Today's Stock News – 07.02.2019

Today's Stock News – 07.02.2019 

* ALKEM LABORATORIES: US Food & Drug Administration has issued eight observations to the
company's St. Louis plant in the US.

* ANDHRA BANK: Has cut its base rate by 5 basis points to 9.50%, effective Wednesday.

* BHARTI AIRTEL: Telecom Regulatory Authority of India has served a showcause notice to Airtel over the blackout faced by some of its direct-to-home customers during the switchover to the new tariff regime.

* BOMBAY BURMAH TRADING CORP: Madras High Court has issued a stay on the Tamil Nadu
government's order regarding forest land leased to the company till further orders.

* DALMIA BHARAT: Dalmia-OCL, a part of Dalmia Bharat Group, announced acquisition of German specialty refractory maker GSB Group GmbH for 15 mln euros (nearly 1.22 bln rupees), which would help the company expand in Europe.

* DLF: Said it would sell shares to institutional investors to raise about 30 bln rupees when market conditions are conducive.

* GAIL INDIA: Has cancelled a contract from Infrastructure Leasing & Financial Services to lay pipes on the Bokaro—Durgapur section due to slow progress in the project on account of an acute financial crisis.

* GATEWAY DISTRIPARKS: Private equity firm Blackstone Group LLC has sent an arbitration notice following the company's failure to buy back Blackstone's stake in a subsidiary company.

* ICICI BANK: The Madras High Court has allowed the bank to recover 2.21 bln rupees from Subhiksha Trading Services, the retail chain which was shut in 2008, and its guarantors, including its promoter R Subramanian.

* ITC: The Calcutta High Court has dismissed a nine-year old appeal from the Tea Board of India that alleged the company to be infringing upon the Board's certification-mark rights.

* JET AIRWAYS INDIA: Etihad Airways has pre-purchased the airlines' tickets worth $35 mln through its loyalty programme company Jet Privilege, infusing some funds into the airline.
Has revised charges for cancellation and rescheduling of flights, and these come into effect from today. Pilots are likely to take a call next month in case the carrier fails to adhere to the timeline set for partial payment of salaries.

* LUPIN: Expects to resolve the issues highlighted by the US Food and Drug Administration at its facilities in Goa, and Pithampur in Madhya Pradesh during the first half of the next financial year.

* NTPC: The Union Cabinet approved a proposal to allocate 85% of the power generated under construction projects of the company to the home states where the projects are being set up. -Is eyeing nearly 1,000-MW of solar power projects in Africa through the International Solar Alliance.

* PNB HOUSING FINANCE: Private equity firm Blackstone has pulled out of the race to buy the company, leaving the contest to Varde Capital, Genera Atlantic and Carlyle where each one is vying to have a share of the safest pie in the domestic financial market.

* PUNJAB NATIONAL BANK: The government is weighing the possibility of the next phase of
consolidation in the public sector banking space by amalgamating three lenders—the bank, ORIENTAL BANK OF COMMERCE and PUNJAB & SIND BANK.

* TATA POWER CO: Wholly-owned subsidiary Tata Power Solar has launched a complete residential rooftop solution for solar energy in Chennai. Subsidiary Coastal Gujarat Power, that runs the 4,150-MW Mundra ultra mega power plant, has sought more time from the Central Electricity Regulatory Commission to get state distribution utilities' consent for tariff revision for its imported coal-based unit.

* TATA STEEL BSL: Board will meet on Monday to consider the issue price for non-convertible redeemable preference shares and non-cumulative optionally convertible redeemable preference shares to TATA STEEL.

* UNION BANK OF INDIA: The Reserve Bank of India has imposed a 10-mln-rupee penalty on the bank for delay in exchange of information regarding the status of a borrower's account with other lenders.

* UNITECH: Homebuyers have filed a motion in the Supreme Court seeking a government takeover of the developer for failing to deliver apartments on time.

* ZEE ENTERTAINMENT ENTERPRISES: Promoters of the company are open to selling over 50% of their holdings in the firm as a part of their asset monetisation to repay debt, and are in talks with more than two investors for the same, a senior company official said. Subhash Chandra's Essel Group expects to raise over 200 bln rupees by selling its infrastructure business, comprising roads, power transmission and solar energy assets.

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