Today's Stock View – 08.01.2019
* AMTEK AUTO: The National Company Law Appellate Tribunal on Monday asked the committee of creditors of the company if it had a higher bid for the company other than the one made by Liberty House.
* AUROBINDO PHARMA: Says it expects to become the second largest drug entity by prescriptions in the US, once it completes the acquisition process involving the dermatology and oral solids business of Sandoz.
* BANDHAN BANK: The board of the bank has approved the appointment of Anup Kumar Sinha as part-time chairman for three years, subject to approval of the Reserve Bank of India, with immediate effect. The merger of GRUH FINANCE into the bank will take at least nine to 12 months, with regulatory approvals and dispensations needed to take the deal through.
* BANK OF BARODA: Plans to raise at least 1 bln rupees through Basel-III compliant tier-II bonds and has invited bids on Wednesday.
* BANK OF INDIA: Will meet on Friday to consider issuing up to 100 mln shares under its employee stock purchase scheme. AXA Investment Managers may sell its stake in the Indian mutual fund joint venture with the bank.
- Sold its exposures to three large accounts — ALOK INDUSTRIES, Asian Colour Coated Ispat and ISMT — during the quarter ended December with haircuts ranging between 64% and 84%.
* BHARAT PETROLEUM CORP: May revive its plan to build a terminal for imported liquified natural gas amid rising domestic demand for the clean fuel.
* CESC: Is likely to see an increase of over 25% in its franchisee distribution revenue this year, after the company won a 20-year contract in Malegaon, Maharashtra, for a project that is expected to break even within two years.
* ENDURANCE TECHNOLOGIES: Subsidiary Endurance Overseas Srl, Italy, has acquired entire stake in Fonpresmetal Gap SpA for 8.16 mln euros (around 651 mln rupees).
* EXIDE INDUSTRIES: Will invest up to 30% of share capital in each of three special purpose vehicles--CSE Solar Sunpark Haryana Pvt Ltd, CSE Solar Sunpark Maharashtra Pvt Ltd and Greenyana Solar Pvt Ltd--for an aggregate amount of up to 200.5 mln rupees, to set up captive solar power projects for various manufacturing facilities
* GRUH FINANCE: The board has approved its merger with BANDHAN BANK in an all-share deal.
* HOUSING AND URBAN DEVELOPMENT CORP: Plans to raise at least 3 bln rupees through bonds maturing in three years and six months, and has invited bids on Wednesday.
* HOUSING DEVELOPMENT FINANCE CORP: Has challenged a National Company Law Tribunal ruling that dismissed the mortgage lender's insolvency plea against RHC Holding, an entity promoted by billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh.
* INFOSYS: Saw another top-level exit in a span of one year with Sudip Singh, global head of the energy, utilities, resources & services quitting the company.
* INSECTICIDES (INDIA): The government has granted a patent to the company for an insecticidal combination of Diafenthiuron and Acetamiprid in wettable powder form, for 20 years from Jul 23, 2013.
* JET AIRWAYS INDIA: Will be meeting its vendors and creditors including lessors, MRO partners, among others, today, in Mumbai to impress upon them to take a haircut as the airline is unable to meet its payment obligations.
- Domestic and foreign lenders have asked the company to explain its liquidity situation, just a few days after the airline defaulted on a scheduled loan repayment.
* MAHINDRA & MAHINDRA: The US International Trade Commission will continue to probe an intellectual property right infringement complaint against the company, refusing the automaker's plea to dismiss the suit filed against the company and its subsidiary Mahindra Automotive North America by Fiat Chrysler Automobiles LLC.
- US-based Ford Motors is closing in towards finalising its cost saving agreement with the company, which is expected to lead to a potential savings of $500 mln to over one bln dollars for both the partners in the next three to five years.
- The US International Trade Commission has ruled that the complaint filed by Fiat Chrysler alleging violation of intellectual property rights by the company will not be dismissed and investigation will continue.
* MARUTI SUZUKI INDIA: Will launch two new models next fiscal, Chairman R.C. Bhargava said. South India could get the next plant of the company as it works on its expansion plan.
* OIL & NATURAL GAS CORP: BHARAT PETROLEUM CORP is in talks to buy 1 mtpa of liquefied natural gas from the 12.88-mtpa LNG project in Mozambique in which the company's arm Bharat PetroResources, ONGC Videsh and OIL INDIA are among the partners, ONGC Videsh's Managing Director N.K. Verma told.
- The government plans to offer incentives to the company and OIL INDIA for raising output from producing oil and gas fields that were given to these state-owned companies on a nomination basis, Petroleum Minister Dharmendra Pradhan said.
* PRABHAT DAIRY: The company has entered into a pact with Denmark-based DLG for developing two products to improve health and increase milk productivity and quality of cattle.
* REC: Plans to raise at least 5 bln rupees through the issuance of bonds maturing in five years, and has invited bids on Wednesday.
* RELIANCE COMMUNICATIONS: Has deposited partial payment of 1.31 bln rupees to Ericsson from operational funds available with the company.
* SADBHAV INFRASTRUCTURE PROJECT: Toll revenue from 10 of the company's operational special purpose vehicles increased 6.2% on year to 2.76 bln rupees in Oct-Dec.
* SOUTHERN PETROCHEMICAL INDUSTRIAL CORP: The company's plant has shut down from Monday due to urgent need to carry out repairs to critical equipment.
* SPICEJET: Has suspended daily operations between Chennai and Hubli, owing to lack of commercial viability.
* STATE BANK OF INDIA: Will provide a 4-bln-rupee partial credit enhancement to bonds of PTC INDIA FINANCIAL SERVICES.
* STEEL AUTHORITY OF INDIA: The company and Rashtriya Ispat Nigam have spent a total of 10.17 bln rupees on research and development activity in last three financial years, Parliament was informed Monday.
* SYNDICATE BANK: Approved raising up to 16.32 bln rupees by issuing shares to government on preferential basis. Will raise up to 5 bln rupees by issuing 300 mln shares to employees under the employee share purchase scheme.
* TATA CONSULTANCY SERVICES: Implemented its platform 'TCS BaNCS' for Central Bank of Kuwait, to help the bank enhance operations and strengthen linkages to the ecosystem.
* VEDANTA: Raised prices of its aluminium ingots for the first time in nearly a month. With effect from Saturday, it has raised prices of these products by around 1.5% each.
* VISHAL FABRICS: Asia Investment Corp Mauritius has sold 0.63% stake or 276,900 shares in the company at 325 rupees apiece, through a bulk deal on BSE.
* VST TILLERS TRACTORS: The Malur unit will be closed today and Wednesday due to a strike and power shutdown by Bangalore Electricity Supply Co.
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