Today's Stock News – 18.03.2019

Today's Stock News – 18.03.2019 


* ADHUNIK METALIKS: An appellate tribunal has given Liberty House 30 days to make an upfront
payment of 4.1 bln rupees towards its acquisition of the company.

* ALLAHABAD BANK: Expects to raise about 5 bln rupees from the sale of its non-core assets.

* ARVIND LTD: Arvind Envisol, the waste water treatment arm of the company, is looking for collaborations across India, Africa, Bangladesh and China for driving growth and is in the final stages of signing a joint venture agreement with a Chinese textile company.

* BANDHAN BANK: The Reserve Bank of India has issued a 'no-objection' certificate for the amalgamation of GRUH FINANCE with the bank.

* BOMBAY DYEING AND MANUFACTURING CO: Municipal Corporation of Greater Mumbai has
granted part occupancy certificate for the company's residential building project in Dadar-Naigaon,  Mumbai.

* CADILA HEALTHCARE: Has received final approval from US Food and Drug Administration to market valsartan and hydrochlorothiazide tablets, a generic of Diovan HCT tablets, with 80 mg/12.5 mg, 160 mg/12.5 mg, 160 mg/25 mg, 320 mg/12.5 mg, and 320 mg/25 mg.

* CANARA BANK: Has reduced its one-year marginal cost of funds-based lending rates by 5 basis points to 8.65%.

* CENTRAL BANK OF INDIA: The capital raising committee of the board will meet on Wednesday to consider raising funds through tier-II bonds.

* DEWAN HOUSING FINANCE CORP: Chief Financial Officer Santosh Sharma has been appointed as corporate strategy head from Saturday.
-In an attempt to reinforce the liquidity and capital position of the company, the mortgage lender and
parent Wadhawan Global Capital have agreed to sell about 80% stake in Avanse Financial Services to Warburg Pincus LLC.

* DLF: Will invest around 7.50 bln rupees for construction of a new commercial project in Gurugram as it seeks to encash rising demand of office and retail space from end users as well as institutional investors.

* EID PARRY INDIA: The board will meet on Friday to consider and approve second interim dividend on shares for 2018-19 (Apr-Mar).

* FEDERAL BANK: Has kept its marginal cost of funds-based lending rates across tenures unchanged.

* GRASIM INDUSTRIES: Has received 59 bln rupees dividend distribution tax demand notice from Income Tax Department.

* HDFC LIFE INSURANCE CO: Standard Life (Mauritius Holdings) has sold 4.57% stake in the company through offer-for-sale of shares on Tuesday and Wednesday.

* IDBI BANK: Proposal for changing its name has not found any favour from the Reserve Bank of India.

* IL&FS TRANSPORTATION NETWORKS: Defaulted on a 33.37-mln-rupee interest payment on nonconvertible debentures due to insufficient funds.

* INDUSIND BANK: Will reduce its two years and three years marginal cost of funds-based lending rates by 5 basis points each to 9.95% and 10.00%, respectively, effective Sunday.

* INFOSYS: A California court has cleared the company and Apple of wrongdoing with regard to visa-related abuse.

* INOX LEISURE: Has commenced the commercial operations of four additional screens to multiplex cinema theatre in Mumbai, effective Sunday.

* INTERGLOBE AVIATION: On Friday said will start daily flights on three new routes Chennai-Raipur, Hyderabad-Gorakhpur and Kolkata-Gorakhpur from April.

* JAMMU & KASHMIR BANK: The Reserve Bank of India has approved the appointment of K.K. Goel & Associates, OP Garg & Co, PC Bindal & Co and Verma Associates as joint central statutory auditors of the bank for 2018-19 (Apr-Mar). Will sell 41 mln shares in PNB Metlife India to Oman India Joint Investment Fund II for 1.85 bln rupees.

* JET AIRWAYS INDIA: The airline's pilots' union has for the first time sought the government's help to recover pending salaries and dues from the carrier after their pleas to the management have fallen on "deaf ears". The deal to rescue the company has hit an air pocket. Lenders have told the company's strategic partner Etihad Airways that if it is unable to accept the terms to revive the troubled airline, it should exit so that a new investor can be brought in.

* JUBILANT FOODWORKS: Has launched Domino's Pizza restaurant in Dhaka, Bangladesh, through Jubilant Golden Harvest.

* KESORAM INDUSTRIES: Kumar Mangalam Birla, chairman of the Aditya Birla group, has written to the Securities and Exchange Board of India, seeking reclassification from a promoter to a public shareholder in the company.

* KOTAK MAHINDRA BANK: Board has approved the reappointment of Prakash Apte and Uday Shankar as independent directors for five years from Mar 18 and Mar 16, respectively.
-The board of directors of the bank has approved paying dividend on 1 bln non-convertible perpetual
non-cumulative preference shares of face value 5 rupees each, on Mar 22.

* LAKSHMI VILAS BANK: The private lender on Friday closed its qualified institutional placement issue and fixed the issue price at 72 rupees a share.

* LARSEN & TOUBRO: Is planning to sign a deal with Cafe Coffee Day founder VG Siddhartha to buy his 21% stake in MINDTREE and launch an open offer for an additional 31% stake in the information technology company.

* LARSEN & TOUBRO INFOTECH: Has completed the acquisition of 100% shareholding of Ruletronics India, Ruletronics UK, and Ruletronics US through its Germany-based wholly-owned subsidiary Larsen & Toubro Infotech GmbH.

* LIC HOUSING FINANCE: Plans to raise at least 5 bln rupees through the issuance of bonds maturing on Sep 17, 2021.

* LUPIN: Subsidiary Novel Laboratories Inc has received a letter from the US Food and Drug Administration classifying the inspection conducted at its Somerset facility in New Jersey, US, in December as Official Action Indicated.

* MARUTI SUZUKI INDIA: Slowing demand in India's passenger vehicle market has prompted the
company, to cut production by a quarter over March last year.

* MINDTREE: The company's board will meet on Wednesday to consider a buyback of shares. Took the unusual step of calling a board meeting next week to consider a share buyback as it sought to stave off a possible hostile bid by L&T INFOTECH.

* MISHRA DHATU NIGAM: Board has approved to pay 1.68 rupees per share as first interim dividend for 2018-19 (Apr-Mar).

* NHPC: Has approved to raise $100 mln through external commercial borrowing from MUFG bank.

* NTPC: Is expected to end the current financial year with captive coal production of 7.25 mln tn, up 
massive 170%, from 2.68 mln tn in the year-ago period.

* OIL INDIA: Government, promoter of the company, has sold 33.56 mln shares through buyback offer of the company. Joint venture Mozambique LNG1 Co entered into agreements with five companies to sell liquefied natural gas.

* OIL & NATURAL GAS CORP: Schlumberger--the sole bidder in the company's tender for raising oil production from ageing fields--has sought several deviations from bidding norms, including projection of a 26- 27% decline in output in next few years.

* POWER FINANCE CORP: Has agreed to extend another credit line of 300 bln rupees to Telangana to help complete some of the major ongoing irrigation projects, including Kaleshwaram, Sita Rama and Palamuru- Rangareddy schemes.

* REC: Board will meet on Wednesday to consider the market borrowing programme of the company for 2019-20 (Apr-Mar).

* RELIANCE COMMUNICATIONS: The National Company Law Appellate Tribunal has refused to direct STATE BANK OF INDIA to release 2.6 bln rupees of tax refunds of the company to Ericsson India.
-Co must pay 4.53 bln rupees to Sweden's Ericsson by Tuesday to save Chairman Anil Ambani from a
Supreme Court-ordered jail term.
-Bharat Sanchar Nigam will approach the National Company Law Tribunal this week to recover dues
of about 7 bln rupees from the company.

* RELIGARE ENTERPRISES: The company and its subsidiary Religare Finvest will make a representation before the Securities and Exchange Board of India, following the regulator's interim order directing the companies to recover loans from promoters Malvinder Singh and Shivinder Singh.

* RELIANCE INDUSTRIES: Is set to sell a Schuldschein debt instrument worth $170 mln in the Germancentred debt market, making it the first Indian company to tap this route for fund raising.

* SPICEJET: JET AIRWAYS INDIA in talks with the company to reposition some of its Boeing 737 Next Generation aircraft.

* STATE BANK OF INDIA: Has launched a mechanism for card-less withdrawal of cash from automated teller machines by its debit card holders registered with mobile application YONO.
-To reduce the exposure to non-performing assets before the current financial year ends on Mar 31, the bank has put on block four non-performing assets with outstanding of 1.12 bln rupees.
The bank, one of the lead lenders to Vijay Mallya's businesses, has moved the Karnataka High Court to seek rights over a 2.8% stake, worth 10.25 bln rupees, in beer maker UNITED BREWERIES held by a courtappointed liquidator.

* STERLING BIOTECH: The Mumbai bench of the National Company Law Tribunal has refused to accept the settlement plan approved by the committee of creditors and proposed by promoters of the company.

* VIDEOCON INDUSTRIES: The Mumbai office of the ministry of corporate affairs will soon submit its report on alleged irregularities found in the functioning of NuPower Renewables and the company.

* VODAFONE IDEA: The board will discuss on Wednesday further details of 250-bln-rupee rights issue including issue price and rights entitlement ratio.

* WIPRO: Launched artificial intelligence and machine learning solutions on Amazon Web Services.

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