Daily Stock News Today – 01.11.2017
* ALLAHABAD BANK: Will cut its marginal cost of funds-based lending rates by 15 basis points across tenures, effective Wednesday.
* AXIS BANK: Has clarified that it continues to explore options to raise funds, without denying or confirming media reports that Bain Capital is in talks to invest in the bank. GIC and Canada Pension Plan Investment Board are in talks to co-invest with Bain Capital to acquire a 10% stake in the bank.
* BHARTI AIRTEL: The board of directors has authorised the company to evaluate sale of shares in one or more tranches in BHARTI INFRATEL, which could result in the telecom operator losing control in its subsidiary.
* BHARTI INFRATEL: Going forward, the growth in revenue per tenant per month should see a "flattish to declining trend".
* BAJAJ FINANCE: Has raised 4.85 bln rupees via non-convertible debentures.
* CENTURY PLYBOARDS: Arm Century Ply (Singapore), has acquired a 51% majority stake in Laos-based Huesoulin Wood Processing Factory.
* COROMANDEL INTERNATIONAL: Has settled an insider trading case with the Securities and Exchange Board of India. The case pertains to the company's erstwhile subsidiary Liberty Phosphates.
* CYIENT: First Carlyle Ventures Mauritius has sold its entire 9.86% holding or 11.09 mln shares in the company at 525.16 rupees a share in a bulk deal on the National Stock Exchange.
* DABUR INDIA: The Delhi High Court has extended its interim order in a case filed by the company, restricting Baba Ramdev's Patanjali Ayurved from airing an advertisement to promote its chyawanprash brand.
* DR REDDY'S LABORATORIES: Expects the US Food and Drug Administration to re-inspect its Duvvada unit during Jan-Mar.
* ESCORTS: The company undertook an average price hike of 7,000 rupees in the tractor segment in July.
* FUTURE ENTERPRISES: The boards of the company and Future Retail have decided to exercise the option of converting the optionally convertible debentures issued to Bharti Group's company Cedar Support Services into shares.
* HINDUSTAN PETROLEUM CORP: The company in a clarification to stock exchanges, said that "as on date", its board had not considered any proposal to acquire MANGALORE REFINERY & PETROCHEMICALS.
* IDBI BANK: The bank's top management said going ahead, fresh slippages will come down. The bank had an exposure of around 113.00 bln rupees to 19 accounts out of 29 mentioned in the RBI's second stressed loans list.
* IDFC BANK: The merger deal between the bank and Shriram Group could not conclude as the bank sought a 40% discount on the value of Shriram Capital, the holding company of the non-banking finance company. There still is a probability that the merger deal with Shriram Group might happen and the parties could restart the process, Shriram Group founder R. Thyagarajan said.
* IIFL HOLDINGS: Has filed an application with SEBI for registration of IIFL Real Estate Investment Trust, and hopes to initiate a REITs issue in "due course".
* IL&FS TRANSPORTATION NETWORKS: Has raised 1.5 bln rupees via non-convertible debentures, in two tranches.
* INFOSYS: Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods and Services Tax Network.
* INTELLECT DESIGN ARENA: Has announced the global launch of its complete end-to-end digital core banking solution IDC 17.1.
* INTERGLOBE AVIATION: IndiGo said the civil aviation ministry and the airline are in "active discussions" with the finance ministry to resolve some taxation issues on lease rentals and engine repair under the GST regime. The airline said none of its A320neo aircraft is grounded currently.
The company said it remains interested in buying the international operations of Air India but is looking for moredevelopments in the matter.
* JSW STEEL: Has formed an arm--JSW Utkal Steel--to set up a steel plant in Odisha and invested around 1.5 bln rupees in its subsidiary to undertake preliminary studies and for other costs.
* KARNATAKA BANK: To cut its marginal cost of funds-based lending rates by 10 basis points across tenures, effective Wednesday.
* KAVERI SEED CO: Will double its expenditure on research and development to 3-4% of its sales from up to 2% until the last financial year.
* KIOCL: Is finalising long-term plans with substantial capital investment for greenfield projects in Karnataka and Andhra Pradesh, said Subba Rao, chairman and managing director.
* LARSEN & TOUBRO: Schneider Electric has emerged as the top bidder to acquire the company's electric and automation division.
* LUPIN: Expects its complex generics and biosimilars to start contributing to its earnings growth from 2019-20.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Is considering a 10-bln-rupee preferential allotment of shares to its promoters.
* MPHASIS: Is looking to reach the $1-bln revenue target as it taps more business from banking clients. Uber, in association with the company, has announced the launch of two new products--uberAC--CESS and uberASSIST--in Bengaluru, which will cater to the differently-abled people for their commute.
* ORISSA MINERALS DEVELOPMENT CO: Has been ordered to pay 830.66 mln rupees to the Odisha government for production of iron and manganese ore without forest clearance.
* PERSISTENT SYSTEMS: Has upgraded the technology platform of the Indiana Office of Technology, which included the implementation of Salesforce platform.
* PIRAMAL ENTERPRISES: Is restructuring its financial services business by consolidating its real estate and non-real estate financing arms and the newest housing finance business under a single new entity, Piramal Capital.
* PODDAR HOUSING AND DEVELOPMENT: Launched a new project 'Poddar Spraha Diamond' at Chembur, Mumbai.
* POLARIS CONSULTING & SERVICES: The board has approved delisting of the company's shares on the BSE, National Stock Exchange and the Metropolitan Stock Exchange of India.
* RELIANCE COMMUNICATIONS: Has completed the merger of wireless business of Sistema Shyam Teleservices with itself. Indian lenders would take the current market price of the company's shares into account while taking a decision to convert the debt into equity.
* STATE BANK OF INDIA: Will cut its marginal cost of funds-based lending rates by 5 basis points across tenures, effective Wednesday.
* STRIDES SHASUN: Is merging three of its subsidiaries with itself to restructure its operations to leverage synergy benefits of the combined entity.
* SUNTECK REALTY: The Capital Raising Committee has approved the issue of 15.53 mln shares at 322 rupees apiece to qualified institutional buyers to raise around 5 bln rupees.
* TATA POWER CO: Arm Tata Power Renewable Energy has commissioned a 30 MW solar power plant at Palaswade in Satara district of Maharashtra.
* TATA TELESERVICES MAHARASHTRA: Tata Sons has paid 144.9-bln-yen (around 83 bln rupees) arbitration award to Japanese telecom company NTT DoCoMo Inc, for its 26.5% stake in parent Tata Teleservices.
* TEAMLEASE SERVICES: The control of Evolve Technologies & Services will be transferred to arm TeamLease Staffing Services from today.
* TRF: Will sell its entire 51% stake in Adithya Automotive Applications to JL Power Ventures.
* VRL LOGISTICS: The board will meet on Friday to consider a proposal for buyback of shares of the company.
* WEIZMANN FOREX: The board has approved demerger of the company's wind power division and transfer the same to Karma Energy.
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* AXIS BANK: Has clarified that it continues to explore options to raise funds, without denying or confirming media reports that Bain Capital is in talks to invest in the bank. GIC and Canada Pension Plan Investment Board are in talks to co-invest with Bain Capital to acquire a 10% stake in the bank.
* BHARTI AIRTEL: The board of directors has authorised the company to evaluate sale of shares in one or more tranches in BHARTI INFRATEL, which could result in the telecom operator losing control in its subsidiary.
* BHARTI INFRATEL: Going forward, the growth in revenue per tenant per month should see a "flattish to declining trend".
* BAJAJ FINANCE: Has raised 4.85 bln rupees via non-convertible debentures.
* CENTURY PLYBOARDS: Arm Century Ply (Singapore), has acquired a 51% majority stake in Laos-based Huesoulin Wood Processing Factory.
* COROMANDEL INTERNATIONAL: Has settled an insider trading case with the Securities and Exchange Board of India. The case pertains to the company's erstwhile subsidiary Liberty Phosphates.
* CYIENT: First Carlyle Ventures Mauritius has sold its entire 9.86% holding or 11.09 mln shares in the company at 525.16 rupees a share in a bulk deal on the National Stock Exchange.
* DABUR INDIA: The Delhi High Court has extended its interim order in a case filed by the company, restricting Baba Ramdev's Patanjali Ayurved from airing an advertisement to promote its chyawanprash brand.
* DR REDDY'S LABORATORIES: Expects the US Food and Drug Administration to re-inspect its Duvvada unit during Jan-Mar.
* ESCORTS: The company undertook an average price hike of 7,000 rupees in the tractor segment in July.
* FUTURE ENTERPRISES: The boards of the company and Future Retail have decided to exercise the option of converting the optionally convertible debentures issued to Bharti Group's company Cedar Support Services into shares.
* HINDUSTAN PETROLEUM CORP: The company in a clarification to stock exchanges, said that "as on date", its board had not considered any proposal to acquire MANGALORE REFINERY & PETROCHEMICALS.
* IDBI BANK: The bank's top management said going ahead, fresh slippages will come down. The bank had an exposure of around 113.00 bln rupees to 19 accounts out of 29 mentioned in the RBI's second stressed loans list.
* IDFC BANK: The merger deal between the bank and Shriram Group could not conclude as the bank sought a 40% discount on the value of Shriram Capital, the holding company of the non-banking finance company. There still is a probability that the merger deal with Shriram Group might happen and the parties could restart the process, Shriram Group founder R. Thyagarajan said.
* IIFL HOLDINGS: Has filed an application with SEBI for registration of IIFL Real Estate Investment Trust, and hopes to initiate a REITs issue in "due course".
* IL&FS TRANSPORTATION NETWORKS: Has raised 1.5 bln rupees via non-convertible debentures, in two tranches.
* INFOSYS: Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods and Services Tax Network.
* INTELLECT DESIGN ARENA: Has announced the global launch of its complete end-to-end digital core banking solution IDC 17.1.
* INTERGLOBE AVIATION: IndiGo said the civil aviation ministry and the airline are in "active discussions" with the finance ministry to resolve some taxation issues on lease rentals and engine repair under the GST regime. The airline said none of its A320neo aircraft is grounded currently.
The company said it remains interested in buying the international operations of Air India but is looking for moredevelopments in the matter.
* JSW STEEL: Has formed an arm--JSW Utkal Steel--to set up a steel plant in Odisha and invested around 1.5 bln rupees in its subsidiary to undertake preliminary studies and for other costs.
* KARNATAKA BANK: To cut its marginal cost of funds-based lending rates by 10 basis points across tenures, effective Wednesday.
* KAVERI SEED CO: Will double its expenditure on research and development to 3-4% of its sales from up to 2% until the last financial year.
* KIOCL: Is finalising long-term plans with substantial capital investment for greenfield projects in Karnataka and Andhra Pradesh, said Subba Rao, chairman and managing director.
* LARSEN & TOUBRO: Schneider Electric has emerged as the top bidder to acquire the company's electric and automation division.
* LUPIN: Expects its complex generics and biosimilars to start contributing to its earnings growth from 2019-20.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: Is considering a 10-bln-rupee preferential allotment of shares to its promoters.
* MPHASIS: Is looking to reach the $1-bln revenue target as it taps more business from banking clients. Uber, in association with the company, has announced the launch of two new products--uberAC--CESS and uberASSIST--in Bengaluru, which will cater to the differently-abled people for their commute.
* ORISSA MINERALS DEVELOPMENT CO: Has been ordered to pay 830.66 mln rupees to the Odisha government for production of iron and manganese ore without forest clearance.
* PERSISTENT SYSTEMS: Has upgraded the technology platform of the Indiana Office of Technology, which included the implementation of Salesforce platform.
* PIRAMAL ENTERPRISES: Is restructuring its financial services business by consolidating its real estate and non-real estate financing arms and the newest housing finance business under a single new entity, Piramal Capital.
* PODDAR HOUSING AND DEVELOPMENT: Launched a new project 'Poddar Spraha Diamond' at Chembur, Mumbai.
* POLARIS CONSULTING & SERVICES: The board has approved delisting of the company's shares on the BSE, National Stock Exchange and the Metropolitan Stock Exchange of India.
* RELIANCE COMMUNICATIONS: Has completed the merger of wireless business of Sistema Shyam Teleservices with itself. Indian lenders would take the current market price of the company's shares into account while taking a decision to convert the debt into equity.
* STATE BANK OF INDIA: Will cut its marginal cost of funds-based lending rates by 5 basis points across tenures, effective Wednesday.
* STRIDES SHASUN: Is merging three of its subsidiaries with itself to restructure its operations to leverage synergy benefits of the combined entity.
* SUNTECK REALTY: The Capital Raising Committee has approved the issue of 15.53 mln shares at 322 rupees apiece to qualified institutional buyers to raise around 5 bln rupees.
* TATA POWER CO: Arm Tata Power Renewable Energy has commissioned a 30 MW solar power plant at Palaswade in Satara district of Maharashtra.
* TATA TELESERVICES MAHARASHTRA: Tata Sons has paid 144.9-bln-yen (around 83 bln rupees) arbitration award to Japanese telecom company NTT DoCoMo Inc, for its 26.5% stake in parent Tata Teleservices.
* TEAMLEASE SERVICES: The control of Evolve Technologies & Services will be transferred to arm TeamLease Staffing Services from today.
* TRF: Will sell its entire 51% stake in Adithya Automotive Applications to JL Power Ventures.
* VRL LOGISTICS: The board will meet on Friday to consider a proposal for buyback of shares of the company.
* WEIZMANN FOREX: The board has approved demerger of the company's wind power division and transfer the same to Karma Energy.
