Today's Stock News – 04.07.2019
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* ADANI ENTERPRISES: The Union Cabinet has approved a proposal to lease out the Ahmedabad, Lucknow and Mangaluru airports, operated by the Airports Authority of India, through a public-private partnership model to the company.
* AXIS BANK: Acting against a fraud perpetrated by the bank employee in collusion with an employee of a private educational institute, the Enforcement Directorate has provisionally attached 17 immovable properties, investments in mutual funds and balances in bank accounts totalling to 45.8 mln rupees.
* BHARTI AIRTEL: The National Company Law Tribunal has approved the transfer of the company's optical fibre cable business to its subsidiary Telesonic Networks by way of a slump sale.
-The Supreme Court will next week hear a plea from the telecom department challenging a tribunal's
order that stayed the government's demand for 16.27 bln rupees from the company before approving its acquisition of Tikona.
* COX & KINGS: Has defaulted on a 72-mln-rupee interest payment on non-convertible debentures that was due Wednesday.
* DEWAN HOUSING FINANCE CORP: Lenders to the company in the process of finalising a resolution plan, have discussed broad contours of a "binding agreement" that would lay down conditions for the promoters, led by Chairman and Managing Director Kapil Wadhawan.
* DISH TV INDIA: The promoters of the company will be exiting the business by selling their stake to Airtel Digital TV, the DTH arm of BHARTI AIRTEL.
* EROS INTERNATIONAL MEDIA: Missouri Local Government Employees Retirement System has sold 0.6% stake in the company at 18.46 rupees apiece through a bulk deal on the National Stock Exchange.
* GAIL (INDIA): Has commissioned the 165-km Gorakhpur spur line section of the natural gas pipeline project in Uttar Pradesh.
-The downstream regulator has rejected the company's plea seeking to recover from its customers the
compensation it paid to victims of the 2014 pipeline fire that killed 29 in Andhra Pradesh.
* GUJARAT GAS: Has cut prices of natural gas for industrial units and commercial establishments in the state by 2.50 rupees per scm, or 8%.
* HOUSING DEVELOPMENT FINANCE CORP: The board will meet on Aug 2 to consider raising 450 bln rupees through the issuance of redeemable non-convertible debentures in various tranches, on a private placement basis.
-Profit on sale of investment in the June quarter was 18.95 bln rupees, on account of part-stake sale in GRUH FINANCE.
-Had benefited from diversified sources of funding such as offshore borrowing, conservative growth
and cautious approach to non-individual loans, that enabled it to avoid most of the issues that plagued nonbank lenders in Oct-Mar, Chairman Deepak Parekh said in a letter to shareholders.
* JSW STEEL: The Supreme Court has paved the way for the Delhi bench of the National Company Law Tribunal to pronounce its orders on approval of the company's 193.5 bln rupees bid for debt-ridden Bhushan Power and Steel, which is under insolvency process.
* LARSEN & TOUBRO: Has been categorised as a promoter after the company bought 60.06% stake in MINDTREE.
-Blackstone Group LP has purchased an office building at the company's business park in Mumbai for 6.5-7 bln rupees.
* LARSEN & TOUBRO INFOTECH: Is being questioned by the US Citizenship and Immigration Services for documentary discrepancy and procedural lapses related to one of its key customers, Apple.
* MAHARASHTRA SCOOTERS: Sanjiv Bajaj has been appointed chairman of the company, effective today, following the resignation of Madhur Bajaj on Wednesday.
* MARICO: Expects fall in input costs to boost its operating margin in Apr-Jun, despite the company stepping up spend on brand building.
* MCLEOD RUSSEL INDIA: ICRA has cut the company's long-term rating to 'D' from 'B-'.
* MONNET ISPAT & ENERGY: The National Company Law Appellate Tribunal on Wednesday reserved orders on appeals by lenders and operational creditors of the company against the 28.75-bln-rupee takeover of the distressed steel maker by Aion Capital and JSW STEEL.
* OIL INDIA: Has initiated a process to sell its 50% stake in Licence-61 asset in Russia as the "performance of the asset has not been as expected", Petroleum Minister Dharmendra Pradhan said.
* PRABHAT DAIRY: Has hiked the procurement price for cow milk (containing 3.5% fat and 8.5% solidsnot- fat) by 2-3 rupees to 29 rupees a ltr in Pimpri, Maharashtra, from Jun 21.
* RELIANCE COMMUNICATIONS: The National Company Law Appellate Tribunal has reserved its order in admitting a contempt plea filed by HSBC Daisy Investments (Mauritius) against Reliance Group Chairman Anil Ambani, Reliance Infratel, and others for alleged non-payment of dues.
* SPICEJET: Will launch a second daily non-stop flight between Mumbai and Dubai from Aug 3.
* STEEL STRIPS WHEELS: The company's net turnover in June fell 10% on year to 1.4 bln rupees, while gross turnover was down 15% at 1.68 bln rupees. Total wheel rim sales declined 10% on year to 1.13 mln units, but exports surged 91% on year.
* UNIPLY INDUSTRIES: Kuwait-based Markab Capital has bought about 21% stake in the company in a deal valued at about 3.21 bln rupees.
* VEDANTA: Will invest $245 mln for finding oil and natural gas over the next 3-4 years in the 10 areas it won in the latest licensing round.
* WOCKHARDT: Buyout funds Apax Partners, Blackstone, Carlyle and KKR are in talks with the company to acquire a substantial stake in its domestic formulations business.
* ZEE ENTERTAINMENT ENTERPRISES: US cable major Comcast is looking to team up with private equity fund Blackstone and James Murdoch's family office Lupa Systems to bid for the company.
* ZUARI AGRO CHEMICALS: The rights issue committee has approved raising up to 4.05 bln rupees through issuance of up to 33.65 mln compulsory convertible debentures at 120 rupees each.
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