Today Stock News – 23.07.2018

Today Stock News – 23.07.2018

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* ALLAHABAD BANK: Has proposed to close its branch in Hong Kong as part of rationalisation of overseas operations.

* BAJAJ AUTO: Aims to become the world's largest maker of premium motorcycles in 5-10 years. Plans to increase its share to 20% in domestic motorcycle market in the next two quarters.

* BATA INDIA: Will open about 100 own and 50 franchise stores this year by investing 1 bln rupees, Uday Khanna, chairman, said. As volume sales stagnate, the company will look at premiumisation of its portfolio to push up its average selling prices.

* BHARAT PETROLEUM CORP: The board on Friday approved the proposal to transfer the company's gas business division to its wholly owned subsidiary Bharat Gas Resources through a slump sale.

* BHARTI AIRTEL: Chief technology officers of telecom operators Reliance Jio and the company have resigned from their respective companies.

* BIRLA CORP: The company plans to scale up cement production capacity to 20 mtpa, in the next two-three years.

* CADILA HEALTHCARE: Has received the final approval from the US Food and Drug Administration to market Acetylcysteine injection in 6-gm per 30 ml strength.

* CEAT: The company's shareholders approved raising up to 5 bln rupees through secured or unsecured nonconvertible debentures or other securities on private placement basis in one or more tranches.

* EICHER MOTORS: The company on Friday introduced 7-speed transmission technology in the entire range of medium-duty trucks.

* FEDERAL BANK: Has received the regulatory nod to open offices in Bahrain, Kuwait and Singapore, but is awaiting local clearances before it starts operations.

* GENERAL INSURANCE CORP OF INDIA: Premium collection under the Pradhan Mantri Fasal Bima Yojana in 2018-19 (Jul-Jun) is likely to rise 10% to 270 bln rupees.

* GP PETROLEUMS: GP Global Energy, a subsidiary of the company, has entered into a partnership with a Spanish lubricants company, Cepsa, to make and market the latter's marine and power generation lubricants in India.

* HATHWAY CABLE & DATACOM: The board has approved raising up to 1 bln rupees by issuing shares on a preferential basis to the promoter group company Hathway Investments at a price not less than 32.25 rupees a share.

* HINDALCO INDUSTRIES: Novelis, the US-based downstream arm of the company, is closing in on a $2.3 bln-$2.5 bln acquisition of Aleris Corp.

* IDBI BANK: Life Insurance Corp of India may trim stake below 10% in a number of banks to convince RBI that its majority stake acquisition in IDBI Bank does not pose conflict of interest and will not jeopardise stability in the financial sector.

* IDEA CELLULAR: Vodafone India is looking to raise 40-50 bln rupees from local and overseas banks in a bid to pay dues to the Department of Telecommunication to help seal a merger with the company at the earliest.

* IFCI: Has sold 3 mln shares, representing 3.66% of the total paid-up equity share capital, of JBF Industries through two bulk deals on Friday on the NSE and the BSE.

* IL&FS TRANSPORTATION NETWORKS: The company is awaiting response from authorities on administrative defaults for execution of the Gurgugram Metro project.

* INDIAN HOTELS CO: Will be opening eight new hotels this year and is targeting a 30% revenue growth over the next few years as the sentiment has turned positive for the industry.

* INDIAN OVERSEAS BANK: The bank's General Manager Radha Venkatakrishnan has been appointed as the chief financial officer of the bank, effective Thursday.

* INDIA TOURISM DEVELOPMENT CORP: Has invited request for proposal to operate and manage its Hotel Kalinga Ashok in Bhubaneswar.

* INFOSYS: Has flagged off concerns around increased rejection of work visa applications, and said this could result in delays and increase in project costs for its clients.

* INTELLECT DESIGN ARENA: The board will meet on Wednesday to consider fund raising through preferential issue.

* INTERGLOBE AVIATION: High fuel price and aircraft acquisition cost have prompted IndiGo to have second thoughts on acquiring Airbus A330neo wide-body jets, through which it had planned to launch low-cost, long-haul direct flights to European cities from the coming winter.

* IMP POWERS: Has launched three kinetic energy turbines in India.

* JUST DIAL: The company's board has approved the buyback of up to 2.75 mln shares or 4.08% stake at 800 rupees apiece for 2.2 bln rupees.

* KARNATAKA BANK: Has launched the DigiLocker facility by integrating it with the bank's MoneyClick Internet Banking channel.

* LYKA LABS: The board has accepted the in-principle approval received from DENA BANK for compromise settlement of the company's account.

* MAHINDRA & MAHINDRA FINANCIAL SERVICES: The board of directors of the subsidiary Mahindra Rural Housing Finance on Wednesday approved the issue of secured or unsecured redeemable non-convertible debentures including subordinated debentures on a private placement basis, for an aggregate amount not exceeding 60 bln rupees.

* MARUTI SUZUKI INDIA: The company's compact sedan Dzire and premium hatchback Swift overtook the sales of Alto, pushing back the entry-level hatchback to third position in the top 10 passenger vehicles list in  June, according to data from Society of Indian Automobile Manufacturers.

* MMTC: The government is unlikely to go ahead with the commerce ministry's proposal for merger of the company and STC.

* MULTI COMMODITY EXCHANGE OF INDIA: Is mulling a foray into the farm segment with options in cotton and crude palm oil.

* MUTHOOT FINANCE: Has secured a preliminary approval from the Securities and Exchange Board of India to set up an asset management company and a trustee company.

* NHPC: The board will meet on Jul 30 to consider raising up to 33 bln rupees through corporate debentures or bonds on private placement basis.

* OIL & NATURAL GAS CORP: Five central oil public sector undertakings- INDIAN OIL CORP, the company, GAIL (INDIA), OIL INDIA and Numaligarh Refinery - has signed a joint venture agreement for executing the North-East Natural Gas Pipeline Grid as a step towards the Urja Ganga Gas Pipeline Project.

* POWER FINANCE CORP: Plans to raise at least 5 bln rupees through the issue of bonds maturing in five and 10 years, and has invited bids from merchant bankers on Tuesday.

* POWER GRID CORP OF INDIA: Has signed a memorandum of understanding with Uttar Pradesh Power Corp for energy efficiency and agricultural demand side management programme.

* PUNJAB NATIONAL BANK: A special Central Bureau of Investigation court on Friday granted bail to Aniyath Shivaraman Nair, a former director of the bank, who was arrested in connection with the Nirav Modi fraud case.

* RELIANCE COMMUNICATIONS: The telecom department has told the company its licences will be cancelled unless it pays 7.74 bln rupees in bank guarantees towards upcoming spectrum payment dues, effectively threatening the company's deal to sell its airwaves to Reliance Jio Infocomm.

* RELIANCE INDUSTRIES: Reliance Jio Infocomm, a subsidiary of the company, has introduced an exchange offer for its customers to buy Jiophone for 501 rupees on exchanging any old 2G, 3G or 4G phone. Reliance Brands, a subsidiary of the company, has bought an additional 8.14% stake in Genesis Colors for around 341.70 mln rupees. An international arbitration tribunal is likely to come with its final award in the next 10 days on the dispute relating to production of migrated gas by the company.

* SHREYAS SHIPPING & LOGISTICS: Global United Shipping India and Seaport Cargo Logistics have submitted initial bids on a tender floated by CONTAINER CORPORATION OF INDIA to start coastal shipping operations.

* SPICEJET: Chairman Ajay Singh may not have to dilute his stake in the airline, as an arbitration tribunal has ruled in its favour in a share purchase dispute with previous promoter Kalanithi Maran.

* STATE BANK OF INDIA: The bank, others to sign an inter-creditor pact today.

* TATA MOTORS: Has restarted talks on the sale of a stake in its engineering unit just months after a deal with Warburg Pincus was called off. Will soon shift gear to "Do it Yourself" mode as a business strategy with the launch of Harrier, a five-seater sport utility vehicle.

* TATA STEEL: The company's shareholders have approved raising up to 120 bln rupees through non-convertible debentures on private placement basis. The company is looking to "simplify" the company's structure by divesting some of its non-core and subscale assets and aims to take capacity coming out of its Indian operations to 90% in the years to come. The company is the process of shutting down its subsidiary Tayo Rolls in Jamshedpur and sell off some of its assets in South-East Asia to have a leaner structure and trim debt. Plans to develop the Subarnarekha port at a cost of  40-50 bln rupees at the northern Odisha, where the river Subarnarekha merges with the Bay of Bengal.

* TITAN CO: Expects its jewellery division to fetch 400 bln rupees out of an overall 500 bln rupees revenue by 2022-23.

* UNION BANK OF INDIA: Has entered into a tie-up with A.TReDS for discounting invoices of The Ministry of Micro Small and Medium Enterprises on the latter's 'TReDS' digital platform, 'invoicemart.com'.

* UPL: The company's whole-time director Kalyan Mohan Banerjee has resigned from his post, effective Aug 1. The company has announced a deal to buy Arysta LifeSciences for $4.2 bln and expects the acquisition to double its revenue to $5.0 bln in 2019-20 (Apr-Mar) on account of likely synergies between the two companies.

* ULTRATECH CEMENT: The National Company Law Appellate Tribunal has began hearing the Binani Cements insolvency resolution case, following cross petitions filed by the company and Rajputana Properties.

* VEDANTA: Has sought "support" from the Environment Ministry to expedite the clearance from the National Green Tribunal for its copper plant in Toothukudi. Sterlite Copper smelter plant at Thoothukudi in Tamil Nadu, would remove a third of domestic production, argues the company.

* WIPRO: Has signed an agreement with US-based Alight Solutions to acquire the latter's India business for $117 mln. The company on Friday said it continues to face visa application rejections but pointed out that  its policy of localisation, which involves hiring locals, is starting to pay off.

* YES BANK: Has announced partnership with Karim Nagar and Warangal smart cities in Telangana to launch an industry-first 'Collaboration-as-aService' platform to address urban development challenges.

* ZEE ENTERTAINMENT ENTERPRISES: Essel Corp plans to acquire 11 mln shares, or 1.15% stake, of the company from another promoter group entity at an estimated price of over 6.1 bln rupees.