Today's Stock News – 03.07.2019
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* ADANI POWER: The Supreme Court allowed the company's subsidiary Adani Power (Mundra) to seek compensatory tariff for previous years for its plant at Mundra in Gujarat.
* ADITYA BIRLA FASHION AND RETAIL: Has completed the acquisition of Jaypore E-Commerce and TG Apparel.
* ADLABS ENTERTAINMENT: The Union Bank-led consortium of 13 banks is hopeful of finding a resolution for their 11-bln-rupee exposure to the company before September outside the NCLT, either by selling their distressed loans to asset reconstruction companies or finding an investor.
* ALLAHABAD BANK: The Reserve Bank of India has imposed a penalty of 5 mln rupees on the bank.
* BHARAT FINANCIAL INCLUSION: Integrated Core Strategies (Asia) has bought 1.80 mln shares or 1.28% stake in the company at 898.24 rupees apiece through a bulk deal on the National Stock Exchange.
* BHARAT HEAVY ELECTRICALS: Has appointed Nalin Shinghal as chairman and managing director, effective Monday, for five years.
* BHARTI AIRTEL: Airtel Payments Bank, Bharti AXA Life Insurance have tied-up to offer insurance products through bank's point-of-sale network.
-While Reliance Jio is becoming a mass market player with its prepaid tariffs almost a third of those
offered by incumbents, VODAFONE IDEA and the company have their focus on higher-average revenue per user customers, and it shows in the premium charged in postpaid tariffs compared to that of Jio's.
* CITY UNION BANK: The lender has entered into an agreement with Star Health and Allied Insurance for distribution of their products through the lender's branches.
* CORPORATION BANK: The Reserve Bank of India has imposed a penalty of 2.5 mln rupees on the bank for non-compliance with the central bank's norms on know-your-customer, anti-money laundering standards and directions on opening of current accounts by banks.
* DEEPAK NITRITE: Is confident of meeting its target to achieve 40 bln rupees in turnover during the current fiscal, about 48% higher on year, Chairman and Managing Director Deepak Mehta said.
* DEWAN HOUSING FINANCE CORP: Efforts are underway to resume and revive the lending operations of the company.
* EROS INTERNATIONAL MEDIA: Tata Capital Financial Services has sold 1.29 mln shares or 1.35% stake in the company at 17.59 rupees apiece through a bulk deal on the National Stock Exchange.
-Has paid outstanding interest on its debt, parent company Eros International Plc said in a press release.
* HEXAWARE TECHNOLOGIES: Has launched cloud enterprise data management and analytics, helping Microsoft Azure users to manage their data systems.
* HINDALCO INDUSTRIES: Has raised prices of aluminium ingots, rods and billets by nearly 2% with effect from Thursday.
* INDIABULLS VENTURES: Wholly-owned subsidiary Indiabulls Consumer Finance disbursed loans worth 920,000 rupees in Apr-Jun, up 88% from 490,000 rupees disbursed in Jan-Mar.
* INDIAN OIL CORP: Is close to chartering a Panama-flagged ship rather than an Indian vessel in its first tender to hire an oil tanker with scrubbers that remove sulphur emissions.
* KALPATARU POWER TRANSMISSION: The company will acquire the balance 19.94% stake in Shree Shubham Logistics from Tano India Private Equity Fund II.
* LARSEN & TOUBRO: Has acquired a controlling 60.06% stake in Mindtree after a bitter hostile takeover battle with the founders of the software company.
* MAHANAGAR TELEPHONE NIGAM: The government is considering a 740-bln-rupee bailout plan for the bleeding Bharat Sanchar Nigam and the company.
* MAHINDRA & MAHINDRA: The company has launched a new automated manual transmission version of the XUV300.
* MOTILAL OSWAL FINANCIAL SERVICES: The board will meet Friday to discuss allotment of shares to employees of its subsidiary companies.
* OIL INDIA: On Tuesday, the company won 12 out of 32 oil and gas exploration blocks offered in the latest auction, while VEDANTA walked away with 10, and OIL & NATURAL GAS CORP got eight blocks.
* RELIANCE COMMUNICATIONS: The Supreme Court has rejected the telecom department's plea against an order of the Telecom Dispute Settlement Appellate Tribunal that had held the liability of past dues of the company rested only with it and not Reliance Jio Infocomm, which was at the time looking to buy the company's spectrum.
* RELIANCE HOME FINANCE: CARE RATINGS revises the rating for 4-bln-rupee non-convertible
debentures of the company to 'D'.
* RELIANCE INDUSTRIES: Has informed the government's empowered expert committee that it's investing about 15 bln rupees in its proposed university, Jio Institute, in the next two years to ensure that it creates a worldclass centre of learning.
* SHOPPERS STOP: Aditya Birla Sun Life Mutual Fund bought 2% stake in the company on Jun 28, taking the fund's total shareholding to 7.01%.
* SIMBHAOLI SUGARS: In an alleged case of fraud perpetrated by the company, the Enforcement Directorate has attached its assets worth 1.1 bln rupees.
* SPICEJET: The company is offering discounted fares starting from 888 rupees for domestic routes and 3,499 rupees for international routes.
* SUN PHARMACEUTICAL INDUSTRIES: Has received the US Food and Drug Administration's approval for generic version of Uloric.
* TATA COMMUNICATIONS: Vinod Kumar, managing director and group chief executive officer of the company, resigned on Tuesday citing personal reasons.
* TATA SPONGE IRON: Promoter TATA STEEL will participate in the company's rights issue to the extent of subscribing to 90% of the issue.
* TATA STEEL: Is raising as much as $500 mln through syndicated overseas loans to fund expansion and refinance debt.
* TOURISM FINANCE CORP OF INDIA: Said its exposure in COX & KINGS is repayable over a period of up to three years.
* UCO BANK: The Reserve Bank of India has imposed a penalty of 5 mln rupees on the bank.
* VEDANTA: Has hiked the prices of its aluminium products by nearly 2% with effect from Thursday.
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