Today Stock News – 21.06.2018
* ADANI TRANSMISSION: Completed the acquisition of Ghatampur Transmission from REC Transmission Projects Co for 500,000 rupees.
* ADHUNIK METALIKS: Lenders are now negotiating with UK-based Liberty House--the highest bidder--for exploring opportunity to raise its offer for the company.
* ALOK INDUSTRIES: Going by the recent order on the company from the National Company Law Tribunal, it would appear STATE BANK OF INDIA has no objection if the resolution plan is not put to vote again.
* ARVIND LTD: After manufacturing, selling fashion concepts and supplying material to global fashion brands, the company is looking at building its own brand under the Arvind umbrella. Is planning to scale up its textiles business to 100 bln rupees by 2023, from 60 bln rupees now.
* AXIS BANK: The shareholders of the bank at an annual general meeting held has approved the re-appointment of Shikha Sharma as the managing director and chief executive officer for the period from Jun 1 to Dec 31.
* BANK OF BARODA: Has mandated IT majors IBM and Accenture to create an IT Centre of Excellence and Analytics Centre of Excellence as part of the banks strategy to use technology to drive growth.
* BANK OF MAHARASHTRA: The bank's Managing Director and Chief Executive officer Ravindra Marathe and Executive Director R.K. Gupta have been arrested by Economic Offences Wing of Pune police in the DSK Group loan default case. The bank's first official statement on the issue did not acknowledge these arrests.
* BHARTI AIRTEL: As part of its network expansion programme, the company plans to add over 15,000 new sites and over 3,000 km of optic fibre in 2018-19 (Apr-Mar), in Andhra Pradesh and Telangana. Plans to train its customer response teams to better deal with queries and complaints based on ethnicity, religion and race, after being accused of giving in to bigotry on social media earlier this week.
* COCHIN SHIPYARD: Has tied up with ABB for integrated power and automation package for two 1,200-passenger ferries being constructed for the Andaman and Nicobar Administration.
* EICHER MOTORS: VE Commercial Vehicles, an equal joint venture between the company and Volvo Group of Sweden, is charting aggressive plans to regain its share in the light and medium commercial vehicle segment.
* GAIL INDIA: GAIL Gas, a wholly-owned subsidiary of the company has entered into a partnership with cab aggregator Uber to promote usage of compressed natural gas in automobiles.
* GAYATRI PROJECTS: The Uttar Pradesh government has cancelled bids for an 11.11-bln-rupee Purvanchal Expressway project and re-invited the bids.
* HINDUSTAN UNILEVER: A West Bengal court has granted interim stay on the company displaying its fairness cream television commercial till Jul 6, EMAMI said.
* ICICI BANK: Has sought the RBI's approval to name independent director M.D. Mallya as the next chairman of the bank. The Income Tax department is probing the acquisition of the current family residence of Chanda Kochhar, chief executive officer, in South Mumbai by her husband Deepak Kochhar in a complex transaction involving firms linked to Videocon Group. Law firm Luthra & Luthra and global risk assessment specialist Control Risks are set to assist former Supreme Court judge B.N. Srikrishna in his probe into the allegations against Chief Executive Officer Chanda Kochhar.
* INDIABULLS REAL ESTATE: Plans to raise 4.8 bln rupees through the issuance of non-convertible debentures in one or more tranches.
* INDIAN HOTELS CO: Has won the Connaught Hotel, in an auction by the New Delhi Municipal Council.
* INTERGLOBE AVIATION: Said it has not received any summons from the Enforcement Directorate for top management of IndiGo airlines under Foreign Exchange Management Act, 1999 violations.
* JK CEMENT: The board will meet on Jun 28 to consider fund raising through equity shares or other securities, including a qualified institutions placement, or any other combination.
* L&T FINANCE HOLDINGS: Is expecting close to 30% growth in its micro loan portfolio this fiscal.
* MAHINDRA & MAHINDRA: Has launched a 9-seater sport utility vehicle TUV300 Plus at 947,000 rupees, ex-Mumbai.
* MAHINDRA LIFESPACE DEVELOPERS: International Finance Corp will invest up to 2 bln rupees in subsidiary Mahindra World City (Jaipur).
* MAJESCO: Will provide its insurance digital platform to a Singapore-based insurer NTUC Income
Insurance Cooperative to optimise management of its sales and distribution channels across the insurance business.
* NBCC INDIA: Is eyeing a compounded annual growth rate of 35% in its topline over the next five years, the public sector undertaking's management told analysts at an investor meet.
* PALRED TECHNOLOGIES: The company's mobile accessories brand PTron has entered the offline market in India.
* PUNJAB NATIONAL BANK: A $2-bln fraud may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank's own internal probe has found. Has claimed it did not receive a crucial directive sent by the RBI in November 2016 asking all commercial banks to strengthen their risk mechanism to avert fraud.
* PURAVANKARA: Has received booking for over 100 flats between Friday to Sunday through Home Exchange and Resale Assistance Plan.
* RUCHI SOYA INDUSTRIES: Adani Wilmar, the highest bidder in fray to acquire the debt-laden company, has secured 40-bln-rupee credit line from Standard Chartered and DBS to finance its likely acquisition of the company.
* SIRPUR PAPER MILLS: Facing tough times over the past two years and networth erosion, the company is set to be put on the recovery path by JK PAPER.
* SOUTHERN PETROCHEMICAL INDUSTRIAL CORP: Entered into an agreement with INDIAN OIL CORP to transport natural gas from ONGC's fields to IOC's Thoothukudi plant.
* STATE BANK OF INDIA: The government has given B. Sriram, one of the bank's three managing directors, the additional charge of managing director and chief executive officer at IDBI BANK.
* SUN PHARMACEUTICAL INDUSTRIES: Is adopting digital solutions in research and development for efficiencies as pricing pressure continues to hurt US business.
* TATA CONSULTANCY SERVICES: Has expressed concerns regarding the government's decision to utilise postal department staff as citizen service executives at Post Office Passport Seva Kendras.
* TATA STEEL: The move by the company to terminate the power purchase agreement between BHUSHAN STEEL and its subsidiary Bhushan Energy is set to be challenged in court.
* TECH MAHINDRA: Has made a strategic investment to set up research and development centres 'Makers Lab' in Munich, Germany, and Plano, US.
* VEDANTA: Has said a sulphuric acid leak from a tank at its copper smelter in Tamil Nadu was severe and inaction could lead to serious environmental consequences. The Madurai bench of the Madras High Court asked the Tamil Nadu Pollution Control Board and the Tuticorin district administration to file a detailed response as to whether they require power, water supply as well as Sterlite's expert supervision for evacuating the hazardous substances inside the factory
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* ADHUNIK METALIKS: Lenders are now negotiating with UK-based Liberty House--the highest bidder--for exploring opportunity to raise its offer for the company.
* ALOK INDUSTRIES: Going by the recent order on the company from the National Company Law Tribunal, it would appear STATE BANK OF INDIA has no objection if the resolution plan is not put to vote again.
* ARVIND LTD: After manufacturing, selling fashion concepts and supplying material to global fashion brands, the company is looking at building its own brand under the Arvind umbrella. Is planning to scale up its textiles business to 100 bln rupees by 2023, from 60 bln rupees now.
* AXIS BANK: The shareholders of the bank at an annual general meeting held has approved the re-appointment of Shikha Sharma as the managing director and chief executive officer for the period from Jun 1 to Dec 31.
* BANK OF BARODA: Has mandated IT majors IBM and Accenture to create an IT Centre of Excellence and Analytics Centre of Excellence as part of the banks strategy to use technology to drive growth.
* BANK OF MAHARASHTRA: The bank's Managing Director and Chief Executive officer Ravindra Marathe and Executive Director R.K. Gupta have been arrested by Economic Offences Wing of Pune police in the DSK Group loan default case. The bank's first official statement on the issue did not acknowledge these arrests.
* BHARTI AIRTEL: As part of its network expansion programme, the company plans to add over 15,000 new sites and over 3,000 km of optic fibre in 2018-19 (Apr-Mar), in Andhra Pradesh and Telangana. Plans to train its customer response teams to better deal with queries and complaints based on ethnicity, religion and race, after being accused of giving in to bigotry on social media earlier this week.
* COCHIN SHIPYARD: Has tied up with ABB for integrated power and automation package for two 1,200-passenger ferries being constructed for the Andaman and Nicobar Administration.
* EICHER MOTORS: VE Commercial Vehicles, an equal joint venture between the company and Volvo Group of Sweden, is charting aggressive plans to regain its share in the light and medium commercial vehicle segment.
* GAIL INDIA: GAIL Gas, a wholly-owned subsidiary of the company has entered into a partnership with cab aggregator Uber to promote usage of compressed natural gas in automobiles.
* GAYATRI PROJECTS: The Uttar Pradesh government has cancelled bids for an 11.11-bln-rupee Purvanchal Expressway project and re-invited the bids.
* HINDUSTAN UNILEVER: A West Bengal court has granted interim stay on the company displaying its fairness cream television commercial till Jul 6, EMAMI said.
* ICICI BANK: Has sought the RBI's approval to name independent director M.D. Mallya as the next chairman of the bank. The Income Tax department is probing the acquisition of the current family residence of Chanda Kochhar, chief executive officer, in South Mumbai by her husband Deepak Kochhar in a complex transaction involving firms linked to Videocon Group. Law firm Luthra & Luthra and global risk assessment specialist Control Risks are set to assist former Supreme Court judge B.N. Srikrishna in his probe into the allegations against Chief Executive Officer Chanda Kochhar.
* INDIABULLS REAL ESTATE: Plans to raise 4.8 bln rupees through the issuance of non-convertible debentures in one or more tranches.
* INDIAN HOTELS CO: Has won the Connaught Hotel, in an auction by the New Delhi Municipal Council.
* INTERGLOBE AVIATION: Said it has not received any summons from the Enforcement Directorate for top management of IndiGo airlines under Foreign Exchange Management Act, 1999 violations.
* JK CEMENT: The board will meet on Jun 28 to consider fund raising through equity shares or other securities, including a qualified institutions placement, or any other combination.
* L&T FINANCE HOLDINGS: Is expecting close to 30% growth in its micro loan portfolio this fiscal.
* MAHINDRA & MAHINDRA: Has launched a 9-seater sport utility vehicle TUV300 Plus at 947,000 rupees, ex-Mumbai.
* MAHINDRA LIFESPACE DEVELOPERS: International Finance Corp will invest up to 2 bln rupees in subsidiary Mahindra World City (Jaipur).
* MAJESCO: Will provide its insurance digital platform to a Singapore-based insurer NTUC Income
Insurance Cooperative to optimise management of its sales and distribution channels across the insurance business.
* NBCC INDIA: Is eyeing a compounded annual growth rate of 35% in its topline over the next five years, the public sector undertaking's management told analysts at an investor meet.
* PALRED TECHNOLOGIES: The company's mobile accessories brand PTron has entered the offline market in India.
* PUNJAB NATIONAL BANK: A $2-bln fraud may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank's own internal probe has found. Has claimed it did not receive a crucial directive sent by the RBI in November 2016 asking all commercial banks to strengthen their risk mechanism to avert fraud.
* PURAVANKARA: Has received booking for over 100 flats between Friday to Sunday through Home Exchange and Resale Assistance Plan.
* RUCHI SOYA INDUSTRIES: Adani Wilmar, the highest bidder in fray to acquire the debt-laden company, has secured 40-bln-rupee credit line from Standard Chartered and DBS to finance its likely acquisition of the company.
* SIRPUR PAPER MILLS: Facing tough times over the past two years and networth erosion, the company is set to be put on the recovery path by JK PAPER.
* SOUTHERN PETROCHEMICAL INDUSTRIAL CORP: Entered into an agreement with INDIAN OIL CORP to transport natural gas from ONGC's fields to IOC's Thoothukudi plant.
* STATE BANK OF INDIA: The government has given B. Sriram, one of the bank's three managing directors, the additional charge of managing director and chief executive officer at IDBI BANK.
* SUN PHARMACEUTICAL INDUSTRIES: Is adopting digital solutions in research and development for efficiencies as pricing pressure continues to hurt US business.
* TATA CONSULTANCY SERVICES: Has expressed concerns regarding the government's decision to utilise postal department staff as citizen service executives at Post Office Passport Seva Kendras.
* TATA STEEL: The move by the company to terminate the power purchase agreement between BHUSHAN STEEL and its subsidiary Bhushan Energy is set to be challenged in court.
* TECH MAHINDRA: Has made a strategic investment to set up research and development centres 'Makers Lab' in Munich, Germany, and Plano, US.
* VEDANTA: Has said a sulphuric acid leak from a tank at its copper smelter in Tamil Nadu was severe and inaction could lead to serious environmental consequences. The Madurai bench of the Madras High Court asked the Tamil Nadu Pollution Control Board and the Tuticorin district administration to file a detailed response as to whether they require power, water supply as well as Sterlite's expert supervision for evacuating the hazardous substances inside the factory
