Today Stock News – 27.03.2018
* ABG SHIPYARD: Lenders have initiated a process to declare the promoters of Lanco business group, controlled by a former Congress Parliamentarian, and the company, owned by kin of the Ruias of Essar Steel, as 'wilful defaulters' after failing to recover dues despite their efforts.
* AMTEK AUTO: JPMorgan Asset Management settled proceedings with regulator Securities and Exchange Board of India in connection with alleged violation of mutual funds norms in the company on payment of over 80 mln rupees towards settlement charges.
* BHARTI AIRTEL: The company and Reliance Jio Infocomm were among the best service providers in meeting the call drop benchmark during Oct-Dec, data from the telecom regulator showed. Has moved the telecom tribunal, challenging the Telecom Regulatory Authority of India's recent showcause notice asking the market leader to share details of nontransparent and discriminatory tariffs that it has allegedly offered consumers.
* BHUSHAN STEEL: Bhushan Power and Steel is likely to see a second round of bidding to ensure lenders recover the application by the latter's independent directors for relief.
* GREAT EASTERN SHIPPING CO: Has signed a contract to buy a second-hand medium gas carrier of about 36,567 cubic mtr.
* GTL INFRASTRUCTURE: Has filed a fresh intervention application in the Mumbai bench of the National Company Law Tribunal to recover operational dues of 5 bln rupees and contractual claims of over 120 bln rupees from Aircel.
* HERO MOTOCORP: Is reworking its strategy for overseas markets with key inputs from global consultancy McKinseyas well as drawing from its experiences in Nigeria and Columbia following geopolitical constraints.
* HINDUSTAN FOODS: Has signed a term sheet to buy movable assets and stocks of the footwear manufacturing business of G Shoe Export.
* IDEA CELLULAR: With a debt of 1.2 trln rupees, Vodafone and the company will have to work harder together to turn profitable as the consolidating mobile telephony market in the country changes rapidly.
* IDFC BANK: Has received the National Stock Exchange's approval for its proposed merger with Capital First, and two of the latter's subsidiaries--Capital First Home Finance and Capital First Securities.
* INDIABULLS REAL ESTATE: Indiabulls Infra estate, a subsidiary of the company, has bought back 250 nonconvertible debentures worth 250 mln rupees.
* JET AIRWAYS INDIA: Will increase the number of weekly flights between northeast India and the rest of the country to 184, by adding 30 new ones.
* JINDAL SAW: Has acquired 24,500 shares or 49% stake in Quality Iron and Steel.
* JSW STEEL: Promoters of companies which have turned bankrupt should not be allowed to bid for other stressed assets, Sajjan Jindal, chairman and managing director of JSW group said.
* KNR CONSTRUCTIONS: Has received two orders worth 29.64 bln rupees for road projects from the National Highways Authority of India.
* NMDC: Has declared interim dividend of 4.30 rupees per share for 2017-18 (Apr-Mar).
* POWER FINANCE CORP: The board of directors of the company has approved raising 570 bln rupees through various securities in 2018-19 (Apr-Mar).
* PUNJAB NATIONAL BANK: A special CBI court today allowed the Enforcement Directorate's plea seeking permission to interrogate employees of the Nirav Modi group firms who are in judicial custody in the alleged bank fraud.
* PUNJ LLOYD: Has received an order worth 5.05 bln rupees from the National Highways Authority of India.
* RAYMOND: Plans to raise 1 bln rupees by issuing 1,095-day non-convertible debentures, at a coupon rate of 8.65%.
* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 50,000 shares or 0.6% stake in the company at 1,150 rupees apiece in a bulk deal on BSE.
* SHRIRAM TRANSPORT FINANCE CO: Has raised 10.10 bln rupees through the issuance of three series of nonconvertible debentures, the company said.
* STRIDES SHASUN: Shashank Sinha's vision for the company, resembles a three-act play: It opens with investment, then shifts to growth, and the grand finale: a possible sale. "The overall philosophy for this is that there will be a point in time when the value in this business is optimized and then we are obviously open to all options," he said.
* TATA CONSULTANCY SERVICES: Has picked up 1 mln sq ft commercial realty space on lease at International Tech Park Bangalore from Temasek Holdings-JTC Corporation-owned Ascendas-Singbridge Group.
* TATA METALIKS: Some operations at the company's Kharagpur plant will be affected during Mar 26-Apr 6 due to a planned shutdown of blast furnaces, sinter plant, and captive power plants.
* TATA MOTORS: Has launched Nexon XZ, a new variant of Nexon, at a starting price of 799,000 rupees for petrol and diesel engine options, and 899,000 for diesel engine options, ex-showroom Delhi.
* TATA POWER: Its board has approved the sale of company's stake in TATA COMMUNICATIONS and Panatone Finvest to Tata Sons and its affiliates, subject to shareholders approval.
* TD POWER SYSTEMS: India Value Fund IV has sold 755,000 shares or 2.3% stake in the company at 185.14 rupees a share in a bulk deal on the National Stock Exchange.
* THOMAS COOK INDIA: Has acquired 100% stake in SOTC Travel Management from SOTC Travel, a wholly-owned subsidiary of the company, for 100,000 rupees in cash.
* VEDANTA: To replace higher-cost bonds, the company plans to issue bonds worth 45 bln rupees at a coupon not exceeding 8.50%.
* WIPRO: Has expanded its global relationship with Abode to create, build and run digital marketing solutions and campaigns for their clients.
* ZEE ENTERTAINMENT ENTERPRISES: The company and Turner International have mutually
decided to end their two decade strategic collaboration, and work independently to drive subscription revenues.
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* AMTEK AUTO: JPMorgan Asset Management settled proceedings with regulator Securities and Exchange Board of India in connection with alleged violation of mutual funds norms in the company on payment of over 80 mln rupees towards settlement charges.
* BHARTI AIRTEL: The company and Reliance Jio Infocomm were among the best service providers in meeting the call drop benchmark during Oct-Dec, data from the telecom regulator showed. Has moved the telecom tribunal, challenging the Telecom Regulatory Authority of India's recent showcause notice asking the market leader to share details of nontransparent and discriminatory tariffs that it has allegedly offered consumers.
* BHUSHAN STEEL: Bhushan Power and Steel is likely to see a second round of bidding to ensure lenders recover the application by the latter's independent directors for relief.
* GREAT EASTERN SHIPPING CO: Has signed a contract to buy a second-hand medium gas carrier of about 36,567 cubic mtr.
* GTL INFRASTRUCTURE: Has filed a fresh intervention application in the Mumbai bench of the National Company Law Tribunal to recover operational dues of 5 bln rupees and contractual claims of over 120 bln rupees from Aircel.
* HERO MOTOCORP: Is reworking its strategy for overseas markets with key inputs from global consultancy McKinseyas well as drawing from its experiences in Nigeria and Columbia following geopolitical constraints.
* HINDUSTAN FOODS: Has signed a term sheet to buy movable assets and stocks of the footwear manufacturing business of G Shoe Export.
* IDEA CELLULAR: With a debt of 1.2 trln rupees, Vodafone and the company will have to work harder together to turn profitable as the consolidating mobile telephony market in the country changes rapidly.
* IDFC BANK: Has received the National Stock Exchange's approval for its proposed merger with Capital First, and two of the latter's subsidiaries--Capital First Home Finance and Capital First Securities.
* INDIABULLS REAL ESTATE: Indiabulls Infra estate, a subsidiary of the company, has bought back 250 nonconvertible debentures worth 250 mln rupees.
* JET AIRWAYS INDIA: Will increase the number of weekly flights between northeast India and the rest of the country to 184, by adding 30 new ones.
* JINDAL SAW: Has acquired 24,500 shares or 49% stake in Quality Iron and Steel.
* JSW STEEL: Promoters of companies which have turned bankrupt should not be allowed to bid for other stressed assets, Sajjan Jindal, chairman and managing director of JSW group said.
* KNR CONSTRUCTIONS: Has received two orders worth 29.64 bln rupees for road projects from the National Highways Authority of India.
* NMDC: Has declared interim dividend of 4.30 rupees per share for 2017-18 (Apr-Mar).
* POWER FINANCE CORP: The board of directors of the company has approved raising 570 bln rupees through various securities in 2018-19 (Apr-Mar).
* PUNJAB NATIONAL BANK: A special CBI court today allowed the Enforcement Directorate's plea seeking permission to interrogate employees of the Nirav Modi group firms who are in judicial custody in the alleged bank fraud.
* PUNJ LLOYD: Has received an order worth 5.05 bln rupees from the National Highways Authority of India.
* RAYMOND: Plans to raise 1 bln rupees by issuing 1,095-day non-convertible debentures, at a coupon rate of 8.65%.
* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 50,000 shares or 0.6% stake in the company at 1,150 rupees apiece in a bulk deal on BSE.
* SHRIRAM TRANSPORT FINANCE CO: Has raised 10.10 bln rupees through the issuance of three series of nonconvertible debentures, the company said.
* STRIDES SHASUN: Shashank Sinha's vision for the company, resembles a three-act play: It opens with investment, then shifts to growth, and the grand finale: a possible sale. "The overall philosophy for this is that there will be a point in time when the value in this business is optimized and then we are obviously open to all options," he said.
* TATA CONSULTANCY SERVICES: Has picked up 1 mln sq ft commercial realty space on lease at International Tech Park Bangalore from Temasek Holdings-JTC Corporation-owned Ascendas-Singbridge Group.
* TATA METALIKS: Some operations at the company's Kharagpur plant will be affected during Mar 26-Apr 6 due to a planned shutdown of blast furnaces, sinter plant, and captive power plants.
* TATA MOTORS: Has launched Nexon XZ, a new variant of Nexon, at a starting price of 799,000 rupees for petrol and diesel engine options, and 899,000 for diesel engine options, ex-showroom Delhi.
* TATA POWER: Its board has approved the sale of company's stake in TATA COMMUNICATIONS and Panatone Finvest to Tata Sons and its affiliates, subject to shareholders approval.
* TD POWER SYSTEMS: India Value Fund IV has sold 755,000 shares or 2.3% stake in the company at 185.14 rupees a share in a bulk deal on the National Stock Exchange.
* THOMAS COOK INDIA: Has acquired 100% stake in SOTC Travel Management from SOTC Travel, a wholly-owned subsidiary of the company, for 100,000 rupees in cash.
* VEDANTA: To replace higher-cost bonds, the company plans to issue bonds worth 45 bln rupees at a coupon not exceeding 8.50%.
* WIPRO: Has expanded its global relationship with Abode to create, build and run digital marketing solutions and campaigns for their clients.
* ZEE ENTERTAINMENT ENTERPRISES: The company and Turner International have mutually
decided to end their two decade strategic collaboration, and work independently to drive subscription revenues.
