Today Stock News – 26.06.2018

Today Stock News – 26.06.2018

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* AARTI INDUSTRIES: Company's board will meet on Thursday to consider a composite scheme of
arrangement between the company, Nascent Chemical Industries, and Aarti Surfancts, and their respective shareholders.

* ALOK INDUSTRIES: The Ahmedabad bench of the National Company Law Tribunal has directed the resolution professional of the company to submit an application for the approval of the resolution plan submitted by RELIANCE INDUSTRIES and JM Financial ARC.

* BANK OF BARODA: Plans to raise up to 60 bln rupees through various instruments, including preference issue of shares, rights issue or a follow-on public offer.

* BANK OF MAHARASHTRA: The recent arrest of the top management of the bank by Pune police is an "aberration" and must not be sensationalised or seen as "bankers ring hounded", a senior government official said.

* CAPITAL FIRST: Plans to raise up to 1.5 bln rupees through issuance of non-convertible debentures maturing on Jun 30, 2021, at a coupon rate of 9.10%.

* DHRUV CONSULTANCY SERVICES: Received approval from Madhya Pradesh Rural Development Authority for supervision and quality control consultancy work under Pradhan Mantri Gram Sadak Yojna, consultancy PIU package Shajapur 2

* FORTIS HEALTHCARE: The board may soon take a call on the employment contract of erstwhile
promoter and executive chairman Malvinder Singh.

* GUJARAT NATURAL RESOURCES: Company's board has allotted 24 mln convertible warrants on preferential basis at an issue price of 22 rupees apiece, aggregating to 528 mln rupees.

* HINDUSTAN PETROLEUM CORP: Boards of the company and MANGALORE REFINERY AND PETROCHEMICALS may approve the merger of their companies in about two months, OIL AND NATURAL GAS CORP Chairman and Managing Director Shashi Shankar said.

* ICICI BANK: India's banking regulator initiated a second probe into the affairs of the bank for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving whistleblower's complaints on Mar 20 and Mar 22, a fact that the bank was informed of only in early May.
 -A preliminary examination by the Securities and Exchange Board of India has favoured adjudication proceedings against the bank and its Chief Executive Officer Chanda Kochhar for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon group.

* IDBI BANK: The government will not force Life Insurance Corp of India to take a controlling stake in the bank, but the boards of both these entities can consider such an issue on merit.
 The bank's lucrative real estate assets, including properties in Cuffe Parade, the Bandra Kurla Complex and Worli in Mumbai, may be carved out before the Life Insurance Corp of India is offered a controlling stake in the bank.

* IIFL HOLDINGS: Has announced appointment of Sumit Bali as chief executive officer and executive director of its subsidiary India lnfoline Finance with effect from Monday.

* INDIABULLS HOUSING FINANCE: The company is attempting to get its pound of flesh in the
insolvency of ailing media company Deccan Chronicle by claiming to be a secured creditor.

* INFO EDGE INDIA: Has agreed to invest about $45 mln on a fully diluted basis in its wholly-owned subsidiary, Diphda Internet Services, for a 50.01% stake. SVF India Holdings (Cayman), a wholly-owned subsidiary of SoftBank Vision Fund L.P., has also agreed to invest about $45 mln for 49.99% stake on a fully diluted basis in Diphda Internet. SVF India Holdings and the company will jointly invest $90 mln for 8.9% stake in Etechaces Marketing and Consulting through Diphda Internet.

* INFOSYS: An anonymous whistleblower has raised concerns against the company for the delay in filing of Form 20F with the US Securities and Exchanges Commission.

* JAIPRAKASH ASSOCIATES: Is in advanced talks with ACC to sell its residual cement business with an installed capacity of about 5.5 mtpa for 52 bln rupees.

* JET AIRWAYS INDIA: Days after receiving delivery of its first Boeing 737 MAX, the company has entered into an agreement with the US-based company to buy 75 more aircraft, taking the total number of order for the plane to 225.

* KARUR VYSYA BANK: The board has approved 1-for-10 bonus share issue. Also approved raising 12 bln rupees through various securities.

* KOTAK MAHINDRA BANK: Bank and HOUSING DEVELOPMENT FINANCE CORP had denied reports of looking at buying stake in PNB HOUSING FINANCE.

* KRBL: Clarified that the company has nothing to do with the AgustaWestland helicopter scam.

* LAKSHMI VILAS BANK: Is looking to raise 10-15 bln rupees in equity, possibly in two or more tranches.

* MAN INDUSTRIES INDIA: Does not expect any impact on business due to the anti-dumping duty by the US on import of large diameter steel pipes as the company has not exported such pipes there and does not have any pending order either.

* NBCC (INDIA): Hopeful of "a favourable order" when Delhi High Court next hears a plea against tree felling at some of the company's projects in Delhi, Chairman and Managing Director A.K. Mittal said. The company has proposed to redevelop seven colonies in the capital with increased tree cover, zero waste discharge, and better parking facilities.

* NMDC: To achieve the projected target of 300 mtpa of steel by 2030-31 under the National Steel Policy, the company has identified the need to develop a more efficient, cost-effective and environment-friendly iron ore evacuation infrastructure.

* NOCIL: Has commissioned the phase-I capacity expansion of its rubber chemicals plant in Navi Mumbai.

* OIL INDIA: Has made second hydrocarbon discovery in the onland KG Basin in May, at Thanelanka-I in Andhra Pradesh.

* ORCHID PHARMA: Committee of Creditors has approved Ingen Capital Group LLC's bid for the company with an affirmative vote of 78.64%.

* PUNJAB NATIONAL BANK: SEBI has disposed of case against the bank regarding activities carried out by it as a registered depository participant.
 Plans to sell its entire stake in its subsidiary PNB HOUSING FINANCE and has held discussions with HOUSING DEVELOPMENT FINANCE CORP and KOTAK MAHINDRA BANK for a possible sale.

* RATNAMANI METALS & TUBES: Has received an order worth 1.26 bln rupees for supply of welded carbon steel pipes.

* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has signed a $1-bln term-loan facility with a consortium of some major foreign banks, including Australia and New Zealand Banking Group and The Hongkong and Shanghai Banking Corp.
 -The company and state-owned oil refiner-retailers are locked in a dogfight over selling jet fuel to carriers as India is poised to become the world's third-largest aviation market by 2020.
 -The Securities Appellate Tribunal has directed SEBI to re-examine whether there have been violations of listing agreement with respect to the company's acquisition of NETWORK18 MEDIA & INVESTMENTS and TV18 BROADCAST.

* SALZER ELECTRONICS: Company's board will meet on Jun 29 to consider acquisition of 100% stake each in Advanced ID Asia Engineering Co, and United Marketing and Trading, both based in Hong Kong.

* SHARDA CROPCHEM: Has approved raising up to 4 bln rupees through issue of equity shares.

* SHRIRAM CITY UNION FINANCE: The board of the company will meet Thursday to consider raising 6.5 bln rupees through the issue of non-convertible debentures on a private placement basis.

* SREI INFRASTRUCTURE FINANCE: Has filed an insolvency petition against Sterling SEZ &
Infrastructure and Sterling International Enterprises before the Mumbai bench of National Company Law Tribunal.

* SUN PHARMACEUTICAL INDUSTRIES: Taro Pharmaceutical Industries, a subsidiary of the company, has highlighted the growing threat it faces from deriving a significant portion of its overall revenues from relatively few customers in the US.

* TATA ELXSI: The company may be first off the block with its driverless car prototype solution set to hit the road in the next six-eight months.

* TATA STEEL: Plans to raise 120 bln rupees via non-convertible debentures. Plans to buy an additional 2.5% stake in BHUSHAN STEEL from lenders, taking its stake from 72.65% to 75%.

* UNITED SPIRITS: Company had acquired a 26% stake or 4.57 mln shares in Hip Bar for 270 mln rupees.

* VEDANTA: Has said it is working with the pollution control board and district administration in Tuticorin to evacuate acid spillage safely at its copper smelter unit to mitigate any damage to the environment.

* ZUARI AGRO CHEMICALS: The company's board has given in-principle approval for raising funds through compulsory convertible debentures of up to 5 bln rupees by way of rights issue to the existing shareholders of the company.