Today's Stock News – 15.05.2019
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* 3M INDIA: Nomination and remuneration committee will nominate and announce a new managing director on May 28.
* ADANI ENTERPRISES: Adani Group has received approvals to develop a new container terminal in Myanmar.
* ARVIND LTD: Board will meet on Friday to consider raising up to 3 bln rupees through the issue of nonconvertible debentures on a private placement basis.
* CONTAINER CORP OF INDIA: Plans to invest 45 bln rupees over the next four years to add 270 rakes to its existing fleet of 343 rakes.
* DEWAN HOUSING FINANCE CORP: Ratings agency ICRA on Tuesday said payouts by the financier were delayed despite funds being available in some instances.
* DR REDDY'S LABORATORIES: In separate exchange filings on Tuesday, the company, WOCKHARDT, and GLENMARK PHARMACEUTICALS have clarified that they do not anticipate that them being named in a price fixing lawsuit in the US would have a material impact on their operations.
* EICHER MOTORS: Royal Enfield has carved out a strategy for the global markets, which includes creating an affordable leisure biking segment in the 250-650cc engine capacity segment with new products and opening of exclusive stores in other countries, among others.
* EVEREST INDUSTRIES: Has started offering turnkey solutions for pre-fabricated buildings.
* FORTIS HEALTHCARE: Informed the Delhi High Court that Securities and Exchange Board of India has asked it to recover 4.03 bln rupees from Malvinder and Shivinder Singh, who allegedly diverted funds of the company and its subsidiary Fortis Hospital.
* GUJARAT INDUSTRIES POWER CO: Has emerged as the successful bidder for Gujarat Urja Vikas Nigam's tender for setting up of a 100-MW solar power project at Raghanesda Solar Park in the state.
* HCL TECHNOLOGIES: Plans to take on board nearly 2,000 IBM employees as part of its $1.8-bln deal to acquire some of the latter's software assets.
* HINDALCO INDUSTRIES: European Commission on Tuesday "stopped the clock" on its in-depth
investigation into Novelis' proposed acquisition of Aleris.
* ICICI BANK: A team of Enforcement Directorate investigators recently visited Singapore in connection with the money-laundering case against former CEO of the bank, Chanda Kochhar, her husband Deepak, and Videocon Group chairman VN Dhoot.
* IDFC FIRST BANK: Honda Motorcycle & Scooter India has signed a memorandum of understanding with the bank to offer vehicle financing.
* INDIAN OIL CORP: The National Green Tribunal has slapped an interim penalty of 173.1 mln rupees on the company's Panipat refinery for violating environmental norms.
* INFOSYS: Infosys Foundation, the corporate social responsibility arm of Infosys Technologies, does not accept any funding from outside, and dips only into funds provided by the software giant out of its profits, Chairperson Sudha Murty said.
* ITC: British American Tobacco Plc, the largest shareholder in the company, has expressed confidence that the company will continue its excellent performance under new Chairman Sanjiv Puri.
* JET AIRWAYS (INDIA): Vinay Dube has resigned as chief executive officer of the company with immediate effect, due to personal reasons.
-Kuldeep Sharma has resigned as company secretary and compliance officer with immediate effect.
-Lenders and its second-largest shareholder Etihad Airways have approached the Hinduja Group
offering a stake in the grounded airline, sources said, adding that exploratory talks are underway.
-Has terminated over 50 employees in South East Asia, West Asia, Europe and UK.
* JK LAKSHMI CEMENT: Board will meet on May 22 to seek shareholders' approval to raise up to 5 bln rupees through non-convertible debentures.
* JSW STEEL: A proposed innovative employee benefit scheme, facilitating acquisition of shares by certain eligible employees of the company, has fallen foul of proxy advisory firms such as SES, which has asked shareholders to vote against the approval of the proposed plan, calling it "non-compliant" and "failing the test of fairness and transparency".
* LARSEN & TOUBRO: L&T Realty is eyeing revenues of 32 bln rupees from an upcoming project in the satellite city of Navi Mumbai.
* MAHINDRA LOGISTICS: Is scouting for acquisition in Southeast Asia to strengthen its freight forwarding business, expand its warehousing space and touch 60 bln rupees topline by FY21, Chief Executive Officer Pirojshaw Sarkari said.
* MANGALAM CEMENT: LTS Investment Fund bought 0.75% stake, or 200,000 shares in the company, at 247.50 rupees apiece, in a bulk deal on the National Stock Exchange.
* MANGALORE CHEMICALS & FERTILIZERS: Has shut its ammonia, urea and ABC plants in Mangalore, effective Tuesday, because of shortage of water.
* NBCC (INDIA): The National Company Law Appellate Tribunal refused to stay the Committee of Creditors' vote on the company's resolution plan for JAYPEE INFRATECH.
* NMDC: Is in the process of investing about $1 bln on infrastructure over the next three years to help ramp up iron ore production, a senior official of the company said.
* NTPC: Has won 100-MW solar project in Solar Energy Corp of India's 250-MW tender for Dondaicha Solar Park at Dhule, Maharashtra, at a levelised tariff of 2.91 rupees per unit for 25 years.
* ORCHID PHARMA: Has received the US Food and Drug Administration's approval to market Risedronate Sodium tablets in 30 mg and 35 mg strengths.
* RELIGARE ENTERPRISES: A plan to merge the company's wholly-owned subsidiaries Religare
Commodities and Religare Broking has been withdrawn by their respective boards.
* SPICEJET: The airline and IndiGo have bagged more than half of JET AIRWAYS(INDIA)'S vacant slots allotted so far.
* STEEL AUTHORITY OF INDIA: Has managed to hold on to the price hikes that it had taken in April for galvanised corrugated sheets and steel bars, trade sources told.
* UNITED BANK OF INDIA: Peeved with the delay in corporate debt resolution in the National Company Law Tribunals, the bank has been directly negotiating with borrowers to settle bad loans in cases where the bank is the sole lender.
* VODAFONE IDEA: May also soon rationalise its postpaid plans by scrapping the 299-rupee plan for all circles to weed out low-value subscribers, chief executive officer of the company Balesh Sharma said.
-Board has approved merger of two wholly-owned subsidiaries--Vodafone India Digital and Idea
Telesystems--with the company.
-The company is considering merging its payments wallet Vodafone MPesa with an associate
company or a third party, even as the wallet has applied to the Reserve Bank of India for extension of its repaid payment instrument licence.
-Hewlett Packard Enterprise has been selected by the company to partner for its next generation
operations support systems platform for Vodafone's Service & Network Operations Center.
* YES BANK: R Gandhi, former deputy governor of the Reserve Bank of India, has been appointed as an additional director on its board for a period of two years, effective Tuesday, to May 13, 2021, or till further orders, whichever is earlier.
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