Today's Stock News - 30.09.2019: 09.00 Am
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* ADANI TRANSMISSION: Adani group is preparing to raise as much as $2 bln by selling dollardenominated bonds as it seeks to refinance a bulk of its local debt and diversify its creditor base.
* ASTER DM HEALTHCARE: Has acquired an additional 9.49% stake in its subsidiary, Sainatha
Multispecialty Hospitals.
* ALLCARGO LOGISTICS: National Company Law Tribunal's Mumbai bench has approved merger of the company's wholly-owned subsidiary Allcargo Shipping Co with itself.
* APOLLO HOSPITALS: Group has signed a Memorandum of Understanding with Wellysis, a spin-off company of Samsung SDS South Korea, to develop, manufacture and commercialise cardiac wellness, diagnostic, monitoring and therapeutic devices. The joint venture will be set up in Chitoor, Andhra Pradesh.
* ASHOK LEYLAND: Said there will be five non-working days in next couple of weeks at its Ennore factory.
* AVENUE SUPERMARTS: Raised 1 bln rupees through non-convertible debentures at a coupon of 8.00%.
* BANDHAN BANK: Kolkata bench of NCLT has approved the scheme of amalgamation of Gruh Finance into the bank.
* BHARAT PETROLEUM CORP: The government is considering a proposal to sell the company to foreign and private firms, but the privatisation plan will need a nod of Parliament.
* BHARTI AIRTEL: Gopal Vittal, chief executive officer for India and South Asia, said the company will target crossing the 35% revenue market share mark in three quarters.
* CIPLA: Has got 12 observations for its Goa facility.
* CENTRAL BANK OF INDIA: Has set a coupon of 9.80% on its tier-II bonds maturing in 10 years and two months, and accepted bids worth 5 bln rupees.
* CG POWER AND INDUSTRIAL SOLUTIONS: The Securities Appellate Tribunal has reserved its order on an appeal filed by Gautam Thapar, former chairman of the company.
* COX & KINGS: Agreed to transfer its clients from business travel unit to Ebix Software India.
- International Air Transport Association has terminated the company's licence to sell flight tickets and has asked to surrender its IATA identity card.
* DALMIA BHARAT: Subsidiary Dalmia Cement (Bharat) has requested the Securities and Exchange Board of India to intervene and order IL&FS Securities Services to release the defrauded securities worth 3.44 bln rupees that are lying with it and transfer it to the cement company's demat account.
* DEWAN HOUSING FINANCE CORP: Catalyst Trusteeship, the debenture trustee for bonds issued by the company, has moved the Debt Recovery Tribunal against the non-banking finance company, PNB Gilts informed the exchanges.
- Elongated tenures on repayments that stretch up to 2039-40, and conversion of debt to equity are key takeaways from the company's draft resolution plan recommended to its lenders.
- Approved appointment of Vaijinath M. Gavarshetty as chief executive officer and other key
managerial personnel.
- Lenders may convert part of the company's debt into 51% equity while non bank entities such as
mutual funds face losses of 40% or more.
* FORTIS HEALTHCARE: Board appoints Dr Kelvin Loh Chi-Keon as an additional director of the company with immediate effect.
* GENERIC ENGINEERING CONSTRUCTION AND PROJECTS: Received two orders aggregating nearly 803 mln rupees.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: The company and ASTRAZENECA PHARMA both reported trial results that will likely make their competing drugs available to a wider group of ovarian cancer patients, possibly helping GSK catch its rival in a highly contested drug class.
* GLENMARK PHARMACEUTICALS: Its shareholders have approved a proposal to raise up to $200 mln through issuance of debt securities.
* GUJARAT ALKALIES & CHEMICALS: The company has deferred a decision on the proposed stocksplit and, instead, decided to appoint an independent financial consultant to explore options for capital restructuring.
* GE POWER: Company looks to expand products and services portfolio.
* GMR INFRASTRUCTURE: Board has approved the allotment of four optionally convertible debentures to Doosan Power Systems India.
* HEXA TRADEX: Valiant Mauritius Partners Offshore sold 0.57% stake or 314,997 shares in the
company at 4.60 rupees apiece through a bulk deal on the National Stock Exchange.
* HOUSING DEVELOPMENT FINANCE CORP: After raising over $1 bln for its affordable funds earlier, HDFC Capital Advisors - the property fund management company of the company — could raise a similar amount for its third affordable housing fund.
* HOUSING DEVELOPMENT & INFRASTRUCTURE: PMC Bank helped the company pay off loans of other public sector banks under one-time settlement schemes, so that the promoters could retain control over the real estate company.
* ICICI BANK: Digital payments major PhonePe is working with the bank to forge a partnership and offer Unified Payments Interface-based digital transactions to its customers.
* IDBI BANK: The board has approved the sale of 19.18% stake held by the bank in Asset Reconstruction Co (India).
* INDIAN OVERSEAS BANK: Got 38.57 bln rupees as capital infusion from government.
* INDIABULLS HOUSING FINANCE: The Indiabulls Group, which is actively chasing its merger with LAKSHMI VILAS BANK, has indicated that if the Reserve Bank of India wishes, then its Chairman Sameer Gehlaut will be neither the chairman of the merged entity nor hold a board position.
* INDIABULLS REAL ESTATE: Blackstone group is set to take full control over the company's commercial office portfolio after Indiabulls sold its stake in some of its assets.
* INDIAMART: Plans new initiatives to combat slowdown in demand.
* IIFL WEALTH MANAGEMENT: The company has partnered with ManipalCigna health insurance to provide global health insurance.
* JAIN IRRIGATION: Working capital lenders have signed an inter-creditor agreement.
* JET AIRWAYS: Any resolution plan for the bankrupt airline is likely to get delayed as the sole entity to have evinced interest, Synergy Group, is yet to find an Indian partner.
* JINDAL STEEL & POWER: Has set a target of reducing its net debt by over 100 bln rupees to below 300 bln rupees in the next two years.
* LAKSHMI VILAS BANK: Said the complaint filed against the bank by Religare Finvest was done with "malicious intent".
- RBI has put bank under prompt corrective framework.
* NEULAND LABORATORIES: LTR Focus Fund sold 1.9% stake or 254,269 shares in the company at 490.17 rupees apiece through a bulk deal on the National Stock Exchange.
* MAHINDRA & MAHINDRA: The company's subsidiary Gromax Agri Equipment has launched a set of deluxe tractors under Trakstar DLX brand in Madhya Pradesh.
* MAX INDIA: Based on the National Company Law Tribunal's direction, the company will seek
shareholders' approval for the proposed sale of subsidiary Max Healthcare to Radiant Life Care.
* PUNJAB NATIONAL BANK: Has decided to cut its marginal cost of funds-based lending rates by 5 basis points across tenures, effective Tuesday.
* PUNJAB & SIND BANK: Got 7.87 bln rupees as capital infusion from govt.
* RELIANCE CAPITAL: Received 55 bln rupees by selling its stake in RELIANCE NIPPON LIFE ASSET MANAGEMENT to Japan's Nippon Life Insurance Co, and concluded the transaction.
* STATE BANK OF INDIA: Chairman Rajnish Kumar has said he had issued instructions that branch level staff would not face responsibility when they give in-principle approval for loans to micro, small and medium enterprises via PSBloansin59minutes.com portal.
- Chairman Kumar has asked Abu Dhabi-based Indian businessman B.R. Shetty to invest in an
upcoming venture fund for small and medium enterprises, and Shetty agreed to do so.
* STRIDES PHARMA SCIENCE: Company has suspended sales of ranitidine tablets in US.
* S CHAND AND CO: HDFC Mutual Fund has sold 1.16 mln shares or 3.3% stake in the company at 64 rupees apiece through a bulk deal on the BSE.
* SUNDARAM MULTI PAP: Has raised 250 mln rupees as loans from ECL Finance, subsequent to which the company has repaid the outstanding term loans and cash credit facilities of State Bank of India, and cash credit facilities of IDBI BANK.
* SYNDICATE BANK: Has adopted the Reserve Bank of India's repo rate as the external benchmark for all floating rate loans in the retail, home, and micro, small and medium enterprises segments, effective Oct 1.
* TATA POWER: The Appellate Tribunal for Electricity has set aside Uttar Pradesh Energy Regulatory Commission's order asking the company-backed Renascent Power Ventures to cut tariffs of its 1,980 MW Prayagraj Power project by 0.14 rupee per unit from 3.02 rupees per unit adopted in the relevant power purchase agreement signed in 2010.
* UCO BANK: Got 21.30 bln rupees as capital infusion from govt.
* UNION BANK: Got 62.16 bln rupees as capital infusion from govt.
* UNITED BANK: Got 16.66 bln rupees as capital infusion from govt.
* VODAFONE IDEA: Has faced challenges in its network integration process, including logistical issues and removal of duplicate sites, but said it is on track to meet its network integration target of June 2020 with 14 circles already done.
* VOLTAS: Board has approved merger of wholly-owned subsidiary Universal Comfort Products Ltd with the company.
* V-MART RETAIL: Opened three new stores--one in Madhya Pradesh and two in West Bengal.
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