Today's Stock News - 26.08.2019: 09.00 Am
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* ADANI ENTERPRISES: A senior Australian minister is likely to meet Adani Group Chairman Gautam Adani during his trip to India.
* ALKEM LABORATORIES: The US Food and Drug Administration has issued Form 483 with four
observations for Alkem Laboratories Ltd's facility located at St. Louis, Fenton Park.
- Has received the US Food and Drug Administration's tentative approval to market Vortioxetine drug.
* ASHOK LEYLAND: Is going to invest $10 mln in the west African nation of Ivory Coast to set up an assembling facility.
* BANK OF MAHARASHTRA: Will link its retail loans with the repo rate, which will make the loans
cheaper.
* BHARTI AIRTEL: The Bombay High Court has quashed a plea filed by the company challenging the Maharashtra government's decision to award a contract for providing high-speed internet services under the Urban Mahanet programme to Reliance Jio Infocomm.
* BIOCON: Has, over the last few months, received interest from multiple investors for investment in its arm Biocon Biologics India.
- Is looking at deriving its sales from developed markets such as the US and the European Union to
achieve break-even at its Malaysian subsidiary.
* CG POWER AND INDUSTRIAL SOLUTIONS: Is planning to complete the sale of its Mumbai land parcel by March 2020 and CG House by the following financial year, the company has informed its rating agency.
- Investors and lenders want tycoon Gautam Thapar to be removed as chairman of the company after
an investigation unearthed a financial scam in the firm.
* CUPID: Has received an order worth 49.5 mln rupees from the United Nations Population Fund to supply male condoms in Angola.
* DEWAN HOUSING FINANCE CORP: Has defaulted on 622.3-mln-rupee interest payment on nonconvertible debentures, due on Thursday.
- Has proposed a 35% haircut to all lenders as part of its resolution plan submitted to UNION BANK
OF INDIA.
* DR REDDYS LABORATORIES: Is on track to launch more than 30 products in 2019-20 (Apr-Mar),
backed by a strong pipeline of approvals in the US, as pricing scenario there has stabilised.
* EMMBI INDUSTRIES: Ithoughtwealth Analytics LLP bought 125,000 shares or 0.7% stake in the
company at 125.08 rupees apiece through a bulk deal on the National Stock Exchange.
* FUTURE CONSUMER: Has completed the acquisition of the balance 10% stake in Future Consumer Products.
* GAIL (INDIA): Has launched supply of compressed natural gas, domestic piped natural gas, and
compressed natural gas-run vehicles in Ranchi, Jharkhand.
* GLENMARK PHARMACEUTICALS: Is recalling over 31,000 tubes of anti-fungal Clotrimazole and Betamethasone Dipropionate cream from the US market.
* GRASIM INDUSTRIES: Independent Directors M.L. Apte and B.V. Bhargava have expressed their
unwillingness to be reappointed as independent directors for a second term.
* HAVELLS INDIA: The performance of the company's Lloyd division in the June quarter was muted, and is expected to remain so even in the next two quarters, but the company aims to increase the absolute revenue from this segment to 50 bln rupees in the near term from the current 20 bln rupees.
* HDFC BANK: Feels the consumption story is still on and will keep growing the unsecured lending business going forward.
* HOUSING DEVELOPMENT FINANCE CORP: The Competition Commission of India has approved the merger of Apollo Munich Health Insurance into HDFC ERGO General Insurance post stake acquisition by the company.
* HSIL: The board of the company's subsidiary Somany Home Innovation has allotted 72.3 mln shares to shareholders of Brilloca, post the merger of Brilloca into Somany Home Innovation.
* ICICI BANK: Embassy Buildcon LLP, the holding company of WeWork India, is pledging its shares in the co-working firm for a 2-bln- rupee financing facility from the bank, according to a filing with the Registrar of Companies.
* INEOS STYROLUTION: Has received approval for its proposal to delist its equity shares from stock exchanges.
* INTERGLOBE AVIATION: At its annual general meeting on Tuesday, the company will seek shareholder approval by a special resolution to continue the directorship of Meleveetil Damodaran for five years once he attains the age of 75.
- The board of InterGlobe Aviation Ltd has approved a new related party transaction policy and
reached a consensus on expansion of the company's board.
* IPCA LABORATORIES: The US Food and Drug Administration has issued a Form 483 with three
observations for IPCA Laboratories Ltd's formulations manufacturing unit located at Piparia.
* ITC: Expects its stationery business to get back to double digit growth from December after dropping to single digit in the last six months due to economic slowdown and floods affecting sales.
* JET AIRWAYS (INDIA): Committee of creditors of the airline will meet for the third time today.
- The Resolution Professional for the company has received a fresh expression of interest from a
"known foreign entity".
- The Delhi High Court allowed the company's founder Naresh Goyal to withdraw petition seeking
permission to travel abroad.
- Synergy Group Corp, a South American conglomerate that owns majority shares in airlines, including Colombian carrier Avianca Holdings, has shown exploratory interest in investing in the company.
- Lenders to meet to consider an expression of interest from an overseas airline and release of interim
funds to the airline.
* LAKSHMI VILAS BANK: The bank's board will meet on Wednesday to consider and approve raising funds by one or more permitted modes through the issuances of equity shares, global depository receipts, American depository receipts, foreign currency convertible bonds, fully convertible debentures/partly convertible debentures, securities in one or more tranches.
* MINDTREE: The company's Chief Executive Officer Debashis Chatterjee said that the company's top clients were positive about the takeover by L&T and their anxiety due to the transition was over. He also said that the leadership at the company remained intact without any disruption.
* NATCO PHARMA: Is looking to lower its dependence on the US market by pushing up growth in the domestic and new markets like Brazil and Canada.
- Will invest 50 mln rupees in OMRV Hospitals through acquisition of 500,000 compulsorily
convertible preference shares, increasing its stake to 12.81% from 9.29%.
* NCL INDUSTRIES: Has signed an agreement with China-based Qingdao Xinguangzheng Steel Structure Co for a joint venture to manufacture pre-engineered steel structures in India.
* NHPC: Has signed an agreement with the government of Assam for execution of 2,000-MW Subansiri Lower hydro-electric project on Subansiri river in Arunachal Pradesh and Assam.
* NMDC: The Karnataka government has deferred the auction of the Donimalai iron ore mine. The
development comes soon after the Centre's mines tribunal kept in abeyance the cancellation of mining lease of the block by the state government extended to the company.
* PURAVANKARA: Has planned bumper project launches this financial year, mainly from its affordable housing arm Provident Housing, as it looks to establish the brand pan India, said Managing Director Ashish Puravankara.
* RELIANCE CAPITAL: Debt investors are dumping the company's bonds at heavy discounts, doubtful over future repayments from the sale proceeds of RELIANCE NIPPON LIFE ASSET MANAGEMENT.
* RELIANCE COMMUNICATIONS: Has asked Ericsson to refund 5.8 bln rupees that the bankrupt telco had paid it, saying the Swedish telecom equipment maker has to be treated on par with other operational creditors.
* RELIANCE INDUSTRIES: Could launch its "new commerce" venture around Diwali.
* SBI LIFE INSURANCE CO: Shareholders of the company at its annual general meeting approved
increasing foreign portfolio investment limit to 49%.
* TATA MOTORS: Has indefinitely deferred a planned fundraise of up to $1.5 bln in foreign currency loans after failing to garner sufficient interest from potential lenders, sources said.
* UNION BANK: Announced introduction of repo rate-linked lending rate for new home and vehicle loans in order to provide better interest rate transmission.
* VIDEOCON INDUSTRIES: The National Company Law Tribunal has approved the appointment of
Mahender Khandelwal as the resolution professional for the 13 Videocon group companies.
* V-MART RETAIL: Expects its same-store sales to grow 5-8% on year in 2019-20 (Apr-Mar), and is looking to open 50-60 stores per year over the next two years.
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