Today Stock News – 07.03.2018
* AMTEK AUTO: UK-based Liberty House has emerged as the top bidder for the beleaguered auto parts maker, which has defaulted in payment of loans over 125 bln rupees.
* ASHOKA BUILDCON: Subsidiary Ashoka Concessions has received a letter of award worth 8.6 bln rupees from National Highways Authority of India for six-laning of Khairatunda to Barwa Adda stretch of the National Highway-2 in Jharkhand under the National Highways Development Project Phase-V on hybrid-annuity mode. The National Highways Authority of India has declared Ashoka Concessions, a subsidiary of the company, as the lowest bidder for three projects worth 29.92 bln rupees.
* AU SMALL FINANCE BANK: Has tied up with Aurionpro Solutions to improve its digital banking services for small and medium enterprises, and micro, small and medium enterprises.
* AXIS BANK: Has an exposure of around 2 bln rupees to companies owned by Nirav Modi and the Gitanjali Group, who are being investigated for their alleged involvement in fraudulent transactions at another bank.
* BAL PHARMA: Will form a joint venture company, AB Vet Pharma, in collaboration with Australia-based Akaal Pharma.
* BANK OF BARODA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for March, the lender informed exchanges. Has entered into a Memorandum of Understanding with National E-Repository to provide finance to farmers against pledge of warehouse receipts.
* BHUSHAN STEEL: The resolution professional for the company on Tuesday approached the National Company Law Tribunal alleging that employees of the steel firm were not cooperating with him, denying access to the desired documents and records.
* DABUR INDIA: Step-down subsidiary Dermoviva Skin Essentials Inc will acquire South African companies D and A Cosmetics Proprietary for 40.3 mln South African rand (approximately 222.6 mln rupees) and Atlanta Body & Health Products Proprietary for 1.7 mln rand.
* DILIP BUILDCON: Has received a letter of award from National Highways Authority of India for
six-laning of 40.2-km Gorhar to Khairatunda stretch of the National Highway-2 in Jharkhand.
* ELECTROSTEEL STEELS: Abhishek Dalmia's Renaissance Group, which had submitted a bid for the company, has filed a petition in the National Company Law Tribunal, requesting the bankruptcy court to not allow the resolution professional to negotiate with bidders until the eligibility of two prospective acquirers of the debt-laden alloy maker is determined.
* GAYATRI PROJECTS: Two funds owned by GMO LLC have acquired 2.3 mln shares or 1.3% stake in the company at 208.70 rupees apiece through a bulk deal on the National Stock Exchange.
* GITANJALI GEMS: The Life Insurance Corp of India has close to 250 mln rupees outstanding from the Gitanjali Group, against which it has security of the group's Hyderabad Gem Special Economic Zone.
* HAVELLS INDIA: Has unveiled a range of water purifiers capable of handling new age pollutants.
* INDIAN HOTELS CO: Promoter Tata Sons will acquire up to 6.64% or 78.97 mln shares from other promoters namely Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust for restructuring of investment portfolio.
* INDIAN OVERSEAS BANK: The penalty of 20 mln rupees imposed by the Reserve Bank of India was for noncompliance of know-your-customers norms for some accounts opened in 2010-11.
* INFOSYS: Has launched a technology and innovation hub in Indianapolis, US, to train, up-skill and re-skill employees in the technologies required to help businesses accelerate their digital transformation. Pankaj Mitra, a principal at the company's $500-mln innovation fund, has left the company to move to networking giant Cisco, a departure that comes nearly nine months after the head of the fund left the company.
* ITC: The company's Aashirvaad atta has become a 40-bln-rupee brand in the wheat flour market, with around 28% share in the branded segment.
* JET AIRWAYS INDIA: Plans to add about 400 more pilots to its rolls over the next two years, Amit Agarwal, deputy chief executive officer and chief financial officer at the airline said.
* JSW STEEL: Moody's Investors Service has upgraded the corporate family rating for the company to Ba2 from Ba3 earlier as it expects the company to continue improving its ability to repay debt.
* LUMAX AUTO TECHNOLOGIES: Board will meet on Mar 23 to consider the sub-division of the face value of shares of the company.
* MANAPPURAM FINANCE: Board will meet on Mar 20 to consider business plan for 2018-19 (Apr-Mar).
* MEP INFRASTRUCTURE DEVELOPERS: Has tied up with ITD CEMENTATION INDIA, a subsidiary of Italian-Thai Development Co, in order to bid jointly for upcoming road projects under the hybrid annuity model.
* NTPC: Has joined hands with Indian Institute of Management-Ahmedabad to establish a management school in Noida near Delhi that would offer specialized courses on energy management and work as a policy think tank.
* OIL AND NATURAL GAS CORP: The government will now consult the company and OIL INDIA before taking away their discovered small fields for next round of auction to private players, in a bid to avoid row between state firms' executives and the oil ministry officials as has happened in the past. Subsidiary, ONGC Videsh, has signed a pact with Iran's IDRO Oil to jointly bid for a $1-bln contract for development of Susangerd oilfield in southern Iran.
* ORTEL COMMUNICATIONS: The Company’s board will meet on Saturday to consider fund raising in one or more tranches, which may include the private placement route, preferential issue, or any other method.
* PG ELECTROPLAST: Nomura Singapore has sold 100,000 shares or 0.6% stake in the company at 340 rupees each through a bulk deal on the National Stock Exchange, data on the bourse showed.
* PUNJAB ALKALIES AND CHEMICALS: IDBI BANK has sold 520,000 shares or 1.9% stake in
the company at 29.25 rupees each through a bulk deal on BSE, data on the exchange showed.
* PUNJAB NATIONAL BANK: Nirav Modi's Firestar Diamond International has moved the Delhi High Court, challenging the seizure of its diamonds and other assets by the Enforcement Directorate. The bankruptcy declarations by jeweller Nirav Modi's companies--Firestar Diamond Inc, A Jaffe Inc and Fantasy Inc--may offer some clues to where the money went in the 126.22-bln-rupee bank fraud, when compared with the first information report filed by the Central Bureau of Investigation.
- The Serious Fraud Investigation Office has approached other lenders which have exposure to the firms promoted by scam-tainted Nirav Modi and Mehul Choksi to help in the agency's probe into the over 120-bln-rupee scam. The extent of the unravelling fraud at the bank could rise beyond the nearly $2-bln mark so far outlined by the lender.
* RELIANCE COMMUNICATIONS: The arbitration court has barred the company from selling assets. The company has filed an appeal in the Bombay High Court to protect the interests of secured lenders. An Indian arbitration tribunal has barred the company and two of its units from transferring or selling any assets without the tribunal's permission, potentially undermining its debt reduction plan.
* RURAL ELECTRIFICATION CORP: Has approved the sale and transfer of WR-NR Power Transmission to POWER GRID CORP OF INDIA through tariff based competitive bidding process.
* SADBHAV INFRASTRUCTURE PROJECT: Has been declared the lowest bidder by National Highways Authority of India for a 48.52-km road project worth 9.16 bln rupees.
* SHARON BIO-MEDICINE: The company's active pharmaceuticals ingredients plant at Taloja has temporarily suspended its operations on the directions of Central Pollution Control Board.
* SHILPI CABLE TECHNOLOGIES: Resolution professional Rita Gupta has appointed MK Aggarwal and Co as forensic auditor to look into past business transactions of the company.
* SPECIALITY RESTAURANTS: Has opened a new 'Zoodles' restaurant and 'Sweet Bengal' confectionery in Mumbai.
* TATA CONSULTANCY SERVICES: The company and UK-based Virgin Atlantic have extended
their strategic partnership for five years.
* TATA MOTORS: The Securities and Exchange Board of India has directed the company to conduct an internal inquiry into leak of the company's earnings for Oct-Dec 2015, hours before the official release on exchanges. On Tuesday premiered its most ambitious vehicle so far, the E-Vision Sedan Concept, which is set to eventually become the flagship saloon for the brand in the Indian market. Has unveiled an electric concept with long range and class defining interiors as part of its plans to consolidate its green mobility portfolio.
* TEAMLEASE SERVICES: The Reserve Bank of India notified that foreign portfolio investors can invest up to 75% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 24% earlier.
* TORRENT PHARMACEUTICALS: Is readying a bid of 2 bln euro (around 160 bln rupees) for Zentiva N.V., the generic drugs unit of France's Sanofi.
* ULTRATECH CEMENT: The Reserve Bank of India has notified that foreign portfolio investors can invest up to 40% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 30% earlier. After the Dalmia Bharat Group won BINANI CEMENT in a closely fought and multi-cornered battle for the debt-laden buildings material company, the company on Tuesday approached the bankruptcy court to seek a more transparent way of evaluating the bids "that maximise value for all stakeholders".
* VEDANTA: The Abhishek Dalmia-led Renaissance Steel has filed a petition in the National Company Law Tribunal, seeking to stop the company from taking over the ailing city-based ELECTROSTEEL STEELS.
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* ASHOKA BUILDCON: Subsidiary Ashoka Concessions has received a letter of award worth 8.6 bln rupees from National Highways Authority of India for six-laning of Khairatunda to Barwa Adda stretch of the National Highway-2 in Jharkhand under the National Highways Development Project Phase-V on hybrid-annuity mode. The National Highways Authority of India has declared Ashoka Concessions, a subsidiary of the company, as the lowest bidder for three projects worth 29.92 bln rupees.
* AU SMALL FINANCE BANK: Has tied up with Aurionpro Solutions to improve its digital banking services for small and medium enterprises, and micro, small and medium enterprises.
* AXIS BANK: Has an exposure of around 2 bln rupees to companies owned by Nirav Modi and the Gitanjali Group, who are being investigated for their alleged involvement in fraudulent transactions at another bank.
* BAL PHARMA: Will form a joint venture company, AB Vet Pharma, in collaboration with Australia-based Akaal Pharma.
* BANK OF BARODA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for March, the lender informed exchanges. Has entered into a Memorandum of Understanding with National E-Repository to provide finance to farmers against pledge of warehouse receipts.
* BHUSHAN STEEL: The resolution professional for the company on Tuesday approached the National Company Law Tribunal alleging that employees of the steel firm were not cooperating with him, denying access to the desired documents and records.
* DABUR INDIA: Step-down subsidiary Dermoviva Skin Essentials Inc will acquire South African companies D and A Cosmetics Proprietary for 40.3 mln South African rand (approximately 222.6 mln rupees) and Atlanta Body & Health Products Proprietary for 1.7 mln rand.
* DILIP BUILDCON: Has received a letter of award from National Highways Authority of India for
six-laning of 40.2-km Gorhar to Khairatunda stretch of the National Highway-2 in Jharkhand.
* ELECTROSTEEL STEELS: Abhishek Dalmia's Renaissance Group, which had submitted a bid for the company, has filed a petition in the National Company Law Tribunal, requesting the bankruptcy court to not allow the resolution professional to negotiate with bidders until the eligibility of two prospective acquirers of the debt-laden alloy maker is determined.
* GAYATRI PROJECTS: Two funds owned by GMO LLC have acquired 2.3 mln shares or 1.3% stake in the company at 208.70 rupees apiece through a bulk deal on the National Stock Exchange.
* GITANJALI GEMS: The Life Insurance Corp of India has close to 250 mln rupees outstanding from the Gitanjali Group, against which it has security of the group's Hyderabad Gem Special Economic Zone.
* HAVELLS INDIA: Has unveiled a range of water purifiers capable of handling new age pollutants.
* INDIAN HOTELS CO: Promoter Tata Sons will acquire up to 6.64% or 78.97 mln shares from other promoters namely Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust for restructuring of investment portfolio.
* INDIAN OVERSEAS BANK: The penalty of 20 mln rupees imposed by the Reserve Bank of India was for noncompliance of know-your-customers norms for some accounts opened in 2010-11.
* INFOSYS: Has launched a technology and innovation hub in Indianapolis, US, to train, up-skill and re-skill employees in the technologies required to help businesses accelerate their digital transformation. Pankaj Mitra, a principal at the company's $500-mln innovation fund, has left the company to move to networking giant Cisco, a departure that comes nearly nine months after the head of the fund left the company.
* ITC: The company's Aashirvaad atta has become a 40-bln-rupee brand in the wheat flour market, with around 28% share in the branded segment.
* JET AIRWAYS INDIA: Plans to add about 400 more pilots to its rolls over the next two years, Amit Agarwal, deputy chief executive officer and chief financial officer at the airline said.
* JSW STEEL: Moody's Investors Service has upgraded the corporate family rating for the company to Ba2 from Ba3 earlier as it expects the company to continue improving its ability to repay debt.
* LUMAX AUTO TECHNOLOGIES: Board will meet on Mar 23 to consider the sub-division of the face value of shares of the company.
* MANAPPURAM FINANCE: Board will meet on Mar 20 to consider business plan for 2018-19 (Apr-Mar).
* MEP INFRASTRUCTURE DEVELOPERS: Has tied up with ITD CEMENTATION INDIA, a subsidiary of Italian-Thai Development Co, in order to bid jointly for upcoming road projects under the hybrid annuity model.
* NTPC: Has joined hands with Indian Institute of Management-Ahmedabad to establish a management school in Noida near Delhi that would offer specialized courses on energy management and work as a policy think tank.
* OIL AND NATURAL GAS CORP: The government will now consult the company and OIL INDIA before taking away their discovered small fields for next round of auction to private players, in a bid to avoid row between state firms' executives and the oil ministry officials as has happened in the past. Subsidiary, ONGC Videsh, has signed a pact with Iran's IDRO Oil to jointly bid for a $1-bln contract for development of Susangerd oilfield in southern Iran.
* ORTEL COMMUNICATIONS: The Company’s board will meet on Saturday to consider fund raising in one or more tranches, which may include the private placement route, preferential issue, or any other method.
* PG ELECTROPLAST: Nomura Singapore has sold 100,000 shares or 0.6% stake in the company at 340 rupees each through a bulk deal on the National Stock Exchange, data on the bourse showed.
* PUNJAB ALKALIES AND CHEMICALS: IDBI BANK has sold 520,000 shares or 1.9% stake in
the company at 29.25 rupees each through a bulk deal on BSE, data on the exchange showed.
* PUNJAB NATIONAL BANK: Nirav Modi's Firestar Diamond International has moved the Delhi High Court, challenging the seizure of its diamonds and other assets by the Enforcement Directorate. The bankruptcy declarations by jeweller Nirav Modi's companies--Firestar Diamond Inc, A Jaffe Inc and Fantasy Inc--may offer some clues to where the money went in the 126.22-bln-rupee bank fraud, when compared with the first information report filed by the Central Bureau of Investigation.
- The Serious Fraud Investigation Office has approached other lenders which have exposure to the firms promoted by scam-tainted Nirav Modi and Mehul Choksi to help in the agency's probe into the over 120-bln-rupee scam. The extent of the unravelling fraud at the bank could rise beyond the nearly $2-bln mark so far outlined by the lender.
* RELIANCE COMMUNICATIONS: The arbitration court has barred the company from selling assets. The company has filed an appeal in the Bombay High Court to protect the interests of secured lenders. An Indian arbitration tribunal has barred the company and two of its units from transferring or selling any assets without the tribunal's permission, potentially undermining its debt reduction plan.
* RURAL ELECTRIFICATION CORP: Has approved the sale and transfer of WR-NR Power Transmission to POWER GRID CORP OF INDIA through tariff based competitive bidding process.
* SADBHAV INFRASTRUCTURE PROJECT: Has been declared the lowest bidder by National Highways Authority of India for a 48.52-km road project worth 9.16 bln rupees.
* SHARON BIO-MEDICINE: The company's active pharmaceuticals ingredients plant at Taloja has temporarily suspended its operations on the directions of Central Pollution Control Board.
* SHILPI CABLE TECHNOLOGIES: Resolution professional Rita Gupta has appointed MK Aggarwal and Co as forensic auditor to look into past business transactions of the company.
* SPECIALITY RESTAURANTS: Has opened a new 'Zoodles' restaurant and 'Sweet Bengal' confectionery in Mumbai.
* TATA CONSULTANCY SERVICES: The company and UK-based Virgin Atlantic have extended
their strategic partnership for five years.
* TATA MOTORS: The Securities and Exchange Board of India has directed the company to conduct an internal inquiry into leak of the company's earnings for Oct-Dec 2015, hours before the official release on exchanges. On Tuesday premiered its most ambitious vehicle so far, the E-Vision Sedan Concept, which is set to eventually become the flagship saloon for the brand in the Indian market. Has unveiled an electric concept with long range and class defining interiors as part of its plans to consolidate its green mobility portfolio.
* TEAMLEASE SERVICES: The Reserve Bank of India notified that foreign portfolio investors can invest up to 75% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 24% earlier.
* TORRENT PHARMACEUTICALS: Is readying a bid of 2 bln euro (around 160 bln rupees) for Zentiva N.V., the generic drugs unit of France's Sanofi.
* ULTRATECH CEMENT: The Reserve Bank of India has notified that foreign portfolio investors can invest up to 40% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 30% earlier. After the Dalmia Bharat Group won BINANI CEMENT in a closely fought and multi-cornered battle for the debt-laden buildings material company, the company on Tuesday approached the bankruptcy court to seek a more transparent way of evaluating the bids "that maximise value for all stakeholders".
* VEDANTA: The Abhishek Dalmia-led Renaissance Steel has filed a petition in the National Company Law Tribunal, seeking to stop the company from taking over the ailing city-based ELECTROSTEEL STEELS.
