Today Stock News – 15.06.2018
* AXIS BANK: Goods and Services Tax Commissionerate, Mumbai, has alleged a tax evasion of 97.2 mln rupees by the bank over fees charged by banking correspondents.
* BAJAJ AUTO: Will launch KTM 390 Adventure motorcycle in India in 2019.
* DR REDDY'S LABORATORIES: Hans Peter Hasler has resigned from his post of an independent director on the company's board, with effect from Thursday.
* EVEREST KANTO CYLINDER: Has not received any communication from any lender with respect to the forensic audit.
* GUJARAT AMBUJA EXPORTS: A vacation bench of Uttarakhand High Court stayed the National Green Tribunal's order to close the company's Sitarganj unit in the state.
* GUJARAT BOROSIL: To invest 2.35 bln rupees in Bharuch to increase solar glass manufacturing capacity to 2.2 gigawatt and the expansion will be completed by June 2019.
* HDFC BANK: To use the 240-bln rupee additional capital that it proposes to raise through the foreign direct investment route to fund its growth plans.
* ICICI BANK: The non-retail portion of the bank's offer for sale in ICICI PRUDENTIAL LIFE INSURANCE CO was subscribed 4.11 times Thursday. Former Supreme Court judge B.N. Srikrishna will conduct an investigation into various allegations of impropriety against Chief Executive Officer Chanda Kochhar.
* IDEA CELLULAR: The Department of Telecom will seek a bank guarantee of around 21 bln rupees for clearing the company's planned merger with Vodafone India.
* INFOSYS: The Ministry of Environment, Forest and Climate Change has granted the company environmental clearance to expand its information technology park at Rajiv Gandhi InfoTech Park Phase II in Hinjewadi, Pune.
* JAMMU & KASHMIR BANK: Has raised 10 bln rupees through issue of Basel-III compliant tier-I bonds, at a coupon of 10.5%.
* JET AIRWAYS INDIA: Commenced its services under the government's regional connectivity scheme UDAN by linking Allahabad with Lucknow and Patna. The new routes will operate thrice a week.
* JSW ENERGY: The company and ADANI POWER have submitted expressions of interest for Monnet Power.
* MANAPPURAM FINANCE: The board of the company has approved issue of non-convertible debentures worth up to 1 bln rupees.
* MARUTI SUZUKI INDIA: Will set up 400 skill training and enhancement centres in partnership with its vendors by 2020 with an aim to bring global quality standards at its suppliers. Has stopped production of diesel version of its premium hatchback Ignis due to low demand.
* NETLINK SOLUTIONS INDIA: The board has approved sale of 100% rights and ownership of exhibition business to Messe Frankfurt Trade Fairs India.
* NTPC: Is planning a power despatch schedule by which cheaper power will be loaded first.
* PUNJ LLOYD: The principal bench of National Company Law Tribunal agreed to hear ICICI BANK's plea to initiate insolvency proceedings against the company and set the next date of hearing for Jul 24. The insolvency plea filed by ICICI BANK against the company before the National Company Law Tribunal may not be admitted as more than 90% of the lenders are in favour of restructuring the debt, the company said.
* PUNJAB NATIONAL BANK: India has been informed by the UK's Crown Prosecution Service that it can initiate extradition proceedings against Nirav Modi even though his exact whereabouts remain uncertain.
* PURAVANKARA: Plans to spend 30 bln rupees to take up 15-16 mln sq ft in the next 12 to 18 months under its Provident premium-affordable housing and Puravankara brands.
* RELIANCE NAVAL & ENGINEERING: Has filed a complaint with the defence ministry against a senior naval officer, alleging that he has been favouring its competitor, LARSEN & TOUBRO, in a contract because his son is employed there.
* RPG LIFE SCIENCES: Aims to make its production facilities compliant with the US Food and Drug Administration's good manufacturing guidelines and secure the drug regulator's approval for the same by 2019-20 (Apr-Mar).
* RUCHI SOYA INDUSTRIES: The resolution process of the company, being conducted under the Insolvency and Bankruptcy Code, looks headed for a litigation. Adani Wilmar has decided not to revise its bid of 54.74 bln rupees for the the company.
* SHRIRAM TRANSPORT FINANCE CO: The company is raising 50 bln rupees in retail bonds, extending the latest series of public issuances amid rising interest rates.
* SITI NETWORKS: The board has approved the sale of its entire stake in non-material subsidiary Siti Bhatia Network Entertainment.
* STATE BANK OF INDIA: A consortium of lenders led by the bank has sought bids from interested buyers to acquire majority stake in a 1,200-MW thermal power plant in a bid to recover dues as per the revised framework of the central bank.
* TAMIL NADU NEWSPRINT & PAPERS: Board has approved the implementation of its mill expansion plan at unit II in a phased manner--Pulp Mill capacity of 400 tn per day and 165,000 tn of printing and writing paper--with a total capital outlay of 25.2 bln rupees.
* TATA CONSULTANCY SERVICES: A dozen states have shown interest in hiring insurance companies to implement the government's flagship health protection scheme Ayushman Bharat, and another 12 have shown an inclination to set up their own trust for it.
* TATA STEEL: To improve its offerings in the automotive and construction segment, Tata Steel Europe has partnered with South Korea-based POSCO, which will help increase its range of advanced products.
* VEDANTA: Vedanta Resources is considering options including lay-offs for some of the 2,000 employees of its iron ore business in southwest India that was shut down by a court, as it struggles with a series of setbacks in the country.
* VAKRANGEE: Has canceled its proposed 10-bln-rupee share buyback and 2.5-bln-rupee dividend payout plan as the company has changed its capital allocation policy.
* VIRINCHI: Has started work on phase 2 of the Banjara Hills facility in Hyderabad to service economy class patients under the government's Ayushman Bharat scheme and also started the oncology department.
* WESTLIFE DEVELOPMENT: Sees a 7-9% rise in average revenue per store, which will help the company achieve its target of 25 bln rupees in sales, with 'mid-teen margins', by 2022.
* WIPRO: Has entered into a multi-year agreement with LATAM Cargo to provide cargo management services in the aviation sector. Signed a multi-year business deal with Finland-based Nokia for design and digitalisation of sales order operations.
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* BAJAJ AUTO: Will launch KTM 390 Adventure motorcycle in India in 2019.
* DR REDDY'S LABORATORIES: Hans Peter Hasler has resigned from his post of an independent director on the company's board, with effect from Thursday.
* EVEREST KANTO CYLINDER: Has not received any communication from any lender with respect to the forensic audit.
* GUJARAT AMBUJA EXPORTS: A vacation bench of Uttarakhand High Court stayed the National Green Tribunal's order to close the company's Sitarganj unit in the state.
* GUJARAT BOROSIL: To invest 2.35 bln rupees in Bharuch to increase solar glass manufacturing capacity to 2.2 gigawatt and the expansion will be completed by June 2019.
* HDFC BANK: To use the 240-bln rupee additional capital that it proposes to raise through the foreign direct investment route to fund its growth plans.
* ICICI BANK: The non-retail portion of the bank's offer for sale in ICICI PRUDENTIAL LIFE INSURANCE CO was subscribed 4.11 times Thursday. Former Supreme Court judge B.N. Srikrishna will conduct an investigation into various allegations of impropriety against Chief Executive Officer Chanda Kochhar.
* IDEA CELLULAR: The Department of Telecom will seek a bank guarantee of around 21 bln rupees for clearing the company's planned merger with Vodafone India.
* INFOSYS: The Ministry of Environment, Forest and Climate Change has granted the company environmental clearance to expand its information technology park at Rajiv Gandhi InfoTech Park Phase II in Hinjewadi, Pune.
* JAMMU & KASHMIR BANK: Has raised 10 bln rupees through issue of Basel-III compliant tier-I bonds, at a coupon of 10.5%.
* JET AIRWAYS INDIA: Commenced its services under the government's regional connectivity scheme UDAN by linking Allahabad with Lucknow and Patna. The new routes will operate thrice a week.
* JSW ENERGY: The company and ADANI POWER have submitted expressions of interest for Monnet Power.
* MANAPPURAM FINANCE: The board of the company has approved issue of non-convertible debentures worth up to 1 bln rupees.
* MARUTI SUZUKI INDIA: Will set up 400 skill training and enhancement centres in partnership with its vendors by 2020 with an aim to bring global quality standards at its suppliers. Has stopped production of diesel version of its premium hatchback Ignis due to low demand.
* NETLINK SOLUTIONS INDIA: The board has approved sale of 100% rights and ownership of exhibition business to Messe Frankfurt Trade Fairs India.
* NTPC: Is planning a power despatch schedule by which cheaper power will be loaded first.
* PUNJ LLOYD: The principal bench of National Company Law Tribunal agreed to hear ICICI BANK's plea to initiate insolvency proceedings against the company and set the next date of hearing for Jul 24. The insolvency plea filed by ICICI BANK against the company before the National Company Law Tribunal may not be admitted as more than 90% of the lenders are in favour of restructuring the debt, the company said.
* PUNJAB NATIONAL BANK: India has been informed by the UK's Crown Prosecution Service that it can initiate extradition proceedings against Nirav Modi even though his exact whereabouts remain uncertain.
* PURAVANKARA: Plans to spend 30 bln rupees to take up 15-16 mln sq ft in the next 12 to 18 months under its Provident premium-affordable housing and Puravankara brands.
* RELIANCE NAVAL & ENGINEERING: Has filed a complaint with the defence ministry against a senior naval officer, alleging that he has been favouring its competitor, LARSEN & TOUBRO, in a contract because his son is employed there.
* RPG LIFE SCIENCES: Aims to make its production facilities compliant with the US Food and Drug Administration's good manufacturing guidelines and secure the drug regulator's approval for the same by 2019-20 (Apr-Mar).
* RUCHI SOYA INDUSTRIES: The resolution process of the company, being conducted under the Insolvency and Bankruptcy Code, looks headed for a litigation. Adani Wilmar has decided not to revise its bid of 54.74 bln rupees for the the company.
* SHRIRAM TRANSPORT FINANCE CO: The company is raising 50 bln rupees in retail bonds, extending the latest series of public issuances amid rising interest rates.
* SITI NETWORKS: The board has approved the sale of its entire stake in non-material subsidiary Siti Bhatia Network Entertainment.
* STATE BANK OF INDIA: A consortium of lenders led by the bank has sought bids from interested buyers to acquire majority stake in a 1,200-MW thermal power plant in a bid to recover dues as per the revised framework of the central bank.
* TAMIL NADU NEWSPRINT & PAPERS: Board has approved the implementation of its mill expansion plan at unit II in a phased manner--Pulp Mill capacity of 400 tn per day and 165,000 tn of printing and writing paper--with a total capital outlay of 25.2 bln rupees.
* TATA CONSULTANCY SERVICES: A dozen states have shown interest in hiring insurance companies to implement the government's flagship health protection scheme Ayushman Bharat, and another 12 have shown an inclination to set up their own trust for it.
* TATA STEEL: To improve its offerings in the automotive and construction segment, Tata Steel Europe has partnered with South Korea-based POSCO, which will help increase its range of advanced products.
* VEDANTA: Vedanta Resources is considering options including lay-offs for some of the 2,000 employees of its iron ore business in southwest India that was shut down by a court, as it struggles with a series of setbacks in the country.
* VAKRANGEE: Has canceled its proposed 10-bln-rupee share buyback and 2.5-bln-rupee dividend payout plan as the company has changed its capital allocation policy.
* VIRINCHI: Has started work on phase 2 of the Banjara Hills facility in Hyderabad to service economy class patients under the government's Ayushman Bharat scheme and also started the oncology department.
* WESTLIFE DEVELOPMENT: Sees a 7-9% rise in average revenue per store, which will help the company achieve its target of 25 bln rupees in sales, with 'mid-teen margins', by 2022.
* WIPRO: Has entered into a multi-year agreement with LATAM Cargo to provide cargo management services in the aviation sector. Signed a multi-year business deal with Finland-based Nokia for design and digitalisation of sales order operations.
