Today's Stock News – 17.05.2019
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* ACTION CONSTRUCTION EQUIPMENT: The Company will buy back shares at up to 125 rupees apiece.
* AXIS BANK: Shashikant Rathi, head of treasury at the bank, has quit on Thursday following 16 years of service.
* BLUE DART EXPRESS: Balfour Manuel has been appointed as the managing director of the company for a term of three years.
* BLUE STAR: Aditya Birla Sun Life Mutual Fund has sold 2.3 mln shares in the company at 750 rupees apiece through a bulk deal on the National Stock Exchange.
* CANARA BANK: The Kerala State Committee of All India Bank Officers Confederation condemned the lender's move to implicate one of its branch managers in a case involving suicide of a mother and daughter.
* CYIENT: ICICI PRUDENTIAL LIFE INSURANCE CO sold 2.02% stake in the company on Wednesday.
* DEWAN HOUSING FINANCE CORP: Is holding talks with US-based Oaktree Capital on offloading wholesale real estate loans worth 170-180 bln rupees, and has signed a non-binding pact to this effect, sources said.
* GAIL INDIA: ExxonMobil Corp may shortly form a partnership with the company to set up a green energy platform in India.
* GMR INFRASTRUCTURE: Central Electricity Regulatory Commission has allowed compensation to GMR Group for running its power plant on imported coal in the event of coal shortage.
* HINDALCO INDUSTRIES: Has raised the prices of its aluminium products by up to 2% with effect from Wednesday.
* INFOSYS: Board has approved a new stock incentive plan, "Infosys Expanded Stock Ownership Program 2019" that links long-term employee incentives with shareholder value creation. Under the new plan it has been proposed that Managing Director Parekh will be granted equity shares having a market value of 100 mln rupees.
* INTERGLOBE AVIATION: Promoters of the company, which operates low-cost carrier IndiGo, are
expected to approach the National Company Law Tribunal to resolve their ongoing internal dispute.
Cofounders Rahul Bhatia and Rakesh Gangwal hold near-equal stakes in IndiGo, but the scales are tilted in the favour of Bhatia when it comes to control of the board and management.
Minority shareholders of IndiGo have approached the board of directors, alleging operational mismanagement in the company, sources said. Rakesh Gangwal and Rahul Bhatia, the founders of IndiGo, have hired law firms to pre-empt their differences over a shareholders' agreement from snowballing into a long legal battle for control of India's largest domestic airline, sources said. On Thursday, IndiGo Chief Executive Officer Ronojoy Dutta dashed an email to employees assuring that growth strategy of the airline remains unchanged and the management has the full backing of the company's board of directors.
* JAYPEE INFRATECH: Homebuyers and lenders to the company on Thursday started voting on NBCC (INDIA)'s resolution plan to take over the embattled firm and complete the construction of over 20,000 flats.
* JET AIRWAYS (INDIA): The income-tax department is set to appoint an independent auditor to conduct a special audit of the airline's books in connection with the commission paid by the airline to its Dubai-based group entities for allegedly evading 8.50 bln rupees in taxes, sources said.
STATE BANK OF INDIA may seek to appoint a court-appointed receiver to manage the affairs of the airline. Lenders are examining past allegations of fraud against the founder of Darwin Platform Group Company, which has offered to infuse 140 bln rupees in the airline.
SBI Capital Markets, the appointed consultant for the airline's sale, is unlikely to consider the Darwin Group's proposal to invest in the airline.
* LARSEN & TOUBRO: The board of directors of the company plans to raise up to 20 bln rupees through non-convertible debentures.
* MAHINDRA & MAHINDRA: The company and TATA MOTORS will get a shot in the arm with cash logistics companies set to place orders for nearly 7,000 upgraded cash vans valued at about 6.5-7.0 bln rupees.
* MANAPPURAM FINANCE: The Company will acquire 29.75 mln shares or 100% stake of Manappuram Asset Finance for 342.13 mln rupees.
* MINDA INDUSTRIES: The Company’s board has approved a scheme of amalgamation of its subsidiaries MJ Casting, Minda Distribution and Services, Minda Auto Components, and Minda Rinder with the company.
* MINDTREE: LARSEN & TOUBRO has bought 0.53% more stake, or 871,822 shares in the company, at 979.85 rupees apiece though a bulk deal on the National Stock Exchange.
* NIIT TECHNOLOGIES: Has launched 'cognitive service desk audit' platform, which will enable users to improve operational efficiency, reduce audit efforts and improve quality of front-end services.
* PUNJAB NATIONAL BANK: Has terminated an 18.5-bln-rupee deal to sell stake in PNB HOUSING FINANCE to General Atlantic Group and Varde Holdings as an approval from banking regulator could not be obtained before long-stop date.
* PUNJAB & SIND BANK: Has revised its marginal cost of funds-based lending rates for some tenure.
* RELIANCE INDUSTRIES: The Delhi High Court has dismissed Reliance Jio Infocomm's appeal against an order quashing the telecom regulator's decision to cut a key porting fee by nearly 80%, paving the way for mobile number portability service providers Syniverse Tech & MNP Interconnection to claim dues of around 1.20 bln rupees from telecom companies.
* RELIGARE ENTERPRISES: Said LAKSHMI VILAS BANK misappropriated four fixed deposits of
Religare Finvest worth 7.91 bln rupees, which was one of the major reasons for the group entity's poor financial health.
* STERLING BIOTECH: The National Company Law Tribunal has appointed Mamta Binani as the liquidator for the company.
* TATA CONSULTANCY SERVICES: Chief Executive Officer Rajesh Gopinathan took home a pay
package of over 160 mln rupees in the last fiscal, a raise of almost 28% on year.
* TATA MOTORS: Has tied up with J&K BANK for retail financing of its commercial vehicles, including buses.
* TRIGYN TECHNOLOGIES: Wholly-owned arm Trigyn Technologies Inc has bagged a contract from Houston Independent School District to provide information technology temporary placement services.
* VEDANTA: Has bid for 30 of the 37 blocks in the latest auctions for new oil and gas fields, while OIL AND NATURAL GAS CORP has bid for 20, and OIL INDIA for 15. INDIAN OIL CORP, GAIL (INDIA) LTD and SunPetro bid for two blocks each, and RELIANCE INDUSTRIES LTD together with BP bid for one.
* WIPRO: Is focusing on growing revenue from its India State Run Enterprises, a business that currently has negative operating margins, by hiring account managers and sales talent, as it looks to tap the central and state governments for growth.
* YES BANK: Retracted the performance bonus of 14.4 mln rupees of former managing director and chief executive officer Rana Kapoor.
* BANKING: The government is open to providing more powers to the Reserve Bank of India to direct lenders to take action on stressed assets, a senior finance ministry official said.
* COMMODITIES: India's exports of molasses are likely to be flat at 500,000 tn in 2018-19 (Oct-Sep), due to higher local consumption.
* ECONOMY: The Advisory Council of the Fifteenth Finance Commission will meet three more times before the final report is submitted to the new government.
* FINANCE: Non-banking financial companies with assets of over 50 bln rupees must appoint chief risk officers to ensure efficient risk management, the Reserve Bank of India said.
* INFRASTRUCTURE: Essel Infraprojects has agreed to sell three of its road projects to Canada-base pension fund Caisse de depot et placement du Quebec, sources said.
* REGULATORY: Instances of rubber-stamping the highest credit rating without doing proper due diligence have prompted regulators to review how ratings agencies and debt issuers conduct their business, sources said.
* STEEL: Essar Steel India's committee of creditors on Thursday told the National Company Law Appellate Tribunal that out of ArcelorMittal's bid amount of 420 bln rupees, only 395 bln rupees was meant for distribution among the various creditors of the company.
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