Today's Stock News - 19.08.2019: 09.00 Am
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Chairman Gautam Adani to buy 65-70% stake in Krishnapatnam Port for 55 bln rupees.
* BOSCH: Chairman and non-executive director of the company V.K. Viswanathan has resigned, effective Aug 23.
* COFFEE DAY ENTERPRISES: Expects to reduce debt by almost 70% to 10 bln rupees over the next 45 days on completion of sale of its global village technology park in Bengaluru.
- The promoters of the Coffee Day Group plan to restart talks with Coca-Cola for selling a chunk of
their stake in the Cafe Coffee Day chain in a bid to cut the group's debt further.
- Has said that the group's total debt stands at 49.70 bln rupees, and expressed confidence that once it concludes its divestments, the debts will reduce significantly, and the group will have no problem paying back the remaining debt.
* COX & KINGS: Has defaulted on a 4.25-mln-rupee interest payment on secured redeemable nonconvertible debentures, payable to Beacon Trusteeship on Thursday.
- STCI Finance has invoked pledge on 415,463 promoter shares representing 0.23% stake in the
company, on Wednesday and Friday.
- State Street Bank has brought 0.6% stake or 1.2 mln shares in the company at 7.1 rupees apiece
through a bulk deal on the National Stock Exchange.
* DEWAN HOUSING FINANCE CORP: Is not in a position to report its financial results for the quarter ended June and will submit them by Sep 14.
- Lenders to the company have agreed on a three-level resolution plan that includes conversion of debt to equity and issuance of non-convertible debentures--steps that will give creditors majority stake in the embattled financier and help resume stalled credit lines.
- The consortium of banks, led by Union Bank of India, which is working on the feasibility of the
resolution plan submitted by the company, is toying with the idea of taking a majority stake in the firm.
* EMAMI: Looking to grow the '7-Oils-in-One' hair oil portfolio into a 2-bln-rupee brand over the next two years.
* GOLDIAM INTERNATIONAL: Board of the company's material subsidiary Diagold Design, along with its shareholders approved buyback of 719,930 shares at 32.71 rupees a share.
* HINDUSTAN PETROLEUM CORP: Is planning a pilot programme for swapping of batteries of electric two- and three-wheelers at its outlets by December.
* HINDUSTAN UNILEVER: Set to roll out detergent brand 'Love & Care', a new India-focussed product.
* INOX LEISURE: Started commercial operations at Lucknow multiplex.
* JET AIRWAYS (INDIA): Has deferred announcement of its Apr-Jun results amid insolvency
proceedings.
* JK TYRE & INDUSTRIES: The company will acquire additional 5% stake in Cavendish Industries Ltd from Bengal & Assam Co for 400 mln rupees.
* JSW STEEL: The Forest Advisory Committee has agreed to transfer a clearance to the company that was granted earlier to Posco for building a steel plant in Odisha.
* KOTAK MAHINDRA BANK: Has reduced its marginal cost of funds-based lending rates for tenures of three months or more by 10 basis points, effective today.
* KRIDHAN INFRA: Associate company Vijay Nirman Co has won orders worth 1.45 bln rupees from Goa International Airport and Hyderabad International Airport.
* LUPIN: Has received US Food and Drug Administration's approval to market hydrocortisone valerate cream, a generic of Sun Pharmaceutical Industries, Inc's Westcort cream.
* MAHINDRA & MAHINDRA: The company has started operations at its automotive assembly plant near Colombo, Sri Lanka.
- Has deferred a portion of its new investments and shed some temporary jobs since April to cope with the sharp slowdown in demand in the sector.
* MARUTI SUZUKI INDIA: Is pitching for tax relief for hybrid and compressed natural gas cars in addition to electric vehicles.
* MBL INFRASTRUCTURES: The National Company Law Appellate Tribunal has dismissed petitions filed by four dissenting banks against an order of the Kolkata bench of the National Company Law Tribunal approving the resolution plan for the company submitted by its promoter.
* OIL AND NATURAL GAS CORP: In a new vision document for 2040, the company has set a target to double oil and gas output from its domestic and overseas fields and expand itsrefining capacity threefold, while diversifying into renewable energy, Chairman Shashi Shanker said.
* PRESTIGE ESTATES PROJECTS: Prestige Group plans to tap the public market through a real estate investment trust of its commercial office portfolio after about a year.
* PUNJAB NATIONAL BANK: The Banks Board Bureau has invited applications for the post of managing director and chief executive officer in two banks--the lender and BANK OF INDIA.
* RELIANCE CAPITAL: Jupiter India Fund has sold 0.57% stake or 1.4 mln shares in the company at 48.43 rupees apiece through a bulk deal on the National Stock Exchange.
* SONATA SOFTWARE: Subsidiary Sonata Europe has completed sale of its entire 15% stake in Denmarkbased IZARA ApS.
* SPICEJET: Will launch 12 domestic flights starting October. 10 of those will connect the National Capital.
* SREI INFRASTRUCTURE FINANCE: Has entered into a pact with subsidiary Srei Equipment Finance Ltd to transfer its lending, interest earning and lease businesses against issue and allotment of shares of Srei Equipment Finance.
* STATE BANK OF INDIA: May offer repo-linked benefits on home loans.
- Extending loan repayment time for stressed automobile dealers by 15 to 30 days amid slowing car
sales.
* SUN PHARMACEUTICAL INDUSTRIES: Has granted a licence to China Medical System Holdings to develop and commercialise seven generic products in China.
* TATA MOTORS: Has told its suppliers that sales in its commercial and passenger vehicles segment, as well as in the Indian automobile market could fall by double digits in the ongoing financial year.
* TECH MAHINDRA: Has announced divestment of 73.38% stake in its subsidiary FixStream Networks to US-based Resolve Systems for $2 mln.
* TITAN CO: The company has acquired 945,000 shares or 2.8% stake in its subsidiary Carat Lane
Trading for 310 mln rupees.
* TVS MOTOR CO: The company's subsidiary, TVS Motor (Singapore), will invest $3.2 mln in US-based software maker, Predictronics Corp.
* UCO BANK: Is confident of coming out of the Reserve bank of India's prompt corrective action framework by March next year, and hopes to turn profitable by March 2020, Managing Director and Chief Executive Officer Atul Kumar Goel said.
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