Today's Stock News – 04.02.2019
* BHARTI AIRTEL: The elevated level of the company's capital expenditure in India is unlikely to sustain after the current financial year ending March, as densification of its networks will not incur as much cost.
-The board will meet on Feb 28 to consider a panel's recommendations on fund raising.
-The company has moved users on its second- and third-generation networks in 10 circles to fourth
generation, while rival VODAFONE IDEA has redeployed its legacy airwaves in Mumbai for 4G services, as they chase quality mobile broadband customers to take on fast-expanding Reliance Jio Infocomm.
* BLISS GVS PHARMA: Polus Global Fund has acquired 8.3 mln shares or 8.05% stake in the company through the open market.
* BRIGADE ENTERPRISES: The company has announced the pre-launch of phase-I of Brigade Cornerstone Utopia, a 47-acre township in Bengaluru.
* CANARA BANK: Appointed V. Ramachandra as chief financial officer from Friday.
* COAL INDIA: According to provisional figures, the company's production rose 0.9% on year to 57.2 mln tn in January, and dispatches were down 2.3% at 52.44 mln tn.
* CYIENT: The board has approved a buyback of up to 2.85 mln shares at a price of up to 700 rupees a share.
* DEN NETWORKS: Norges Bank-owned Government Pension Fund Global has sold 0.58% stake or 1.14 mln shares of the company at 71.57 rupees a share through a bulk deal on the National Stock Exchange.
* DEWAN HOUSING FINANCE CORP: The board has approved the sale of 9.15% stake in Aadhar Housing Finance to BCP Topco VII Pte Ltd, which is controlled by Blackstone. Rating company CARE Sunday reduced by a notch the creditworthiness of about 1.2 trln rupees of outstanding securities at the company, pointing to higher funding costs for para banks that have been buffeted by a series of defaults at infrastructure financier IL&FS.
* DR REDDY'S LABORATORIES: The US Food and Drug Administration has commenced inspection at the company's Bachupally unit near Hyderabad.
* EICHER MOTORS: Sales of Royal Enfield motorcycles in January fell 7% on year to 72,701 units.
* EID PARRY INDIA: Has approved raising up to 2.50 bln rupees through issue of non-convertible
debentures on a private placement basis.
* EQUITAS HOLDINGS: The board has approved the scheme of arrangement with its wholly-owned
subsidiary Equitas Small Finance Bank.
* ESSEL PROPACK: French packaging group Albea and US private equity fund Blackstone Group are in advanced negotiations to take a controlling stake in the company.
* GOPALA POLYPLAST: Aspire Emerging Fund has sold 0.79% stake or 81,200 shares in the company at 75.89 rupees a share through a bulk deal on BSE.
* HINDUSTAN AERONAUTICS: An upgraded Mirage 2000 aircraft crashed during the customer acceptance flight at HAL Airport, Bengaluru, resulting in the loss of lives of the two pilots.
* ICICI BANK: The Enforcement Directorate has registered a case against Chanda Kochhar, formerly the managing director and chief executive officer of the bank. Real estate transactions between the Kochhars and the Dhoots of Videocon Group pointed to the quid pro quo arrangement between them.
* IDBI BANK: The Enforcement Directorate on Friday said it has attached assets worth 2.25 bln rupees of a firm linked to former Aircel promoter C. Sivasankaran over a money laundering probe in an alleged multicrore loan fraud at the bank.
* IIFL HOLDINGS: India Infoline Finance, a subsidiary of IIFL Holdings Ltd, has closed its public issue of non-convertible debentures nearly three weeks ahead of its scheduled date.
* IL&FS TRANSPORTATION NETWORKS: Defaulted on 22.94 mln rupees worth of interest payment on non-convertible debentures on account of insufficient funds.
* INDIAN OVERSEAS BANK: As part of consolidation in public sector lenders' rural banking operations in Tamil Nadu, the finance ministry has decided to amalgamate Pallavan Grama Bank, sponsored by INDIAN BANK and Pandyan Grama Bank, sponsored by the bank into a single regional rural bank in the state.
* INDUSIND BANK: Plans to enter para-banking segments such as insurance, asset management and stockbroking.
* INFOSYS: Executives from the company's consulting practice will now work jointly with sales and delivery heads to garner more business by offering a wider array of services to its top clients.
* INTERGLOBE AVIATION: IndiGo has grounded an A320 neo aircraft at Lucknow due to problem in the Pratt & Whitney engine.
* JET AIRWAYS INDIA: Chairman Naresh Goyal is putting in around 2.50 bln rupees in the airline as he negotiates a resolution plan with partner Etihad Airways.
* JINDAL STAINLESS: Is chalking out a roadmap to enhance its revenues while focusing on a fresh branding strategy.
* JUBILANT FOODWORKS: Wasatch Advisors Inc's account West Virginia Investment Management bought 0.66% stake or 878,597 shares in the company at 1,320.18 rupees a share through a bulk deal on the National Stock Exchange.
* LAKSHMI VILAS BANK: Has not taken a final decision on fundraising.
* LUPIN: Has launched the NaMuscla drug in Germany and the UK following approval from the European Commission last month.
* Is recalling from the US and Puerto Rico over 24 thousand bottles of Fluocinolone Acetonide topical solution used for treatment of a variety of skin conditions.
* NBCC (INDIA): Will construct an ayurveda and naturopathy hospital in Goa at a cost of 2.68 bln rupees.
* NIIT TECHNOLOGIES: Buyout fund Baring Private Equity Asia is said to be closing in on the stakes of founder promoters Rajendra Singh Pawar and Vijay Thadani in the company.
* NMDC: Has cut the prices of its iron ore products by 200-300 rupees per tn for February supplies.
* NTPC: The Supreme Court has stayed the National Green Tribunal's hefty fines on the company for not fully utilising ash generated from its thermal projects and asked the tribunal to hear the company's reasons before taking action.
* OIL & NATURAL GAS CORP: Subsidiary ONGC Videsh will stay the course in Venezuela even as it awaits dividends overdue from the San Cristobal oil exploration project there.
* RELIANCE COMMUNICATIONS: The board has decided to approach the National Co Law Tribunal for resolution of its debt, citing the long-delayed loan recast process.
Ericsson is set to file an application in the Supreme Court, pleading that all personal assets of the company's Chairman Anil Ambani be seized for breaching the top court's order to repay the Swedish telecom equipment maker.
* RELIANCE INDUSTRIES: Has joined other operational creditors knocking on the doors of the National Company Law Tribunal, seeking dues in the Essar Steel insolvency case.
* STATE BANK OF INDIA: Responding to reports of data leak at the bank, it said it had investigated the matter "thoroughly" and that the breach happened at the end of one of its service providers, and not the bank itself.
* TATA CONSULTANCY SERVICES: The company, INFOSYS, WIPRO and HCL TECHNOLOGIES
together hired over 70,000 people in the nine months to December 2018, which was five times growth over the total hiring made in 2017-18.
* TATA MOTORS: Total domestic vehicle sales fell 8% on year to 54,915 units in January, the automaker said, adding that the decline was due to a liquidity crisis, higher interest rates, and a rise in fuel cost. Total sales of Jaguar Land Rover vehicles in the US rose 16% on year to 10,463 units in January.
* TATA STEEL: Thyssenkrupp is in talks with the European Commission on a merger with the company.
* TECH MAHINDRA: The investment committee of the board has approved a proposal to acquire
Dynacommerce Holding B.V. Netherlands. The estimated cost of the acquisition is 4.39 mln euro (359.07 mln rupees).
* TITAN: C.K. Venkataraman will succeed Bhaskar Bhat as managing director from Oct 1, as the latter retires on Sep 30.
* TVS MOTOR CO: Total sales in January rose 4% on year to 282,630 units.
* VEDANTA: Has raised prices of aluminium ingots by nearly 1% from Thursday.
* VODAFONE IDEA: Has completed integration of mobile network in eight telecom circles post merger of the two entities, leading to two-times improvement in 4G services, the telecom operator said on Feb 3.
* VST TILLERS: The company sold 1,950 power tillers in January, against 2,009 units a year ago.
* WIPRO: Launched its next-generation solution for television service providers, original equipment
manufacturers, original design manufacturers, smart television manufacturers, and semiconductor companies based in North America.
* YES BANK: Reduced its marginal cost of funds-based lending rates for three-month, six-month, and oneyear loans by 5 basis points each with effect from Friday.
* ZEE ENTERTAINMENT ENTERPRISES: Catalyst Trusteeship sold 7.4 mln shares of Zee Entertainment Enterprises on the National Stock Exchange on Friday at 361.4 apiece.
Promoters of the company are considering selling up to 25% stake to a strategic partner.
Chief Executive Punit Goenka expects the company's stake sale to happen sooner than the April deadline it has set for itself. BANK OF BARODA and Credit Suisse sold part of the Essel group promoters' shares in the company that were pledged with them in order to recover debt. The Essel Group has said it has sealed a formal agreement with its lenders to keep it afloat, under which it gets time till September to deleverage or pare its debt.
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