Today's Stock View – 18.01.2019
* ADANI ENTERPRISES: Germany-based BASF SE and Adani Group have signed a memorandum of understanding to establish a joint venture with a total investment of about 2 bln euros (160 bln rupees) to manufacture downstream petrochemical products.
* AUROBINDO PHARMA: Its arm Acrotech Biopharma LLC has signed a definitive agreement with Spectrum Pharmaceuticals Inc to acquire a portfolio of seven branded oncology products for an upfront cash payment of $160 mln. Has got the US Food and Drug Administration's approval for generic of Relpax tablet.
* AXIS BANK: Does not have any credit exposure to Renukamata Multistate Co-operative Urban Credit Society, which is being investigated by the Enforcement Directorate in a case related to alleged siphoning of funds to foreign countries.
* BAJAJ HOLDINGS & INVESTMENT: Will acquire 3.09 mln shares, or 27% stake, in Maharashtra Scooters Ltd from co-promoters Western Maharashtra Development Corp at 232 rupees apiece.
* FORTIS HEALTHCARE: Daiichi Sankyo has moved the Supreme Court seeking to restrain the company from transferring any funds it has received from Malaysia's IHH Healthcare to RHT Health Trust, Singapore.
* GREAT EASTERN SHIPPING CO: Has signed a contract to sell its gas carrier 'Jag Vishnu' of around 49,353 dwt.
* HINDUSTAN UNILIVER: Is not worried about short-term volatility in urban and rural demand and will instead focus on long-term demand, Chairman and Managing Director Sanjiv Mehta said.
* IL&FS TRANSPORTATION NETWORKS: National Highways and Infrastructure Development Corp has terminated a contract awarded to the company for construction, operation and maintenance of the two-lane bidirectional Zojila tunnel in Jammu & Kashmir.
* INTERGLOBE AVIATION: The company-led IndiGo has for now stalled its co-founder Rakesh Gangwal's ambitious plans to fly lowcost long-haul flights to Europe, as costs mount and margins are squeezed.
* JET AIRWAYS INDIA: STATE BANK OF INDIA Chairman Rajnish Kumar said all lenders to the
company were on the same page on the approach to resolve the debt issues of the beleaguered airline.
* LIC HOUSING FINANCE: Plans to raise at least 5 bln rupees through bonds maturing in five years and has invited bids on Friday, a company official said.
* PARAG MILK FOODS: Will supply 10,000 ltr of premium fresh cow milk per day in the Delhi-NCR market directly to customers by airlifting the product from its dairy farm near Pune.
* PFIZER: Has formulated a compensation package for its workers at Chennai and Aurangabad production facilities, which are being closed down by the company due to the lack of commercial viability.
* POWER FINANCE CORP: Will borrow nearly 140 bln rupees to fund its acquisition of the Centre's 52.63% stake in REC by Feb 15.
* REC: Plans to raise at least 5 bln rupees through 10-year government-serviced bonds and has invited bids on Monday.
* RELIANCE INDUSTRIES: Niko Resources has served an arbitration notice to the company and BP in response to a notice issued by the two to Niko following its default on cash calls for the KG-D6 block during the quarter ended December.
* RELIANCE POWER: Delhi High Court has disposed off an appeal filed by the company's wholly-owned subsidiary Coastal Andhra Power against an order in a petition under section 9 of the arbitration and conciliation act.
* RELIGARE ENTERPRISES: Has settled a probe by the Securities and Exchange Board of India into alleged disclosure lapses by paying 200,000 rupees towards settlement charges.
* STATE BANK OF INDIA: Has decided not to live with the "uncertainty" of recovery or resolution of Essar Steel debt and chose to put it on the block on Wednesday, a senior bank official said.
Chairman Rajnish Kumar lashed out at non-serious bidders who delay resolution under insolvency code by not meeting commitments, and also called for a bar on allowing bids after the lenders have approved a resolution plan.
* SUNDARAM FASTENERS: The company's plant at Special Economic Zone Unit, Mahindra World City, Kancheepuram, commenced commercial production on Wednesday.
* UCO BANK: The board has approved raising up to 10 bln rupees through qualified institutional placement and up to 5 bln rupees through tier-II bonds. The bank will also raise 30.76 bln rupees through issue of shares on a preferential basis to the government. The board has also approved issuing up to 200 mln shares under the employee stock purchase scheme.
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