Today's Stock News – 05.07.2019
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* ALLSEC TECHNOLOGIES: First Carlyle Ventures Mauritius sold 4.5% stake or 684,103 shares in the company at 286.49 rupees apiece through a bulk deal on the National Stock Exchange.
* BHARTI AIRTEL: The company said a report as "speculative" a report that the promoters of DISH TV INDIA would exit the business by selling their stake to the company's direct-to-home subsidiary Airtel Digital
TV.
* CHOLAMANDALAM INVESTMENT AND FINANCE CO: The board will meet on Jul 30 to mull the issuance of non-convertible debentures.
* CORPORATION BANK: CARE RATINGS has revised its outlook on ratings of the bank's upper tier-II bonds and perpetual bonds to negative from stable. The rating on both the debt instruments remains unchanged
at 'A+'.
* CRISIL: Entered into a pact with BANK OF BARODA to assess the credit quality of the bank's customers in the small and medium enterprises segment.
* DEWAN HOUSING FINANCE: Has sold one of its crucial commercial properties DHFL House in the Andheri suburb of Mumbai to the promoters of Charak Pharma for 1.21 bln rupees, way below its current market price.
- Has delayed payment on some of its obligations, plans to ask banks to lend 15 bln rupees every month to help revive the company.
- Defaulted on 47.6-mln-rupee non-convertible debentures due on Wednesday, Thursday.
* FEDERAL MOGUL GOETZE INDIA: Tenneco may again appeal before Securities Appellate Tribunal on offer price.
* GMR INFRASTRUCTURE: Moody's Investor Service has said Delhi International Airport, an arm of the company, may see pressure on its credit metrics as the passenger footfall at the airport has been declining for the past two months.
- Wholly-owned arm GMR Generation Assets has signed a definitive agreement to sell 47.62% stake in GMR Chhattisgarh Energy to ADANI POWER.
* HERO MOTOCORP: Is working on several electric vehicle projects even as it has asked the government for a more cautious, clear and realistic roadmap towards the adoption of such technology in the country.
* HINDALCO INDUSTRIES: Started the current quarter with a price cut for its aluminium products. The company has cut prices of wire rods, ingots and billets by 2%.
- Will have to tackle European anti-trust objections on its plan to buy aluminium producer Aleris Corp to expand as a supplier to the car industry.
* INTERGLOBE AVIATION: IndiGo, on Thursday said the airline has been forced to make a substantial number of cancellations and diversions of its flights to and from Mumbai airport due to closure of the main runway since Monday.
* JAMMU & KASHMIR BANK: The Reserve Bank of India has appointed former central bank executive director A.K. Misra as an additional director on the board of the company, a month after developments that raised concern over corporate governance standards at the bank.
* JET AIRWAYS (INDIA): The Air France-KLM combine is open to other commercial partnerships in India after the company's grounding.
- The Enforcement Directorate has summoned Etihad Airways' executives for questioning in
connection with its investment in the company's loyalty programme business, JetPrivilege, for alleged foreign exchange regulations violation.
* JSW STEEL: Increasing the operating profit made on every tn of steel sold, building capacities, securing access to raw materials, improving the technology used and selling more value-added products will be the strategic focus areas for the company.
- Plans to facilitate share purchase of about 4.2 bln rupees from the secondary market as part of a new employee stock option plan.
* KRBL: Acting on a case registered by the Central Bureau of Investigation, the Enforcement Directorate has attached assets worth 153.2 mln rupees of the company for channelling kickbacks received for securing a contract for supplying EMB-145 aircraft to the government from Brazil-based Embraer.
* L&T FINANCE HOLDINGS: L&T Finance, a wholly-owned subsidiary of the company, plans to raise $550 mln from a consortium led by International Finance Corp.
* LARSEN & TOUBRO: Has asked MINDTREE Chief Executive Officer Rostow Ravanan to step down as the new acquirer prepares for a top management recast of the Bengaluru-headquartered information technology services company.
* LARSEN & TOUBRO INFOTECH: Is not subjected to any inquiry by the US Citizenship and Immigration Services as alleged in the news report. The company stated the news report was 'speculative'.
* MARUTI SUZUKI INDIA: The Competition Commission of India has ordered an investigation into an allegation that the company has a policy of imposing penalties on dealers offering discounts higher than allowed by the automaker.
* MINDTREE: Nalanda India Fund and Nalanda India Equity Fund have sold 14.62 mln shares or 8.9% stake in the company through the open offer launched by LARSEN & TOUBRO.
* NATIONAL ALUMINIUM CO: Has left the prices of its aluminium ingots unchanged for July as of now.
* PFIZER: Has received approval from the Maharashtra Industrial Development Corp for transfer of business undertaking, including land, plant and machinery and employees, except in a certain portion, which is subject to pending proceedings, to Vidhi Research and Development LLP.
* POWER GRID CORP OF INDIA: The board has approved investment of 3.8 bln rupees in two projects.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm has launched a special 102-rupee prepaid plan in Jammu & Kashmir for Amarnath pilgrims.
* SOBHA LTD: The company's new sales rose 2% on year to 7.8 bln rupees in the quarter ended June, while the average realisation declined 8% to 7,312 rupees per sq ft.
* SPENCER'S RETAIL: Completed the acquisition of high-end food retailer Nature's Basket Ltd from
GODREJ INDUSTRIES for 3 bln rupees in an all-cash deal.
* SPICEJET: Got show cause notice from Directorate General of Civil Aviation. The airline's plane overshot a runway in Mumbai on Monday.
* STEEL AUTHORITY OF INDIA: The government has invited expression of interest for strategic
disinvestment in three arms of the company--Visvesvaraya Iron and Steel Plant, Salem Steel Plant, and Alloy Steels Plant.
* SUPERSHAKTI METALIKS: LTS Investment Fund has sold 1.45% stake or 83,400 shares of the
company at 407 rupees apiece through a bulk deal on BSE.
* TATA COMMUNICATIONS: Has formed a three-member management committee to take up the role of managing director and chief executive officer in the wake of the abrupt resignation of Vinod Kumar.
* TATA MOTORS: Has decided to implement periodic production cuts at its passenger-car plants and focus on retail sales to prop up dealerships amid an industry wide slowdown in passenger vehicle sales.
- Has cut by nearly 50% production of its hatchback Tiago and compact sedan Tigor since May, while also temporarily shutting down at least two production lines of commercial vehicles owing to high inventory at the dealers and little space left at the company stockyard.
* USHA MARTIN: Completed the transfer of its operative iron-ore mine and coal mine under development to TATA SPONGE IRON.
* VEDANTA: Has cut the prices of aluminium ingots. The company cut the rates of its products by nearly 1% with effect from Saturday.
- Is seeking an urgent court order in South Africa to prevent Zambia's mining investment arm ZCCM from winding up its disputed Konkola Copper Mines business.
* YES BANK: Has acquired 6.88 mln shares or 9.47% stake in EVEREADY INDUSTRIES INDIA through invocation of pledge.
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