Today Stock News – 04.06.2018
* 3i INFOTECH: Will sustain improvement in business and financial risk profiles over the medium term, aided by healthy revenue growth, improving profitability, and by reducing debt, CRISIL Ratings said.
* ALEMBIC PHARMACEUTICALS: Has earmarked a capital expenditure of 7.20 bln rupees for this fiscal year to complete existing projects and on maintenance.
* AXIS BANK: Axis Asset Management Co, a part of the bank, is looking to raise 5 bln rupees to invest in the
* FUTURE RETAIL: Completed acquisition of the retail business of Foodworld Supermarkets under the brand name of Foodworld.
* GMR INFRASTRUCTURE: The Maldivian government has slapped a notice seeking $20.5 mln towards income tax and fines on GMR Male International Airport, that won $271 mln arbitration against the premature termination of Male International Airport contract.
* GUJARAT FLUOROCHEMICALS: Has provided guarantee for its step-down subsidiary Inox Wind Infrastructure Services' term loan of 1 bln rupees from YES BANK.
* HINDUSTAN UNILEVER: Plans to launch traditional South Asian breakfast options such as khichdi, upma and pongal.
* HOUSING DEVELOPMENT FINANCE CORP: Will increase its retail prime lending rate by 10 basis points to 16.45%, with effect from Saturday.
* HERO MOTOCORP: Total sales volume rose 11% on year to 706,365 units in May.
* HOUSING DEVELOPMENT FINANCE CORP: Will increase its retail prime lending rate by 10 basis points to 16.45%, with effect from Saturday.
* ICICI BANK: Even as the bank set up an enquiry to investigate an anonymous whistle-blower's complaint, activist shareholder Arvind Gupta has written another letter to Prime Minister Narendra Modi, with new allegations against the lender, Chanda and Deepak Kochhar.
-The board of the bank has begun looking for a new chairman as the term of the incumbent, M.K. Sharma, expires at the end of this month and he may not want a second term.
-SEBI has said in a show cause notice that Chief Executive Officer Chanda Kochhar didn't adhere to its code of conduct, which required the disclosure of any conflict of interest in the case involving Videocon Group and NuPower Renewables, a firm owned by her husband Deepak Kochhar.
* IDEA CELLULAR: The shareholders of the company will, on Jun 26, consider raising up to 150 bln rupees via non-convertible debentures. India's soon-to-be the largest mobile operator will be called 'Vodafone Idea' if shareholders of the company approve the name, once the merger between Vodafone India and the company is completed. Has added 5.6 mln mobile users in Apr vs 9.1 mln in March.
* INDIABULLS REAL ESTATE: A unit of the company is transferring a 24-acre land parcel in Panvel near Mumbai to the Mumbai Metropolitan Region Development Authority as part of the town planner's rental home project under the affordable housing scheme.
* INDIAN HOTELS CO: The Supreme Court said it cannot interfere in the dispute between the company and civic body New Delhi Municipal Council concerning the Taj Mahal Hotel auction tender at this stage, which led the company to withdraw its petition against NDMC.
* INSECTICIDES INDIA: Has announced a 2-bln-rupee expansion plan to increase its capacity in the next three years.
* INTERGLOBE AVIATION: An IndiGo flight from Delhi to Ranchi on Sunday had to return because one of the two engines of the Airbus A320neo plane stalled in midair.
* KAJARIA CERAMICS: Clean Solar Power (Jaipur) expects to get clearance for sale of its solar power project to the company by July.
* KARNATAKA BANK: Hikes 1-2 year retail term deposit rates by 15 basis points. (Cogencis)
Has increased marginal cost of funds-based lending rates on one-year loans by five basis points, effective from Jun 1.
* MAHINDRA & MAHINDRA: The subsidiary Mahindra Electric Mobility has extended its partnership with car rental firm firm Zoomcar to the city, wherein the former's 50 e2oPlus vehicles will be deployed on the latter's platform here. Mahindra Logistics, logistics division of the company is expanding its warehousing capacity in the country. Plans to venture into the Iranian automotive market, for which it recently partnered Azim Khodro, are facing some uncertainty after the US reimposed sanctions on the West Asian country.
* MAFATLAL INDUSTRIES: The board of the company has given an in-principle approval to sell up to 1.6 mln of the 26.01 mln shares it holds in NOCIL over the next one year.
* MANPASAND BEVERAGES: Credit rating on the long-term bank facility of the company has been withdrawn by CRISIL, days after the beverage major's statutory auditor Deloitte Haskins & Sells India resigned.
* MARUTI SUZUKI INDIA: Is likely to launch its first electric car in 2020 with an e-version of WagonR, being developed in partnership with Toyota.
* MEP INFRASTRUCTURE DEVELOPERS: Plans to get into toll-operate-transfer operations of highways.
* OIL AND NATURAL GAS CORP: As part of a long-term solution to keep petrol and diesel prices in check, the government is in talks with the company to freeze the price of the crude oil it supplies to oil-marketing companies. Is reluctant to shoulder the burden of a cut in diesel and petrol prices and it seems more likely that the reduction will have to be effected through cuts in excise duty or state taxes.
* PUNJ LLOYD: Has completed the sale of the remaining 51% stake in three step-down subsidiaries--PL Surya Vidyut, PL Sunrays Power and PL Solar Renewable--to India Power Green Utility.
* PVR: Plans to invest around 2.50 bln rupees this fiscal to increase the number of screens and upgrade select screens in metro cities to enhance the earning potential.
* REDINGTON (INDIA): The company said its overseas business during financial year 2018 had been impacted by economic turmoil in Turkey.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm has started hiring a team of professionals under Akash Ambani to work on artificial intelligence and its multiple use cases for the telecom firm.
* RAMKRISHNA FORGINGS: Has entered into a long-term contract, worth $2 mln per annum, to supply forgings to an original equipment manufacturer for commercial vehicles in Japan.
* SOM DISTILLERIES & BREWERIES: The board has approved raising up to 1 bln rupees through a preferential issue of equity shares to investors under the foreign portfolio investment or foreign direct investment route.
* STATE BANK OF INDIA: A consortium of banks led by the bank has moved the Bengaluru bench of the National Company Law Tribunal, seeking an investigation into the affairs of some of the companies in the United Breweries Group. The bank has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kick-start the infusion.
* STERLING BIOTECH: The Enforcement Directorate attached assets estimated to be worth more than 47 bln rupees belonging to the Sterling Biotech group from Gujarat, in one of the biggest crackdowns against moneylaundering.
* SUDARSHAN CHEMICAL INDUSTRIES: The board has approved sale of 100% stake in its wholly-owned subsidiary Prescient Color to US-based Americhem Inc for an enterprise value of 1.17 bln rupees.
* TECH MAHINDRA: The company saw its employee utilisation rate reach the highest level during the fiscal after witnessing a reduction in its overall headcount in FY18.
* TITAN CO: The company is now planning to take its jewellery business to international markets by the end of FY19.
* UFLEX: Expects to be $2-bln company by FY23, mainly on the back of growing domestic market and overseas operations.
* ULTRATECH CEMENT: After the resolution professional of Binani Cement submitted the resolution plan of the company's 79.60 bln rupees offer for approval from the Kolkata bench of the National Company Law Tribunal on Friday, DALMIA BHARAT also geared up for battle by deciding to challenge it in the tribunal on the very day it will be up for discussion. Is keeping its options open regarding Binani Cement's stressed assets, on other than the legal insolvency process.
* UNITED SPIRITS: The Securities and Exchange Board of India has extended the ban on the company's erstwhile the company's chairman Vijay Mallya from the securities market for three years, and two other officials of the company for one year each, for violation of norms on prohibition of fraudulent and unfair trade practices.
* VEDANTA: The permanent closure of the company's Thoothukudi copper smelter will reduce its scale and business diversity, adding pressure to its other businesses to maintain their strong performance and make up for decline in revenue, global ratings agency Moody's Investors Service said.
* VETO SWITCHGEARS AND CABLES: Cash holdings of 3 mln rupees of group companies, including 1.16 mln rupees of the company, was stolen from the company's corporate office in Jaipur.
* VOLTAS: The Delhi High Court has asked the local arm of Chinese appliance maker Haier to change the wordings of an advertisement for air-conditioners which Tatas-owned Voltas Ltd alleges disparages its brand.
* WHIRLPOOL OF INDIA: Has approved the acquisition of 49% stake or 2.37 mln shares of Elica PB India Pvt Ltd for 1.8 bln rupees.
* YES BANK: Has increased marginal cost of funds-based lending rates by 10-30 basis points across all tenures, effective from Jun 1.
* ZEE ENTERTAINMENT ENTERPRISES: Is gearing to launch a new English movie channel, &flix.
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* ALEMBIC PHARMACEUTICALS: Has earmarked a capital expenditure of 7.20 bln rupees for this fiscal year to complete existing projects and on maintenance.
* AXIS BANK: Axis Asset Management Co, a part of the bank, is looking to raise 5 bln rupees to invest in the
* FUTURE RETAIL: Completed acquisition of the retail business of Foodworld Supermarkets under the brand name of Foodworld.
* GMR INFRASTRUCTURE: The Maldivian government has slapped a notice seeking $20.5 mln towards income tax and fines on GMR Male International Airport, that won $271 mln arbitration against the premature termination of Male International Airport contract.
* GUJARAT FLUOROCHEMICALS: Has provided guarantee for its step-down subsidiary Inox Wind Infrastructure Services' term loan of 1 bln rupees from YES BANK.
* HINDUSTAN UNILEVER: Plans to launch traditional South Asian breakfast options such as khichdi, upma and pongal.
* HOUSING DEVELOPMENT FINANCE CORP: Will increase its retail prime lending rate by 10 basis points to 16.45%, with effect from Saturday.
* HERO MOTOCORP: Total sales volume rose 11% on year to 706,365 units in May.
* HOUSING DEVELOPMENT FINANCE CORP: Will increase its retail prime lending rate by 10 basis points to 16.45%, with effect from Saturday.
* ICICI BANK: Even as the bank set up an enquiry to investigate an anonymous whistle-blower's complaint, activist shareholder Arvind Gupta has written another letter to Prime Minister Narendra Modi, with new allegations against the lender, Chanda and Deepak Kochhar.
-The board of the bank has begun looking for a new chairman as the term of the incumbent, M.K. Sharma, expires at the end of this month and he may not want a second term.
-SEBI has said in a show cause notice that Chief Executive Officer Chanda Kochhar didn't adhere to its code of conduct, which required the disclosure of any conflict of interest in the case involving Videocon Group and NuPower Renewables, a firm owned by her husband Deepak Kochhar.
* IDEA CELLULAR: The shareholders of the company will, on Jun 26, consider raising up to 150 bln rupees via non-convertible debentures. India's soon-to-be the largest mobile operator will be called 'Vodafone Idea' if shareholders of the company approve the name, once the merger between Vodafone India and the company is completed. Has added 5.6 mln mobile users in Apr vs 9.1 mln in March.
* INDIABULLS REAL ESTATE: A unit of the company is transferring a 24-acre land parcel in Panvel near Mumbai to the Mumbai Metropolitan Region Development Authority as part of the town planner's rental home project under the affordable housing scheme.
* INDIAN HOTELS CO: The Supreme Court said it cannot interfere in the dispute between the company and civic body New Delhi Municipal Council concerning the Taj Mahal Hotel auction tender at this stage, which led the company to withdraw its petition against NDMC.
* INSECTICIDES INDIA: Has announced a 2-bln-rupee expansion plan to increase its capacity in the next three years.
* INTERGLOBE AVIATION: An IndiGo flight from Delhi to Ranchi on Sunday had to return because one of the two engines of the Airbus A320neo plane stalled in midair.
* KAJARIA CERAMICS: Clean Solar Power (Jaipur) expects to get clearance for sale of its solar power project to the company by July.
* KARNATAKA BANK: Hikes 1-2 year retail term deposit rates by 15 basis points. (Cogencis)
Has increased marginal cost of funds-based lending rates on one-year loans by five basis points, effective from Jun 1.
* MAHINDRA & MAHINDRA: The subsidiary Mahindra Electric Mobility has extended its partnership with car rental firm firm Zoomcar to the city, wherein the former's 50 e2oPlus vehicles will be deployed on the latter's platform here. Mahindra Logistics, logistics division of the company is expanding its warehousing capacity in the country. Plans to venture into the Iranian automotive market, for which it recently partnered Azim Khodro, are facing some uncertainty after the US reimposed sanctions on the West Asian country.
* MAFATLAL INDUSTRIES: The board of the company has given an in-principle approval to sell up to 1.6 mln of the 26.01 mln shares it holds in NOCIL over the next one year.
* MANPASAND BEVERAGES: Credit rating on the long-term bank facility of the company has been withdrawn by CRISIL, days after the beverage major's statutory auditor Deloitte Haskins & Sells India resigned.
* MARUTI SUZUKI INDIA: Is likely to launch its first electric car in 2020 with an e-version of WagonR, being developed in partnership with Toyota.
* MEP INFRASTRUCTURE DEVELOPERS: Plans to get into toll-operate-transfer operations of highways.
* OIL AND NATURAL GAS CORP: As part of a long-term solution to keep petrol and diesel prices in check, the government is in talks with the company to freeze the price of the crude oil it supplies to oil-marketing companies. Is reluctant to shoulder the burden of a cut in diesel and petrol prices and it seems more likely that the reduction will have to be effected through cuts in excise duty or state taxes.
* PUNJ LLOYD: Has completed the sale of the remaining 51% stake in three step-down subsidiaries--PL Surya Vidyut, PL Sunrays Power and PL Solar Renewable--to India Power Green Utility.
* PVR: Plans to invest around 2.50 bln rupees this fiscal to increase the number of screens and upgrade select screens in metro cities to enhance the earning potential.
* REDINGTON (INDIA): The company said its overseas business during financial year 2018 had been impacted by economic turmoil in Turkey.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm has started hiring a team of professionals under Akash Ambani to work on artificial intelligence and its multiple use cases for the telecom firm.
* RAMKRISHNA FORGINGS: Has entered into a long-term contract, worth $2 mln per annum, to supply forgings to an original equipment manufacturer for commercial vehicles in Japan.
* SOM DISTILLERIES & BREWERIES: The board has approved raising up to 1 bln rupees through a preferential issue of equity shares to investors under the foreign portfolio investment or foreign direct investment route.
* STATE BANK OF INDIA: A consortium of banks led by the bank has moved the Bengaluru bench of the National Company Law Tribunal, seeking an investigation into the affairs of some of the companies in the United Breweries Group. The bank has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kick-start the infusion.
* STERLING BIOTECH: The Enforcement Directorate attached assets estimated to be worth more than 47 bln rupees belonging to the Sterling Biotech group from Gujarat, in one of the biggest crackdowns against moneylaundering.
* SUDARSHAN CHEMICAL INDUSTRIES: The board has approved sale of 100% stake in its wholly-owned subsidiary Prescient Color to US-based Americhem Inc for an enterprise value of 1.17 bln rupees.
* TECH MAHINDRA: The company saw its employee utilisation rate reach the highest level during the fiscal after witnessing a reduction in its overall headcount in FY18.
* TITAN CO: The company is now planning to take its jewellery business to international markets by the end of FY19.
* UFLEX: Expects to be $2-bln company by FY23, mainly on the back of growing domestic market and overseas operations.
* ULTRATECH CEMENT: After the resolution professional of Binani Cement submitted the resolution plan of the company's 79.60 bln rupees offer for approval from the Kolkata bench of the National Company Law Tribunal on Friday, DALMIA BHARAT also geared up for battle by deciding to challenge it in the tribunal on the very day it will be up for discussion. Is keeping its options open regarding Binani Cement's stressed assets, on other than the legal insolvency process.
* UNITED SPIRITS: The Securities and Exchange Board of India has extended the ban on the company's erstwhile the company's chairman Vijay Mallya from the securities market for three years, and two other officials of the company for one year each, for violation of norms on prohibition of fraudulent and unfair trade practices.
* VEDANTA: The permanent closure of the company's Thoothukudi copper smelter will reduce its scale and business diversity, adding pressure to its other businesses to maintain their strong performance and make up for decline in revenue, global ratings agency Moody's Investors Service said.
* VETO SWITCHGEARS AND CABLES: Cash holdings of 3 mln rupees of group companies, including 1.16 mln rupees of the company, was stolen from the company's corporate office in Jaipur.
* VOLTAS: The Delhi High Court has asked the local arm of Chinese appliance maker Haier to change the wordings of an advertisement for air-conditioners which Tatas-owned Voltas Ltd alleges disparages its brand.
* WHIRLPOOL OF INDIA: Has approved the acquisition of 49% stake or 2.37 mln shares of Elica PB India Pvt Ltd for 1.8 bln rupees.
* YES BANK: Has increased marginal cost of funds-based lending rates by 10-30 basis points across all tenures, effective from Jun 1.
* ZEE ENTERTAINMENT ENTERPRISES: Is gearing to launch a new English movie channel, &flix.
