Today's Stock View – 18.12.2018
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* ABB INDIA: Swiss engineering group ABB on Monday announced a deal to sell 80.1% stake in its global power grid business, the biggest contributor to its Indian arm's revenue and order book.
* ALLAHABAD BANK: Has received a notice from All India Bank Officers' Confederation for a strike on Friday, on issues relating to the banking industry.
* ASHOKA BUILDCON: The board of the company has approved raising up to 1.50 bln rupees through nonconvertible debentures maturing in two years and four months. Morgan Stanley India Infrastructure will invest 1.5 bln rupees in the company's city gas distribution business--Unison Enviro.
* BANK OF BARODA: Plans to raise at least 2 bln rupees through the sale of Basel III-compliant tier-II bonds and has sought bids for the same on Wednesday. Will close three overseas branches in Africa by June.
* BHARTI AIRTEL: The company, VODAFONE IDEA and Reliance Jio Infocomm have not applied for the government's ambitious broadband programme to connect the country via WiFi for a near 100 bln rupees tender for rollout of 1.25 mln WiFi hotspots.
* BOMBAY DYEING & MANUFACTURING CO: The board has approved closure of its loss-making Indonesia-based subsidiary PT Five Star Textile Indonesia.
* CARE RATINGS: Pabrai Investment Funds has sold 717,350 shares or 2.43% stake in the company through open market.
* COAL INDIA: The board will meet on Thursday to consider payment of interim dividend and has fixed Dec 31 as the record date.
* ELECON ENGINEERING CO: The board of directors of the company will on Thursday consider raising 1.50 bln rupees through non-convertible debentures on private placement basis.
* FORTIS HEALTHCARE: IHH Healthcare Bhd told the Malaysian stock exchange that it will not be able to proceed with the open offer for the company for the time being, following the Indian Supreme Court's Dec 14 order to maintain "status quo" with regard to sale of a controlling stake in the company.
* GODREJ INDUSTRIES: The National Company Law Tribunal has approved the scheme of amalgamation of Vora Soaps with the company.
* GRAPHITE INDIA: The Karnataka State Pollution Control Board has renewed the consent for the operation of the company's Bengaluru electrode plant till June 2020.
* HINDALCO INDUSTRIES: Has cut prices of its aluminum products by over 1% from Saturday.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on interest payment of 33.74 mln rupees towards non-convertible debentures, due Monday.
-Infrastructure Leasing & Financial Services has approved the sale of all its road assets in India, including those held by the company as a part of the asset monetisation plan.
* INDIAN OIL CORP: Fitch Ratings believes that the company will retain adequate headroom under its 'BB+' standalone credit profile despite a higher leverage caused by a planned share buyback and payment of interim dividend, both of which were announced by the state-owned refiner on Thursday.
* INFIBEAM AVENUES: Has approved sale of its online marketplace--Infibeam.com--to Suvidhaa Infoserve through a structured transaction.
* INFOSYS: Plans to hire a few thousand people to work on new digital applications.
* JET AIRWAYS INDIA: State Bank of India-ordered forensic audit of company is underway.
* JSW STEEL: Has restarted production at the 2 mtpa pellet plant at Monnet Ispat and Energy and ramped up direct reduced iron production to its optimal capacity to bring down costs.
* KARUR VYSYA BANK: The board will meet on Thursday, and mull raising funds through the issue of debt securities on a private placement basis.
* MAHINDRA & MAHINDRA: Has inked an agreement with its Finland-based associate firm Sampo Rosenlew to increase its stake to 49.04% from the existing 35% for 377.4 mln rupees.
* NESTLE INDIA: Is offering free Maggi masala noodles of 280 gm, in four packs, on purchase of 1 kg bottle MAGGI tomato ketchup.
* NMDC: Has confirmed prices of iron ore lumps at 3,250 rupees per tn and iron ore fines at 2,860 rupees per tn for December. Has filed a case against Karnataka government to claim larger share of revenue from the sale of iron ore from the Donimalai mine in the state.
* OIL & NATURAL GAS CORP: Has awarded the contract to a consortium of Baker Hughes, a GE company, McDermott International and L&T Hydrocarbon Engineering for block KG-DWN-98/2 off the Andhra coast.
* PUNJAB & SIND BANK: Has raised its six-month and one-year marginal cost of funds-based lending rates by 15 basis points and 5 bps to 8.65% and 8.85%, respectively, effective Sunday.
* RATTANINDIA POWER LTD: Is close to restructuring about 35.78 bln rupees stressed loans.
* RELIANCE INDUSTRIES: The company and Saudi Arabia will explore joint investments in refining and petrochemicals in the two countries, Saudi Arabian Energy Minister Khalid al-Falih said.
* RITES: Has declared an interim dividend of 4.75 rupees per share and set Dec 28 as record date.
* SADBHAV ENGINEERING: Will sell 12 road projects.
* SBI LIFE INSURANCE CO: Carlyle is closing in to buy a strategic stake in the company as BNP Paribas Cardif looks to pare stake to meet regulatory terms for public float.
* SPICEJET: Has introduced eight new direct flights, including a special flight between Delhi and Prayagraj during the Maha Kumbh Mela.
* STATE BANK OF INDIA: The government has approved a proposal to make executive directors of
nationalised banks eligible for selection as managing directors of the bank, Department of Financial Services Secretary Rajiv Kumar posted on Twitter.
Plans to raise at least 20 bln rupees through the sale of Basel III-compliant additional tier-I bonds and has sought bids for the same on Wednesday.
-Is looking to buy out CANARA BANK'S loan of about 4 bln rupees in Ratnagiri Gas and Power Pvt Ltd.
* TATA STEEL: Andreas Goss, chief executive officer of thyssenkrupp's steel division, will be the chief executive officer of the planned joint venture and chair the management board of thyssenkrupp Tata Steel B.V.
* VEDANTA: Has slashed prices of aluminium ingots by nearly 1%, effective Friday.
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