Today Stock News – 19.09.2018

Today Stock News – 19.09.2018


* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Subsidiary has formed a joint venture, Adani NYK Auto logistics Solutions, to provide logistics services to automotive industry.

* ALLAHABAD BANK: Shareholders of the bank have approved raising up to 17.9 bln rupees through the issuance of up to 389.22 mln shares to the government at 45.99 rupees apiece, on a preferential basis.

* BANK OF BARODA: The government expects the merged entity following the proposed amalgamation of the bank, VIJAYA BANK, and DENA BANK to start operations from Apr 1. Interest of minority shareholders could be compromised in the proposed amalgamation of the bank, VIJAYA BANK and DENA BANK because of risk of unfavourable swap ratios.
- The government hopes to complete the amalgamation of three state-run lenders before the end of
this financial year, and will give an extension to PS Jayakumar, the current managing director of the bank, to oversee the process. Voluntary retirement may be the way of life for many as part of the proposed  merger between the bank, DENA BANK and VIJAYA BANK.

* BHARAT DYNAMICS: The government has granted approval for procurement of upgraded version of Akash missile systems from the company, valued at over 91 bln rupees.

* CLARIANT CHEMICALS INDIA: SABIC has acquired 24.99% stake in Clariant Chemicals' global holding company as a strategic anchor shareholder.

* DABUR INDIA: Will infuse $400,000 into its step-down subsidiary, Dabur South Africa.

* FUTURE MARKET NETWORKS: Has completed acquisition of a 50% stake in joint venture Future Retail Destination from partner IL&FS Township and Urban Assets.

* HDFC ASSET MANAGEMENT CO: SEBI cuts expense fees levied on equity mutual funds.

* HINDUSTAN PETROLEUM CORP: Is on an expansion drive with 600 bln rupees capital expenditure.

* HOUSING DEVELOPMENT FINANCE CORP: Daiichi Sankyo has objected to the company's
insolvency case against the holding company of former FORTIS HEALTHCARE promoters Malvinder and Shivinder Singh, stating it would affect the Japanese drug maker's enforcement of a 35 bln rupees arbitration award against the brothers.

* ICICI BANK: Has approached the Securities and Exchange Board of India to settle cases of alleged lapses in corporate governance involving Chief Executive Officer Chanda Kochhar. Has said it has not filed any consent plea with Securities and Exchange Board of India in respect of investigations relating to corporate governance. Has tied up with primary healthcare aggregator HealthAssure to offer its NRI customers complementary access to discounted healthcare services in the country for themselves and their families.

* ICICI PRUDENTIAL LIFE INSURANCE CO: The company and Saraswat Co-operative Bank have partnered to jointly offer life insurance products.

* IL&FS TRANSPORTATION NETWORKS: The company's subsidiary Moradabad Bareilly Expressway will receive a compensation of 4.25 bln rupees from National Highways Authority of India for the losses suffered in the execution of road project in Uttar Pradesh.
- Infrastructure Leasing & Financial Services and IL&FS Financial Services were unable to service
their obligations relating to commercial papers and non-convertible debentures, respectively, both of which were due on Tuesday.

* INDIAN HOTELS CO: Has inked a partnership pact with Ithra Dubai LLC for a new Taj hotel at the Deira Creek in Dubai.

* INFOSYS: Has been told to pay its former chief financial officer Rajiv Bansal 121.7 mln rupees with interest, after an arbitration tribunal ruled in favour of the former executive, marking a setback for the software services exporter as it looks to erase the scars of past management turmoil.

* IRB INFRASTRUCTURE DEVELOPERS: Promoter of the company has bought 1.29% stake in IRB InvIT Fund for 570 mln rupees, aggregating to 7.5 mln units at 75.6 rupees a unit.

* KIOCL: Board has approved the buyback of up to 12.59 mln shares at 170 rupees each, for an aggregate amount of up to 2.14 bln rupees, through the tender offer route.

* LAKSHMI VILAS BANK: Baring Private Equity Asia is in talks with the bank to buy at least a 26% stake in the Chennai-based private lender.

* MAHANAGAR TELEPHONE NIGAM: The telecom department is working on a proposal for allocation of spectrum in the 2100 MHz band for launching 4G services to state-run operators Bharat Sanchar Nigam and the company, and a final decision is expected by year-end.

* NAGARJUNA FERTILIZERS AND CHEMICALS: Loans to the company have slipped into the nonperforming asset category and have been classified as such by IDBI BANK.

* NIIT TECHNOLOGIES: Has launched Chain-m, a blockchain-powered solution for backend
process of settlements for airlines.

* OIL & NATURAL GAS CORP: ONGC Videsh, the overseas investment arm of the the company, is
exiting the Satpayev oil and gas block in Kazakhstan, according to NK Verma, managing director of OVL.

* RELIANCE CAPITAL: In order to reduce the high amount of debt, the company will divest all non-core operations in the next 12-18 months.

* RELIANCE COMMUNICATIONS: Will completely exit the telecom business to concentrate on real estate in future, said Reliance Group Chairman Anil Ambani at the companys annual general meeting. Is awaiting final approvals for spectrum sharing and trading from the department of telecommunications to sell its assets.

* RELIANCE INDUSTRIES: Plans to build Jio Hubs, a one-stop shop for all consumer items sold by the company and its units ranging from electronics to groceries, to provide people living in small towns their first mall-like shopping experience.

* RELIANCE NIPPON LIFE ASSET MANAGEMENT: SEBI cuts expense fees levied on equity mutual funds.

* RELIANCE POWER: Chairman Anil Ambani has said the company is looking at inorganic growth
through acquisition of stressed thermal coal-based projects.

* RITES: Has received an additional turnkey contract worth 4.36 bln rupees from Indian Railways due to enhanced scope and revision in estimates.

* S CHAND AND CO: Will complete its first tranche of investment in Chetana Publications by Oct 15, instead of Sep 15.

* SOM DISTILLERIES & BREWERIES: The company's subsidiary Woodpecker Distilleries and
Breweries launched BlackFort beer in lager variant to tap the mild beer segment in Karnataka.

* SOUTH INDIAN BANK: Will hike its marginal cost of funds-based lending rates by 10-20 basis points, across tenures, from Thursday.

* STATE BANK OF INDIA: Is looking to install solar panels over around 10,000 ATMs across the country in the next two years, a senior official said. Will sell eight non-performing assets to recover dues worth over 39 bln rupees and has invited bids from asset reconstruction companies and financial institutions.

* STRIDES PHARMA SCIENCE: Has received a Form 483 with three observations from the US Food and Drug Administration after the inspection of its formulations manufacturing facility in Bengaluru, which ended on Aug 25.

* SUN PHARMACEUTICAL INDUSTRIES: The company's partner Almirall S.A. has received the
European Commission's approval for the Indian company's novel anti-psoriasis drug tildrakizumab.

* TATA CONSULTANCY SERVICES: Has received an order from Tata Insights and Quants, a division of Tata Industries, for Jile--an agile platform for product-centric delivery.

* TATA MOTORS: Sales of the company's Tiago hatchback in August were at 9,277 units, the highest ever. The petrol variant contributed 80% to the volumes, it added. Arm, Jaguar Land Rover India, said it has started offering advanced connectivity features on its flagship products, the Range Rover, Range Rover Sport and Discovery.

* TATA STEEL: Has completed the acquisition of 51% stake in Creative Port Development.

* USHA MARTIN: Five companies have expressed interest in buying Usha Martin's steel business. JSW STEEL, TATA STEEL, Liberty House, Kalyani and VEDANTA have signed non-disclosure agreements in this regard, while they do their due-diligence.

* WEIZMANN FOREX: Has divested its stake in six companies to its promoter group entities for 148.74 mln rupees.