Today's Stock News – 02.07.2019
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* BHARTI AIRTEL: The company and TATA TELESERVICES (MAHARASHTRA) have set Jul 12 as
record date for issue of shares and preference shares to shareholders and preference shareholders of Tata Teleservices, pursuant to merger of Tata Teleservices into the company.
* COAL INDIA: According to provisional figures, the company's total production rose 0.5% on year to 45.08 mln tn in June, and offtake fell 1.6% to 48.86 mln tn.
* COX & KINGS: Inability to get working capital loan led to defaults.
-CARE RATINGS and Brickwork Ratings India cut the company's debt ratings.
-Not paid 500 mln rupees of 650-mln-rupee commercial papers due Jun 28.
* DEWAN HOUSING FINANCE CORP: Bankers to the company decided to sign an inter-creditor agreement as they look to hasten the resolution process for the housing financier, which is facing a severe liquidity squeeze.
* EICHER MOTORS: Total motorcycles sales in June fell 22% on year to 58,339 units.
* FORBES & CO: ICRA has cut long-term fund limit rating to 'A' from 'A+' and short-term fund limits rating to 'A1' from 'A1+'.
* GAIL (INDIA): In a set back for the company, the Petroleum and Natural Gas Regulatory Board has slashed the tariff the company charged for its KG basin natural gas pipeline network by 64% to 16.14 rupees per mBtu of gas on gross calorific value.
* GUJARAT INDUSTRIES POWER CO: Issued letter of intent to Tata Power Solar Systems on Friday for 100 MW solar power project at Raghanesda Solar Park in Guajarat on engineering, procurement, and construction basis.
* HCL TECHNOLOGIES: Completed acquisition of select IBM products for security, marketing, commerce and digital solutions on Jun 30.
* HERO MOTOCORP: Total sales in June declined over 12% on year to 616,526 units.
* ICRA: Board has placed its Managing Director Naresh Takkar on leave, pending the completion of an anonymous compliant.
* IDFC: Aditya Birla Sun Life Mutual Fund sold 32.11 mln shares or 2.01% stake in the company through the open market on Thursday.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on interest payment of 246.22 mln rupees on non-convertible debentures, payable on Friday, Sunday, and Monday.
* INDIAN BANK: Will increase its overnight and one-month marginal cost of funds-based lending rates by 10 basis points and 5 basis points to 8.20% and 8.30%, respectively, with effect from Wednesday.
* INDIAN OVERSEAS BANK: Has appointed Karnam Sekar as managing director and chief executive officer, effective Monday.
* JAIPRAKASH ASSOCIATES: The National Company Law Appellate Tribunal directed the Allahabad branch of the National Company Law Tribunal to decide on ICICI BANK's insolvency plea against the company preferably within six weeks.
* JK PAPER: Signed a memorandum of understanding with the Gujarat government to expand and modernise its Songadh unit in the state at a cost of 15 bln rupees. J.K. Credit and Finance has sold 0.73% stake or 1.3 mln shares in the company at 122.35 rupees apiece through a bulk deal on the National Stock Exchange.
* JSW ENERGY: Has terminated the proposal to acquire 1,000 MW thermal power plant located at Raigarh from Jindal Steel and Power.
* MAHINDRA & MAHINDRA: Reported a 4% on-year rise in sales of passenger vehicles in June to 18,826 units as part of its cyclic deliveries based on bookings and efforts taken by the company to clear inventory.
* MAX FINANCIAL SERVICES: Has appointed Jatin Khanna as chief financial officer, effective Monday.
* MCLEOD RUSSEL INDIA: Vistra ITCL (India) has acquired 3.8 mln shares or 3.64% stake in the company through invocation of pledged shares on Jun 21 and Jun 27.
* MOIL: Has increased prices of silico manganese grades by about 5%, effective Monday.
* NIIT TECHNOLOGIES: Hulst BV has bought 0.54% stake or 332,591 shares in the company at 1,341.31 rupees apiece through a bulk deal on the National Stock Exchange.
* NTPC: Acme Solar has told the company that a 600 MW project it won in an auction is no longer feasible as the power purchase agreement stands terminated in the absence of necessary regulatory approvals, and has asked the company to return its bank guarantee.
* OIL & NATURAL GAS CORP: Has made oil discoveries with total estimated in-place reserves of 230 mln tn in the past three years, Union Petroleum Minister Dharmendra Pradhan informed the Lok Sabha. The company has signed a memorandum of understanding with INDIAN OIL CORP for carbon dioxide-based enhanced oil recovery by injecting the chemical compound captured from the latter's Koyali refinery.
* POWER FINANCE CORP: Morgan Stanley France SAS has sold 1.84% stake or 48.58 mln shares in the company at 135 rupees apiece through a bulk deal on the National Stock Exchange.
-Windacre Partnership Master Fund has bought 2.12% stake or 55.93 mln shares in the company at 135 rupees apiece through a bulk deal on the NSE.
-Has raised $300 mln through three-year syndicated loans from State Bank of India, Hong Kong, and
MUFG Bank, Singapore.
* PRAKASH INDUSTRIES: Has received the grant of surface right permission to open Sirkaguttu Iron and Manganese ore mine at Keonjhar in Odisha, having geological reserves of around 9.9 mln tn.
* RALLIS INDIA: Gujarat Pollution Control Board has ordered the company to suspend operations at one of its units in Dahej due to a safety incident.
* RELIANCE COMMUNICATIONS: The bankruptcy process for the company stays under the cloud with lack of clarity over whether a resolution professional could sell its most valuable asset spectrum.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm is set to raise about $500 mln in fresh overseas
borrowings as India's newest phone company doubles down on optic-fibre expansion to back up its home broadband entry and prepares for upcoming spectrum sales.
-The Vedanta group has taken the space vacated by the company in the country's oil and gas sector in
10 years after starting production from its Mangala oil field in Barmer district of Rajasthan.
* SADBHAV INFRASTRUCTURE PROJECT: Board has approved sale of entire share in nine special
purpose vehicles to IndInfravit Trust for a cumulative enterprise value of 66.11 bln rupees.
* SML ISUZU: Has reported a 22.4% on-year fall in total sales to 1,214 units in June.
* SOBHA: L&T Mutual Fund acquired 151,861 shares, 0.16% stake, in the company on Friday.
* STATE BANK OF INDIA: The central board of the bank approved raising 70 bln rupees of additional tier-I capital in the current financial year started April. Has signed a memorandum of understanding with National Investment and Infrastructure Fund to boost lending towards infrastructure projects.
* SYNGENE INTERNATIONAL: Has appointed Mahesh Bhalgat as chief operating officer, effective
Monday.
* TATA MOTORS: The slowdown gripping the Indian automobile industry seems to be hitting the sales of the company the most, with the company reporting the steepest fall among major car manufacturers in terms of passenger vehicles sales.
* TVS MOTOR CO: Total sales in June fell 5.3% on year to 297,102 units.
* UNION BANK OF INDIA: Has cut its marginal cost of funds-based lending rates by five basis points across all tenures, effective Monday.
* UNITED SPIRITS: The Karnataka High Court has dismissed a plea by the company, seeking release of its securities held by IDBI BANK as a pledge from United Breweries Holdings against the bank's exposure to the defunct Kingfisher Airlines.
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