Today Stock News – 26.11.2018

Today Stock News – 26.11.2018


* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Shares of the company will be removed from the S&P BSE Sensex on Dec 24. Jawaharlal Nehru Port Trust and the the company are competing for the first time to acquire a port project--the debt-laden Dighi Port--which has been put up for sale under the bankruptcy law.

* AMTEK AUTO: Liberty House failed to make the payment for the company on Thursday, as the deadline set by lenders came to an end, throwing the entire debt resolution process off track.

* ANDHRA BANK: To make recovery of about 15.53 bln rupees, the bank has invited bids from
asset reconstruction companies to sell non-performing assets of more than 50 accounts.

* APOLLO TYRES: The Securities and Exchange Board of India has imposed a penalty of 6.5 mln rupees on the company for violation of buyback regulations.

* AU SMALL FINANCE BANK: The board has approved raising up to 5 bln rupees through the issue of Basel-III compliant tier-II bonds in one or more tranches.

* BAJAJ FINANCE: Shares of the company will be added to the S&P BSE Sensex on Dec 24.

* BALAJI TELEFILMS: The company-owned over-the-top platform AltBalaji is expecting revenue of 1.50 bln rupees in the next two and a half years.

* BANK OF BARODA: The board will meet on Thursday to mull an issue of shares to the bank's employees.

* BEML: Has bagged a contract worth 30.15 bln rupees for Mumbai metro corridor 2A, 2B and 7.

* BHARTI AIRTEL: Subsidiary Bharti Airtel International (Netherlands) B.V. has received tenders for buyback of outstanding senior notes worth nearly $1.0 bln. With VODAFONE IDEA and the
company deciding to switch off low average realisation per user subscribers--those who spend less than 35 rupees a month--from their network, roughly 250 mln 2G users stand to lose their mobile connections.

* BHARAT FINANCIAL INCLUSION: Has completed the fifth securitisation transaction of 2.18 bln rupees in 2018-19 (Apr-Mar).

* COCHIN SHIPYARD: Its share buyback offer worth up to 2 bln rupees will open on Wednesday.

* DALMIA BHARAT: The Dalmia Group, which has a portfolio of diverse businesses spanning cement, private equity and real estate, has won an arbitration award of 1.60 bln rupees over a land dispute with the Delhi-based Ansal API Group. May decide to put up a new unit in Rajasthan to enable its entry into the North Indian market.

* DYNAMATIC TECHNOLOGIES: Has executed a definitive agreement with Hi-Tech Arai to divest its automobile division in Chennai, and expects to complete the transaction by December.

* FORTIS HEALTHCARE: Subsidiary SRL Diagnostics is likely to be listed on the stock exchanges in 2019.

* GRANULES INDIA: Has received the US Food and Drug Administration's approval for methylphenidate hydrochloride tablets in 10 mg and 20 mg strengths.

* HCL TECHNOLOGIES: Shares of the company will be added to the S&P BSE Sensex on Dec 24.

* HOTEL LEELAVENTURE: A consortium, including Thailand's Minor International Pcl, is considering acquiring majority stake in the company at an investment of about $350 mln.

* HOUSING DEVELOPMENT FINANCE CORP: General insurance arm HDFC Ergo is in advanced talks to acquire Apollo Munich Health Insurance for an approximate valuation of 26 bln rupees. IIFL HOLDINGS: Subsidiary IIFL Wealth Management has acquired 100% stake in Wealth Advisors India for 2.53 bln rupees.

* IL&FS TRANSPORTATION NETWORKS: Among the interesting stories coming out of the Infrastructure Leasing & Financial Services conglomerate is one showing the company, put 4.6 bln rupees in a project in Rajasthan that was not formally given to it. The Uday Kotak-led board of Infrastructure Leasing & Financial Services will soon seek expression of interest for another 8-10 group companies of the debt-laden infrastructure financier, Corporate Affairs Secretary Injeti Srinivas said.

* INDO RAMA SYNTHETICS INDIA: Has received approval from the National Stock Exchange and BSE to allot 7.49 mln shares at 33.98 rupees apiece to non-promoters on a preferential basis.

* INDIABULLS HOUSING FINANCE: Has raised 10 bln rupees through the allotment of non-convertible debentures maturing on Nov 22, 2028.

* INDIAN HOTELS CO: Is upgrading most of its The Gateway premium hotels to more upscale Vivanta as part of a wider brand restructuring, a senior company executive said.

* INDIAN OIL CORP: Is hopeful of meeting its target of importing 9 mln tn of crude oil from Iran in 2018-19 (Apr-Mar), an official said. The company, BHARAT PETROLEUM CORP and HINDUSTAN PETROLEUM CORP are planning to double their fuel retail outlets in the next five years by adding another 55,000 outlets to meet the growing demand of petrol and diesel.

* INDIAN OVERSEAS BANK: The board will meet on Wednesday to consider raising up to 3 bln rupees through Basel-III compliant tier-II bonds.

* INFOSYS: Cyprus-based RCB Bank has implemented the digital banking solution developed by the company's arm EdgeVerve Systems.

* ISMT: BANK OF MAHARASHTRA has filed an insolvency plea against the company for dues worth 5.22 bln rupees.

* JAMMU & KASHMIR BANK: The State Administrative Council of Jammu & Kashmir has turned the bank into a public sector bank, taking away its autonomy and making it accountable to the state legislature.

* JET AIRWAYS INDIA: Has launched holiday packages to Meghalaya from Bengaluru under JetEscapes, starting at 34,160 rupees. Ranjan Mathai has resigned as an independent director of the company with effect from Nov 22, due to pressure from other commitments and the consequent inability to devote the time to discharge his obligations as an independent director.
- Chairman Naresh Goyal is likely to rope in Etihad Airways to further invest in its equity in a bid to
overcome a looming financial crisis. Has no plan to totally exit Jet Privilege, its frequent flyer programme, even if it receives a lucrative proposal. Has suspended complimentary lounge services for economy class.

* JSW STEEL: In line with its strategy of acquiring companies that specialise in value added steel products, the company has shown initial interest in the debt-laden Asian Colour Coated Ispat. Plans to increase its manufacturing capacity to 44-45 mln tn per annum by 2030 from the present 19 mln tn. Undertaking a major reorientation of its operations as well as product mix to reduce carbon dioxide emissions and align with the country's climate change priorities.

* MAHINDRA & MAHINDRA: Has inked an agreement with Thane Municipal Corp to deploy electric vehicles in the Mumbai suburb to provide end-to-end last mile connectivity. Leveraging its overseas unit SsangYong to develop new products and expand its portfolio seven years after acquiring the South Korean brand. Launched the Alturas G4 at a starting price of 2.7 mln rupees. Has put on hold plans to introduce SsangYong brand in the US.

* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Has raised 1.36 bln rupees through an issue of non-convertible debentures.

* MANAPPURAM FINANCE: The public issue of non-convertible debentures of the company received bids worth 3.04 bln rupees, against a base issue size of 2 bln rupees with a greenshoe option of 8 bln rupees. MARUTI SUZUKI INDIA: Is working 'overtime' to make over 40 variants of power trains across more than 15 models meet the stricter emission norms of Bharat Stage-VI.

* NHPC: The government expects to resume work soon on two hydroelectric projects, planned by the
company at Lower Subansiri and Dibang in Arunachal Pradesh with a combined capacity of 4,800 MW, as the green tribunal has quashed appeals that were stalling them.

* OIL AND NATURAL GAS CORP: Has been ordered to pay about 2.42 bln rupees to the Mumbai Port Trust as wharfage compensation for the transportation of crude oil through the two pipelines the company had laid within the limits of the state-run port.

* OIL INDIA: Will buy back 50.4 mln of its shares for a little over 10.85 bln rupees as part of the
government's push to cash-rich public sector undertakings to part with their surplus either by paying higher dividend or through share buybacks, to help meet revenue targets.

* ORIENTAL BANK OF COMMERCE: Plans to divest stake in its joint venture, Canara HSBC Oriental Bank of Commerce Life Insurance Co, at an appropriate time, depending on the market conditions  and available options.

* PIRAMAL ENTERPRISES: The board will on Wednesday to consider raising up to 5 bln rupees through non-convertible debentures.

* RELIANCE INDUSTRIES: Reliance Industrial Investments and Holdings, a wholly-owned subsidiary of the company, has incorporated a company, Jio Estonia OU, in Estonia. Reliance Jio Infocomm has toppled VODAFONE IDEA and BHARTI AIRTEL in terms of adjusted gross revenue from access services for the quarter ending September, according to Telecom Regulatory Authority of India data.

* SPICEJET: Has launched a daily direct flight service to Hong Kong from New Delhi, seeking to tap the growing business and leisure travel demand, besides eyeing the Indian student community there.

* STRIDES PHARMA SCIENCE: The board has approved investment of $15 mln in the series-B fundraiser of Stelis Biopharma.

* TATA MOTORS: Jaguar Land Rover has unveiled a new compact luxury SUV, designed, engineered and manufactured in Britain, as a sign of its commitment to the UK car industry.

* TECH MAHINDRA: Has reiterated that the growth opportunity from the launch of fifth-generation telecom services will give a big boost to its earnings in the medium term, and that it should be able to sustain its profitability at current levels in the near term.

* TREE HOUSE EDUCATION & ACCESSORIES: The Securities and Exchange Board of India has
confirmed its earlier interim order barring the company and its promoter from accessing the securities market after disposing the reply filed by the promoters.

* VODAFONE IDEA: Will invest on strengthening the network for both its brands--Vodafone and Idea--and adopt a district-based approach to its strategies instead of focusing on key circles, the company's management said at a meeting with investors and analysts. Has finalised new network equipment supply contracts, with Huawei and ZTE emerging major gainers at the expense of European rivals Nokia and Ericsson as India's largest telco focuses on costs in a bid to realise 140 bln rupees worth of annual synergies two years ahead of time.

* WELSPUN INDIA: Is eyeing about 50% of its revenue from innovation-based products by 2021-22 (Apr- Mar).

* WIPRO: Shares of the company will be removed from the S&P BSE Sensex on Dec 24.