Today's Stock News – 08.02.2019
* ADANI ENTERPRISES: Adani Group may have to revisit its plan to acquire the troubled KSK Mahandi Power Co as the state-owned Uttar Pradesh power distribution company is considering committed cash payments to the company in exchange for a discount on price of power purchased.
* AUROBINDO PHARMA: Will invest 150 mln rupees in Synergy Remedies.
* CEAT: Started commercial production of Truck/Bus Radial tyres at the expansion phase of the Halol plant in Gujarat.
* COAL INDIA: Is fast tracking the process of procuring 360 high capacity mining equipment valued at over 70 bln rupees to bolster production after reviving the 1-bln-tn production target, officials said Thursday.
* FORTIS HEALTHCARE: Board has approved the appointment of Ashutosh Raghuvanshi as chief executive officer of the company, effective Mar 18. The company told the Supreme Court that its December order restraining the company from transferring 40 bln rupees it received from Malaysia's IHH Healthcare did not cover any transaction with RHT Health Trust, Singapore, in which the company's former promoters--Malvinder Singh and Shivinder Singh--allegedly had substantial interest till 2017.
* GAIL INDIA: Has set up a satellite liquefied natural gas terminal in Bhubaneswar for supply to local customers in the absence of a gas pipeline -- an innovative model that may get replicated by other city gas distributors eager to quickly start supply in new licence areas where gas pipelines are yet to reach. COAL INDIA and the company have formed a committee of senior executives to work jointly on coal bed methane projects of COAL INDIA on its blocks.
* INFOSYS: Is now planning to double its campus hiring in the US in the coming year as part of its
localisation drive.
* JET AIRWAYS INDIA: About 70 of the airline's aircraft maintenance engineers reported "sick" at airports across the country on Thursday after the airline sent human resources professionals to convince one of them to tender a resignation. Pilots have refused to take up any on-ground duty following the management 'forcing' some pilots to either perform 'office' duties or go on leave. Has grounded four aircraft due to non-payment of lease rentals.
* KIRLOSKAR OIL ENGINES: Announced its latest product range of technologically advanced intelligent DG sets. Announced its latest product range of technologically advanced intelligent DG sets.
* MAHINDRA LIFESPACE DEVELOPERS: Has entered into an agreement to acquire 7-acre land in Pune, which falls within Pimpri Chinchwad Municipal Corp's jurisdiction.
* MPHASIS: Has launched a new framework, which applies artificial intelligence for auto-coding across multiple stages of software development process.
* RELIANCE INFRASTRUCTURE: The Dassault-Reliance facility in Nagpur has kick started production, with the delivery of major components for the Falcon 2000 LX executive jets that are currently being assembled in France.
* RELIANCE INDUSTRIES: Has lined up over 100 bln rupees of fresh investments in West Bengal,
primarily to expand telecom arm Reliance Jio Infocomm's 4G operations in the state, Chairman Mukesh Ambani said. -Brookfield Asset Management is in early talks to buy controlling shares in Reliance Jio Infocomm's telecom towers and fibre assets valued at over $15 bln.
* RUCHI SOYA INDUSTRIES: The Mumbai bench of the National Company Law Tribunal on Thursday dismissed Standard Chartered Bank's petition to reclassify it as a financial creditor to the company, stating the lender is too late in seeking such a change.
* SHRIRAM EPC: The company has received orders worth 2.9 bln rupees from Drinking Water and
Sanitation Department of the Jharkhand government.
* STATE BANK OF INDIA: Reserve Bank of India has imposed 10 mln rupees penalty for violating norms.
* SUN PHARMA ADVANCED RESEARCH CO: Has received 460.4-mln-rupee demand order from the Commissioner of Goods and Service Tax and Central Excise.
* SYNDICATE BANK: Has kept its marginal cost of funds-based lending rates unchanged across tenures for February. Enforcement Directorate has filed a Supplementary Prosecution Complaint under the Prevention of Money Laundering Act, 2002 against several persons accused in the massive Syndicate Bank fraud.
* TATA MOTORS: Retail sales of subsidiary Jaguar Land Rover fell 10.9% on year to 43,733 units in
January, while for Apr-Jan, it was down 5.5% at 463,732 units.
* TECH MAHINDRA: Renewed its long term contract with KMD that is estimated over $50 mln.
* VARUN BEVERAGES: The company has entered into an agreement with SMV Group to acquire PepsiCo's franchise rights in some districts of Karnataka, Maharashtra and Madhya Pradesh.
* VEDANTA: The Supreme Court has reserved its verdict on reopening the company's copper smelting plant in Tuticorin, Tamil Nadu.
* VODAFONE IDEA: The company expects its subscriber base to stabilise by June, once the impact of weeding out low-value customers due to the introduction of minimum recharge strategy subsides, Chief Executive Officer Balesh Sharma said.
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