Today Stock News – 25.06.2018
* ADHUNIK METALIKS: The National Company Law Tribunal has approved the resolution plan submitted by Ghanashyam Misra and Sons for acquiring bankrupt Orissa Manganese and Minerals, a subsidiary of the company.
* ADITYA BIRLA CAPITAL: The company's arm, Aditya Birla Finance, will be present in 50 cities across the country by the end of July, growing from tapping 70% of small-medium enterprises' demand for credit, at present, to 85% of the SME credit pool.
* ASIAN PAINTS: The company is embarking on its largest capacity expansion this fiscal year, investing 40 bln rupees at its Visakhapatnam and Mysuru facilities to add 1.1 mln kilo litre to its present output.
* ASTRA MICROWAVE PRODUCTS: Has invested 162.50 mln rupees in joint venture Astra Rafael
Comsys through a share issue on Thursday.
* AUROBINDO PHARMA: Has lined up around 30-40 products for launch in the US market in the financial year ending March and the next.
* AXIS BANK: Has sought bids to sell LANCO INFRATECH's three gas-based power units with a combined capacity of 1,476 MW.
* BANK OF MAHARASHTRA: The Indian Banks Association has expressed anguish over the arrests of the bank's Managing Director and Chief Executive Officer R.P. Marathe and Executive Director R.K. Gupta by the Pune police in a probe linked to a loan to D.S. Kulkarni Developers.
* BHARTI INFRATEL: S. Balasubramanian has been appointed as the chief financial officer of the company, effective Aug 10.
* BIOCON: The company's sterile drug product manufacturing facility at Bengaluru has received
establishment inspection report from the US Food and Drug Administration.
* BOMBAY DYEING & MANUFACTURING CO: Has signed a term sheet to acquire additional 3,409 shares or 52.11% stake in its joint venture in Indonesia--PT Five Star Textile Indonesia.
* BRIGADE ENTERPRISES: Board has approved raising funds by issue of non-convertible debentures of up to 4.5 bln rupees on private placement basis.
* CORPORATION BANK: Will raise its rates on retail term deposits below 10 mln rupees, maturing in 444 days, by five basis points to 6.65%, effective Monday.
* DENA BANK: The board has approved raising up to 18 bln rupees in one or more tranches through followon public offer, rights issue, preferential issue, qualified institutional placement, employee stock purchase scheme, among others.
* DR REDDYS LABORATORIES: Has lost a patent battle with Eli Lilly and Co over the litigation on Alimta (pemetrexed for injection), a drug meant for the treatment of several types of cancers, in the US.
* FEDERAL BANK: The board has approved raising funds through issuance of debt securities, including non-convertible debentures, Tier-II bonds, long-term bonds, Masala bonds, green bonds as may be permitted by the Reserve Bank of India.
* FUTURE CONSUMER: Over 20,000 fair price shops in West Bengal will get a facelift with Kishore Biyani-led Future Group tying up with the state's food and civil supplies department to convert ration shops into mini-malls.
* GOA CARBON: Operations at the company's Bilaspur unit in Chhattisgarh have been temporarily shut down for maintenance work.
* GODREJ PROPERTIES: The company will focus on the top four cities and exit others over a period of time.
* HOUSING DEVELOPMENT FINANCE CORP: The company and KOTAK MAHINDRA BANK are competing for a controlling stake in PNB HOUSING FINANCE as they aim to gain wider coverage in the mortgage market that is seen among the safest of havens in the lending world.
* ICICI BANK: The bank has confirmed that former Supreme Court judge B.N. Srikrishna has agreed to head the independent enquiry into allegations against Managing Director and Chief Executive Officer Chanda Kochhar.
* IDBI BANK: The government has sought views from insurance regulator on a proposal for increasing Life Insurance Corp of India's stake in IDBI Bank beyond the 15% cap. The government has held internal preliminary discussions over a possible infusion of fresh capital in the bank by Life Insurance Corp of India but no decision has been taken on selling its stake in the bank to the insurer.
* IFCI: Plans to raise 30 bln rupees from debt, including bonds, during the current fiscal to aid expansion of its loan book.
* INDIAN HOTELS CO: Has been declared a successful bidder in an e-auction conducted by the New Delhi Municipal Council for the grant of licencing rights to run Connaught Hotel.
* INDO RAMA SYNTHETICS INDIA: Will meet on Thursday to consider issuing 9.09 mln shares to EC Special Situations Fund and Edelweiss India Special Situations Fund on preferential basis.
* INFOSYS: Has complete brand clarity and going ahead, the company will focus on "relentless execution" of the strategies it has set for future growth, Co-founder and Chairman Nandan Nilekani said. An anonymous whistleblower has raised concerns over the company not filing with the US Securities and Exchanges
Commission the mandatory Form 20F this year that contains financials and key risks to the company.
* JAI BALAJI INDUSTRIES: The Calcutta High Court has recalled the winding-up order against the
company on Thursday.
* JET AIRWAYS INDIA: The company will charge economy class passengers on domestic flights 3,999 rupees for checking in a second bag from Jul 15 onwards.
* JUBILANT LIFE SCIENCES: The board will meet on Wednesday to consider the issue of non-convertible debentures up to 7.5 bln rupees.
* KARNATAKA BANK: Plans to achieve a farm credit portfolio of 90 bln rupees for 2018-19 (Apr-Mar),
according to Mahabaleshwara M.S., managing director and CEO of the bank.
* LUPIN: With rapid approvals from US health regulator anticipated, the company sees opportunity to launch around 30 generic products in the US this year, the company's MD Nilesh Gupta said.
* MERCK: The SEBI has asked Procter & Gamble Overseas India B.V to start the company's open offer 12 days after receiving the required regulatory approvals.
* PHOENIX MILLS: The company, through its wholly-owned subsidiary Insight Hotels & Leisure, has acquired an under-construction retail asset in Indore for 2.34 bln rupees in an auction conducted by an asset reconstruction company.
* POWER GRID CORP OF INDIA: Is likely to set up 24 electric vehicle charging stations in Hyderabad by June 2019, Chairman and Managing Director I.S. Jha said.
* PURAVANKARA: The company plans to launch 15 new projects in the current financial year at an
investment of around 35 bln rupees, of which seven projects will come up in its affordable housing segment 'Provident', including one in Sri Lanka.
* RBL BANK: Will increase its base rate by 15 basis points to 10.25%, with effect from Tuesday.
* RELIANCE INDUSTRIES: The Securities Appellate Tribunal has directed the Securities and Exchange Board of India to pass fresh orders in the case of the company's non-disclosure of acquisition of NETWORK18 MEDIA & INVESTMENTS, quashing an earlier order by the market regulator. (ET, Sat)
-The company, which, along with JM Financial Asset Reconstruction Co, won the bid for ALOK
INDUSTRIES, will have no rights on the 110 bln rupees existing receivables when it takes over the company.
-The company's investment arm, Reliance Industrial Investments Holdings, may lend up to 7.50 bln rupees to the Indian Film Combine for corporate purposes.
* RUCHI SOYA INDUSTRIES: The resolution professional of the company has sought at least 8-10 days time for replying to clarifications sought by Patanjali Ayurved related to eligibility of Adani Group to participate in the bidding process to acquire Indore-based edible oil firm.
* SADBHAV ENGINEERING: Has approved raising 1.70 bln rupees by allotment of 1,700 non-convertible debentures on private placement basis.
* SHOPPERS STOP: Has formulated a plan to double revenue from the sale of products under private brands in 3-4 years and increase the contribution from these in-house brands in total sales to 14% by 2019-20 (AprMar) from 10% currently.
* SOLEX ENERGY: Has got orders worth 521.7 mln rupees from various state government departments.
* STATE BANK OF INDIA: The government has appointed Arijit Basu as managing director of the bank till Oct 31, 2020.
-Life Insurance Corp and the bank have written to the board of UTI Asset Management Co, asking it to allow the term of Leo Puri, the current managing director and chief executive officer, to expire and to appoint a non-executive chairman from among the "independent directors".
* SYMPHONY: Has signed an agreement to buy 95% stake in Australia-based Climate Technologies for 2.01-2.21 bln rupees.
* TATA MOTORS: The company-owned Jaguar Land Rover plans to invest 1.2 trln rupees in the next three years, the biggest in its history, as it seeks to stay ahead of Mercedes-Benz, BMW and Audi in the electric vehicles race and narrow the gap with the entrenched German rivals in the traditional luxurycar market.
-Jaguar Land Rover Automotive, the UK-based subsidiary of the company, plans to fire on all cylinders as it braces to steer profitably amid disruptive technologies, regulatory and geopolitical changes, apart from heightening competition.
* TATA STEEL: The company will seek shareholders' approval for the issue of non-convertible debentures on private placement basis not exceeding 120 bln rupees at its forthcoming annual general meeting.
* ULTRATECH CEMENT: Will seek shareholders' approval on Jul 18 to raise up to 90 bln rupees by issuing non-convertible debentures on private placement basis. Has estimated a capital expenditure of about 25 bln rupees for the financial year 2018-2019.
* UNICHEM LABORATORIES: Will pay 5% of Tadalafil's US sales as royalty to Eli Lilly & Co, after both parties reached a settlement in relation to a patent litigation for the launch of the generic.
* WHEELS INDIA: The board has approved issuance of bonus shares in the ratio of one equity share for every equity share held by the shareholders of the company.
* WIPRO: The company's chief executive Abidali Z. Neemuchwala saw his pay package growing over 34% to 182.3 mln rupees during 2017-18 (Apr-Mar) compared to the previous fiscal.
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* ADITYA BIRLA CAPITAL: The company's arm, Aditya Birla Finance, will be present in 50 cities across the country by the end of July, growing from tapping 70% of small-medium enterprises' demand for credit, at present, to 85% of the SME credit pool.
* ASIAN PAINTS: The company is embarking on its largest capacity expansion this fiscal year, investing 40 bln rupees at its Visakhapatnam and Mysuru facilities to add 1.1 mln kilo litre to its present output.
* ASTRA MICROWAVE PRODUCTS: Has invested 162.50 mln rupees in joint venture Astra Rafael
Comsys through a share issue on Thursday.
* AUROBINDO PHARMA: Has lined up around 30-40 products for launch in the US market in the financial year ending March and the next.
* AXIS BANK: Has sought bids to sell LANCO INFRATECH's three gas-based power units with a combined capacity of 1,476 MW.
* BANK OF MAHARASHTRA: The Indian Banks Association has expressed anguish over the arrests of the bank's Managing Director and Chief Executive Officer R.P. Marathe and Executive Director R.K. Gupta by the Pune police in a probe linked to a loan to D.S. Kulkarni Developers.
* BHARTI INFRATEL: S. Balasubramanian has been appointed as the chief financial officer of the company, effective Aug 10.
* BIOCON: The company's sterile drug product manufacturing facility at Bengaluru has received
establishment inspection report from the US Food and Drug Administration.
* BOMBAY DYEING & MANUFACTURING CO: Has signed a term sheet to acquire additional 3,409 shares or 52.11% stake in its joint venture in Indonesia--PT Five Star Textile Indonesia.
* BRIGADE ENTERPRISES: Board has approved raising funds by issue of non-convertible debentures of up to 4.5 bln rupees on private placement basis.
* CORPORATION BANK: Will raise its rates on retail term deposits below 10 mln rupees, maturing in 444 days, by five basis points to 6.65%, effective Monday.
* DENA BANK: The board has approved raising up to 18 bln rupees in one or more tranches through followon public offer, rights issue, preferential issue, qualified institutional placement, employee stock purchase scheme, among others.
* DR REDDYS LABORATORIES: Has lost a patent battle with Eli Lilly and Co over the litigation on Alimta (pemetrexed for injection), a drug meant for the treatment of several types of cancers, in the US.
* FEDERAL BANK: The board has approved raising funds through issuance of debt securities, including non-convertible debentures, Tier-II bonds, long-term bonds, Masala bonds, green bonds as may be permitted by the Reserve Bank of India.
* FUTURE CONSUMER: Over 20,000 fair price shops in West Bengal will get a facelift with Kishore Biyani-led Future Group tying up with the state's food and civil supplies department to convert ration shops into mini-malls.
* GOA CARBON: Operations at the company's Bilaspur unit in Chhattisgarh have been temporarily shut down for maintenance work.
* GODREJ PROPERTIES: The company will focus on the top four cities and exit others over a period of time.
* HOUSING DEVELOPMENT FINANCE CORP: The company and KOTAK MAHINDRA BANK are competing for a controlling stake in PNB HOUSING FINANCE as they aim to gain wider coverage in the mortgage market that is seen among the safest of havens in the lending world.
* ICICI BANK: The bank has confirmed that former Supreme Court judge B.N. Srikrishna has agreed to head the independent enquiry into allegations against Managing Director and Chief Executive Officer Chanda Kochhar.
* IDBI BANK: The government has sought views from insurance regulator on a proposal for increasing Life Insurance Corp of India's stake in IDBI Bank beyond the 15% cap. The government has held internal preliminary discussions over a possible infusion of fresh capital in the bank by Life Insurance Corp of India but no decision has been taken on selling its stake in the bank to the insurer.
* IFCI: Plans to raise 30 bln rupees from debt, including bonds, during the current fiscal to aid expansion of its loan book.
* INDIAN HOTELS CO: Has been declared a successful bidder in an e-auction conducted by the New Delhi Municipal Council for the grant of licencing rights to run Connaught Hotel.
* INDO RAMA SYNTHETICS INDIA: Will meet on Thursday to consider issuing 9.09 mln shares to EC Special Situations Fund and Edelweiss India Special Situations Fund on preferential basis.
* INFOSYS: Has complete brand clarity and going ahead, the company will focus on "relentless execution" of the strategies it has set for future growth, Co-founder and Chairman Nandan Nilekani said. An anonymous whistleblower has raised concerns over the company not filing with the US Securities and Exchanges
Commission the mandatory Form 20F this year that contains financials and key risks to the company.
* JAI BALAJI INDUSTRIES: The Calcutta High Court has recalled the winding-up order against the
company on Thursday.
* JET AIRWAYS INDIA: The company will charge economy class passengers on domestic flights 3,999 rupees for checking in a second bag from Jul 15 onwards.
* JUBILANT LIFE SCIENCES: The board will meet on Wednesday to consider the issue of non-convertible debentures up to 7.5 bln rupees.
* KARNATAKA BANK: Plans to achieve a farm credit portfolio of 90 bln rupees for 2018-19 (Apr-Mar),
according to Mahabaleshwara M.S., managing director and CEO of the bank.
* LUPIN: With rapid approvals from US health regulator anticipated, the company sees opportunity to launch around 30 generic products in the US this year, the company's MD Nilesh Gupta said.
* MERCK: The SEBI has asked Procter & Gamble Overseas India B.V to start the company's open offer 12 days after receiving the required regulatory approvals.
* PHOENIX MILLS: The company, through its wholly-owned subsidiary Insight Hotels & Leisure, has acquired an under-construction retail asset in Indore for 2.34 bln rupees in an auction conducted by an asset reconstruction company.
* POWER GRID CORP OF INDIA: Is likely to set up 24 electric vehicle charging stations in Hyderabad by June 2019, Chairman and Managing Director I.S. Jha said.
* PURAVANKARA: The company plans to launch 15 new projects in the current financial year at an
investment of around 35 bln rupees, of which seven projects will come up in its affordable housing segment 'Provident', including one in Sri Lanka.
* RBL BANK: Will increase its base rate by 15 basis points to 10.25%, with effect from Tuesday.
* RELIANCE INDUSTRIES: The Securities Appellate Tribunal has directed the Securities and Exchange Board of India to pass fresh orders in the case of the company's non-disclosure of acquisition of NETWORK18 MEDIA & INVESTMENTS, quashing an earlier order by the market regulator. (ET, Sat)
-The company, which, along with JM Financial Asset Reconstruction Co, won the bid for ALOK
INDUSTRIES, will have no rights on the 110 bln rupees existing receivables when it takes over the company.
-The company's investment arm, Reliance Industrial Investments Holdings, may lend up to 7.50 bln rupees to the Indian Film Combine for corporate purposes.
* RUCHI SOYA INDUSTRIES: The resolution professional of the company has sought at least 8-10 days time for replying to clarifications sought by Patanjali Ayurved related to eligibility of Adani Group to participate in the bidding process to acquire Indore-based edible oil firm.
* SADBHAV ENGINEERING: Has approved raising 1.70 bln rupees by allotment of 1,700 non-convertible debentures on private placement basis.
* SHOPPERS STOP: Has formulated a plan to double revenue from the sale of products under private brands in 3-4 years and increase the contribution from these in-house brands in total sales to 14% by 2019-20 (AprMar) from 10% currently.
* SOLEX ENERGY: Has got orders worth 521.7 mln rupees from various state government departments.
* STATE BANK OF INDIA: The government has appointed Arijit Basu as managing director of the bank till Oct 31, 2020.
-Life Insurance Corp and the bank have written to the board of UTI Asset Management Co, asking it to allow the term of Leo Puri, the current managing director and chief executive officer, to expire and to appoint a non-executive chairman from among the "independent directors".
* SYMPHONY: Has signed an agreement to buy 95% stake in Australia-based Climate Technologies for 2.01-2.21 bln rupees.
* TATA MOTORS: The company-owned Jaguar Land Rover plans to invest 1.2 trln rupees in the next three years, the biggest in its history, as it seeks to stay ahead of Mercedes-Benz, BMW and Audi in the electric vehicles race and narrow the gap with the entrenched German rivals in the traditional luxurycar market.
-Jaguar Land Rover Automotive, the UK-based subsidiary of the company, plans to fire on all cylinders as it braces to steer profitably amid disruptive technologies, regulatory and geopolitical changes, apart from heightening competition.
* TATA STEEL: The company will seek shareholders' approval for the issue of non-convertible debentures on private placement basis not exceeding 120 bln rupees at its forthcoming annual general meeting.
* ULTRATECH CEMENT: Will seek shareholders' approval on Jul 18 to raise up to 90 bln rupees by issuing non-convertible debentures on private placement basis. Has estimated a capital expenditure of about 25 bln rupees for the financial year 2018-2019.
* UNICHEM LABORATORIES: Will pay 5% of Tadalafil's US sales as royalty to Eli Lilly & Co, after both parties reached a settlement in relation to a patent litigation for the launch of the generic.
* WHEELS INDIA: The board has approved issuance of bonus shares in the ratio of one equity share for every equity share held by the shareholders of the company.
* WIPRO: The company's chief executive Abidali Z. Neemuchwala saw his pay package growing over 34% to 182.3 mln rupees during 2017-18 (Apr-Mar) compared to the previous fiscal.
