Today's Stock News – 28.06.2019
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Has raised $750 mln by selling overseas bonds, the proceeds from which would be used to fund expansion and reduce debt.
* AMTEK AUTO: An appellate tribunal has directed lenders of the company to consider the resolution plan submitted by Deccan Value Investors and other bidders instead of inviting fresh bids as the UK's Liberty House backed out after being selected as the successful resolution applicant.
* ASTER DM HEALTHCARE: Private equity firm True North sold 37.36 mln shares or 7.40% stake in the company at 120.03 rupees a share through a bulk deal on the National Stock Exchange.
* AVG LOGISTICS: Sixth Sense India Opportunities Fund-II has bought 94,800 shares or 0.92% stake in the company at 78.35 rupees on the National Stock Exchange.
* BHARTI AIRTEL: Airtel Africa's planned initial public offering on the London Stock Exchange is expected to be priced at 80 pence, the bottom end of its indicated price range, one of the book-runners handling the sale said.
* COFFEE DAY ENTERPRISES: Coca-Cola is in exclusive talks to pick up a significant stake in Cafe Coffee Day.
* CREDITACCESS GRAMEEN: On Wednesday, completed a direct assignment of 1.39 bln rupees.
* DCM SHRIRAM: Will seek shareholders' approval at its annual general meeting on Jul 23, to borrow up to 50 bln rupees through issue of non-convertible debentures and bonds in one or more tranches.
* DEWAN HOUSING FINANCE CORP: DSP Mutual Fund has received 600-mln-rupee payment against the total outstanding of 1.5-bl-rupee commercial papers issued by the company and held by its schemes. The company's bonds worth about 1.8 bln rupees have changed hands in four deals in the past few days, with yields falling from the record high on Jun 11, when securities sold a year ago traded at an eye-popping 67%. Promoters of the company are willing to give up their controlling stake to global private equity funds. The company has said it will shortly divest its full stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees.
* DHANUKA AGRITECH: Ocean Dial-owned fund has sold 244,168 shares or 0.51% stake in the company at 400 rupees apiece in a bulk deal on the National Stock Exchange.
* EMAMI: The Emami Group is in exploratory talks with investors such as ULTRATECH CEMENT and private equity funds including KKR and Temasek Holdings to sell stakes in the cement business, valuing it at 50-55 bln rupees.
* EMAMI REALTY: Has redeemed 2.5 bln rupees worth of non-convertible debentures ahead of maturity.
* FUTURE CONSUMER: Fonterra Future Dairy, the company's joint venture with New Zealand-based Fonterra, expects to achieve 50-60 bln rupees revenue in the next 5-6 years.
* GODREJ CONSUMER PRODUCTS: The Godrej family is discussing ways to rework certain family agreements after differences cropped up among members over development of land holdings owned by Godrej & Boyce.
* GRAPHITE INDIA: Will seek shareholders' approval at its annual general meeting on Jul 3, to raise 50 bln rupees through non-convertible debentures and bonds in one or more tranches, through private placement in domestic or international markets.
* HCL TECHNOLOGIES: Will offer more than 3,000 job opportunities to fresher at its Noida campus.
* HDFC BANK: Is eyeing an initial public offering of its non-bank lending unit, HDB Financial Services, that could see the company raise more than $1 bln.
* HINDALCO INDUSTRIES: Has cut the prices of its aluminium products after hiking them twice last week.
* IDBI BANK: The government is not keen to provide any additional capital to the bank, which requires 70 bln rupees to meet regulatory requirements and enhance its lending book.
* INDIAN HOTELS CO: Will continue to add more hotels to its portfolio, especially in the premium segment, but the owner of Taj group of hotels wants to ramp-up the share of managed properties and bring down the number of owned hotels, which is in-line with its strategy to operate in an asset-light model.
* INFOSYS: Wholly-owned subsidiary Infosys Finacle will implement its mobile teller solution for Africa's Standard Bank to digitise the lender's services across branches.
Subsidiary EdgeVerve Systems has launched AssistEdge Engage, an intelligent automation platform.
* IL&FS ENGINEERING AND CONSTRUCTION CO: Citing the "special" circumstances that the company is passing through, following various processes under the National Company Law Tribunal, its management has requested stock exchanges not to take any coercive action against the company for compliance delays, including the declaration of financial results.
* JET AIRWAYS (INDIA): Employees were evicted from its corporate headquarters in suburban Mumbai late on Tuesday as the company defaulted on rentals.
* L&T TECHNOLOGY SERVICES: The retail portion of LARSEN & TOUBRO's offer for sale in the companywas subscribed 14.26 times with the company receiving bids for 285,234 shares as against 20,000 shares that were offered.
* MAHANAGAR TELEPHONE NIGAM: Absence of 4G services and high employee costs are dragging Bharat Sanchar Nigam and the company behind when private carriers are offering data facilities at near to the ground tariffs, Union Minister Ravi Shankar Prasad told the Lok Sabha on Wednesday. Plans are being prepared to revive the deeply stressed companies, he said.
* MAHINDRA & MAHINDRA: Step-down subsidiary Mahindra International UK is liquidated voluntarily.
* MCLEOD RUSSEL INDIA: Vistra ITCL India has sold 800,000 shares or 0.77% stake in the company at 15.40 rupees apiece in a bulk deal on the National Stock Exchange.
* MINDTREE: LARSEN & TOUBRO has gained a controlling interest in the company by raising its stake to 60% on Wednesday. Chief Executive Officer Rostow Ravanan is likely to resign in the coming weeks. Founders of the company are likely to sell their stake to LARSEN & TOUBRO.
* MSTC: Will provide e-procurement services to Kerala State Electricity Board for latter's solar project.
* ORCHID PHARMA: The National Company Law Tribunal's Chennai bench and committee of creditors have approved Dhanuka Laboratories' resolution plan for the company.
* PC JEWELLER: Idria Ltd and Carlina Ltd have each sold 0.7% stake in the company through separate bulk deals on the National Stock Exchange.
* RELIANCE CAPITAL: Reliance Wealth Management's Chief Executive Officer Nitin Rao has quit.
* SBI LIFE INSURANCE CO: BNP Paribas Cardiff's offer for sale of shares of the company was subscribed 1.94 times by retail investors.
* STATE BANK OF INDIA: Set 7.99% coupon on tier-II bonds maturing in 10 years.
The board will meet on Monday to consider issuance of additional tier-I bonds in 2019-20 (Apr-Mar).
* STERLING BIOTECH: The Enforcement Directorate has attached properties worth 97.78 bln rupees belonging to the company, in connection with its investigation into alleged money laundering by the company's promoters.
* SUNTECK REALTY: Is planning to invest 50 bln rupees over the next three-four years to build its portfolio of commercial properties, including offices and retail development.
* TATA CONSULTANCY SERVICES: Has won a mandate from India's civil aviation regulator Directorate General of Civil Aviation to digitise its daily operations.
* TATA GLOBAL BEVERAGES: The Tata Group has shortlisted a few candidates to become the new chief executive of the company to help build a scalable fast-moving consumer goods business in India.
* TECH MAHINDRA: Hopes to strike large deals with clients in banking, financial services and insurance sector even though companies are cutting down on technology spends.
* UNITECH: JM FINANCIAL and Suraksha Asset Reconstruction Co have acquired about 20-bln-rupee loans extended to the company by HDFC, HDFC BANK and ICICI BANK, as well as will infuse funds to restart construction on 23 stalled projects.
* UCO BANK: Is aiming to recover around 80 bln rupees of bad loans during the current financial year to cut its high non-performing asset level.
* VEDANTA: Vedanta Group is eyeing 10-mln-tn capacity in steel in the next five-six years through Electrosteel Steels, which the Anil Agarwal-led group acquired through the National Company Law Tribunal last year.
* WELSPUN INDIA: Has acquired 51% stake in Pure Sense Organics Myanmar and has entered into a joint venture with Germany-based Sense Organics Import & Trading GmbH.
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