Today's Stock News - 28.08.2019: 09.00 Am
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* ADANI ENTERPRISES: Australia's resources minister Matt Canavan asked Adani Group Chairman Gautam Adani will focus on the coal mine project in central Queensland and get it "moving" forward, refuting reports of any "widespread" opposition against the controversial venture.
- The joint forum of Airports Authority of India unions and association has urged the AAI chairman to convene a meeting to discuss the concerns in details over the handing over of six airports to Gujarat-based conglomerate Adani Group.
* ALLAHABAD BANK: Has offered to link some home loans and loans under micro units development and refinance agency scheme extended from Sunday to an external benchmark, comprising repo rate and some
other factors.
* BSE: Will launch futures contracts of soybean in October, in sync with the start of the new crop.
* CEAT: Plans to spend 11 bln rupees in 2019-20 (Apr-Mar), even though it had guided for a
capital expenditure of 15 bln rupees, as it plans to scale down production further due to the demand slowdown in the automobile sector.
* CG POWER AND INDUSTRIAL SOLUTIONS: The board is considering selling non-core assets and exploring various fundraising avenues to deleverage the company and optimise its operations.
* COFFEE DAY ENTERPRISES: Private equity firm TPG is in preliminary discussions on a possible
acquisition of Coffee Day Global, which owns the Cafe Coffee Day chain founded by the late
V.G. Siddhartha.
* DEWAN HOUSING FINANCE CORP: The company's board will meet Friday to consider and approve a proposal for issuance of shares post conversion of debt into equity, as proposed under the resolution plan for the beleaguered housing financier.
- Defaulted on 141.3-mln-rupee interest payment on non-convertible debentures.
* GODREJ INDUSTRIES: The company's shareholders have approved a special resolution seeking waiver of the cap on the managerial remuneration it paid in 2018-19 to two wholetime directors--Tanya Dubash and Nitin Nabar.
* HDFC LIFE INSURANCE CO: Integrated Core Strategies (Asia) has sold 12.45 mln shares or 0.62% stake in the company at 553.67 rupees apiece through a bulk deal on the National Stock Exchange.
* HERO MOTOCORP: Integrated Core Strategies (Asia) has sold 1.17 mln shares or 0.59% stake in the company at 2,613.79 rupees apiece through a bulk deal on the National Stock Exchange.
- Expects sales growth in Oct-Mar to be higher than in Apr-Sep because of the festival season.
* HINDUSTAN UNILEVER: The National Antiprofiteering Authority has issued notices to fast-moving consumer goods companies, including the company, Nestle, and Procter & Gamble, triggering a debate over how much flexibility they get in setting prices when tax rates change.
* IDBI BANK: S&P Global Ratings has placed the bank's rating on 'credit watch with negative implications', citing the bank's weak capital ratios and increase in bad loans.
* IIFL FINANCE: Has expanded its distribution network by adding 400 branches in the previous year. It said it might consider seeking a banking licence in the future, as there are advantages in being a bank once it attains scale.
* INDIABULLS VENTURES: The company will complete the sale of stock broking business by Sep 15.
* INTERGLOBE AVIATION: Chairman of the company's board M. Damodaran has said the ongoing feud between the two promoters of the company--Rakesh Gangwal and Rahul Bhatia--may be coming to an end.
- IndiGo, the airline run by the company, said it is scouting for aircraft to launch direct services to
long-haul destinations including London.
- The company and SPICEJET, will likely post a strong performance for the September quarter, which
otherwise is a seasonally weak quarter in terms of business.
* JAIPRAKASH POWER VENTURES: Has sought shareholders' approval to issue preference shares worth 40 bln rupees to lenders during the annual general meeting on Sep 20.
* MANPASAND BEVERAGES: Baron Emerging Markets Fund has sold 0.58% stake or 668,886 shares in the company at 16.55 rupees apiece through a bulk deal on the National Stock Exchange.
* MOTILAL OSWAL FINANCIAL SERVICES: Motilal Oswal Real Estate, the real estate private equity arm of the company, is looking to invest in top metro cities while remaining "light on investments in Mumbai and NCR".
* POWER FINANCE CORP: Said its has received shareholders' approval to raise 700 bln rupees through the issuance of bonds, debentures, notes and debt securities in domestic and international markets.
* POWER GRID CORP OF INDIA: Will invest 25.78 bln rupees in Rajasthan solar project, to be
commissioned in December 2020. The board has approved appointment of K.S.R. Murty as chief financial officer.
* RELIANCE INDUSTRIES: Has started converting used plastic bottles into clothes with some help from fashion brands and designers.
- Reliance Jio Infocomm has become the number one telecom operator in the country in terms of
revenue market share during Apr-Jun.
* STAR CEMENT: Has written to both Securities and Exchange Board of India and Ministry of Finance seeking clarity in respect of tax on share buybacks.
* STATE BANK OF INDIA: Said it is well capitalised and that it may not require any fresh funds from the government this financial year.
* TATA METALIKS: Is looking to double the production of ductile iron pipes to 400,000 tn per year from the current 200,000 tn. The company is also setting up a new 15-MW power plant at an estimated investment of 6.2 bln rupees.
* TATA STEEL: Is weighing the option of getting into commercial mining.
* TRIVENI TURBINE: The appellate insolvency tribunal ruled that any changes by General Electric in its shareholding of unit Baker Hughes will be subject to the outcome of a dispute with the company over their joint venture GE Triveni.
* YES BANK: The board will meet on Friday to consider raising funds by issuing equity through a qualified institutional placement or on a preferential basis or by issuing foreign currency convertible bonds, among other debt instruments, on a private placement basis.
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