Today Stock News – 01.03.2018
CLICK HERE
*********************************************************************************
* AXIS BANK: Has deferred a $500-mln bond sale after international investors expressed concerns about the health of India's banking system in the wake of the $2-bln fraud at PUNJAB NATIONAL BANK.
* BHARTI AIRTEL: Sunil Mittal, chairman of the company said operators have no choice but to move court against the regulator's order on predatory pricing, which prevents them from retaining customers and conducting business, a right enshrined in the constitutions. Is exploring merger and sale options for its mobile towers businesses as Chairman Sunil Bharti Mittal seeks to get out of the infrastructure game and focus on connectivity.
* BHARAT HEAVY ELECTRICALS: Has said it has paid 40% interim dividend on enhanced equity, capital post-bonus, for the financial year 2017-18.
* BRITANNIA INDUSTRIES: Is adapting the "leanest possible" distribution model to directly "tailor-serve retail outlets" across the country in less than a day as part of its plan to multiply sales and expand retail reach.
* BSE: The exchange said 26 out of a total 37 asset management companies have agreed to pay charges per transaction on a bilateral basis, for its services on BSE Star Mutual Fund platform.
* DILIP BUILDCON: National Highways Authority of India has awarded the company two engineering, procurement and construction contracts worth a total 13.58 bln rupees in Uttar Pradesh and Karnataka.
* DR REDDY'S LABORATORIES: Expects Jan-Mar sales of generic medicine in the US to be lower on quarter largely led by sharp erosion in prices and market share of generic of Renvela, used in treatment of kidney-related diseases.
* DYNAMATIC TECHNOLOGIES: The board approved the sale of JKM Auto division, aluminium foundry division both situated in Sriperumbudur, Tamil Nadu and wind farm property situated at Coimbatore, Tamil Nadu.
* FORTIS HEALTHCARE: Stake of promoters in the company has fallen to just 0.77% from 34.43% in two weeks as lenders have rushed to invoke pledge on shares mortgaged to them following a relaxation by Supreme Court in its earlier order.
* GLENMARK PHARMACEUTICALS: Has launched a hair growth formula 'Nourkin Woman' in India in partnership with Denmark-based Pharma Medico.
* HCL INFOSYSTEMS: Singapore subsidiary HCL Insys will sell its entire stake in arm HCL Infosystems MEA FZE, and its step-down subsidiary to Axis Investments Inc for 4.12 mln dirhams (73.22 mln rupees). Also, Rangarajan Raghavan, president of the company, has been appointed the managing director of the company, effective Apr 1, as Premkumar Seshadri has resigned from the post.
* ICICI BANK: The ongoing questioning of the bank Executive Director N.S. Kannan by the Central Bureau of Investigation would have no "material impact" on the lender.
* IDBI BANK: The bank has said that the rating outlook upgrade of the bank by global rating agency Moody's Investors Services' on Tuesday was "unsolicited", given that the lender had already terminated all rating contracts and engagements with the agency in December.
* IDEA CELLULAR: Will launch its VoLTE services for employees in select markets starting from today.
* INDIABULLS REAL ESTATE: Is set to buyout the stake held by the American private investor Farallon Capital in its Singapore-listed Indiabulls Properties Investment Trust for about $250 mln as part of a mutually agreed arrangement to facilitate exit for the private equity partner as the business trust is no longer trading in Singapore bourses.
* INDUSIND BANK: Is investing in Alteria Capital, founded by former InnoVen Capital executives, as the venture debt fund hits the first close of its 10 bln corpus.
* INFOSYS: The company's former head of global immigration Erin Green, who filed a racial discrimination lawsuit against the company last year, has been told by a federal judge in Texas that he will have to arbitrate his claims.
* INTERGLOBE AVIATION: Has announced expansion of its regional operations, adding seven new aerei da trasporto regionale-operated flights from next month, connecting Nagpur and Mangalore with Hyderabad and Chennai.
* JET AIRWAYS INDIA: The company, along with Air France and KLM Royal Dutch Airlines, is offering a 15-day discount on the lowest prevailing base fare of its 'premiere' class tickets on flights to 28 destinations across Europe.
* JIGAR CABLES: Received an order worth 30.6 mln rupees, including taxes, from the Madhya Pradesh government.
* JM FINANCIAL: Subsidiary JM Financial Asset Reconstruction Co has issued equity shares worth up to 2.80 bln rupees on a rights basis.
* L&T TECHNOLOGY SERVICES: Promoter LARSEN & TOUBRO will sell up to 2% of total paid up equity share capital or 2.05 mln shares of the company through the open market to comply with shareholding norms.
* MOIL: The prices of ferro grade, SMGR and chemical grade have been increased by about 10% effective from Thursday on the prices prevailing since Jan 1.
* NR AGARWAL INDUSTRIES: Will undertake a techno-economic viability study for setting up a new 500-tn-perday kraft paper unit.
* PRAXIS HOME RETAIL: Mangal Bhanshali bought 833,645 shares or 3.4% stake in the company through the open market on Feb 15.
* PUNJAB NATIONAL BANK: The Ministry of Corporate Affairs has asked The Institute of Chartered Accountants of India to investigate the failure of auditors to detect the alleged $2 bln fraud at the bank. BDO, the Belgium-based audit firm, officially confirmed that the bank had appointed it to conduct a forensic audit of five Nirav Modi group companiesFirestar Diamond, Firestar International, Solar Export, Stellar Diamonds and Diamond R Us. Nirav Modi has refused to join a CBI investigation into an alleged fraud involving his companies and the bank. Nirav Modi has hired PwC India, Moelis & Co, IDFC BANK and Jefferies to help a group company go public.
* RELIANCE COMMUNICATIONS: The subsidiary, Reliance Big TV today announced to offer a free access to free-to-air channels up to 500 for five years and pay channels for one year across the country.
* RELIANCE INDUSTRIES: Samsung Networks has bagged a new 4G LTE network expansion contract from arm Reliance Jio, to increase the telecom company's 4G network penetration from around 75% to 99% by Diwali this year. The Securities and Exchange Board of India has disposed of proceedings against the company in a case relating to alleged failure of the company to furnish requested information about a decade-old debentures issue. Has invested bln of dollars in ventures outside its main business of refining and petrochemicals.
* RELIANCE INFRASTRUCTURE: Competition Commission of India has given its nod to the formation of joint venture between the company's promoted Reliance Aerostructure and Thales India to develop Indian capabilities to integrate and maintain the radar and electronic warefare sensores.
* RELIANCE POWER: Board has approved raising of up to 20 bln rupees by way of issue of securities through qualified institutional placement.
* SH KELKAR AND CO: The company believes it will be able to pass on higher input costs to consumers.
* SHREE RENUKA SUGARS: The Competition Commission of India approved the purchase of additional stake in the company by Wilmar Sugar Holdings, the regulator posted on micro-blogging site Twitter.
* SHRIRAM TRANSPORT FINANCE CO: Has approved the issue of rupee denominated bonds under its 50-bln-rupee medium term note programme.
* TATA POWER CO: Maharashtra Electricity Regulatory Commission has extended the validity of the power purchase agreement between Brihanmumbai Electric Supply and Transport undertaking and Tata Power-G by a year.
* TATA STEEL: The company's rights issue worth 128 bln rupees, offering 233.2 mln shares, was fully subscribed on Wednesday, the final day of the offer.
* THE INDIAN WOOD PRODUCTS CO: Has been allotted 17,705 sq mtr of land on lease for 37 years by the Jammu & Kashmir government to set up a Katha manufacturing plant.
* UNITED SPIRITS: Has completed the sale of 67,716 shares or 82.46% stake in its Nepal-based subsidiary United Spirits Nepal to Rajesh Bir Singh Tuladhar for 341.42 mln Nepalese rupees (213.43 mln rupees).
* VIDEOCON INDUSTRIES: IFCI sold 2.06 mln shares or 0.62% stake in the company at 14.84 rupees apiece through a bulk deal on the National Stock Exchange.
