Today's Stock News – 27.05.2019
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* ADANI GREEN ENERGY: Is in the process of raising $500 mln in green bonds for capital expenditure and refinancing of debt, by mid-June.
* ADANI POWER: Adani Group's solar manufacturing arm, Adani Solar, expects to get 50% market share in two years.
* ASHOK LEYLAND: Plans to spend about 20 bln rupees over the next couple of years as it gears up for future product programmes and growth in the light commercial vehicles business.
* AXIS BANK: Plans to issue shares against conversion of 45.36 mln warrants. The bank has scheduled a meeting of its committee of whole-time directors on Wednesday, when the proposal will be considered.
* CORPORATION BANK: Aims to reduce its gross non-performing asset ratio to around 12%, and net bad loan ratio to 5.4% by the end of 2019-20 (Apr-Mar), Managing Director and Chief Executive Officer P.V. Bharathi said.
* IDFC: Board has approved raising up to 5 bln rupees via non-convertible debentures and commercial papers.
* INDIAN ENERGY EXCHANGE: Board has approved the appointment of Rajiv Srivastava as whole-time director effective Jun 3. Going forward, Srivastava will take over as managing director and chief operating officer effective Jul 21.
* INFOSYS: Completed the acquisition of 75% stake in Stater N.V, a subsidiary of the Netherlands-based ABN AMRO Bank.
* JET AIRWAYS (INDIA): Lenders of the company were asked by the government to share findings of a forensic audit report of the grounded airline in March, around the same time its founder, Naresh Goyal, quit all executive roles.
* JSW STEEL: Board has approved raising up to 70 bln rupees through non-convertible debentures and warrants. Also approved raising up to 70 bln rupees through shares or convertible debentures, or any other convertible securities.
-Plans to produce 16.95 mln tn of crude steel in the current financial year, higher than the 16.69 mln tn produced in 2018-19 (Apr-Mar).
-Improving credit availability must be the government's top priority, Joint Managing Director and
Group Chief Financial Officer Seshagiri Rao said.
-Approved spending another 57 bln rupees as capital expenditure, which will be used in mining,
downstream investments and some cost-saving initiatives.
* GIC HOUSING FINANCE: Board has approved increasing borrowing limit of the company to 170 bln rupees from 150 bln rupees.
-The limit for fund-raising through issuance of redeemable non-convertible debentures or bonds,
through private placement, was also raised to 15 bln rupees.
* GMR INFRASTRUCTURE: The Maldivian government has decided not to press for income tax and fines of over $20 mln. The Maldivian government in 2017 had slapped a notice seeking $20.5 mln towards income tax and fines from subsidiary GMR Male International Airport.
* GRASIM INDUSTRIES: Plans to invest an additional 64 bln rupees in expanding its capacity as its existing plants are unable to meet the growing demand from local customers.
* INOX LEISURE: The company has partnered with the International Cricket Council to show select matches from the upcoming ICC World Cup live across major properties.
* JAGRAN PRAKASHAN: The company's subsidiary is set to acquire Reliance Broadcast Network, which operates the Big FM radio channels, for close to 12 bln rupees.
* L&T FINANCE HOLDINGS: Board will meet on Wednesday to consider raising up to 1 bln rupees through cumulative compulsorily redeemable non-convertible preference shares on a private placement and determine the issue price for the proposed issue.
* MANPASAND BEVERAGES: Three top executives of the company were arrested by the Goods and Services Tax department in Vadodara for creating fake company units and committing tax evasion.
* MARUTI SUZUKI INDIA: Is evaluating the commercial launch of a small electric car next year. The company will be ready with a vehicle in 2020, and the launch will depend on the willingness of buyers to pay more for an electric version.
* MINDTREE: LARSEN & TOUBRO has raised its stake in the company by about 2% between May 20-24 by picking up shares worth over 3.16 bln rupees.
* MUSIC BROADCAST: Decided to terminate the acquisition of the radio business of Ananda Offset, operating under the brand name 'Friends 91.9 FM' in Kolkata, on account of uncertainty of receipt of regulatory approval.
* NESCO: Board has approved amalgamation of wholly-owned subsidiary, Nesco Hospitality, with the company.
* OMAXE: Sold wholly-owned subsidiary Eden Buildcon to Darshita Landed Property LLP and others for 882.1 mln rupees.
* PFIZER: The Competition Commission of India approved the formation of a joint venture for consumer healthcare products by pharmaceutical giants GLAXOSMITHKLINE CONSUMER HEALTHCARE and the company.
* RELIANCE CAPITAL: Offer for sale of shares of RELIANCE NIPPON LIFE ASSET MANAGEMENT was subscribed 173.1% by non-retail investors.
* RELIANCE POWER: Board will meet on Wednesday to consider raising funds through a private placement of debentures.
* SALZER ELECTRONICS: Entered into a pact with the CMS Group to acquire its 72.32% stake in Kaycee Industries, and make an additional offer to purchase 25% stake from the public, for an aggregate 220 mln rupees.
* SPICEJET: Announced the induction of a Boeing 737, taking its fleet size to 100 aircraft.
* SUZLON ENERGY: Initiated the sale of securities of its subsidiaries Heramba Renewables and Abha Solafarms to Ostro Energy, a wholly-owned subsidiary of ReNew Power Services.
* TATA MOTORS: Launched hatchback Tiago with a range of safety features, with prices starting at 440,000 rupees, ex-showroom Delhi.
* TATA POWER CO: Life Insurance Corp of India has sold 54.29 mln shares or 2.01% stake in the company through an open market sale between Mar 2 and May 23.
* TITAN CO: Will shift gear and move up the value chain by making its mechanical movements in- ouse for the very first time, in a bid to give a booster shot to its premium range of products.
* V-MART RETAIL: Opened one store each in Uttar Pradesh and Madhya Pradesh.
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