Today Stock News – 30.07.2018
* A2Z INFRA ENGINEERING: Subsidiary A2Z Green Waste Management has cleared its dues worth 2.76 bln rupees to six lenders through a one-time settlement of 700 mln rupees.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Has unveiled ambitious expansion plans for the Kattupalli port, within a month of signing a share purchase agreement with LARSEN & TOUBRO in June to complete the acquisition of the port, located near Chennai.
* BAJAJ FINANCE: Raised 700 mln rupees through non-convertible debentures maturing on Jul 27, 2023, at a coupon rate of 8.75%.
* BSE: Will launch weekly futures and options contracts in the dollar/rupee currency pair on Monday.
* COLGATE PALMOLIVE INDIA: Colgate-Palmolive, facing stiff competition from rivals such as Patanjali in India, is now putting more heft behind its domestic naturals portfolio, global Chairman, President and Chief Executive officer Ian Cook said.
* DR REDDY'S LABORATORIES: Chairman K. Satish Reddy said pricing control for pharmaceutical products has become a major cause of concern in India, as it may restrict availability of key life-saving drugs.
* ESSAR OIL: The company and Gas Exploration and Production is planning to sell as much as 30% in its flagship coal-bed methane block in Raniganj, West Bengal.
* FUTURE SUPPLY CHAIN SOLUTIONS: Has signed new clients for its contract logistics business and the annualised billing from these new accounts is expected to be over 500 mln rupees.
* GATI: TVS Logistics is in discussions with the company to buy a controlling stake in the smaller rival for about 15 bln rupees, signaling bigger investments in the country's logistics industry benefiting from a surge in e-commerce activity and the uniform producer levy.
* HCL TECHNOLOGIES: The rise in cloud computing in the early years of this decade has started hurting the growth of some of the largest software services companies in India, as for the first time business growth from managing technology infrastructure of customers was less than half of the overall revenue at the company and WIPRO in the past two years.
-After witnessing a low growth rate in infrastructure management services business, the company sees a demand revival in this division in the coming quarters, driven mostly by next generation solutions within the infra domain.
* HDFC BANK: Is considering an equity issue, subject to market conditions, and the committee or board will meet on Tuesday to consider and approve the issue price for allotment of securities.
* HERO MOTOCORP: Plans to launch new scooters and bikes in Iran and Turkey, and use its Bangladesh plant to scale up presence in South Asia as part of its global expansion strategy.
* HOUSING DEVELOPMENT FINANCE CORP: The real estate sector has begun to attract the renewed interest of homebuyers with the government's focus on affordable housing, the company said.
* ICICI BANK: The bank is reviewing all loans disbursed over the past five years to overhaul processes, plug loopholes and prepare reports to address regulatory inquiries, if any.
* ICICI SECURITIES: The Securities and Exchange Board of India is set to initiate proceedings by sending a show-cause notice to ICICI Prudential Asset Management Co over its investments in the initial public offering of the company.
* IL&FS TRANSPORTATION NETWORKS: Plans to bid for projects worth 40 bln rupees following its parent Infrastructure Leasing & Financial Services approving a 80-bln-rupee recapitalisation plan for the company.
* INDAG RUBBER: Will acquire 2.1 mln shares of US-based SUN Mobility Investor (Jersey) for 145 mln rupees.
* INFOSYS: Will invest approximately 7.5 bln rupees in the first phase of its upcoming facility in Noida, Uttar Pradesh.
* INTERGLOBE AVIATION: Over 108,000 passengers were affected because of large-scale flight
cancellations by the company.
* ITC: Is not keen to acquire malt-based drink Complan, but may evaluate Horlicks when bids open next month, if the company is available at a fair value, Managing Director Sanjiv Puri said.
-Shareholders of the company have approved re-appointment of its non-executive chairman Y C Deveshwar for another two years to February, 2022.
* JAI BALAJI INDUSTRIES: Edelweiss Asset Reconstruction Co is evaluating investment in the company, which is currently undergoing insolvency proceedings in the Kolkata bench of the National Company Law Tribunal.
* JAMMU & KASHMIR Bank: Will sell 3.81% stake or 76.64 mln shares in PNB MetLife through an initial public offering.
* JK CEMENT: Shareholders have approved a plan to raise up to 5 bln rupees through issuance of nonconvertible debentures on private placement basis.
* JSW STEEL: Has revised its offer for Bhushan Power & Steel to 180 bln rupees, prompting the committee of creditors to invite fresh bids. The company's decision to make a revised offer of 180 bln rupees has cheered lenders who are hoping that they will see lower haircuts while resolving the Bhushan Power & Steel case.
* KWALITY: Brickwork Ratings has downgraded the long-term and short-term ratings of the company's bank loan facilities amounting to 14.93 bln rupees and secured redeemable non-convertible debentures of 944.5 mln rupees to BBB- from A-.
* MAHINDRA & MAHINDRA: Signalling a shift in its strategy, the company has said that delivering the right customer experience would be paramount to gaining market share, as relying on price points is no longer adequate.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: The board has approved raising up to 100 bln rupees through a public issue of non-convertible debentures.
* NBCC (INDIA): The company is likely to take up JAYPEE INFRATECH and Amrapali projects to ensure their completion, and hand them over to their bona fide owners. The company is 'interested' in taking over stalled projects in Noida, Greater Noida and Yamuna Expressway area, Anoop Kumar Mittal, project management consultant, chairman and managing director of the state-run company said.
* NTPC: The board has approved raising up to 120 bln rupees through non-convertible debentures.
India's ministries of finance and power are discussing a plan to sell government's stake in hydro-power producer NHPC to the company.
* PHILLIPS CARBON BLACK: The controversy around, and the eventual closure of, Sterlite's copper smelter in Thoothukudi, Tamil Nadu, has forced the company to rethink its plan to set up a 6-bln-rupee 150,000 tn per annum carbon black plant in the state.
* RELIANCE INDUSTRIES: The board has approved raising 200 bln rupees through the issuance of nonconvertible debentures, in tranches.
-Is in discussions to acquire 5% stake in UK-based VAKT Holdings, a closely held start-up entity engaged in the technology space, for up to $5 mln.
-The subsidiary Reliance Retail has launched an online shop front for its smartphone and electronics format Reliance Digital.
-Exactly a decade after it started production, the MA oil and gas field in the Krishna Godavari basin block KG-D6 will cease to produce from September, the company said.
-Has agreed to sell its entire 70% stake Gujarat's Cambay Basin block to Dilip Shanghvi-promoted Sun Petrochemicals for an undisclosed amount.
* RELIANCE INFRASTRUCTURE: Expects to redeem the 6.7 bln rupees of non-convertible debentures, issued in two tranches and due earlier this week, in early August, as it expects all lenders to approve the sale of its Mumbai power business to ADANI TRANSMISSION by that time.
-CARE RATINGS has cut the rating on the company's non-convertible debentures to BBB+.
* RELIANCE POWER: Mumbai suburban power consumers may end up paying about 20 bln rupees to the company via the Mumbai power distribution business in the next couple of years.
* RITES: Has received an export order worth 5.67 bln rupees for broad gauge passenger air-conditioned and non air-conditioned coaches.
* SHOPPERS STOP: The company expects to grow around 8% this fiscal year, as the K Raheja Group retail chain is expanding its sales network by adding new cities and strengthening its ecommerce presence.
* SUN PHARMACEUTICAL INDUSTRIES: The US arm of the company is recalling over 2,500 bottles of Metformin hydrochloride extended release tablets from Arizona on account of presence of foreign substance in one lot.
* SUZLON ENERGY: Plans to re-enter international markets, Chief Executive J.P. Chalasani has said.
* TATA POWER: Has expressed interest in buying two hydroelectric power projects in Sikkim owned by Asian infrastructure investor Equis Energy.
* TATA STEEL: Has shot off a letter to lenders of Bhushan Power & Steel saying that a re-bid was in
contravention of the National Company Law Appellate Tribunal order and the insolvency and bankruptcy code.
* TECH MAHINDRA: The company and AION Capital will acquire InterGlobe Technologies, the information and technology and back office arm of travel conglomerate Inter-Globe Enterprises.
* THYROCARE TECHNOLOGIES: The board will meet on Aug 4 to consider a proposal to buy back equity shares.
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Has unveiled ambitious expansion plans for the Kattupalli port, within a month of signing a share purchase agreement with LARSEN & TOUBRO in June to complete the acquisition of the port, located near Chennai.
* BAJAJ FINANCE: Raised 700 mln rupees through non-convertible debentures maturing on Jul 27, 2023, at a coupon rate of 8.75%.
* BSE: Will launch weekly futures and options contracts in the dollar/rupee currency pair on Monday.
* COLGATE PALMOLIVE INDIA: Colgate-Palmolive, facing stiff competition from rivals such as Patanjali in India, is now putting more heft behind its domestic naturals portfolio, global Chairman, President and Chief Executive officer Ian Cook said.
* DR REDDY'S LABORATORIES: Chairman K. Satish Reddy said pricing control for pharmaceutical products has become a major cause of concern in India, as it may restrict availability of key life-saving drugs.
* ESSAR OIL: The company and Gas Exploration and Production is planning to sell as much as 30% in its flagship coal-bed methane block in Raniganj, West Bengal.
* FUTURE SUPPLY CHAIN SOLUTIONS: Has signed new clients for its contract logistics business and the annualised billing from these new accounts is expected to be over 500 mln rupees.
* GATI: TVS Logistics is in discussions with the company to buy a controlling stake in the smaller rival for about 15 bln rupees, signaling bigger investments in the country's logistics industry benefiting from a surge in e-commerce activity and the uniform producer levy.
* HCL TECHNOLOGIES: The rise in cloud computing in the early years of this decade has started hurting the growth of some of the largest software services companies in India, as for the first time business growth from managing technology infrastructure of customers was less than half of the overall revenue at the company and WIPRO in the past two years.
-After witnessing a low growth rate in infrastructure management services business, the company sees a demand revival in this division in the coming quarters, driven mostly by next generation solutions within the infra domain.
* HDFC BANK: Is considering an equity issue, subject to market conditions, and the committee or board will meet on Tuesday to consider and approve the issue price for allotment of securities.
* HERO MOTOCORP: Plans to launch new scooters and bikes in Iran and Turkey, and use its Bangladesh plant to scale up presence in South Asia as part of its global expansion strategy.
* HOUSING DEVELOPMENT FINANCE CORP: The real estate sector has begun to attract the renewed interest of homebuyers with the government's focus on affordable housing, the company said.
* ICICI BANK: The bank is reviewing all loans disbursed over the past five years to overhaul processes, plug loopholes and prepare reports to address regulatory inquiries, if any.
* ICICI SECURITIES: The Securities and Exchange Board of India is set to initiate proceedings by sending a show-cause notice to ICICI Prudential Asset Management Co over its investments in the initial public offering of the company.
* IL&FS TRANSPORTATION NETWORKS: Plans to bid for projects worth 40 bln rupees following its parent Infrastructure Leasing & Financial Services approving a 80-bln-rupee recapitalisation plan for the company.
* INDAG RUBBER: Will acquire 2.1 mln shares of US-based SUN Mobility Investor (Jersey) for 145 mln rupees.
* INFOSYS: Will invest approximately 7.5 bln rupees in the first phase of its upcoming facility in Noida, Uttar Pradesh.
* INTERGLOBE AVIATION: Over 108,000 passengers were affected because of large-scale flight
cancellations by the company.
* ITC: Is not keen to acquire malt-based drink Complan, but may evaluate Horlicks when bids open next month, if the company is available at a fair value, Managing Director Sanjiv Puri said.
-Shareholders of the company have approved re-appointment of its non-executive chairman Y C Deveshwar for another two years to February, 2022.
* JAI BALAJI INDUSTRIES: Edelweiss Asset Reconstruction Co is evaluating investment in the company, which is currently undergoing insolvency proceedings in the Kolkata bench of the National Company Law Tribunal.
* JAMMU & KASHMIR Bank: Will sell 3.81% stake or 76.64 mln shares in PNB MetLife through an initial public offering.
* JK CEMENT: Shareholders have approved a plan to raise up to 5 bln rupees through issuance of nonconvertible debentures on private placement basis.
* JSW STEEL: Has revised its offer for Bhushan Power & Steel to 180 bln rupees, prompting the committee of creditors to invite fresh bids. The company's decision to make a revised offer of 180 bln rupees has cheered lenders who are hoping that they will see lower haircuts while resolving the Bhushan Power & Steel case.
* KWALITY: Brickwork Ratings has downgraded the long-term and short-term ratings of the company's bank loan facilities amounting to 14.93 bln rupees and secured redeemable non-convertible debentures of 944.5 mln rupees to BBB- from A-.
* MAHINDRA & MAHINDRA: Signalling a shift in its strategy, the company has said that delivering the right customer experience would be paramount to gaining market share, as relying on price points is no longer adequate.
* MAHINDRA & MAHINDRA FINANCIAL SERVICES: The board has approved raising up to 100 bln rupees through a public issue of non-convertible debentures.
* NBCC (INDIA): The company is likely to take up JAYPEE INFRATECH and Amrapali projects to ensure their completion, and hand them over to their bona fide owners. The company is 'interested' in taking over stalled projects in Noida, Greater Noida and Yamuna Expressway area, Anoop Kumar Mittal, project management consultant, chairman and managing director of the state-run company said.
* NTPC: The board has approved raising up to 120 bln rupees through non-convertible debentures.
India's ministries of finance and power are discussing a plan to sell government's stake in hydro-power producer NHPC to the company.
* PHILLIPS CARBON BLACK: The controversy around, and the eventual closure of, Sterlite's copper smelter in Thoothukudi, Tamil Nadu, has forced the company to rethink its plan to set up a 6-bln-rupee 150,000 tn per annum carbon black plant in the state.
* RELIANCE INDUSTRIES: The board has approved raising 200 bln rupees through the issuance of nonconvertible debentures, in tranches.
-Is in discussions to acquire 5% stake in UK-based VAKT Holdings, a closely held start-up entity engaged in the technology space, for up to $5 mln.
-The subsidiary Reliance Retail has launched an online shop front for its smartphone and electronics format Reliance Digital.
-Exactly a decade after it started production, the MA oil and gas field in the Krishna Godavari basin block KG-D6 will cease to produce from September, the company said.
-Has agreed to sell its entire 70% stake Gujarat's Cambay Basin block to Dilip Shanghvi-promoted Sun Petrochemicals for an undisclosed amount.
* RELIANCE INFRASTRUCTURE: Expects to redeem the 6.7 bln rupees of non-convertible debentures, issued in two tranches and due earlier this week, in early August, as it expects all lenders to approve the sale of its Mumbai power business to ADANI TRANSMISSION by that time.
-CARE RATINGS has cut the rating on the company's non-convertible debentures to BBB+.
* RELIANCE POWER: Mumbai suburban power consumers may end up paying about 20 bln rupees to the company via the Mumbai power distribution business in the next couple of years.
* RITES: Has received an export order worth 5.67 bln rupees for broad gauge passenger air-conditioned and non air-conditioned coaches.
* SHOPPERS STOP: The company expects to grow around 8% this fiscal year, as the K Raheja Group retail chain is expanding its sales network by adding new cities and strengthening its ecommerce presence.
* SUN PHARMACEUTICAL INDUSTRIES: The US arm of the company is recalling over 2,500 bottles of Metformin hydrochloride extended release tablets from Arizona on account of presence of foreign substance in one lot.
* SUZLON ENERGY: Plans to re-enter international markets, Chief Executive J.P. Chalasani has said.
* TATA POWER: Has expressed interest in buying two hydroelectric power projects in Sikkim owned by Asian infrastructure investor Equis Energy.
* TATA STEEL: Has shot off a letter to lenders of Bhushan Power & Steel saying that a re-bid was in
contravention of the National Company Law Appellate Tribunal order and the insolvency and bankruptcy code.
* TECH MAHINDRA: The company and AION Capital will acquire InterGlobe Technologies, the information and technology and back office arm of travel conglomerate Inter-Globe Enterprises.
* THYROCARE TECHNOLOGIES: The board will meet on Aug 4 to consider a proposal to buy back equity shares.
