Today Stock News – 01.10.2018
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* ABB INDIA: Will put up facilities in India by as early as the year-end to manufacture electric-vehicle chargers.
* BANDHAN BANK: The Reserve Bank of India has withdrawn the general permission for the bank to open new branches, following which the bank will not be able to open branches without prior approval of the central bank. Has reiterated that it would continue to work and engage with the Reserve Bank of India to ensure the lender meets all licensing norms.
* BANK OF BARODA: Has acquired 51% stake in Baroda Pioneer Asset Management Co and Baroda Pioneer Trustee Co from UniCredit.
* BAJAJ FINANCE: Has increased rates on fixed deposit maturing in 36-60 months by 10 basis points to 8.50% under the cumulative option, effective today.
* BHARAT FINANCIAL INCLUSION: Has completed direct assignment transaction of 8.41 bln rupees to a public sector bank as per guidelines prescribed by the Reserve Bank of India.
* BHARAT PETROLEUM CORP: Will set up a manufacturing facility at its Kochi refinery for polyols, propylene glycol and mono ethylene glycol with an investment of about 111.3 bln rupees.
* BOMBAY RAYON FASHIONS: Board has approved sale of certain non-core assets.
* BSE: Will waive off transaction charges on commodity futures on its platform for a year to encourage participants to trade in commodity markets.
* CANARA BANK: The Supreme Court on Friday stayed the insolvency process of GTL initiated by the bank, which is seeking to recover 4.6 bln rupees from the network services company.
* COAL INDIA: Has set a "difficult" production target of 700 mln tn for 2019-20 (Apr-Mar), Chairman A.K. Jha said. The supply of coal by the company to the power sector in the first five months of the ongoing fiscal increased by 12.1% to 196.9 mln tn.
* CONTAINER CORP OF INDIA: Has scrapped a tender to hire two container ships for 10 years to start coastal shipping business after the lowest bidder pulled out his quote before the Navratna company launched a reverse auction.
* EICHER MOTORS: After issuing a notice on Friday asking employees who participated in the strike to give an undertaking that they would not engage in such activities in the future, Royal Enfield issued a fresh notice on Saturday asking all workers to join duty from the first shift on Sunday.
* ENGINEERS INDIA: Has received an order worth over 50 bln rupees from HPCL Rajasthan Refinery for its Rajasthan refinery project.
* GBL INDUSTRIES: Sold its subsidiary Rahul Papers India for 23.68 mln rupees on Thursday.
* GEOJIT FINANCIAL SERVICES: Board has approved setting up a mutual fund, asset management company.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Nestle, Unilever and Coca-Cola are among
companies shortlisted by GlaxoSmith-Kline for the second round of bidding for its Indian nutrition business.
* HINDUSTAN AERONAUTICS: R. Madhavan, chairman and managing director of the company, allayed fears and concerns of shareholders and reiterated his commitment to pursue growth opportunities for the company. Urging the government not to privatise profit-making Pawan Hans, the state-run chopper operators officers union has proposed the latter's merger with the company.
- Defence Minister Nirmala Sitharaman has rubbished allegations that the government had snatched
jobs from the country's youth by ignoring the company in the Rafale deal, saying it was the Congress which did not buttress the defence public sector unit.
* HINDUSTAN CONSTRUCTION CO: Step-down subsidiary HCC Concessions has entered into a definitive agreement to sell Farakka-Raiganj Highways to Singapore-based Cube Highways and Infrastructure II for 3.72 bln rupees.
* HOUSING DEVELOPMENT FINANCE CORP: The company's wholly-owned subsidiary HDFC Holdings has sold 9.75% stake or 3.67 mln shares of Kooh Sports for 34.26 mln rupees.
* IDBI BANK: The board of director of Life Insurance Corp of India has approved buying up to 51% stake in the bank to acquire a controlling stake in the bank.
* IL&FS TRANSPORTATION NETWORKS: Paid the interest on its five-year non-convertible debentures issued in March. Lenders to Infrastructure Leasing & Financial Services have declined to provide additional loans of 35 bln rupees to the term-lending institution unless a resolution plan explaining how debt will be repaid is put in place. The Reserve Bank of India has recently concluded an audit of IL&FS and may send notices to the companys board and management if lapses found.
- Shareholders of Infrastructure Leasing & Finance Services have approved its plans to raise 150 bln
rupees through non-convertible debentures and increase borrowing limit to 350 bln rupees from 250 bln rupees to help overcome its liquidity crisis and meet repayment obligations.
* INDIAN HOTELS CO: Has won a 33-year lease of iconic Taj Mahal Hotel located on Mansingh Road in New Delhi.
* INDIAN OIL CORP: The promoters of Ratnagiri Refinery and Petrochemicals have appointed a panel to recommend measures for resolving land acquisition issues related to the construction of a 60 mtpa oil refinery and petrochemicals complex in Ratnagiri district of Maharashtra.
* INFIBEAM AVENUES: Gave interest free loans of 1.35 bln rupees to its subsidiary NSI Infibeam Global as of Mar 31. Has complained to the government and Securities and Exchange Board of India about a WhatsApp message that wiped off 73% of share price on Friday.
* INFOSYS: Around 1,000 Verizon employees in the US and India are expected to transition to the company beginning October.
* INTERGLOBE AVIATION: Is betting big on the West Asia to grow its fortunes overseas.
* IRB INFRASTRUCTURE DEVELOPERS: The company's wholly-owned subsidiary IRB PS Highway has achieved financial closure of 21.69 bln rupees for its road project.
* ITC: Will no longer enter any low margin and low growth categories in personal and home care business.
* JET AIRWAYS INDIA: The company's aircraft, with over 100 people on board, made an emergency landing at Indore airport on Sunday after one of its two engines failed when the plane was cruising at 36,000 feet.
* KALPATARU POWER TRANSMISSION: Has received orders worth 11.45 bln rupees.
* KARUR VYSYA BANK: Reserve Bank of India has imposed a 50-mln-rupee penalty on the bank for violation of norms on income recognition and asset classification, reporting of fraud, and for discipline at the time of opening current accounts.
* LAKSHMI VILAS BANK: Has said it was in touch with top global investors for its proposed capital raising programme, and aims to complete the fund raising by March.
* MAHANAGAR TELEPHONE NIGAM: The Department of Telecom plans to seek the Cabinet approval in the next two months for the allocation of spectrum to BSNL and the company for 4G services.
* MAHINDRA LIFESPACE DEVELOPERS: Board has appointed Sangeeta Prasad, chief executive officer, as the managing director effective from Monday.
* MARUTI SUZUKI INDIA: Has started its maiden performance audit of vendors and also introduced a socalled 'purple band' for the most efficient suppliers.
* MASTEK: Has given a corporate guarantee in favor of Standard Chartered Bank to secure a term loan facility of up to 15 mln pound sterling (1.42 bln rupees) to its UK-based wholly-owned subsidiary Mastek (UK).
* MINDA INDUSTRIES: Has completed the acquisition of 41.67% stake in Toyoda Gosei Minda India on Friday.
* NBCC (INDIA): Is likely to commence construction work on 11,400 units of stalled Amrapali projects as early as December.
* OIL & NATURAL GAS CORP: Is seeking pricing and marketing freedom for natural gas from some of its fields that have not been put on production yet due to higher cost of extracting gas from these fields. Global giants from US, Japan and West Asia have shown interest in picking up a stake in the companys mega petrochemical project in Gujarat, Chairman and Managing Director Shashi Shanker said.
- Arm ONGC Videsh has knocked on the government's doors to create a sovereign wealth fund,
through which Indian companies can fund acquisition of oil blocks abroad.
* PARSVNATH DEVELOPERS: The board has approved the proposal to divest 100% stake in subsidiaries-- Parsvnath Estate Developers and Primetime Realtors.
* PENINSULA LAND: Has acquired further stake in its four special purpose vehicles --Goodhome Realty, Rockfirst Real Estate, RR Mega City Builders and Truewin Realty--for 15.6 mln rupees through investment in units of PReF Indigo Scheme.
* PIRAMAL ENTERPRISES: International Finance Corp, the investing arm of the World Bank, has invested $100 mln in India Resurgence Fund, a joint venture between the company and Bain Capital.
* PUNJAB NATIONAL BANK: Hikes its marginal cost of funds-based lending rates by 5-20 basis points for some tenures.
* RANE HOLDINGS: Has acquired 252,000 shares or 3.75% stake in subsidiary RANE ENGINE VALVE for 114.8 mln rupees.
* RELIANCE INDUSTRIES: Has acquired IMG Reliance's stake for an undisclosed amount, raising its holding to 65% in the Indian Super League. Netradyne, an artificial intelligence focused on driver and fleet safety startup, on Friday had raised $21 mln in funding from M12-Microsoft's corporate venture arm, the company and Point72 Ventures.
* SHRIRAM TRANSPORT FINANCE CO: Shriram Capital, the promoter of non-banking finance companies such as the company and SHRIRAM CITY UNION FINANCE, has declined to comment on a report that private equity firms are vying for stake in group companies.
* STATE BANK OF INDIA: Life Insurance Corp of India and the bank have agreed to invest a total of 45 bln rupees in Infrastructure Leasing & Financial Services through a rights share offer, and aim to complete the process within the next two months. Is reviewing its exposure to non-banking finance companies, which currently stands at about 2 trln rupees. Has lowered the automated teller machine cash withdrawal limit to 20,000 rupees a day, from 40,000 rupees effective Oct 31.
* SUNSHIELD CHEMICALS: Maharashtra Pollution Control Board has ordered closure of the company's manufacturing unit.
* TATA CONSULTANCY SERVICES: Will provide engineering and digital internet of things solutions and services to Fortive Corp.
* TATA POWER CO: Has refinanced $770-mln external commercial borrowing loans of its Mundra Ultra Mega Power Project through rupee loans and from proceeds of non-core asset divestment.
* TATA STEEL: Is aiming to raise its production to 4 mln tn by the end of the current fiscal.
* TECH MAHINDRA: Will build and maintain an enterprise business system to modernise and automate port processes at five central government-owned ports for 3.50 bln rupees including taxes.
* V-MART RETAIL: Has opened a new fashion store in West Bengal, taking its total count of fashion stores in the state to eight, apart from one composite store.
* VAKRANGEE: The corporate affairs ministry has ordered inspection of books of accounts of the company for a period of three financial years.
* VIJAYA BANK: The board of the bank has given its in-principle approval for the merger with two other public sector banks--BANK OF BARODA and DENA BANK.
* YES BANK: Managing Director and Chief Executive Officer Rana Kapoor on Friday said that he will not sell his shares in the bank, even after demitting office. Sold exposure in Jaypee Cement Corp to Assets Care and Reconstruction Enterprise.
