Today Stock News – 03.08.2018
* BALLARPUR INDUSTRIES: The company's board has given an in-principle approval to Rubfila International Ltd's 50% stake acquisition in the company's wholly-owned subsidiary Premier Tissue (India).
* BANK OF BARODA: Is rejigging its overseas operations following the change in regulations after the over $2 bln fraud at PUNJAB NATIONAL BANK.
* BEML: Inaugurated a self-propelled eight-wheeler diesel electric tower car for Indian railways.
* BLUE STAR: Is targeting 10% market share in the next three years.
* COAL INDIA: Has identified seven coking coal assets in Australia for acquisition and is also in discussions with a few mine owners in Canada, a parliamentary panel said.
* DCB BANK: Will raise its marginal cost of funds-based lending rates by 10 basis points across tenures from Friday.
* EMAMI: Manipal Hospitals has revived talks with Emami Group to acquire its AMRI Hospitals (Advanced Medical Research Institute) in Kolkata.
* ESSEL PROPACK: Will raise 300 mln rupees through three-month commercial papers at a coupon of 7.63%, payable on maturity.
* EXIDE INDUSTRIES: Is looking to manufacture lithium-ion batteries at the recently acquired facility of Tudor India in Gujarat.
* FORTIS HEALTHCARE: Proxy advisory firm ISS has recommended that the company's shareholders vote in favour of resolutions pertaining to the hospital chain's proposed deal with Malaysian group IHH.
- Even as the company's promoters Malvinder and Shivinder Singh are locked in a legal battle with Daiichi Sankyo, the hospital major that recently secured Malaysia's IHH Healthcare as a strategic investor, is seeking to reclassify the Singh brothers and related entities as public shareholders.
* HDFC BANK: The bank said it had allotted 12.8 mln shares at 2,160 rupees per share, and 52.5 mln shares underlying 17.5 mln American Depository Receipts to JP Morgan Chase Bank.
* HINDUSTAN AERONAUTICS: The company's design wing, Aircraft Research and Design Centre, has designed and developed the arrestor hook system for ship deck operations of LCA Naval version.
* HOUSING DEVELOPMENT FINANCE CORP: Has increased its key lending rates by 20 basis points, effective Wednesday.
* IDBI BANK: There is no need for IDBI Federal Life Insurance Co to be on the block after the Union Cabinet has cleared the decks for Life Insurance Corp of India to pick up a 51% stake in the bank.
* ICICI BANK: The bank has issued a statement for 2017-18 (Apr-Mar) explaining the wide gap between the US and Indian accounting, largely due to consolidation in accounting for the bank's general insurance subsidiary under US norms.
- Has said that the ongoing enquiry against its Managing Director and Chief Executive Officer Chanda Kochhar could lead to further scrutiny and additional costs, denting its reputation. With the bank facing controversies involving Chanda Kochhar, its newly appointed Chairman Girish Chandra Chaturvedi has assured shareholders that he would give top priority to upholding the best governance practices.
* IDEA CELLULAR: Vodafone Idea is expected to officially start as India's largest mobile phone operator next week on what is internally termed 'Day Zero' with cost-cutting measures aimed at returning to profitability topping its priority list.
* INDIAN BANK: Has revised interest rates on foreign currency non-resident deposits with immediate effect.
* INDIAN OIL CORP: Hyundai Motor India on Thursday tied up with the company for a Hyundai-Indian Oil '20-20-20 Celebrations' campaign to engage customers and celebrate 20 years of its journey in India.
* JET AIRWAYS INDIA: Has informed its employees that the airline will not be able to operate beyond 60 days unless cost cutting measures, which include pay cuts, are put in place.
* JK PAPER: Has acquired 76.37% stake or 139 mln shares in Sirpur Paper Mills Ltd for 3.71 bln rupees.
* KOTAK MAHINDRA BANK: The equity stake of Uday Kotak, founder and promoter of the bank, will fall below 20% following 5 bln rupees issuance of perpetual preference shares on Thursday.
* L&T TECHNOLOGY SERVICES: LARSEN & TOUBRO will sell an additional 1.83 mln shares of the company through an offer-for-sale taking the offer size to 5.93 mln shares through the over-subscription option after the non-retail portion was subscribed 1.45 times on Thursday.
* MANPASAND BEVERAGES: Amundi Funds Equity India has sold 600,000 shares or 0.5% stake in the company at 129.56 rupees a share through a bulk deal on the National Stock Exchange.
* MPHASIS: The board will meet on Tuesday to consider a proposal to buy back equity shares.
* NBCC (INDIA): Signed a memorandum of understanding worth 4 bln rupees with the government of India to build India Pavilion at the Dubai World Expo 2020.
* OPTIEMUS INFRACOM: Announced the launch of the Blackberry Evolve and Blackberry EvolveX smartphones with Android 8.1 operating system in India. Will soon develop affordable housing projects on the lands of sick public sector undertakings.
* PARVATI SWEETNERS AND POWER: Individual investor Akram Khan has sold 1.97% stake or 1.4 mln shares in the company through open market on Wednesday.
* POWER FINANCE CORP: Is raising $300 mln by selling bonds to offshore investors in what is the first overseas debt sale this financial year by any Indian company.
* RELIANCE COMMUNICATIONS: Moody's Investors Service has said refinancing risks for GCX's senior secured bonds worth $350 mln are intensifying as maturity of the bonds is drawing closer.
* RELIANCE INDUSTRIES: The company and STATE BANK OF INDIA have entered into a partnership to integrate their respective digital applications, MyJio and YONO, providing a unified platform for financial transactions for customers of both entities.
* RELIANCE NAVAL AND ENGINEERING: OIL AND NATURAL GAS CORP has terminated a contract signed in 2009 for supply of five out of 12 offshore support vessels.
* SHRIRAM CITY UNION FINANCE: Morgan Stanley Asia (Singapore) has sold 1.32 mln shares or 2% stake in the company at 1,922.25 rupees each through a bulk deal on the National Stock Exchange.
* SHRIRAM TRANSPORT FINANCE: The company would raise about $400 mln in offshore loans through its first external commercial borrowing programme, benefiting from amended rules that allow such financiers to go beyond home for capital that would otherwise have cost more after Mint Street enhanced rates twice in as many months.
* SML ISUZU: The company has increased its manufacturing capacity to 2,000 units a month from 1,500 units, effective Wednesday.
* SPECIALITY RESTAURANTS: The company has opened the first outlet of its brand Spicery at Acropolis mall in Kolkata.
* SRIKALAHASTHI PIPES: Plans to replace its existing mini blast furnace by installing a new one with a liquid metal capacity of over 1,000 tn per day at the existing location in Andhra Pradesh.
* STATE BANK OF INDIA: Reliance Jio Infocomm has tied up with the bank, paving the way for creating India's biggest digital bank with shopping and entertainment thrown in.
* TATA POWER: The US government has backed a case against IFC's investments in the company's 4,620 MW Mundra plant. The Donald Trump administration has urged the Supreme Court to reverse a lower court order on Tata Mundra Power Plant in Gujarat funded by a financial wing of the World Bank, arguing that the US-based International Finance Corp enjoys absolute immunity.
* TATA MOTORS: Is recalibrating its strategy for its medium and commercial vehicle business in the wake of the regulation on axle load.
* THE NEW INDIA ASSURANCE CO: After the initial public offerings of GENERAL INSURANCE CORP and the company last year, the Centre plans to reduce its stake further in the two companies with offers for sale later this year.
* VEDANTA: Subsidiary Vedanta Resources has postponed its quarterly production results to next Monday.
* VIDEOCON INDUSTRIES: The Videocon group has received the highest claims from financial creditors among all the 900-odd companies that have been admitted to the bankruptcy court so far.
* VIJAYA BANK: The bank and HDFC Standard Life Insurance Co have signed an agreement for the former to act as a bancassurance partner for the distribution of the insurance company's products.
* VISAKA INDUSTRIES: The board has approved setting up a V-Panels unit at Jhanswa in Haryana with a capacity of 10,080 tn per annum, and will invest 125 mln rupees for the same.
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* BANK OF BARODA: Is rejigging its overseas operations following the change in regulations after the over $2 bln fraud at PUNJAB NATIONAL BANK.
* BEML: Inaugurated a self-propelled eight-wheeler diesel electric tower car for Indian railways.
* BLUE STAR: Is targeting 10% market share in the next three years.
* COAL INDIA: Has identified seven coking coal assets in Australia for acquisition and is also in discussions with a few mine owners in Canada, a parliamentary panel said.
* DCB BANK: Will raise its marginal cost of funds-based lending rates by 10 basis points across tenures from Friday.
* EMAMI: Manipal Hospitals has revived talks with Emami Group to acquire its AMRI Hospitals (Advanced Medical Research Institute) in Kolkata.
* ESSEL PROPACK: Will raise 300 mln rupees through three-month commercial papers at a coupon of 7.63%, payable on maturity.
* EXIDE INDUSTRIES: Is looking to manufacture lithium-ion batteries at the recently acquired facility of Tudor India in Gujarat.
* FORTIS HEALTHCARE: Proxy advisory firm ISS has recommended that the company's shareholders vote in favour of resolutions pertaining to the hospital chain's proposed deal with Malaysian group IHH.
- Even as the company's promoters Malvinder and Shivinder Singh are locked in a legal battle with Daiichi Sankyo, the hospital major that recently secured Malaysia's IHH Healthcare as a strategic investor, is seeking to reclassify the Singh brothers and related entities as public shareholders.
* HDFC BANK: The bank said it had allotted 12.8 mln shares at 2,160 rupees per share, and 52.5 mln shares underlying 17.5 mln American Depository Receipts to JP Morgan Chase Bank.
* HINDUSTAN AERONAUTICS: The company's design wing, Aircraft Research and Design Centre, has designed and developed the arrestor hook system for ship deck operations of LCA Naval version.
* HOUSING DEVELOPMENT FINANCE CORP: Has increased its key lending rates by 20 basis points, effective Wednesday.
* IDBI BANK: There is no need for IDBI Federal Life Insurance Co to be on the block after the Union Cabinet has cleared the decks for Life Insurance Corp of India to pick up a 51% stake in the bank.
* ICICI BANK: The bank has issued a statement for 2017-18 (Apr-Mar) explaining the wide gap between the US and Indian accounting, largely due to consolidation in accounting for the bank's general insurance subsidiary under US norms.
- Has said that the ongoing enquiry against its Managing Director and Chief Executive Officer Chanda Kochhar could lead to further scrutiny and additional costs, denting its reputation. With the bank facing controversies involving Chanda Kochhar, its newly appointed Chairman Girish Chandra Chaturvedi has assured shareholders that he would give top priority to upholding the best governance practices.
* IDEA CELLULAR: Vodafone Idea is expected to officially start as India's largest mobile phone operator next week on what is internally termed 'Day Zero' with cost-cutting measures aimed at returning to profitability topping its priority list.
* INDIAN BANK: Has revised interest rates on foreign currency non-resident deposits with immediate effect.
* INDIAN OIL CORP: Hyundai Motor India on Thursday tied up with the company for a Hyundai-Indian Oil '20-20-20 Celebrations' campaign to engage customers and celebrate 20 years of its journey in India.
* JET AIRWAYS INDIA: Has informed its employees that the airline will not be able to operate beyond 60 days unless cost cutting measures, which include pay cuts, are put in place.
* JK PAPER: Has acquired 76.37% stake or 139 mln shares in Sirpur Paper Mills Ltd for 3.71 bln rupees.
* KOTAK MAHINDRA BANK: The equity stake of Uday Kotak, founder and promoter of the bank, will fall below 20% following 5 bln rupees issuance of perpetual preference shares on Thursday.
* L&T TECHNOLOGY SERVICES: LARSEN & TOUBRO will sell an additional 1.83 mln shares of the company through an offer-for-sale taking the offer size to 5.93 mln shares through the over-subscription option after the non-retail portion was subscribed 1.45 times on Thursday.
* MANPASAND BEVERAGES: Amundi Funds Equity India has sold 600,000 shares or 0.5% stake in the company at 129.56 rupees a share through a bulk deal on the National Stock Exchange.
* MPHASIS: The board will meet on Tuesday to consider a proposal to buy back equity shares.
* NBCC (INDIA): Signed a memorandum of understanding worth 4 bln rupees with the government of India to build India Pavilion at the Dubai World Expo 2020.
* OPTIEMUS INFRACOM: Announced the launch of the Blackberry Evolve and Blackberry EvolveX smartphones with Android 8.1 operating system in India. Will soon develop affordable housing projects on the lands of sick public sector undertakings.
* PARVATI SWEETNERS AND POWER: Individual investor Akram Khan has sold 1.97% stake or 1.4 mln shares in the company through open market on Wednesday.
* POWER FINANCE CORP: Is raising $300 mln by selling bonds to offshore investors in what is the first overseas debt sale this financial year by any Indian company.
* RELIANCE COMMUNICATIONS: Moody's Investors Service has said refinancing risks for GCX's senior secured bonds worth $350 mln are intensifying as maturity of the bonds is drawing closer.
* RELIANCE INDUSTRIES: The company and STATE BANK OF INDIA have entered into a partnership to integrate their respective digital applications, MyJio and YONO, providing a unified platform for financial transactions for customers of both entities.
* RELIANCE NAVAL AND ENGINEERING: OIL AND NATURAL GAS CORP has terminated a contract signed in 2009 for supply of five out of 12 offshore support vessels.
* SHRIRAM CITY UNION FINANCE: Morgan Stanley Asia (Singapore) has sold 1.32 mln shares or 2% stake in the company at 1,922.25 rupees each through a bulk deal on the National Stock Exchange.
* SHRIRAM TRANSPORT FINANCE: The company would raise about $400 mln in offshore loans through its first external commercial borrowing programme, benefiting from amended rules that allow such financiers to go beyond home for capital that would otherwise have cost more after Mint Street enhanced rates twice in as many months.
* SML ISUZU: The company has increased its manufacturing capacity to 2,000 units a month from 1,500 units, effective Wednesday.
* SPECIALITY RESTAURANTS: The company has opened the first outlet of its brand Spicery at Acropolis mall in Kolkata.
* SRIKALAHASTHI PIPES: Plans to replace its existing mini blast furnace by installing a new one with a liquid metal capacity of over 1,000 tn per day at the existing location in Andhra Pradesh.
* STATE BANK OF INDIA: Reliance Jio Infocomm has tied up with the bank, paving the way for creating India's biggest digital bank with shopping and entertainment thrown in.
* TATA POWER: The US government has backed a case against IFC's investments in the company's 4,620 MW Mundra plant. The Donald Trump administration has urged the Supreme Court to reverse a lower court order on Tata Mundra Power Plant in Gujarat funded by a financial wing of the World Bank, arguing that the US-based International Finance Corp enjoys absolute immunity.
* TATA MOTORS: Is recalibrating its strategy for its medium and commercial vehicle business in the wake of the regulation on axle load.
* THE NEW INDIA ASSURANCE CO: After the initial public offerings of GENERAL INSURANCE CORP and the company last year, the Centre plans to reduce its stake further in the two companies with offers for sale later this year.
* VEDANTA: Subsidiary Vedanta Resources has postponed its quarterly production results to next Monday.
* VIDEOCON INDUSTRIES: The Videocon group has received the highest claims from financial creditors among all the 900-odd companies that have been admitted to the bankruptcy court so far.
* VIJAYA BANK: The bank and HDFC Standard Life Insurance Co have signed an agreement for the former to act as a bancassurance partner for the distribution of the insurance company's products.
* VISAKA INDUSTRIES: The board has approved setting up a V-Panels unit at Jhanswa in Haryana with a capacity of 10,080 tn per annum, and will invest 125 mln rupees for the same.
