Today's Stock News – 28.05.2019
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The company's board has approved raising up to $1 bln through the issue of dollar-denominated bonds, in one or more tranches, on a private placement basis. It also approved raising 15 bln rupees through issue of non-convertible debentures on a private placement basis, in one or more tranches.
-The company will announce dividend and a share buyback by Jun 4.
* BHARTI AIRTEL: Has submitted a bank guarantee of 6.44 bln rupees to the telecom tribunal, clearing the deck for completion of the merger of Tata Teleservices' consumer business with the company.
* BRIGADE ENTERPRISES: Has announced the pre-launch of its 50-acre integrated residential enclave Brigade El Dorado, in Bengaluru.
* CENTRAL DEPOSITORY SERVICES (INDIA): The board has approved the appointment of Nehal Vora as managing director and chief executive officer for five years.
* GAIL INDIA: Will spend 540 bln rupees on expansion within the next two-three years.
* HINDUSTAN COPPER: Aims to produce 5.15 mln tn of copper ore in the current financial year, 25% higher than the production of 4.12 mln tn in 2018-19 (Apr-Mar).
* ICICI BANK: The National Company Law Tribunal has dismissed an insolvency plea filed by the bank against Hyderabad Ring Road Projects, observing that there was "duplicacy of the claims" by the private lender.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on payment of 22.18-mln-rupee interest on nonconvertible debentures, due to insufficient funds.
* JB CHEMICALS & PHARMACEUTICALS: The promoters have put their business up for sale, mandating investment bank Avendus to look for a buyer for their 57% stake in the company.
* JET AIRWAYS (INDIA): Lenders to the company are expected to take a final decision on the fate of the grounded airline in the next two weeks as they hunt for a new domestic investor, before taking up the last option of a bankruptcy filing.
* JSW STEEL: The Karnataka government has agreed to execute the lease-cum-sale agreement on 3,666 acres with the company for setting up Vijayanagar Steel Plant in Ballari district.
* MANPASAND BEVERAGES: The board has cancelled a meeting on Tuesday to consider and approve financial results for the quarter and year ended Mar 31 due to unavoidable circumstances, and also due to want of quorum.
* MARUTI SUZUKI INDIA: Shut production for a day at its plants in Gurugram and Manesar on Monday to manage rising inventory levels. Aims to set up small-format and mobile showrooms for its Nexa chain of premium dealerships.
* MUSIC BROADCAST: The board has approved the acquisition of Reliance Broadcast Network, which runs 'BIG FM' radio station, for an enterprise value of 10.5 bln rupees.
* NLC INDIA: Has raised 14.75 bln rupees through bonds maturing in 10 years, at a coupon of 8.09%.
* NMDC: Has hiked prices of iron ore products by 250 rupees per tn.
* ORIENTAL BANK OF COMMERCE: Srei Equipment Finance and the bank announced a strategic alliance to offer loans for purchase of equipment under a co-lending arrangement.
* RELIANCE NIPPON LIFE ASSET MANAGEMENT: RELIANCE CAPITAL's offer-for-sale of shares of the company was subscribed 28.09% by retail investors.
* SIEMENS: German conglomerate is launching Next47, a startup incubator, in India with an aim to invest a significant part of its $1-bln investment fund for startups globally.
* THOMAS COOK INDIA: Its wholly-owned subsidiary has formed a new joint venture company, ATC Travel Services (Beijing), in China to set up an inbound business. The arm will hold 70% stake in the joint venture.
* VAKRANGEE: Has inked a partnership with Lendingkart Finance to distribute business loans through its NextGen Vakrangee Kendras.
* VASCON ENGINEERS: Has received a letter of intent for a construction order worth 1.72 bln rupees from Tycoons Avanti Projects LLP.
* V-MART RETAIL: Has opened a new store in Assam, taking total tally in the state to eight.
* WIPRO: Has got a multimillion-dollar technology services deal from Fruit of the Loom.
* YES BANK: Is likely to exit the asset management business as it believes that scaling up operations amid intensifying competition could be difficult.
* ZEE ENTERTAINMENT ENTERPRISES: Gave unsecured interest-free deposits to the tune of 6.93 bln rupees in 2018-19 (Apr-Mar) to content aggregators and their agencies to build a film library.
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