Today's Stock News – 30.04.2019
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* ABG SHIPYARD: The National Company Law Tribunal has ordered liquidation of the company, despite protests from sole bidder Liberty House, which claimed its offer for the company exceeded its liquidation value.
* AJANTA PHARMA: Has received the US Food and Drug Administration's approval to market
Clarithromycin, a generic version of Biaxin.
* AXIS BANK: The board has approved raising up to 350 bln rupees through issuances of non-convertible debentures, tier-II capital bonds, or other debt securities. The National Company Law Tribunal on Friday directed chief executive officers of the bank and Standard Chartered Bank and R.C. Bawa, former director of Infrastructure Leasing & Financial Services and his wife to reply to contempt pleas filed by the government in two weeks.
* BHARTI AIRTEL: Is likely to have regained its top position by revenue market share in the March quarter, with Reliance Jio Infocomm estimated to have become the second largest, said analysts, signalling that the reign of VODAFONE IDEA at the top by this measure may have lasted less than eight months.
-The Telecom Disputes Settlement and Appellate Tribunal has reserved its order on a plea by the
company challenging the department of telecommunications demand of 95 bln rupees for clearing its merger with Tata Teleservices.
* CANARA BANK: The government has appointed R. Kesavan as the Reserve Bank of India's nominee director on the board of the bank, in place of Uma Shankar, with immediate effect.
* CARBORUNDUM UNIVERSAL: Has appointed N. Ananthaseshan as managing director, effective Nov 23.
* CENTRAL BANK OF INDIA: The government has appointed Thomas Mathew as director on board of the bank, with immediate effect, in place of Shekhar Bhatnagar.
* CHOLAMANDALAM INVESTMENT AND FINANCE CO: The board has approved stock split of five for every one held.
* CIPLA: Wholly-owned subsidiary Cipla Medpro South Africa has completed an agreement to acquire 375 shares or 30% stake in Brandmed at 65 mln rand (around 315.73 mln rupees).
* CONTAINER CORP OF INDIA: Is set to come up with 20 logistics distribution centres across the country with an investment of around 50 bln rupees.
* CORPORATION BANK: Has appointed V. Muthukrishnan as chief financial officer of the bank. The government has appointed P.K. Panda as director on board of the bank, with immediate effect.
* DR LAL PATHLABS: Received a show-cause notice on Monday, demanding tax amount of up to 2.3 bln rupees for services provided during October 2013 to June 2017.
* DR REDDY'S LABORATORIES: Is recalling 33,958 bottles of divalproex sodium extended-release tablets, used to treat seizure disorders, from the American market, as per a report by the US health regulator.
* ECLERX SERVICES: The board has set the final price for the share buyback at 1,500 rupees apiece, aggregating to 2.6 bln rupees.
* EVEREADY INDUSTRIES INDIA: Veteran businessman and Williamson Group patriarch, Brij Mohan Khaitan, has stepped down as chairman.
* GARDEN REACH SHIPBUILDERS & ENGINEERS: Got 63-bln-rupee order from government to build watercraft.
* GOKALDAS EXPORTS: Has sold its property in Hyderabad for 320 mln rupees.
* GREAVES COTTON: The board will meet on Thursday to consider a proposal for buying back equity shares.
* HINDALCO INDUSTRIES: Has sold its aluminium foil manufacturing plant at Kollur, Telangana, on a slump-sale basis to Mundhra Alufoil.
* HINDUSTAN PETROLEUM CORP: Plans to acquire MANGALORE REFINERY AND
PETROCHEMICALS has hit a cash hurdle, with parent OIL & NATURAL GAS CORP preferring a cash deal rather than a share-swap.
* HOTEL LEELAVENTURE: Shareholders have approved selling the company's hotels in Delhi, Bengaluru, Chennai, and Udaipur, besides sale of its hotel operations and stake in wholly-owned subsidiary, Leela Palaces and Resorts.
* ICICI BANK: Will acquire 9.9% stake in Pranurja Solutions, a company set up with PTC INDIA and BSE to run a power exchange. The cost of the acquisition will be 25.3 mln rupees.
* IDBI BANK: Has approached the Allahabad bench of the National Company Law Tribunal to seek an extension to insolvency proceedings beyond the current deadline of May 6, even as the voting for Suraksha Realty's bid begins from today.
* INDIAN BANK: To issue 12 mln shares to employees at 197.11 rupees per share.
* ITC: Has filed a petition in the Bombay High Court, asking to be heard first, should HOTEL
LEELAVENTURE approach it for relief in the case related to the deal with Brookfield Asset Management that's in the National Company Law Tribunal.
* JET AIRWAYS: Registrar of Companies, Mumbai, has initiated inspection of the books of the company, almost eight months after the corporate affairs ministry directed it to probe allegations that the airline siphoned off money.
-The fate of revival of the company once again plunged into an air pocket when Vinay Dube, chief
executive officer of the airline, wrote to employees expressing his frustration over inability to pay their salaries as lenders continue to deny any interim funds.
* JSW ENERGY: Has received a purchase order for 300 MW of power from Telangana state-owned power distribution companies.
* KOTAK MAHINDRA INVESTMENT: Kotak Mahindra Investment, a subsidiary of the bank, sold its entire equity stake in Martix Business Services on Friday.
* MAHINDRA & MAHINDRA: The Mumbai bench of the National Company Law Tribunal has approved the merger of Mahindra & Mahindra arms--Orizonte Business Solutions and Resfeber Labs.
* MAHINDRA LIFESPACE DEVELOPERS: Has launched a commercial project--ORIGINS--in Ponneri near Chennai. The project has been developed in a 60:40 joint venture between the company's arm Mahindra World City Developers and Japan's Sumitomo Corp, and both the companies will invest about 10 bln rupees in the project.
* MAX INDIA: Will diversify into new businesses after exiting health insurance and completion of a proposed demerger.
* NBCC (INDIA): As its bid to acquire JAYPEE INFRATECH got rejected by lenders, the company has written to the interim resolution professional that the company is interested in taking over Jaypee group firm and its offer should be considered on merit.
* NHPC: Signs memorandum of understanding with government for construction of bunkers, caverns.
* NIIT TECHNOLOGIES: Competition Commission of India has approved the acquisition of 30% stake in the company by Hulst B.V., a company indirectly owned by Baring Private Equity Asia.
* NLC INDIA: Board has approved raising up to 20 bln rupees via debt.
* OIL & NATURAL GAS CORP: India by 2021 will witness hydrocarbon production from its eighth
sedimentary basin, Kutch offshore, the company has prepared an investment plan that will be submitted soon to the directorate general of hydrocarbons.
* PERSISTENT SYSTEMS: Has appointment Christopher O'Connor as chief executive director.
* PIRAMAL ENTERPRISES: Plans to raise 10 bln rupees through tier-II bonds in the current quarter. It will also raise $150 mln from a global fund through external commercial borrowings.
-The company plans to merge the financial businesses of Shriram Group under one unit.
* RELIANCE CAPITAL: The company has said that downgrading of its rating was "completely unjustified and inappropriate".
* RELIANCE COMMUNICATIONS: The company has missed the deadline of paying the telecom
department spectrum dues worth 4.92 bln rupees, making this the Anil Ambani-owned carrier's third default in a row.
* RELIANCE HOME FINANCE: Has said that downgrading of its rating was "completely unjustified and inappropriate". Reliance Mutual Fund has disclosed that it carries an exposure of 5.35 bln rupees to Reliance Commercial Finance, and 10.83 bln rupees to the company via long-term non-convertible debentures.
* RELIANCE POWER: Lenders have, between Monday and Friday, invoked a pledge on 7.35% promoter stake in the company.
* RUCHI SOYA INDUSTRIES: Lenders to the debt-ridden company will vote on Apr 30 to decide on
Patanjali Ayurved's revised 43.5-bln-rupee bid.
* SKF INDIA: Chief Financial Officer Chandramowli Srinivasan has resigned from the company, effective Jul 24.
* SUDARSHAN CHEMICAL INDUSTRIES: Has completed the sale of industrial mixing solutions
operations to GMM Pfaudler.
* SUN PHARMACEUTICAL INDUSTRIES: Has received the US Food and Drug Administration's approval to market Medroxyprogesterone Acetate, a generic version of Depo-Provera.
* TATA CONSULTANCY SERVICES: Computer Sciences Corp has filed a lawsuit against the company, alleging that the Indian IT bellwether is stealing its trade secrets to build an insurance platform, following a $2-billion deal that the company won from US insurer TransAmerica last year.
* TATA STEEL: Is eyeing firms facing insolvency under the National Company Law Tribunal to strengthenits long products portfolio.
* TVS MOTOR: The company plans to invest 63,268 rupees in Altizon Systems, while its wholly-owned Singapore subsidiary will invest $2.5 mln in US-based Altizon Inc.
* UNION BANK OF INDIA: The government has appointed Arun Kumar Singh as the Reserve Bank of India's nominee director on the board of the bank, in place of Anil Kumar Misra, with immediate effect.
-Has kept its marginal cost of funds-based lending rates unchanged for May, across tenures.
* UNITED BANK OF INDIA: The government has appointed Sadhana Varma as the Reserve Bank of India's nominee director on the board of the bank, in place of Arnab Roy, with immediate effect.
* YES BANK: The board has approved raising 200 bln rupees via debt and up to $1 bln via equity, in one or more tranches. It also approved the appointment of Ravindar Khanna and Shagun Kapur Gogia as additional directors on the board.
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