Today Stock News – 22.06.2018
* ABC INDIA: Promoters of the company sold 2.4 mln shares or 4.43% stake in the company through open market.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Promoter Gautam S. Adani Family Trust has sold 12.5 mln shares or 0.6% stake in the company at 369.65 rupees per share in a bulk deal on BSE.
* ASTRAZENECA PHARMA INDIA: Has received import and market approval from Drug Controller General of India for durvalumab drug in India.
* BANK OF BARODA: Has complained to the country's premier federal probe agency that bankrupt pipes maker PSL siphoned off about 7 bln rupees from a dedicated account linked to GAIL INDIA projects, the payments from which were due to the lender and not the insolvent company. Has put non-performing assets on sale including its exposures to some accounts named in the RBI's two lists of bankruptcy cases, such as Essar Steel, BHUSHAN POWER & STEEL, Soma Enterprise and VISA STEEL.
* BANK OF MAHARASHTRA: Said shareholders have reposed their faith in the board and the top
management after the bank's chief executive officer, executive director and other officials were arrested by the economic offences wing in the DSK Group loan case.
* CANARA BANK: Subsidiary Can Fin Homes plans to raise 70 bln rupees through a mix of debt securities and equity allotment to fund its business growth, meet the working capital requirement and repay debt.
* DABUR INDIA: Has dragged the central and Uttarakhand governments to court for rejecting tax sops for investment in poorer areas promised under the pre-GST tax regime, joining a growing list of firms miffed at the government for denial of such concessions.
* DIAMOND POWER INFRASTRUCTURE: The company's Managing Director Amit Bhatnagar has resigned from the board effective Apr 5 to ensure free and fair investigation following charges by the Central Bureau of Investigation, Enforcement Directorate, and the Income Tax Department.
* DIL: Board has approved a scheme to merge its subsidiary Fermenta Biotech with itself.
* ELECTROSTEEL STEELS: The board has appointed Mahendra Singh Mehta as an additional independent director of the company. The board also approved payment of 53.20 bln rupees to financial creditors from the escrow account as per the approved resolution plan.
* HAVELLS INDIA: Will acquire the remaining 31% stake in arm Promptec Renewable Energy Solutions.
* HCL TECHNOLOGIES: Nokia has entered into a five-year partnership with the company for transforming and modernising its IT infrastructure and applications landscape.
* ICICI BANK: May adopt a system of having a rotating chairman to head board meetings until a full-time chairman is in place. Chairman M.K. Sharma will retire this month-end.
* ICICI LOMBARD GENERAL INSURANCE CO: Aims to grow at a compound annual growth rate of 15- 20% over the next three to five years, Chief Executive Officer and Managing Director Bhargav Dasgupta said.
* IDBI BANK: Has said M.K. Jain has demitted the post of managing director and chief executive officer of the bank and STATE BANK OF INDIA Managing Director B. Sriram has assumed additional charge of the post for "a temporary period of three months".
* IDEA CELLULAR: Even as the merger process between Vodafone and the company is underway, the Department of Telecommunications is understood to have decided to recover telecom-related dues of about 55 bln rupees from the two entities.
* JSW STEEL: Is expected to make a bid for Arcelor Mittal's Galati plant in Romania, potentially competing against Ukraine's Metinvest and Italy's Marcegaglia.
* JYOTI STRUCTURES: The National Company Law Tribunal has reserved its order on both the plan placed before it by the resolution professional of the company and DBS Bank's plea seeking that the resolution plan be rejected.
* KARNATAKA BANK: Has set itself a target of 29 bln rupees of export credit in 2018-19, the bank's Managing Director and Chief Executive Officer M.S. Mahabaleshwara said.
* KOTHARI PRODUCTS: Has divested its entire 54% stake in subsidiary Blackplinth Realtors to H and M Housing Finance & Leasing.
* KPIT TECHNOLOGIES: The company and Kinetiq have entered into a pact to deliver new life-sciences focused business technology applications.
* MAHINDRA & MAHINDRA: Has completed sale of 2.64 mln shares or 22% stake in Mahindra Sanyo Special Steel to Sanyo Special Steel Co for a consideration of 1.46 bln rupees.
* MANAPPURAM FINANCE: The board of the company has approved raising 2.50 bln rupees through issue of non-convertible debentures.
* MARSONS: National Company Law Tribunal, Kolkata bench, has initiated Corporate Insolvency
Resolution Process for the company.
* MERCK: Has entered into a business transfer agreement with its subsidiary Merck Life Science Pvt Ltd for the transfer of biopharma, performance materials, and life science businesses.
* NARAYANA HRUDAYALAYA: Even as many large hospital chains have expressed disappointment over package rates offered under Ayushman Bharat, the company has shown interest in getting its hospitals
empanelled in the government's flagship health protection scheme.
* NAVKAR CORP: The board has approved issue and allotment of 99,790 cumulative redeemable preference shares of 100 rupees each to Navkar Terminals, in pursuance of order of amalgamation issued by National Company Law Tribunal.
* POLY MEDICURE: The company's wholly owned subsidiary Poly Medicure B.V., Netherlands, has acquired 82% stake in Plan I Health S.R.L, Italy.
* PUNJAB CHEMICALS AND CROP PROTECTION: The company's wholly-owned overseas subsidiary STS Chemicals has been dissolved.
* PUNJAB NATIONAL BANK: The company and private equity giant Carlyle Group would jointly sell PNB HOUSING FINANCE in Jul-Sep.
* RAYMOND: Has completed the acquisition of 26% stake of Shahane Solar Power for 520,000 rupees in order to purchase power for its facility located at Thane.
* RICOH INDIA: The company said it is not in a position to pay half-yearly interest of 7% on 2-bln-rupee non-convertible debentures issued to Ricoh Asia Pacific.
* RUCHI SOYA INDUSTRIES: Patanjali Ayurved has raised concerns about Adani Wilmar's eligibility to bid for the company, which is facing insolvency and bankruptcy proceedings.
* SADBHAV ENGINEERING: Is looking to raise 15 bln rupees through a qualified institutional placement in the current quarter.
* SIEMENS: Parent's CEO Joe Kaeser will reveal plans in August to reduce the number of its industrial divisions at the engineering group to boost efficiency.
* SOM DISTILLERIES & BREWERIES: Woodpecker Distilleries & Breweries, a subsidiary of the
company, has received an approval for manufacturing Indian-made foreign liquor at its facility in Hassan, Karnataka.
* STATE BANK OF INDIA: Is aiming to cut its bad loans pile by about 500 bln rupees and make upfront provisions in FY19 to strengthen its balance sheet.
* STRIDES SHASUN: Has passed the World Health Organisation's pre-qualification for rectal artesunate suppositories in 100 mg strength for the pre-referral control of severe malaria.
* TATA MOTORS: Plans to launch around 50 commercial vehicles this fiscal as it looks to further
consolidate its position in the segment.
* UNITED BANK OF INDIA: Is expecting to recover close to 60 bln rupees from its stressed assets this fiscal.
* UNITED BREWERIES: Dealing a blow to banks' efforts to recover money from fugitive businessman Vijay Mallya, the Enforcement Directorate has rejected their plea to sell shares worth 20 bln rupees in the company.
* UNITECH: Two former executives of Lehman Brothers, who were instrumental in a deal whereby the investment banking arm of the New York-based company invested about $175 mln in a Mumbai project of the company, are now pushing for acquiring the entire project.
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Promoter Gautam S. Adani Family Trust has sold 12.5 mln shares or 0.6% stake in the company at 369.65 rupees per share in a bulk deal on BSE.
* ASTRAZENECA PHARMA INDIA: Has received import and market approval from Drug Controller General of India for durvalumab drug in India.
* BANK OF BARODA: Has complained to the country's premier federal probe agency that bankrupt pipes maker PSL siphoned off about 7 bln rupees from a dedicated account linked to GAIL INDIA projects, the payments from which were due to the lender and not the insolvent company. Has put non-performing assets on sale including its exposures to some accounts named in the RBI's two lists of bankruptcy cases, such as Essar Steel, BHUSHAN POWER & STEEL, Soma Enterprise and VISA STEEL.
* BANK OF MAHARASHTRA: Said shareholders have reposed their faith in the board and the top
management after the bank's chief executive officer, executive director and other officials were arrested by the economic offences wing in the DSK Group loan case.
* CANARA BANK: Subsidiary Can Fin Homes plans to raise 70 bln rupees through a mix of debt securities and equity allotment to fund its business growth, meet the working capital requirement and repay debt.
* DABUR INDIA: Has dragged the central and Uttarakhand governments to court for rejecting tax sops for investment in poorer areas promised under the pre-GST tax regime, joining a growing list of firms miffed at the government for denial of such concessions.
* DIAMOND POWER INFRASTRUCTURE: The company's Managing Director Amit Bhatnagar has resigned from the board effective Apr 5 to ensure free and fair investigation following charges by the Central Bureau of Investigation, Enforcement Directorate, and the Income Tax Department.
* DIL: Board has approved a scheme to merge its subsidiary Fermenta Biotech with itself.
* ELECTROSTEEL STEELS: The board has appointed Mahendra Singh Mehta as an additional independent director of the company. The board also approved payment of 53.20 bln rupees to financial creditors from the escrow account as per the approved resolution plan.
* HAVELLS INDIA: Will acquire the remaining 31% stake in arm Promptec Renewable Energy Solutions.
* HCL TECHNOLOGIES: Nokia has entered into a five-year partnership with the company for transforming and modernising its IT infrastructure and applications landscape.
* ICICI BANK: May adopt a system of having a rotating chairman to head board meetings until a full-time chairman is in place. Chairman M.K. Sharma will retire this month-end.
* ICICI LOMBARD GENERAL INSURANCE CO: Aims to grow at a compound annual growth rate of 15- 20% over the next three to five years, Chief Executive Officer and Managing Director Bhargav Dasgupta said.
* IDBI BANK: Has said M.K. Jain has demitted the post of managing director and chief executive officer of the bank and STATE BANK OF INDIA Managing Director B. Sriram has assumed additional charge of the post for "a temporary period of three months".
* IDEA CELLULAR: Even as the merger process between Vodafone and the company is underway, the Department of Telecommunications is understood to have decided to recover telecom-related dues of about 55 bln rupees from the two entities.
* JSW STEEL: Is expected to make a bid for Arcelor Mittal's Galati plant in Romania, potentially competing against Ukraine's Metinvest and Italy's Marcegaglia.
* JYOTI STRUCTURES: The National Company Law Tribunal has reserved its order on both the plan placed before it by the resolution professional of the company and DBS Bank's plea seeking that the resolution plan be rejected.
* KARNATAKA BANK: Has set itself a target of 29 bln rupees of export credit in 2018-19, the bank's Managing Director and Chief Executive Officer M.S. Mahabaleshwara said.
* KOTHARI PRODUCTS: Has divested its entire 54% stake in subsidiary Blackplinth Realtors to H and M Housing Finance & Leasing.
* KPIT TECHNOLOGIES: The company and Kinetiq have entered into a pact to deliver new life-sciences focused business technology applications.
* MAHINDRA & MAHINDRA: Has completed sale of 2.64 mln shares or 22% stake in Mahindra Sanyo Special Steel to Sanyo Special Steel Co for a consideration of 1.46 bln rupees.
* MANAPPURAM FINANCE: The board of the company has approved raising 2.50 bln rupees through issue of non-convertible debentures.
* MARSONS: National Company Law Tribunal, Kolkata bench, has initiated Corporate Insolvency
Resolution Process for the company.
* MERCK: Has entered into a business transfer agreement with its subsidiary Merck Life Science Pvt Ltd for the transfer of biopharma, performance materials, and life science businesses.
* NARAYANA HRUDAYALAYA: Even as many large hospital chains have expressed disappointment over package rates offered under Ayushman Bharat, the company has shown interest in getting its hospitals
empanelled in the government's flagship health protection scheme.
* NAVKAR CORP: The board has approved issue and allotment of 99,790 cumulative redeemable preference shares of 100 rupees each to Navkar Terminals, in pursuance of order of amalgamation issued by National Company Law Tribunal.
* POLY MEDICURE: The company's wholly owned subsidiary Poly Medicure B.V., Netherlands, has acquired 82% stake in Plan I Health S.R.L, Italy.
* PUNJAB CHEMICALS AND CROP PROTECTION: The company's wholly-owned overseas subsidiary STS Chemicals has been dissolved.
* PUNJAB NATIONAL BANK: The company and private equity giant Carlyle Group would jointly sell PNB HOUSING FINANCE in Jul-Sep.
* RAYMOND: Has completed the acquisition of 26% stake of Shahane Solar Power for 520,000 rupees in order to purchase power for its facility located at Thane.
* RICOH INDIA: The company said it is not in a position to pay half-yearly interest of 7% on 2-bln-rupee non-convertible debentures issued to Ricoh Asia Pacific.
* RUCHI SOYA INDUSTRIES: Patanjali Ayurved has raised concerns about Adani Wilmar's eligibility to bid for the company, which is facing insolvency and bankruptcy proceedings.
* SADBHAV ENGINEERING: Is looking to raise 15 bln rupees through a qualified institutional placement in the current quarter.
* SIEMENS: Parent's CEO Joe Kaeser will reveal plans in August to reduce the number of its industrial divisions at the engineering group to boost efficiency.
* SOM DISTILLERIES & BREWERIES: Woodpecker Distilleries & Breweries, a subsidiary of the
company, has received an approval for manufacturing Indian-made foreign liquor at its facility in Hassan, Karnataka.
* STATE BANK OF INDIA: Is aiming to cut its bad loans pile by about 500 bln rupees and make upfront provisions in FY19 to strengthen its balance sheet.
* STRIDES SHASUN: Has passed the World Health Organisation's pre-qualification for rectal artesunate suppositories in 100 mg strength for the pre-referral control of severe malaria.
* TATA MOTORS: Plans to launch around 50 commercial vehicles this fiscal as it looks to further
consolidate its position in the segment.
* UNITED BANK OF INDIA: Is expecting to recover close to 60 bln rupees from its stressed assets this fiscal.
* UNITED BREWERIES: Dealing a blow to banks' efforts to recover money from fugitive businessman Vijay Mallya, the Enforcement Directorate has rejected their plea to sell shares worth 20 bln rupees in the company.
* UNITECH: Two former executives of Lehman Brothers, who were instrumental in a deal whereby the investment banking arm of the New York-based company invested about $175 mln in a Mumbai project of the company, are now pushing for acquiring the entire project.
