloskar is negotiating the sale of its flagship business, the family has decided to diversify into the financial services space by launching a new non-banking financial company, Kirloskar Capital.
* LEMON TREE HOTELS: Has signed a license agreement for a 104-room property in Gwalior, Madhya Pradesh.
* MAJESCO: US-based subsidiary Majesco Core Suite has been selected by an insurance start-up to support its market launch and growth strategies in a software-as-a-service model.
* MARUTI SUZUKI INDIA: Is launching a 1.5-ltr petrol engine fitted in its mid-size sedan Ciaz, in hybrid version, as early as August, marking the rollout of a bigger engine size for its products.
* MCLEOD RUSSEL INDIA: Entered into a memorandum of understanding with Luxmi Tea Co to sell some tea estates for 1.41 bln rupees, subject to financial due diligence.
* MRF: Has stepped in to encourage small farmers in south India to tap rubber this monsoon season even as low prices of the commodity dissuade small growers from tapping during the rainy season.
* PUNJAB NATIONAL BANK: Has set a target to recover around 200 bln rupees from its non-performing assets in the first half of this fiscal.
* QUESS CORP: The Administrative and Investment Committee has approved the sale of 74% stake in Inticore VJP Advance Systems to Vee J Pee Aluminium Foundry for 25 mln rupees.
* RELIANCE POWER: The Delhi High Court has turned down an appeal by the company in which it sought to increase maximum coal production limit from the company's coal blocks in Moher and Moher-Amlohri to 19 mtpa from 17 mtpa.
* SADBHAV INFRASTRUCTURE PROJECT: The board has approved raising up to 30 bln rupees by issuing securities.
* SOUTH INDIAN BANK: The board has approved raising up to 5 bln rupees through debt securities, including but not limited to non-convertible debentures and bonds.
* STATE BANK OF INDIA: RBI's move to allow a further carve-out from statutory liquidity ratio for liquidity coverage ratio under Basel-III norms will provide more liquidity to banks and moderate short-end interest rates, Chairman Rajnish Kumar said.
* SYNDICATE BANK: The board has approved raising up to 50 bln rupees through a qualified institutional placement, rights issue, follow-on public issue, preferential allotment or any other mode in one or more tranches in 2018-19 (AprMar).
* TATA CONSULTANCY SERVICES: Has entered into a pact with Intel Corp to set up a centre for advanced computing in Pune to develop advanced solutions in the areas of high-performance computing, high-performance data analytics, and artificial intelligence.
* TATA MOTORS: Has planned an aggressive turnaround strategy for its India operations and aims to achieve significant improvement on the operational front in the medium term, driven by new launches, market gains and costreduction measures.
* TATA POWER CO: The company, Sterlite Power, CLP India and EDELWEISS FINANCIAL SERVICES are in the fray to acquire $1 bln worth power transmission projects of Essel Infraprojects, which plans to exit the solar business apart from transmission projects.
* VEDANTA: The government will appeal against the Delhi High Court's order to extend the production sharing contract of the company's prolific Rajasthan oil block on the prevailing terms and conditions. Protests against Sterlite Copper unit in Tamil Nadu, which finally led to its closure, have not only hurt the companys brand image but could also make investors more watchful when the firm chalks out its next expansion plan.
* VIDEOCON INDUSTRIES: The National Company Law Tribunal has admitted the insolvency plea filed by STATE BANK OF INDIA against the company.
* ULTRATECH CEMENT: Has clarified that the case was related to infringement of trademark and not copyright.
