Today Stock News – 21.09.2018
* ADANI ENTERPRISES: The Bombay High Court has granted interim relief to the company by
restraining the Directorate of Revenue Intelligence from taking action in seeking information from the Singapore government on alleged overpricing of coal imports by Adani Group, till further orders.
* ALLAHABAD BANK: The board of directors of the bank has approved raising up to 15 bln rupees
through qualified institutional placement, in one or more tranches through 2018-19 (Apr-Mar). Executive Director of SYNDICATE BANK S.S. Mallikarjuna Rao has been appointed managing director and chief executive officer of the bank for a three-year period or until further orders.
* ANDHRA BANK: J. Packirisamy has been appointed as managing director and chief executive officer of the bank till Feb 28, 2021 or until further orders.
* ASIAN PAINTS: The company's Non-Executive Chairman Ashwin Chimanlal Choksi passed away due to ill health.
* ASSAM CO INDIA: The Guwahati bench of the National Company Law Tribunal has accepted the
resolution plan for the company by the Abu Dhabi-based BRS Ventures Investment.
* BAJAJ HINDUSTHAN SUGAR: The Competition Commission of India has levied a 123.5-mln-rupee penalty on the company for allegedly rigging an ethanol tender floated by oil marketing companies in 2013.
* BANK OF MAHARASHTRA: A.S. Rajeev, executive director of INDIAN BANK, has been appointed managing director and chief executive officer of the bank.
* BHARTI AIRTEL: Has identified two new areas--healthcare and education--around which it plans to build content, apart from sharpening focus on regional music and videos on its platform, as it braces for a long battle with rival Reliance Jio Infocomm.
- The company, Reliance Jio Infocomm, STERLITE TECHNOLOGIES and two investment firms
have bid to separately purchase assets of Aircel, but lenders to the bankrupt telecom operator may still have to take a large haircut.
* BLUE COAST HOTELS: Has handed over possession of its Park Hyatt hotel in Goa to ITC.
* CENTRAL BANK OF INDIA: The bank has received capital of 23.54 bln rupees from the government against preferential allotment of shares in 2018-19 (Apr-Mar). Pallav Mohapatra has been appointed managing director and chief executive officer of the bank till Feb 28, 2021 or until further orders.
* CORPORATION BANK: Has signed an information utility agreement with National e-Governance
Services to share financial and security information.
* DENA BANK: Karnam Sekar, deputy managing director at STATE BANK OF INDIA, has been
appointed as the managing director and chief executive officer of the bank up to Jun 30, 2020 or until
further orders. The board will meet on Monday to discuss the proposal to merge it with BANK OF
BARODA and VIJAYA BANK.
* DCM FINANCIAL SERVICES: The Registrar of Companies has granted an extension of two months to the company for holding its annual general meeting.
* FUTURE SUPPLY CHAIN SOLUTIONS: The board will meet on Tuesday to consider raising funds through issue of debt securities or any other mode.
* GAMMON INFRASTRUCTURE PROJECTS: The company, which is the developer for Indira Container Terminal at the Mumbai Port Trust, plans to make a one-time settlement of around 4.77 bln rupees to the lenders if the project goes for re-bidding.
* GUJARAT GAS: Will invest 150 mln rupees to develop city gas distribution network in Narmada
(Rajpipla) geographical area in Gujarat, and will start work early next year.
* HCL TECHNOLOGIES: Has signed a deal with UK's grocery retailer Asda to drive its IT transformation.
* HINDALCO INDUSTRIES: The acquisition of US-based Aleris Corp will further help the company shield itself from volatility in base metal prices globally.
* HOTEL LEELA VENTURE: Has defaulted in payment of quarterly interest of 21.2 mln rupees to Life Insurance Corp of India.
* ICICI BANK: Plans to issue bonds denominated in Singapore dollar with a maturity of 10 years and a call option at the end of five years. The board of the bank will meet on Monday to consider raising funds from the offshore market by issuing debt instruments in single or multiple tranches.
- Breaching its own guidelines, the Central Bureau of Investigation yet to register a case into the
preliminary enquiry of the bank's relationship with the Videocon group.
* ICICI SECURITIES: In one of the largest exoduses in the wealth management space in India, about 33 top line executives from ICICI Securities Private Wealth Management have quit to join WGC Wealth, an arm of financial services group Wadhawan Global Capital.
* IL&FS TRANSPORTATION NETWORKS: The board of directors of IL&FS will seek the
reappointment of Arun Saha, joint managing director and chief executive officer of the group, for a further five years, till Mar 26, 2023, at the company's forthcoming annual general meeting. Bankruptcy proceedings have been instituted for the first time against an IL&FS group company, a Tamil Nadu-based thermal power unit.
* INDIA CEMENTS: With increasing consumption in infrastructure and housing sectors, future is bright for the cement industry for the next 10 years, said N. Srinivasan, vice-chairman and managing director of the company.
* INDIAN BANK: Padmaja Chundru has been appointed as managing director and chief executive officer of the bank.
* INDIAN HOTELS CO: Will have to slug it out with ITC HOTELS to retain its prized Taj Mahal Hotel on central Delhi's Mansingh Road that will go under the hammer on Sep 28.
* INFOSYS: Has begun bulking up its large deals team with hires from IBM and CSC and is looking for people who can negotiate deals worth over $100 mln, as the company looks to boost revenue. Remuneration paid to members of the board led by former chairman R. Seshasayee must be "clawed back" to fulfil the severance payout to a former executive, said an anonymous whistleblower.
* JET AIRWAYS INDIA: Officials from the income tax department were conducting a survey at the
company's office. A Mumbai-Jaipur flight of the company had a mid-air scare on Thursday due to loss of cabin pressure, following which it had to return to Mumbai. A consortium of overseas lenders to the company may ask the airline to expedite the repayment of loans worth $150 mln amid its deteriorating financial health.
* JSW ENERGY: Will supply 275 MW power to Maharashtra for October and November for 4.41 rupees per unit, as electricity demand in the state rises mainly on account of higher agricultural consumption.
* KARDA CONSTRUCTIONS: LIC Housing Finance has invested over 1.5 bln rupees in a portfolio of realty projects of the company's group company.
* MAHINDRA AND MAHINDRA: Renewing its focus on introducing bigger sport-utility vehicles and multi-purpose vehicles as it seeks to avoid a deeper foothold in the increasingly-crowded compact SUV market.
* MOSER BAER INDIA: Has appointed Jagdish Chand & Co as the company's statutory auditor, in place of Walker Chandiok & Co, effective Wednesday.
* NATIONAL ALUMINIUM CO: Plans to invest 55.22 bln rupees to set up an aluminium products
manufacturing unit in Odisha.
* NBCC (INDIA): Has secured total business worth 9.22 bln rupees in August.
* NTPC: Has sought an approval from shareholders to raise up to 120 bln rupees in 2018-19 (Apr-Mar) through bonds in the domestic market for capital expenditure as well as working capital requirements.
* ORACLE FINANCIAL SERVICES SOFTWARE: Sussex (Mauritius) and Wessex (Mauritius) along with their affiliate companies have sold 4.34% stake in the company in open market since Monday.
* PTC INDIA FINANCIAL SERVICES: Has given Chief Financial Officer Pawan Singh the additional charge of managing director and chief executive officer of the company, effective Wednesday.
* PUNJAB & SIND BANK: S. Harisankar has been appointed as managing director and chief executive officer of the bank till May 31, 2021 or until further orders.
* PUNJAB NATIONAL BANK: The bank's shareholders have approved issuing 312.99 mln shares to the government on a preferential basis. Cyril Amarchand Mangaldas, is being scrutinised by Central Bureau of Investigation after they seized documents related to the $2-bln fraud at the bank from Cyril Amarchand Mangaldas's premises in February.
* ROLTA INDIA: Loans to the company and Lavasa will be among two corporate accounts that UNION BANK OF INDIA has shortlisted to be referred to the National Company Law Tribunal.
* SBI LIFE INSURANCE CO: BNP Paribas Cardif has appointed three investment banks to scout for
buyers for a portion of its stake in the company that is worth around $500 mln.
* SOLARA ACTIVE PHARMA SCIENCES: Karst Peak Asia Master Fund has sold 0.74% stake or
183,227 shares of the company at 286.02 rupees apiece on the National Stock Exchange.
* STATE BANK OF INDIA: Has priced its $650-mln green bonds maturing in five years at 4.5%. Will make "full use" of the relaxation in guidelines regarding external commercial borrowings and Masala bonds, Chairman Rajnish Kumar said. The bank said further acquisition of public sector lenders would only lead to a monopoly, although the chairman agreed there was a need for consolidation.
* STRIDES PHARMA SCIENCE: The Australian Competition and Consumer Commission has cleared the merger of the company-owned Arrow Pharmaceuticals and the local unit of Canadian pharmaceutical company Apotex.
* SYNDICATE BANK: Mrutyunjay Mahapatra, deputy managing director of STATE BANK OF INDIA, has been appointed managing director and chief executive officer of the bank.
* STEEL AUTHORITY OF INDIA: Has raised prices of steel bars across regions. The company Has raised prices of galvanised corrugated sheets by up to 2% across India for September.
* TATA POWER: The company and India Power Corp have bid to acquire Odisha's Central Electricity Supply Utility.
* TATA STEEL: Thyssenkrupp's interim chief executive dismissed speculation that it would pull out of its steel joint venture with the company in the wake of management upheaval.
* TITAN CO: Titan Eyeplus, the company's optical retail brand, is planning to add 100 stores across the country in this financial year, half of which will be new and the remaining refurbished ones. After gold and diamond, the company has now forayed into silver jewellery under the Mia collection, a flagship contemporary brand which is part of the company's jewellery division, Tanishq.
* UCO BANK: UNION BANK OF INDIA Executive Director Atul Kumar Goel has been appointed
managing director and chief executive officer of the bank for a period of three years which cab be extended up to two years, subject to performance review or until further orders.
* UFLEX: The company's US-based subsidiary FlexFilms has launched two biaxially-oriented polyethylene terephthalate films.
* UNITED BANK OF INDIA: Ashok Kumar Pradhan, executive director at the bank, has been appointed as managing director and chief executive officer of the bank.
* VEDANTA: Has received shareholder and board approvals for signing contracts for 41 oil and gas blocks on Oct 1.
* VODAFONE IDEA: Wants the telecom department to recalculate the 39.26 bln rupees it had paid as spectrum price to get the government's approval for the merger that created the company.
* WIPRO: Has said that it plans to amalgamate four of its business entities.
* YES BANK: RBI has told the bank that Rana Kapoor may continue as managing director and chief
executive officer till Jan 31, 2019.
CLICK HERE
*********************************************************************************
restraining the Directorate of Revenue Intelligence from taking action in seeking information from the Singapore government on alleged overpricing of coal imports by Adani Group, till further orders.
* ALLAHABAD BANK: The board of directors of the bank has approved raising up to 15 bln rupees
through qualified institutional placement, in one or more tranches through 2018-19 (Apr-Mar). Executive Director of SYNDICATE BANK S.S. Mallikarjuna Rao has been appointed managing director and chief executive officer of the bank for a three-year period or until further orders.
* ANDHRA BANK: J. Packirisamy has been appointed as managing director and chief executive officer of the bank till Feb 28, 2021 or until further orders.
* ASIAN PAINTS: The company's Non-Executive Chairman Ashwin Chimanlal Choksi passed away due to ill health.
* ASSAM CO INDIA: The Guwahati bench of the National Company Law Tribunal has accepted the
resolution plan for the company by the Abu Dhabi-based BRS Ventures Investment.
* BAJAJ HINDUSTHAN SUGAR: The Competition Commission of India has levied a 123.5-mln-rupee penalty on the company for allegedly rigging an ethanol tender floated by oil marketing companies in 2013.
* BANK OF MAHARASHTRA: A.S. Rajeev, executive director of INDIAN BANK, has been appointed managing director and chief executive officer of the bank.
* BHARTI AIRTEL: Has identified two new areas--healthcare and education--around which it plans to build content, apart from sharpening focus on regional music and videos on its platform, as it braces for a long battle with rival Reliance Jio Infocomm.
- The company, Reliance Jio Infocomm, STERLITE TECHNOLOGIES and two investment firms
have bid to separately purchase assets of Aircel, but lenders to the bankrupt telecom operator may still have to take a large haircut.
* BLUE COAST HOTELS: Has handed over possession of its Park Hyatt hotel in Goa to ITC.
* CENTRAL BANK OF INDIA: The bank has received capital of 23.54 bln rupees from the government against preferential allotment of shares in 2018-19 (Apr-Mar). Pallav Mohapatra has been appointed managing director and chief executive officer of the bank till Feb 28, 2021 or until further orders.
* CORPORATION BANK: Has signed an information utility agreement with National e-Governance
Services to share financial and security information.
* DENA BANK: Karnam Sekar, deputy managing director at STATE BANK OF INDIA, has been
appointed as the managing director and chief executive officer of the bank up to Jun 30, 2020 or until
further orders. The board will meet on Monday to discuss the proposal to merge it with BANK OF
BARODA and VIJAYA BANK.
* DCM FINANCIAL SERVICES: The Registrar of Companies has granted an extension of two months to the company for holding its annual general meeting.
* FUTURE SUPPLY CHAIN SOLUTIONS: The board will meet on Tuesday to consider raising funds through issue of debt securities or any other mode.
* GAMMON INFRASTRUCTURE PROJECTS: The company, which is the developer for Indira Container Terminal at the Mumbai Port Trust, plans to make a one-time settlement of around 4.77 bln rupees to the lenders if the project goes for re-bidding.
* GUJARAT GAS: Will invest 150 mln rupees to develop city gas distribution network in Narmada
(Rajpipla) geographical area in Gujarat, and will start work early next year.
* HCL TECHNOLOGIES: Has signed a deal with UK's grocery retailer Asda to drive its IT transformation.
* HINDALCO INDUSTRIES: The acquisition of US-based Aleris Corp will further help the company shield itself from volatility in base metal prices globally.
* HOTEL LEELA VENTURE: Has defaulted in payment of quarterly interest of 21.2 mln rupees to Life Insurance Corp of India.
* ICICI BANK: Plans to issue bonds denominated in Singapore dollar with a maturity of 10 years and a call option at the end of five years. The board of the bank will meet on Monday to consider raising funds from the offshore market by issuing debt instruments in single or multiple tranches.
- Breaching its own guidelines, the Central Bureau of Investigation yet to register a case into the
preliminary enquiry of the bank's relationship with the Videocon group.
* ICICI SECURITIES: In one of the largest exoduses in the wealth management space in India, about 33 top line executives from ICICI Securities Private Wealth Management have quit to join WGC Wealth, an arm of financial services group Wadhawan Global Capital.
* IL&FS TRANSPORTATION NETWORKS: The board of directors of IL&FS will seek the
reappointment of Arun Saha, joint managing director and chief executive officer of the group, for a further five years, till Mar 26, 2023, at the company's forthcoming annual general meeting. Bankruptcy proceedings have been instituted for the first time against an IL&FS group company, a Tamil Nadu-based thermal power unit.
* INDIA CEMENTS: With increasing consumption in infrastructure and housing sectors, future is bright for the cement industry for the next 10 years, said N. Srinivasan, vice-chairman and managing director of the company.
* INDIAN BANK: Padmaja Chundru has been appointed as managing director and chief executive officer of the bank.
* INDIAN HOTELS CO: Will have to slug it out with ITC HOTELS to retain its prized Taj Mahal Hotel on central Delhi's Mansingh Road that will go under the hammer on Sep 28.
* INFOSYS: Has begun bulking up its large deals team with hires from IBM and CSC and is looking for people who can negotiate deals worth over $100 mln, as the company looks to boost revenue. Remuneration paid to members of the board led by former chairman R. Seshasayee must be "clawed back" to fulfil the severance payout to a former executive, said an anonymous whistleblower.
* JET AIRWAYS INDIA: Officials from the income tax department were conducting a survey at the
company's office. A Mumbai-Jaipur flight of the company had a mid-air scare on Thursday due to loss of cabin pressure, following which it had to return to Mumbai. A consortium of overseas lenders to the company may ask the airline to expedite the repayment of loans worth $150 mln amid its deteriorating financial health.
* JSW ENERGY: Will supply 275 MW power to Maharashtra for October and November for 4.41 rupees per unit, as electricity demand in the state rises mainly on account of higher agricultural consumption.
* KARDA CONSTRUCTIONS: LIC Housing Finance has invested over 1.5 bln rupees in a portfolio of realty projects of the company's group company.
* MAHINDRA AND MAHINDRA: Renewing its focus on introducing bigger sport-utility vehicles and multi-purpose vehicles as it seeks to avoid a deeper foothold in the increasingly-crowded compact SUV market.
* MOSER BAER INDIA: Has appointed Jagdish Chand & Co as the company's statutory auditor, in place of Walker Chandiok & Co, effective Wednesday.
* NATIONAL ALUMINIUM CO: Plans to invest 55.22 bln rupees to set up an aluminium products
manufacturing unit in Odisha.
* NBCC (INDIA): Has secured total business worth 9.22 bln rupees in August.
* NTPC: Has sought an approval from shareholders to raise up to 120 bln rupees in 2018-19 (Apr-Mar) through bonds in the domestic market for capital expenditure as well as working capital requirements.
* ORACLE FINANCIAL SERVICES SOFTWARE: Sussex (Mauritius) and Wessex (Mauritius) along with their affiliate companies have sold 4.34% stake in the company in open market since Monday.
* PTC INDIA FINANCIAL SERVICES: Has given Chief Financial Officer Pawan Singh the additional charge of managing director and chief executive officer of the company, effective Wednesday.
* PUNJAB & SIND BANK: S. Harisankar has been appointed as managing director and chief executive officer of the bank till May 31, 2021 or until further orders.
* PUNJAB NATIONAL BANK: The bank's shareholders have approved issuing 312.99 mln shares to the government on a preferential basis. Cyril Amarchand Mangaldas, is being scrutinised by Central Bureau of Investigation after they seized documents related to the $2-bln fraud at the bank from Cyril Amarchand Mangaldas's premises in February.
* ROLTA INDIA: Loans to the company and Lavasa will be among two corporate accounts that UNION BANK OF INDIA has shortlisted to be referred to the National Company Law Tribunal.
* SBI LIFE INSURANCE CO: BNP Paribas Cardif has appointed three investment banks to scout for
buyers for a portion of its stake in the company that is worth around $500 mln.
* SOLARA ACTIVE PHARMA SCIENCES: Karst Peak Asia Master Fund has sold 0.74% stake or
183,227 shares of the company at 286.02 rupees apiece on the National Stock Exchange.
* STATE BANK OF INDIA: Has priced its $650-mln green bonds maturing in five years at 4.5%. Will make "full use" of the relaxation in guidelines regarding external commercial borrowings and Masala bonds, Chairman Rajnish Kumar said. The bank said further acquisition of public sector lenders would only lead to a monopoly, although the chairman agreed there was a need for consolidation.
* STRIDES PHARMA SCIENCE: The Australian Competition and Consumer Commission has cleared the merger of the company-owned Arrow Pharmaceuticals and the local unit of Canadian pharmaceutical company Apotex.
* SYNDICATE BANK: Mrutyunjay Mahapatra, deputy managing director of STATE BANK OF INDIA, has been appointed managing director and chief executive officer of the bank.
* STEEL AUTHORITY OF INDIA: Has raised prices of steel bars across regions. The company Has raised prices of galvanised corrugated sheets by up to 2% across India for September.
* TATA POWER: The company and India Power Corp have bid to acquire Odisha's Central Electricity Supply Utility.
* TATA STEEL: Thyssenkrupp's interim chief executive dismissed speculation that it would pull out of its steel joint venture with the company in the wake of management upheaval.
* TITAN CO: Titan Eyeplus, the company's optical retail brand, is planning to add 100 stores across the country in this financial year, half of which will be new and the remaining refurbished ones. After gold and diamond, the company has now forayed into silver jewellery under the Mia collection, a flagship contemporary brand which is part of the company's jewellery division, Tanishq.
* UCO BANK: UNION BANK OF INDIA Executive Director Atul Kumar Goel has been appointed
managing director and chief executive officer of the bank for a period of three years which cab be extended up to two years, subject to performance review or until further orders.
* UFLEX: The company's US-based subsidiary FlexFilms has launched two biaxially-oriented polyethylene terephthalate films.
* UNITED BANK OF INDIA: Ashok Kumar Pradhan, executive director at the bank, has been appointed as managing director and chief executive officer of the bank.
* VEDANTA: Has received shareholder and board approvals for signing contracts for 41 oil and gas blocks on Oct 1.
* VODAFONE IDEA: Wants the telecom department to recalculate the 39.26 bln rupees it had paid as spectrum price to get the government's approval for the merger that created the company.
* WIPRO: Has said that it plans to amalgamate four of its business entities.
* YES BANK: RBI has told the bank that Rana Kapoor may continue as managing director and chief
executive officer till Jan 31, 2019.
