Today Stock News – 05.06.2018
* BAJAJ AUTO: Six years after being unveiled, the company's quadricycle RE60 may finally be able to ply on Indian roads as the transport ministry is likely to have given nod to a policy for such vehicles, a source said.
* BAYER CROPSCIENCE: Bayer will wrap up the $63-bln takeover of Monsanto on Thursday and also retire the US seeds maker's 117-year-old name.
* CIPLA: The company's initiative innoventia plans to invest up to $15 mln in a disruptive healthcare idea.
* COAL INDIA: Loaded 243 rakes per day during Apr-May this year, thereby registering an increase of 23 rakes over the corresponding period of last fiscal. Wants power plants situated within 20 km from pit-head of coal mines to take their entire coal requirement only by road from this fiscal.
* GAIL (INDIA): The company has received its first cargo of liquefied natural gas under the long-term supply agreement with Russian major Gazprom for 2.5 mln tn per annum of the fuel.
* GREAT EASTERN SHIPPING CO: Has contracted to sell its supramax dry bulk carrier Jag Ratan of about 52,179 dwt.
* ICICI BANK: The internal probe by the bank into allegations against its Managing Director and CEO Chanda Kochhar is expected to be completed in three months. A parliamentary panel has asked the Indian Banks' Association to prepare a roadmap for addressing the issue of mounting bad loans and also posed queries on the alleged "nepotism" by Kochhar in a loan to Videocon Group.
* IDEA CELLULAR: Has secured the Department of Telecommunications' approval to increase the foreign direct investment limit in the company to 100% from 67.5%.
* INTERGLOBE AVIATION: IndiGo is again battling Pratt and Whitney engine problems, with at least four of its planes experiencing glitches in one week.
* ITI: Has bagged one of the two packages of BharatNet Phase II tender, issued by Gujarat Fiber Grid Network, for 16.12 bln rupees.
* JSW STEEL: Has extended till Jun 15 the date of completing the acquisition process of Acero Junction Holdings Inc.
* JYOTI LTD: CENTRAL BANK OF INDIA and STATE BANK OF INDIA have moved an insolvency plea against the company before Ahmedabad bench of National Company Law Tribunal.
* KARUR VYSYA BANK: Hopes to keep gross bad loans steady this quarter, although there may be a marginal uptick, Managing Director and Chief Executive Officer P. R. Seshadri said. Aditya Birla Health Insurance and the bank have announced a bancassurance partnership to provide health insurance soluti
* LUPIN: Has received a final approval from the US Food and Drug Administration for nystatin and
triamcinolone acetonide cream, in 100,000 units/gm and 1 mg/gm strength.
* MANPASAND BEVERAGES: The corporate affairs ministry and the markets regulator have begun separate investigations into alleged non-disclosures and possible accounting lapses at the company.
* MARUTI SUZUKI INDIA: Total production of vehicles in May rose 22% on year to 184,608 units from 151,266 units a year ago.
* NIIT TECHNOLOGIES: Has entered into a five-year learning and development agreement with US-based Pitney Bowes.
* OIL & NATURAL GAS CORP: Has written to the government seeking 'marketing freedom' for gas produced from its Krishna-Godavari block to be able to sell at a higher price, the oil explorer has been asked to prove that at least 50% of the fields in the block are in deep water in order to get a special pricing dispensation.
* PRESTIGE ESTATES PROJECTS: Plans to become a pan-India office property developer, to take advantage of the booming segment and its largest client base.
* PUNJAB NATIONAL BANK: Fitch Ratings has downgraded the viability rating for the bank to 'b' from 'bb-' due to significant deterioration in the bank's standalone credit profile.
-The finance ministry has asked the bank to expedite the sale of non-core assets and step up retail lending to cut excessive reliance on corporate banking, as part of reforms to turn the corner at the earliest.
* QUESS CORP: The board has approved acquiring an additional 8% stake in Simpliance Technologies for 20 mln rupees in cash.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm had no option but to file a defamation suit against the Cellular Operators Association of India because the group disregarded its suggestions and adopted a partisan approach that favoured three older operators.
* RUCHI SOYA INDUSTRIES: The lenders of the company have asked for rebidding between two bidders-- Patanjali Ayurved and Adani group--maximise value of the assets of the debt-ridden firm, according to Baba Ramdev. Baba Ramdev's Patanjali Ayurved, which has put in a bid for the company, is in talks with GODREJ AGROVET for a potential tie-up for the bid.
* RURAL ELECTRIFICATION CORP: Has contributed $1 mln to the International Solar Alliance and become a corpus contributor.
* SHRI LAKSHMI COTSYN: The National Company Law Tribunal has admitted insolvency proceedings against the company after it failed to repay nearly 40 bln rupees in loans to a consortium of about 10 lenders led by CENTRAL BANK OF INDIA.
* SUNTECK REALTY: The board has approved the proposal to raise the investment limits by the foreign portfolio investors to 49% from the existing 24% of the paid-up share capital of the company.
* TATA STEEL: The Odisha government is likely to introduce a condition in the auction of the next few iron ore and manganese mines, effectively barring the company from participating, to ensure it does not violate the Mines and Minerals Act.
* ULTRATECH CEMENT: Has successfully secured its brand ina case of copyright infringement, winning a lawsuit against a firm selling cement brands resembling its own. The National Company Law Tribunal is expected to pass its verdict on the company's plan before Jul 10 for acquiring the stressed assets of Binani Cement just before the "daily hearing in this case" commences at the National Company Law Appellate Tribunal.
* VEDANTA: Has deposited 53.20 bln rupees for acquiring 90% stake in ELECTROSTEEL STEELS, marking the conclusion of the second case under the Insolvency and Bankruptcy Code, 2016.
* WEIZMANN FOREX: The board of directors has approved the buyback of 436,467 shares or 3.77% stake at a price of 702 rupees per share for an aggregate amount of 306.4 mln rupees out of free reserves.
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* BAYER CROPSCIENCE: Bayer will wrap up the $63-bln takeover of Monsanto on Thursday and also retire the US seeds maker's 117-year-old name.
* CIPLA: The company's initiative innoventia plans to invest up to $15 mln in a disruptive healthcare idea.
* COAL INDIA: Loaded 243 rakes per day during Apr-May this year, thereby registering an increase of 23 rakes over the corresponding period of last fiscal. Wants power plants situated within 20 km from pit-head of coal mines to take their entire coal requirement only by road from this fiscal.
* GAIL (INDIA): The company has received its first cargo of liquefied natural gas under the long-term supply agreement with Russian major Gazprom for 2.5 mln tn per annum of the fuel.
* GREAT EASTERN SHIPPING CO: Has contracted to sell its supramax dry bulk carrier Jag Ratan of about 52,179 dwt.
* ICICI BANK: The internal probe by the bank into allegations against its Managing Director and CEO Chanda Kochhar is expected to be completed in three months. A parliamentary panel has asked the Indian Banks' Association to prepare a roadmap for addressing the issue of mounting bad loans and also posed queries on the alleged "nepotism" by Kochhar in a loan to Videocon Group.
* IDEA CELLULAR: Has secured the Department of Telecommunications' approval to increase the foreign direct investment limit in the company to 100% from 67.5%.
* INTERGLOBE AVIATION: IndiGo is again battling Pratt and Whitney engine problems, with at least four of its planes experiencing glitches in one week.
* ITI: Has bagged one of the two packages of BharatNet Phase II tender, issued by Gujarat Fiber Grid Network, for 16.12 bln rupees.
* JSW STEEL: Has extended till Jun 15 the date of completing the acquisition process of Acero Junction Holdings Inc.
* JYOTI LTD: CENTRAL BANK OF INDIA and STATE BANK OF INDIA have moved an insolvency plea against the company before Ahmedabad bench of National Company Law Tribunal.
* KARUR VYSYA BANK: Hopes to keep gross bad loans steady this quarter, although there may be a marginal uptick, Managing Director and Chief Executive Officer P. R. Seshadri said. Aditya Birla Health Insurance and the bank have announced a bancassurance partnership to provide health insurance soluti
* LUPIN: Has received a final approval from the US Food and Drug Administration for nystatin and
triamcinolone acetonide cream, in 100,000 units/gm and 1 mg/gm strength.
* MANPASAND BEVERAGES: The corporate affairs ministry and the markets regulator have begun separate investigations into alleged non-disclosures and possible accounting lapses at the company.
* MARUTI SUZUKI INDIA: Total production of vehicles in May rose 22% on year to 184,608 units from 151,266 units a year ago.
* NIIT TECHNOLOGIES: Has entered into a five-year learning and development agreement with US-based Pitney Bowes.
* OIL & NATURAL GAS CORP: Has written to the government seeking 'marketing freedom' for gas produced from its Krishna-Godavari block to be able to sell at a higher price, the oil explorer has been asked to prove that at least 50% of the fields in the block are in deep water in order to get a special pricing dispensation.
* PRESTIGE ESTATES PROJECTS: Plans to become a pan-India office property developer, to take advantage of the booming segment and its largest client base.
* PUNJAB NATIONAL BANK: Fitch Ratings has downgraded the viability rating for the bank to 'b' from 'bb-' due to significant deterioration in the bank's standalone credit profile.
-The finance ministry has asked the bank to expedite the sale of non-core assets and step up retail lending to cut excessive reliance on corporate banking, as part of reforms to turn the corner at the earliest.
* QUESS CORP: The board has approved acquiring an additional 8% stake in Simpliance Technologies for 20 mln rupees in cash.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm had no option but to file a defamation suit against the Cellular Operators Association of India because the group disregarded its suggestions and adopted a partisan approach that favoured three older operators.
* RUCHI SOYA INDUSTRIES: The lenders of the company have asked for rebidding between two bidders-- Patanjali Ayurved and Adani group--maximise value of the assets of the debt-ridden firm, according to Baba Ramdev. Baba Ramdev's Patanjali Ayurved, which has put in a bid for the company, is in talks with GODREJ AGROVET for a potential tie-up for the bid.
* RURAL ELECTRIFICATION CORP: Has contributed $1 mln to the International Solar Alliance and become a corpus contributor.
* SHRI LAKSHMI COTSYN: The National Company Law Tribunal has admitted insolvency proceedings against the company after it failed to repay nearly 40 bln rupees in loans to a consortium of about 10 lenders led by CENTRAL BANK OF INDIA.
* SUNTECK REALTY: The board has approved the proposal to raise the investment limits by the foreign portfolio investors to 49% from the existing 24% of the paid-up share capital of the company.
* TATA STEEL: The Odisha government is likely to introduce a condition in the auction of the next few iron ore and manganese mines, effectively barring the company from participating, to ensure it does not violate the Mines and Minerals Act.
* ULTRATECH CEMENT: Has successfully secured its brand ina case of copyright infringement, winning a lawsuit against a firm selling cement brands resembling its own. The National Company Law Tribunal is expected to pass its verdict on the company's plan before Jul 10 for acquiring the stressed assets of Binani Cement just before the "daily hearing in this case" commences at the National Company Law Appellate Tribunal.
* VEDANTA: Has deposited 53.20 bln rupees for acquiring 90% stake in ELECTROSTEEL STEELS, marking the conclusion of the second case under the Insolvency and Bankruptcy Code, 2016.
* WEIZMANN FOREX: The board of directors has approved the buyback of 436,467 shares or 3.77% stake at a price of 702 rupees per share for an aggregate amount of 306.4 mln rupees out of free reserves.
