Today's Stock View – 15.01.2019
* ADANI POWER: Has approached two lenders, REC and PFC, for its 1,600-MW Godda power
project in Jharkhand. REC and PFC are likely to approve 50 bln rupees each.
* AMTEK AUTO: With its successful resolution applicant, the Sanjeev Gupta-led Liberty House,
failing to make the necessary payments, the company is now in a limbo.
* BAJAJ FINANCE: The Reserve Bank of India imposed a 10-mln-rupee fine on the company on Jan 3 for violation of fair practices code.
* BHARTI AIRTEL: Clarified that it had last week cleared the entire dues worth 4.53 bln rupees
following cancellation of a bank guarantee held by the government, denying a report that it had only
partly settled its dues with Aircel. In talks to buy Telkom Kenya, the East African nation's smallest telecom operator, to create a stronger challenger to market leader Safaricom. Telecom Regulatory Authority of India's 30.50-bln-rupee penalty recommendation on the company, Vodafone and Idea Cellular over interconnect provision to Reliance Jio Infocomm has not gotten a green signal from a high-powered committee of the telecom ministry.
* CORPORATION BANK: Will raise its one-month and three-month marginal cost of funds-based
lending rates by 5 basis points each to 8.25% and 8.55%, respectively, effective Tuesday.
* HINDUSTAN COPPER: Adopting a multi-pronged strategy to achieve its ambitious production
target of 20 mtpa by 2024.
* HINDUSTHAN NATIONAL GLASS & INDUSTRIES: Will raise up to 3.94 bln rupees by issuing up to 46.99 mln compulsorily convertible preference shares at 83.77 rupees apiece on a private placement basis to Lotus One Investment and promoters.
* ICICI BANK: Has appointed B. Sriram, former chief executive officer and managing director of
IDBI BANK, and management consultant Rama Bijapurkar as additional independent directors.
* JAMMU & KASHMIR BANK: Is targeting total business of 2.45 trln rupees by the end of 2022, and profit of 20 bln rupees in 2021-22 (Apr-Mar), as part of its 'Business Plan 2022'.
* JET AIRWAYS INDIA: Delayed salary payments at the company have the potential to pose a
safety risk, the Directorate General of Civil Aviation said in an audit of the carrier.
* Etihad Airways has agreed to lead a rescue of the cash-strapped airline, in a move that will see
the Abu Dhabi-based carrier double its stake to 49%, according to reports. Lenders to the company are preparing to pick a substantial stake and restructure the debt of airline as a forensic audit has not shown any adverse findings. Banks have now initiated steps for a resolution of the stressed asset in accordance with the RBI norms.
* MAHINDRA & MAHINDRA: After the launch of Marazzo MPV, the company has now launched an additional variant of vehicle based on the M8 variant, with 8 seats instead of the initially-offered 7
seats.
* MUTHOOT FINANCE: Has raised over 13 bln rupees through securitisation of loan portfolios with 11 direct assignments with public sector and private banks in the current financial year.
* PUNJ LLOYD: Malaysia-based Pengeramg Refining Co Sdn Bhd has invoked a performance bond of $58.1 mln for engineering, procurement, construction and commissioning of a 'rapid tank farm' for a refinery and petrochemicals integrated project.
* RELAXO FOOTWEARS: ICRA has upgraded the long-term rating of the company to 'AA' with a
stable outlook, from 'AA-' with a positive outlook, for enhanced limit of 1.90 bln rupees of term loans
and fund-based facilities of the company.
* SHRIRAM TRANSPORT FINANCE CO: Looking to raise $300 mln through a dollar bond issue.
* STATE BANK OF INDIA: Insurance Australia Group is considering selling stake in SBI General
Insurance.
* TRENT: Has acquired five floors of office space in Lodha Developers' recently-completed office
building Lodha Excelus in central Mumbai
* VEDANTA: The company-owned Sterlite Copper has sought implementation of a Supreme Court
order that upheld a National Green Tribunal decision to reopen its shuttered copper smelter in
southern Tamil Nadu.
* VODAFONE IDEA: Plans to increase salaries--likely June onwards--after passing over their
increment cycle last year, although promotions, if at all, will be rare.
* WIPRO: The board will meet on Friday to mull the issue of bonus shares and interim dividend.
* YES BANK: Deutsche Bank's India Chief Executive Officer Ravneet Singh Gill is the frontrunner in a two-horse race for the CEO's post at the bank.
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