Today Stock News – 24.04.2018
* ABG SHIPYARD: London-based metals group Liberty House has emerged the sole bidder yet again in the third round of bidding for the company when the deadline for submission of resolution plan for the debt-laden shipbuilder ended on Monday.
* BANK OF INDIA: Has entered into an agreement with National E-Governance Services for information utility arrangement under the Insolvency and Bankruptcy Code.
* BHARTI AIRTEL: Will deploy an additional 2,000 km of optical fibre and add over 6,000 new sites in Gujarat in 2018-19 (Apr-Mar) to strengthen its high sp
* HINDUSTAN COPPER: MOIL has signed a memorandum of understanding with the company to buy silica sand from the company's unit at Malanjkhand in Madhya Pradesh.
* ICICI SECURITIES: The stock market regulator has sought details of a large investment made by ICICI Prudential Mutual Fund in the flop IPO of the company.
* INFOSYS: The company said it has set a three-year roadmap to achieve its objectives, which include stabilising operations in 2018-19 (Apr-Mar), building momentum in 2019-20, and accelerate growth in 2020-21. (Cogencis)
* JET AIRWAYS INDIA: The company has entered into a codeshare agreement with Mexico's airline
Aeromexico to connect customers from Delhi and Mumbai in India with Mexico City, via Heathrow Airport in London.
* JSW STEEL: Has sought a fresh round of bidding from the debt-laden steel major Essar Steel's Committee of Creditors.
* LAURAS LABS: Norway's government pension fund has bought 1.75 mln shares or 1.65% stake in the company at 508 rupees a share through a bulk deal on BSE.
* LIC HOUSING FINANCE: The board has declared a dividend of 6.8 rupees per share.
* MAHARASHTRA SEAMLESS: The company has been declared as the successful resolution applicant by the committee of creditors of United Seamless Tubulaar.
* MOTHERSON SUMI SYSTEMS: Auto components major Samvardhana Motherson Group announced an equal joint venture between Frigel and Matsui Technologies India to meet increasing demand for cooling solutions for various industries in India.
* MUSIC BROADCAST: The board has approved the move to acquire 100% stake in the radio business of Ananda Offset, operating under the brand name of "Friends 91.9 FM" in Kolkata, through slump sale on a going concern basis.
* ORCHID PHARMA: Lenders have called for a second round of bidding for the company after they found the offer from the only eligible bidder in the first round--Union Quimico Farmacutica--to be too low.
* PVR: Has said it planned to revamp and retrofit central air purification systems, powered by Nirvana Being, to combat indoor pollution at its various multiplex properties, first in the exhibition industry in the country. (BS)
* RELIGARE ENTERPRISES: The company has issued 19.31 mln warrants to Chandrakanta Enterprises and 9.75 mln warrants to Quick Realtors LLP at 52.3 rupees apiece convertible into equal number of equity shares of face value of 10 rupees each.
* RELIANCE INFRASTRUCTURE: The board has declared a dividend of 9.50 rupees per share. The board has approved raising up to 40 bln rupees through non-convertible debentures.
* ROLTA INDIA: Has defaulted on payments related to a debt restructuring agreement with the holders of its $300 mln senior notes due in 2019 and $200 mln senior notes due in 2018.
* SADBHAV INFRASTRUCTURE PROJECT: Has raised 1.7 bln rupees through the issuance of nonconvertible debentures.
* SHILPI CABLE TECHNOLOGIES: National Company Law Tribunal has approved the request of the resolution professional of the company for 90-day extension to the deadline for corporate insolvency resolution.
* SREI INFRASTRUCTURE FINANCE: Has been disqualified from the bidding process of the bankrupt Adhunik Alloy, after it was found that the company had a stake in Deccan Chronicle Holdings - a firm that defaulted on nearly 40 bln rupees.
* STANDARD CHARTERED PLC: Standard Chartered Bank India Chief Executive Officer Zarin Daruwala has categorically said she has not been approached by AXIS BANK as a possible replacement for Shikha Sharma, who is set to exit the bank in December.
* STEEL AUTHORITY OF INDIA: Has inked a pact with the Airports Authority of India for utilisation of airstrips at its three facilities--Rourkela, Bokaro, and Burnpur--under the regional connectivity scheme UDAN.
* TATA CHEMICALS: Is looking at business opportunities related to the exploration and import of lithium from Bolivia to India and possibly to other countries where the company operates.
* TECH MAHINDRA: Has opened its first cyber security operations centre in Vijayawada.
* THOMAS COOK INDIA: The board has approved the restructuring of operations into four verticals - travel, foreign exchange, destination management services, and portfolio investments.
* UJJIVAN FINANCIAL SERVICES: The board has approved the appointment of Ittira Davis as the managing director and chief executive officer for three years, with effect from Jul 1.
* ULTRATECH CEMENT: Using an order of the National Company Law Tribunal Delhi as a precedent will appeal to the legal authority's Kolkata Bench to direct the committee of creditors to consider its revised offer to acquire Binani Cement, a bankrupt firm.
* UNITED SPIRITS: Is seeking to harness e-commerce to reach out to customers.
* UTTAM GALVA STEELS: The Securities Appellate Tribunal adjourned the hearing in a petition filed by minority shareholders of the company challenging the reclassification of ArcelorMittal Netherlands BV as a public shareholder by stock exchanges.
* VEDANTA: Acquisition of financially stressed ELECTROSTEEL STEELS is credit-positive because it would complement the company's iron ore business, Moody's Investors Service said. The company plans to ramp up production and revenue by 50% in the next two years, and has started identifying its future chief executive officers.
* VIDEOCON INDUSTRIES: Has filed an application to consolidate all insolvency cases against the
company and its group firms in the principal bench of the National Company Law Tribunal.
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* BANK OF INDIA: Has entered into an agreement with National E-Governance Services for information utility arrangement under the Insolvency and Bankruptcy Code.
* BHARTI AIRTEL: Will deploy an additional 2,000 km of optical fibre and add over 6,000 new sites in Gujarat in 2018-19 (Apr-Mar) to strengthen its high sp
* HINDUSTAN COPPER: MOIL has signed a memorandum of understanding with the company to buy silica sand from the company's unit at Malanjkhand in Madhya Pradesh.
* ICICI SECURITIES: The stock market regulator has sought details of a large investment made by ICICI Prudential Mutual Fund in the flop IPO of the company.
* INFOSYS: The company said it has set a three-year roadmap to achieve its objectives, which include stabilising operations in 2018-19 (Apr-Mar), building momentum in 2019-20, and accelerate growth in 2020-21. (Cogencis)
* JET AIRWAYS INDIA: The company has entered into a codeshare agreement with Mexico's airline
Aeromexico to connect customers from Delhi and Mumbai in India with Mexico City, via Heathrow Airport in London.
* JSW STEEL: Has sought a fresh round of bidding from the debt-laden steel major Essar Steel's Committee of Creditors.
* LAURAS LABS: Norway's government pension fund has bought 1.75 mln shares or 1.65% stake in the company at 508 rupees a share through a bulk deal on BSE.
* LIC HOUSING FINANCE: The board has declared a dividend of 6.8 rupees per share.
* MAHARASHTRA SEAMLESS: The company has been declared as the successful resolution applicant by the committee of creditors of United Seamless Tubulaar.
* MOTHERSON SUMI SYSTEMS: Auto components major Samvardhana Motherson Group announced an equal joint venture between Frigel and Matsui Technologies India to meet increasing demand for cooling solutions for various industries in India.
* MUSIC BROADCAST: The board has approved the move to acquire 100% stake in the radio business of Ananda Offset, operating under the brand name of "Friends 91.9 FM" in Kolkata, through slump sale on a going concern basis.
* ORCHID PHARMA: Lenders have called for a second round of bidding for the company after they found the offer from the only eligible bidder in the first round--Union Quimico Farmacutica--to be too low.
* PVR: Has said it planned to revamp and retrofit central air purification systems, powered by Nirvana Being, to combat indoor pollution at its various multiplex properties, first in the exhibition industry in the country. (BS)
* RELIGARE ENTERPRISES: The company has issued 19.31 mln warrants to Chandrakanta Enterprises and 9.75 mln warrants to Quick Realtors LLP at 52.3 rupees apiece convertible into equal number of equity shares of face value of 10 rupees each.
* RELIANCE INFRASTRUCTURE: The board has declared a dividend of 9.50 rupees per share. The board has approved raising up to 40 bln rupees through non-convertible debentures.
* ROLTA INDIA: Has defaulted on payments related to a debt restructuring agreement with the holders of its $300 mln senior notes due in 2019 and $200 mln senior notes due in 2018.
* SADBHAV INFRASTRUCTURE PROJECT: Has raised 1.7 bln rupees through the issuance of nonconvertible debentures.
* SHILPI CABLE TECHNOLOGIES: National Company Law Tribunal has approved the request of the resolution professional of the company for 90-day extension to the deadline for corporate insolvency resolution.
* SREI INFRASTRUCTURE FINANCE: Has been disqualified from the bidding process of the bankrupt Adhunik Alloy, after it was found that the company had a stake in Deccan Chronicle Holdings - a firm that defaulted on nearly 40 bln rupees.
* STANDARD CHARTERED PLC: Standard Chartered Bank India Chief Executive Officer Zarin Daruwala has categorically said she has not been approached by AXIS BANK as a possible replacement for Shikha Sharma, who is set to exit the bank in December.
* STEEL AUTHORITY OF INDIA: Has inked a pact with the Airports Authority of India for utilisation of airstrips at its three facilities--Rourkela, Bokaro, and Burnpur--under the regional connectivity scheme UDAN.
* TATA CHEMICALS: Is looking at business opportunities related to the exploration and import of lithium from Bolivia to India and possibly to other countries where the company operates.
* TECH MAHINDRA: Has opened its first cyber security operations centre in Vijayawada.
* THOMAS COOK INDIA: The board has approved the restructuring of operations into four verticals - travel, foreign exchange, destination management services, and portfolio investments.
* UJJIVAN FINANCIAL SERVICES: The board has approved the appointment of Ittira Davis as the managing director and chief executive officer for three years, with effect from Jul 1.
* ULTRATECH CEMENT: Using an order of the National Company Law Tribunal Delhi as a precedent will appeal to the legal authority's Kolkata Bench to direct the committee of creditors to consider its revised offer to acquire Binani Cement, a bankrupt firm.
* UNITED SPIRITS: Is seeking to harness e-commerce to reach out to customers.
* UTTAM GALVA STEELS: The Securities Appellate Tribunal adjourned the hearing in a petition filed by minority shareholders of the company challenging the reclassification of ArcelorMittal Netherlands BV as a public shareholder by stock exchanges.
* VEDANTA: Acquisition of financially stressed ELECTROSTEEL STEELS is credit-positive because it would complement the company's iron ore business, Moody's Investors Service said. The company plans to ramp up production and revenue by 50% in the next two years, and has started identifying its future chief executive officers.
* VIDEOCON INDUSTRIES: Has filed an application to consolidate all insolvency cases against the
company and its group firms in the principal bench of the National Company Law Tribunal.
