Today's Stock News - 20.08.2019: 09.00 Am
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Is in talks with Hyderabad-based CVR Group to buya majority stake in Krishnapatnam Port Co.
* AXIS BANK: Linking loans to an external benchmark will be more viable for banks' loans to corporates than retail loans because customers would not be comfortable with the volatility that an external benchmark brings, Executive Director Rajiv Anand said.
* BANK OF MAHARASHTRA: Has reduced interest rates on savings accounts of up to 2.5 mln rupees by 25 basis points to 3.25%, effective Aug 13.
* BHARTI AIRTEL: Airtel Payments Bank's Managing Director and Chief Executive Officer Anubrata Biswas has said scaling up customer base is currently the prime aim rather than profitability.
* COX & KINGS: Two funds owned by Karst Peak Capital --Karst Peak Asia Master Fund and Vermilion Peak Master Fund--together sold 2.59 mln shares or 1.47% stake in the company.
* DEWAN HOUSING FINANCE CORP: Has defaulted on payment of 15.7 bln rupees on non-convertible debentures and commercial paper due on Friday.
-Wadhawan Global Capital, the parent of the company, is selling its loan distribution business
Andromeda Sales and Distribution to London-based metal trading firm, Metdist Group of companies for close to 1.50 bln rupees.
* EICHER MOTORS: Royal Enfield Motors may face hurdles in rolling out its Bharat Stage VI norms compliant motorcycles from next year if the company fails to resolve a patent infringement dispute with parts maker Flash Electronics in a US court.
* GMR INFRASTRUCTURE: The GMR Group is set to restructure its business with vertical demerger wherein its airports arm will form one unit, while GMR Power, urban infrastructure, highways and EPC constructing will form another. Subsequently, GMR will list them as separate entities.
* HERO MOTOCORP: Has strongly denied its participation in angel funding for Blu Smart Mobility.
* HIMACHAL FUTURISTIC COMMUNICATIONS: Has received an order of 24.67 bln rupees from Bharat Sanchar Nigam for setting up optical transmission backbone network for armed forces under the Network for Spectrum Programme of the government.
* HINDALCO INDUSTRIES: Has raised the prices of its aluminium wire rods, billets and ingots with effect from Wednesday after two cuts in a row.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on 47.42-mln-rupee interest payment on nonconvertible debentures, due Monday.
* INDIAN OIL CORP: Plans to invest 250 bln rupees in green energy projects, including solar and wind power plants, biofuel plants, and solar panels at filling stations.
* INDRAPRASTHA GAS: Will add 60 stations this year, Managing Director E.S. Ranganathan. said.
* INTERGLOBE AVIATION: The company-led IndiGo and SPICEJET, which together account for about two-thirds of the domestic market share, will shift operations from terminal 2 (T2) to terminal 3 (T3) of the Indira Gandhi International Airport in New Delhi from Sep 5.
* JET AIRWAYS INDIA: The resolution of the company appears to have reached the end of the road, with Etihad Airways bowing out of the process. Liquidation may be the next course of action. The committee of creditors for the company is likely to meet this week to finalise the way forward.
* LANCO INFRATECH: Lanco Thermal Power, the holding company for investments in thermal power plants by Lanco Group, has received financial claims of 240 bln rupees.
* MAHANAGAR GAS: BG Asia Pacific, an arm of global energy major Shell, plans to exit the company through a block deal worth at least 7.24 bln rupees.
* MANGALORE REFINERY AND PETROCHEMICALS: Has resorted to a safety shutdown of phase-3 unit of its refinery following a minor landslide after intense rains in Dakshina Kannada district.
* MARUTI SUZUKI INDIA: A lower base and good monsoon rains may help bring growth back to the auto market in the second half of 2019-20 (Apr-Mar), but a meaningful turnaround hinges on government incentives, Chairman R.C. Bhargava said.
* NTPC: Aims to set up a 5,000 MW ultra mega solar power park at Kutch in Gujarat, with estimated
investments of 200 bln rupees.
-Will explore setting up new generation capacity without signing long-term power purchase
agreements.
* PARSVNATH DEVELOPERS: Has repaid debt of Infrastructure Leasing & Financial Services and partly redeemed non-convertible debentures issued by arm Parsvnath Rail Land Project with the proceeds received through an arbitral award in July.
* RELIANCE COMMUNICATIONS: The Supreme Court has stayed an appellate tribunal's order, which had stalled the telecom department's demand for 20 bln rupees from the company as one-time spectrum charges, anorder which may have ramifications for the broader industry.
* RELIANCE INDUSTRIES: The company and BP Plc plan to offer electric vehicle charging points at their energy stations across India, as the two companies seek to benefit from the government push to increase sales of eco-friendly vehicles.
* RELIANCE INFRASTRUCTURE: KBC Equity Fund has sold 2.07 mln shares or 0.78% stake in the
company at 44.86 rupees apiece through a bulk deal on the National Stock Exchange.
* STATE BANK OF INDIA: Managing Director Anshula Kant on Monday said banks should consider
resolving stressed assets outside the purview of the insolvency process.
* TATA MOTORS: CARE RATINGS has downgraded the company's long-term rating to 'AA-' from 'AA' due to weak performance of its subsidiary, Jaguar Land Rover Automotive Plc. The ratings agency also downgraded its outlook for the company to 'negative' from 'stable'.
* VEDANTA: Has raised the prices of its aluminium products by nearly 2% with effect from Saturday.
* VIDEOCON INDUSTRIES: Has said it is unable to publish financial results for June quarter due to the ongoing consolidation of insolvency proceedings along with other 12 group firms.
* VODAFONE IDEA: Ravinder Takkar has been appointed as the managing director and chief executive officer of the company for three years with effect from Monday. Takkar is currently a non-executive director of the company and Indus Towers.
* ZEE ENTERTAINMENT: Essel Group will repay about 26 bln rupees to mutual funds this week out of 42 bln rupees it raised by selling 11% in the company to global fund Invesco Oppenheimer.
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