Today Stock News – 03.12.2018
* ALLCARGO LOGISTICS: Avvashya CCI Logistics, a unit of the company, is venturing into UAE and Kenya, as part of a plan to expand overseas.
* ATUL AUTO: Total sales rose 12.6% on year to 4,003 units in November.
* AUROBINDO PHARMA: Has received an approval from US FDA for glycopyrrolate injection in 0.2-mg/ml strength. Expects its first biosimilar product to receive approval in the US in the next 12-18 months, while in Europe it hopes to get a green signal by 2022.
* AXIS BANK: The income-tax department is probing the role of some employees of the bank for allegedly facilitating cash deposits of over 520 mln rupees and benami transactions for half a dozen jewellers based out of Zaveri Bazaar in Mumbai.
* BANK OF MAHARASHTRA: On Sunday announced that A.S. Rajeev has joined the lender as its managing director and chief executive officer.
* BHARAT HEAVY ELECTRICALS: Integrated Core Strategies (Asia) has bought 0.82% stake or 30.16 mln shares in the company at 68.57 rupees apiece through a bulk deal on the National Stock Exchange.
* BHARTI AIRTEL: Is preparing for a bigger enterprise play through its new cloud and data centre strategy, with an aim to become the country's largest data centre company by providing its infrastructure to global players like Microsoft and app makers, among others.
* BIOCON: The European Union has allowed Mylan to market Fulphila, a biosimilar of Amgen's Neulasta, jointly developed by the company and Mylan.
* BOROSIL GLASS WORKS: Has made an additional investment of 24.5 mln rupees in the company's wholly-owned arm Borosil Technologies Ltd by subscribing to rights issue.
* BRIGADE ENTERPRISES: Has launched Plumeria Lifestyle, a 60-acre integrated township in Bengaluru.
* CADILA HEALTHCARE: Has received final approval from the US Food and Drug Administration to market Teriflunomide tablets in 7-mg and 14-mg strengths.
* CARE RATINGS: Copthall Mauritius Investment has bought 0.52% stake or 152,020 shares in the company at 957.2 rupees through a bulk deal on the National Stock Exchange.
* CENTRAL BANK OF INDIA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for December. Funds-based loan rates will remain in the range of 8.00-8.60%.
* CHAMBAL FERTILISERS & CHEMICALS: The Company on Friday commenced production of urea on a trial basis at Gadepan-III plant in Kota, Rajasthan.
* CIL NOVA PETROCHEMICALS: Asia Investment Corp Mauritius has sold 186,407 shares or 0.68% stake in the company at 23.9 rupees apiece through a bulk deal on the National Stock Exchange.
* CUPID: Has received an order worth 252.3 mln rupees from the government to supply condoms to Central Medical Services Society.
* DCB BANK: Will increase the marginal cost of funds-based lending rates by 10 basis points across tenures from today.
* DENA BANK: Has hiked its marginal cost of funds-based lending rates by 15-30 basis points across tenures, effective Saturday.
* DIVI'S LABORATORIES: Integrated Core Strategies (Asia) has sold 1.8 mln shares or 0.71% stake in the company at 1,438.98 rupees apiece through a bulk deal on the National Stock Exchange.
* EICHER MOTORS: Total commercial vehicle sales fell nearly 4% on year to 4,720 units in November.
* ESCORTS: Total tractor sales in November rose 56.4% on year to 8,005 units.
* FORTIS HEALTHCARE: The company's paid up share capital has increased to 754.43 mln shares from 519.08 mln shares due to preferential share allotment.
* FUTURE RETAIL: Future Group's founder Kishore Biyani is negotiating a wider agreement with Amazon that will provide the online retailer the option to buy him out in the future.
* HDFC STANDARD LIFE INSURANCE CO: Board has sought shareholders approval to appoint Vibha Padalkar as the managing director and chief executive officer of the company.
* ICICI BANK: Has raised the marginal cost of funds-based lending rates by 10 basis points across tenures for December.
* ICICI LOMBARD GENERAL INSURANCE CO: Warburg Pincus-owned Red Bloom Investment has sold 14.28 mln shares or 3.14% stake in the company at 800 rupees a share through a bulk deal on BSE.
* IDBI BANK: India Ratings and Research has downgraded the bank's long-term issuer rating to A from AA-.
* IDFC BANK: Will seek shareholder's approval next month to change its name to IDFC First Bank, following acquisition of Capital First on Jan 13.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on interest payment of 48.49 mln rupees towards nonconvertible debentures due Friday. Unpaid workers take seven IL&FS Joint Venture staffers hostage in Ethiopia.
* INDIABULLS HOUSING FINANCE: Plans to raise at least 1.5 bln rupees through bonds maturing in 18 months.
* INDIAN BANK: Will increase the marginal cost of funds-based lending rates by 5 basis points across tenures from today. Shenoy Vishwanath Vittal today assumed charge as executive director of the bank for three years or until further orders.
* INDIAN OIL CORP: Will cut price of non-subsidised liquefied petroleum gas for domestic use by 133 rupees per 14.2-kg cylinder in Delhi from Saturday, with corresponding changes in other states.
* INTERGLOBE AVIATION: All airlines except IndiGo are slowing down due to falling yields.
* JET AIRWAYS INDIA: Is rationalising its international network, trimming unviable flights and adding new ones where it hopes to make money, as the cash strapped carrier makes efforts to turn itself around while simultaneously seeking a cash infusion to keep itself afloat. Cancelled at least 14 flights to various destinations on Sunday after some of its pilots reported "sick" over non-payment of their dues. Struggling to keep it afloat in the wake of a dismal financial performance in the last three quarters, the company is withdrawing its flight services on as many as seven Gulf routes from this month.
* JSW STEEL: Would integrate the recently acquired Aferpi mill with its Indian facilities, including the newly purchased MONNET ISPAT AND ENERGY, as part of the Italian steelmaker's phased turnaround plans.
* KOTAK MAHINDRA BANK: Has cut its marginal cost of funds-based lending rate by 5-10 basis points on threemonth, two-year and three-year tenures.
* LARSEN & TOUBRO: L&T Infrastructure Development Projects's interest in the insolvent JAYPEE INFRATECH's assets could be an early indication of a change in the company's strategy, one different from its parent.
* LAKSHMI VILAS BANK: Has raised its overnight to six-month marginal cost of funds-based lending rates by 5-15 basis points.
* MAHINDRA & MAHINDRA: Total vehicle sales rose 17% on year to 45,101 units in November.
* MAHINDRA LOGISTICS: Is actively looking at acquisitions in the logistics-technology space as it tries to increase operational efficiencies through higher levels of digitisation, chief executive officer said.
* MARUTI SUZUKI INDIA: Total vehicle sales fell 0.7% on year in November to 153,539 units.
* MERCK: Parent Merck KGaA has completed sale of its consumer health business to Procter & Gamble for 3.4 bln euros (around 268.47 bln rupees).
* MONTE CARLO FASHIONS: Will buy back up to 1 mln shares, representing 4.6% of the total paid-up equity capital of the company, at 550 rupees apiece, a 42% premium to Friday's closing price.
* NIIT TECHNOLOGIES: The sale process for the company has gathered momentum with Bain Capital, Blackstone, Carlyle, Apax Partners and Advent among private equity funds being sounded out.
* OIL & NATURAL GAS CORP: The government has formed a six-member panel to look at selling as many as 149 small and marginal oil and gas fields of the company and OIL INDIA to private and foreign companies to boost domestic output.
* POWER FINANCE CORP: S&P Global Ratings has revised its outlook to negative from stable while affirming the company's long-term rating at 'BBB-'.
* PVP VENTURES: The company, its subsidiary, and chairman and managing director, have filed an appeal with the Securities Appellate Tribunal on Nov 21 for waving interest amount on penalties.
* RAMKRISHNA FORGINGS: Old Bridge Capital Management has bought 800,383 shares or 2.5% stake in the company at 515 rupees apiece through a bulk deal on the National Stock Exchange.
* RELIANCE INDUSTRIES: Has raised nearly 360 bln rupees in this financial year started April by selling bonds and equity, as the company finances operations, refinances loans and expands its consumer business.
* REPCO HOME FINANCE: The Pabrai Investment Fund IV LP has sold 684,000 shares or 1.09% stake in the company at 338.17 rupees apiece through a bulk deal on BSE.
* SANDHAR TECHNOLOGIES: Has entered into a joint venture with Kwangsung Corp Ltd, South Korea, for manufacturing and selling, inter-alia, interior and exterior parts, plastic moulded parts and accessories for passenger and utility vehicles segment.
* SHREE CEMENT: Will invest around 10 bln rupees to set up two grinding units--one each in Jharkhand and Odisha-- in the next one year, with an eye to enhance its presence in eastern India.
* SML ISUZU: Total sales rose 1% on year to 688 vehicles in November.
* STATE BANK OF INDIA: Has invited bids from asset reconstruction companies, non-banking financial companies, banks, and financial institutions for proposed sale of non-performing loan accounts of JAYASWAL NECO INDUSTRIES worth 13.63 bln rupees. Has put up three of its non-performing loan accounts for sale to recover dues worth 21.11 bln rupees.
* SUN PHARMACEUTICAL INDUSTRIES: The Securities and Exchange Board of India has started an inquiry against the company on the basis of a whistle-blower's complaint.
* TATA CONSULTANCY SERVICES: Has invested over $100 mln in building talent in the US and has created 17,000 US jobs between 2011 and 2017, which helped convince a California jury that it had no motivation to discriminate against the locals.
* TATA GLOBAL BEVERAGES: Tata Sons has rejected a proposal by the group's mergers and acquisitions team for the company to purchase Prabhat Dairy for about 4 bln rupees.
* TATA MOTORS: The company's total sales in India fell 4% on year to 50,470 vehicles in November, due to low consumer sentiments as a result of liquidity crisis in the industry, higher interest rates and rising fuel cost.
* TATA POWER CO: The Gujarat government has directed its power distribution company to raise tariffs of the three imported coal-based power plants owned by the company, ADANI POWER and Essar Power by amending their power purchase agreements and approaching the power regulators for approval.
* TATA STEEL: The company's strategy of portfolio restructuring to bring down debt will also include restructuring its refractories business, TRL Krosaki, as well as its electrical steel making business Cogent Power.
* UNION BANK OF INDIA: Raised its marginal cost of funds-based lending rate by 5 basis points across tenures from Saturday.
* UNITED BANK OF INDIA: Has appointed Ashwini Kumar Jha as chief financial officer, effective Saturday.
* VEDANTA: The Company’s Cairn Oil and Gas business wants US oilfield services companies to set up consortia to help the company develop the 41 blocks it has won in India this year.
* VODAFONE-IDEA: The shareholder meeting will be held on Dec 22 that among other things will ratify the appointment of Balesh Sharma as its chief executive officer.
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* ATUL AUTO: Total sales rose 12.6% on year to 4,003 units in November.
* AUROBINDO PHARMA: Has received an approval from US FDA for glycopyrrolate injection in 0.2-mg/ml strength. Expects its first biosimilar product to receive approval in the US in the next 12-18 months, while in Europe it hopes to get a green signal by 2022.
* AXIS BANK: The income-tax department is probing the role of some employees of the bank for allegedly facilitating cash deposits of over 520 mln rupees and benami transactions for half a dozen jewellers based out of Zaveri Bazaar in Mumbai.
* BANK OF MAHARASHTRA: On Sunday announced that A.S. Rajeev has joined the lender as its managing director and chief executive officer.
* BHARAT HEAVY ELECTRICALS: Integrated Core Strategies (Asia) has bought 0.82% stake or 30.16 mln shares in the company at 68.57 rupees apiece through a bulk deal on the National Stock Exchange.
* BHARTI AIRTEL: Is preparing for a bigger enterprise play through its new cloud and data centre strategy, with an aim to become the country's largest data centre company by providing its infrastructure to global players like Microsoft and app makers, among others.
* BIOCON: The European Union has allowed Mylan to market Fulphila, a biosimilar of Amgen's Neulasta, jointly developed by the company and Mylan.
* BOROSIL GLASS WORKS: Has made an additional investment of 24.5 mln rupees in the company's wholly-owned arm Borosil Technologies Ltd by subscribing to rights issue.
* BRIGADE ENTERPRISES: Has launched Plumeria Lifestyle, a 60-acre integrated township in Bengaluru.
* CADILA HEALTHCARE: Has received final approval from the US Food and Drug Administration to market Teriflunomide tablets in 7-mg and 14-mg strengths.
* CARE RATINGS: Copthall Mauritius Investment has bought 0.52% stake or 152,020 shares in the company at 957.2 rupees through a bulk deal on the National Stock Exchange.
* CENTRAL BANK OF INDIA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for December. Funds-based loan rates will remain in the range of 8.00-8.60%.
* CHAMBAL FERTILISERS & CHEMICALS: The Company on Friday commenced production of urea on a trial basis at Gadepan-III plant in Kota, Rajasthan.
* CIL NOVA PETROCHEMICALS: Asia Investment Corp Mauritius has sold 186,407 shares or 0.68% stake in the company at 23.9 rupees apiece through a bulk deal on the National Stock Exchange.
* CUPID: Has received an order worth 252.3 mln rupees from the government to supply condoms to Central Medical Services Society.
* DCB BANK: Will increase the marginal cost of funds-based lending rates by 10 basis points across tenures from today.
* DENA BANK: Has hiked its marginal cost of funds-based lending rates by 15-30 basis points across tenures, effective Saturday.
* DIVI'S LABORATORIES: Integrated Core Strategies (Asia) has sold 1.8 mln shares or 0.71% stake in the company at 1,438.98 rupees apiece through a bulk deal on the National Stock Exchange.
* EICHER MOTORS: Total commercial vehicle sales fell nearly 4% on year to 4,720 units in November.
* ESCORTS: Total tractor sales in November rose 56.4% on year to 8,005 units.
* FORTIS HEALTHCARE: The company's paid up share capital has increased to 754.43 mln shares from 519.08 mln shares due to preferential share allotment.
* FUTURE RETAIL: Future Group's founder Kishore Biyani is negotiating a wider agreement with Amazon that will provide the online retailer the option to buy him out in the future.
* HDFC STANDARD LIFE INSURANCE CO: Board has sought shareholders approval to appoint Vibha Padalkar as the managing director and chief executive officer of the company.
* ICICI BANK: Has raised the marginal cost of funds-based lending rates by 10 basis points across tenures for December.
* ICICI LOMBARD GENERAL INSURANCE CO: Warburg Pincus-owned Red Bloom Investment has sold 14.28 mln shares or 3.14% stake in the company at 800 rupees a share through a bulk deal on BSE.
* IDBI BANK: India Ratings and Research has downgraded the bank's long-term issuer rating to A from AA-.
* IDFC BANK: Will seek shareholder's approval next month to change its name to IDFC First Bank, following acquisition of Capital First on Jan 13.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on interest payment of 48.49 mln rupees towards nonconvertible debentures due Friday. Unpaid workers take seven IL&FS Joint Venture staffers hostage in Ethiopia.
* INDIABULLS HOUSING FINANCE: Plans to raise at least 1.5 bln rupees through bonds maturing in 18 months.
* INDIAN BANK: Will increase the marginal cost of funds-based lending rates by 5 basis points across tenures from today. Shenoy Vishwanath Vittal today assumed charge as executive director of the bank for three years or until further orders.
* INDIAN OIL CORP: Will cut price of non-subsidised liquefied petroleum gas for domestic use by 133 rupees per 14.2-kg cylinder in Delhi from Saturday, with corresponding changes in other states.
* INTERGLOBE AVIATION: All airlines except IndiGo are slowing down due to falling yields.
* JET AIRWAYS INDIA: Is rationalising its international network, trimming unviable flights and adding new ones where it hopes to make money, as the cash strapped carrier makes efforts to turn itself around while simultaneously seeking a cash infusion to keep itself afloat. Cancelled at least 14 flights to various destinations on Sunday after some of its pilots reported "sick" over non-payment of their dues. Struggling to keep it afloat in the wake of a dismal financial performance in the last three quarters, the company is withdrawing its flight services on as many as seven Gulf routes from this month.
* JSW STEEL: Would integrate the recently acquired Aferpi mill with its Indian facilities, including the newly purchased MONNET ISPAT AND ENERGY, as part of the Italian steelmaker's phased turnaround plans.
* KOTAK MAHINDRA BANK: Has cut its marginal cost of funds-based lending rate by 5-10 basis points on threemonth, two-year and three-year tenures.
* LARSEN & TOUBRO: L&T Infrastructure Development Projects's interest in the insolvent JAYPEE INFRATECH's assets could be an early indication of a change in the company's strategy, one different from its parent.
* LAKSHMI VILAS BANK: Has raised its overnight to six-month marginal cost of funds-based lending rates by 5-15 basis points.
* MAHINDRA & MAHINDRA: Total vehicle sales rose 17% on year to 45,101 units in November.
* MAHINDRA LOGISTICS: Is actively looking at acquisitions in the logistics-technology space as it tries to increase operational efficiencies through higher levels of digitisation, chief executive officer said.
* MARUTI SUZUKI INDIA: Total vehicle sales fell 0.7% on year in November to 153,539 units.
* MERCK: Parent Merck KGaA has completed sale of its consumer health business to Procter & Gamble for 3.4 bln euros (around 268.47 bln rupees).
* MONTE CARLO FASHIONS: Will buy back up to 1 mln shares, representing 4.6% of the total paid-up equity capital of the company, at 550 rupees apiece, a 42% premium to Friday's closing price.
* NIIT TECHNOLOGIES: The sale process for the company has gathered momentum with Bain Capital, Blackstone, Carlyle, Apax Partners and Advent among private equity funds being sounded out.
* OIL & NATURAL GAS CORP: The government has formed a six-member panel to look at selling as many as 149 small and marginal oil and gas fields of the company and OIL INDIA to private and foreign companies to boost domestic output.
* POWER FINANCE CORP: S&P Global Ratings has revised its outlook to negative from stable while affirming the company's long-term rating at 'BBB-'.
* PVP VENTURES: The company, its subsidiary, and chairman and managing director, have filed an appeal with the Securities Appellate Tribunal on Nov 21 for waving interest amount on penalties.
* RAMKRISHNA FORGINGS: Old Bridge Capital Management has bought 800,383 shares or 2.5% stake in the company at 515 rupees apiece through a bulk deal on the National Stock Exchange.
* RELIANCE INDUSTRIES: Has raised nearly 360 bln rupees in this financial year started April by selling bonds and equity, as the company finances operations, refinances loans and expands its consumer business.
* REPCO HOME FINANCE: The Pabrai Investment Fund IV LP has sold 684,000 shares or 1.09% stake in the company at 338.17 rupees apiece through a bulk deal on BSE.
* SANDHAR TECHNOLOGIES: Has entered into a joint venture with Kwangsung Corp Ltd, South Korea, for manufacturing and selling, inter-alia, interior and exterior parts, plastic moulded parts and accessories for passenger and utility vehicles segment.
* SHREE CEMENT: Will invest around 10 bln rupees to set up two grinding units--one each in Jharkhand and Odisha-- in the next one year, with an eye to enhance its presence in eastern India.
* SML ISUZU: Total sales rose 1% on year to 688 vehicles in November.
* STATE BANK OF INDIA: Has invited bids from asset reconstruction companies, non-banking financial companies, banks, and financial institutions for proposed sale of non-performing loan accounts of JAYASWAL NECO INDUSTRIES worth 13.63 bln rupees. Has put up three of its non-performing loan accounts for sale to recover dues worth 21.11 bln rupees.
* SUN PHARMACEUTICAL INDUSTRIES: The Securities and Exchange Board of India has started an inquiry against the company on the basis of a whistle-blower's complaint.
* TATA CONSULTANCY SERVICES: Has invested over $100 mln in building talent in the US and has created 17,000 US jobs between 2011 and 2017, which helped convince a California jury that it had no motivation to discriminate against the locals.
* TATA GLOBAL BEVERAGES: Tata Sons has rejected a proposal by the group's mergers and acquisitions team for the company to purchase Prabhat Dairy for about 4 bln rupees.
* TATA MOTORS: The company's total sales in India fell 4% on year to 50,470 vehicles in November, due to low consumer sentiments as a result of liquidity crisis in the industry, higher interest rates and rising fuel cost.
* TATA POWER CO: The Gujarat government has directed its power distribution company to raise tariffs of the three imported coal-based power plants owned by the company, ADANI POWER and Essar Power by amending their power purchase agreements and approaching the power regulators for approval.
* TATA STEEL: The company's strategy of portfolio restructuring to bring down debt will also include restructuring its refractories business, TRL Krosaki, as well as its electrical steel making business Cogent Power.
* UNION BANK OF INDIA: Raised its marginal cost of funds-based lending rate by 5 basis points across tenures from Saturday.
* UNITED BANK OF INDIA: Has appointed Ashwini Kumar Jha as chief financial officer, effective Saturday.
* VEDANTA: The Company’s Cairn Oil and Gas business wants US oilfield services companies to set up consortia to help the company develop the 41 blocks it has won in India this year.
* VODAFONE-IDEA: The shareholder meeting will be held on Dec 22 that among other things will ratify the appointment of Balesh Sharma as its chief executive officer.
