Today's Stock News - 10.10.2019: 09.00 Am
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Plans to invest as much as 489.33 bln rupees to scale up its port at Dhamra in Odisha to handle 314 mln tn of cargo.
* APOLLO TYRES: The Delhi High Court Wednesday sought the Centre's response on a plea by the company challenging a rule which makes it mandatory to have a valid licence before beginning manufacture of pneumatic tyres.
* BANK OF BARODA: Three public-sector lenders--the bank, UNION BANK OF INDIA and SYNDICATE BANK--have taken the first steps in transparently segregating retail loans into their own versions of prime and subprime risk exposure, using third-party credit scores of potential borrowers to offer them different homefinancing rates.
* BANK OF MAHARASHTRA: The Reserve Bank of India has put down the bank's plea to offset 73.60 bln rupees of accumulated losses as of Mar 31 against the balance in the bank's share premium and revenue reserve accounts.
* BHARTI AIRTEL: Network i2i, a Mauritius-based wholly-owned subsidiary of the company, has raised $750 mln through fixed-rate unsecured and guaranteed perpetual dollar-denominated notes.
-The telecom department on Wednesday assigned spectrum for VODAFONE IDEA, the company and Reliance Jio Infocomm to demonstrate India-specific use cases of fifth generation mobile network technology, or 5G, together with their vendor partners at the India Mobile Congress in New Delhi next week.
* CARE RATINGS: Has ordered a forensic audit into its rating decisions to ascertain whether there was management interference in assessing the creditworthiness of companies after a whistleblower complaint led to regulatory scrutiny of the firm.
* DCB BANK: Will cut its marginal cost of funds based lending rates by 2-18 basis points across most tenures from today.
* DEWAN HOUSING FINANCE CORP: In fresh trouble for the company, Edelweiss Asset Management has also approached the Bombay High Court to recover its dues of around 700 mln rupees.
* EDELWEISS FINANCIAL SERVICES: Financial services-focused Edelweiss Group is eyeing the first close of its latest alternative investment fund, Edelweiss Special Opportunities Fund-III, at $600-700 mln by December-January, Venkat Ramaswamy.
* HINDALCO INDUSTRIES: The acquisition of Aleris Corp will help the company consolidate its market leadership in aluminium flat-rolled products at a global level.
* HINDUSTAN ZINC: Has prepared an investment plan for $2 bln over the next five years, to raise annual capacity to 1.5 mln tn from the current 0.8 mln tn.
* HOUSING DEVELOPMENT & INFRASTRUCTURE: The Mumbai Police have told a local court that the company's promoters had diverted 900 mln rupees taken as loans from Punjab & Maharashtra Co-operative Bank to settle their outstanding dues with BANK OF INDIA.
* INDIABULLS HOUSING FINANCE: The board will meet on Monday to consider a proposal for buy back of shares.
-The Reserve Bank of India has rejected the proposed merger of the company with LAKSHMI VILAS BANK.
* INDUSIND BANK: Is likely to announce consumer banking head Sumant Kathpalia as the replacement for Managing Director and Chief Executive Officer Romesh Sobti, who is due to retire in March 2020.
* INFOSYS: Has entered into a strategic partnership with Ireland-based Eishtec, which includes the transfer of Eishtec's business to the company's arm Infosys BPM.
* JAMMU & KASHMIR BANK: IFFCO-Tokio General Insurance Co has approached the insurance regulator saying it has been falsely implicated in the 6-bln-rupee alleged fraud involving the bank.
* JET AIRWAYS (INDIA): The committee of creditors to the company has approved the terms for a
settlement with Luckystar Property Holdings, which owns the building that houses the airline's headquarters in Mumbai, the counsel for the panel informed the National Company Law Tribunal.
-The Colombian Synergy Group, the sole entity interested in the airline, has sought time till Nov 30 to complete its due diligence and put in a formal bid for the grounded airline.
-The airline's resolution professional on Wednesday said the South American company, which is the
sole interested party in the grounded carrier, is likely to get an extension to submit the bid.
* MAHANAGAR TELEPHONE NIGAM: Union leaders of the company and Bharat Sanchar Nigam said that salaries have been delayed, and they will go on a strike post diwali if the government fails to give a clear direction on their revival soon.
* MOTILAL OSWAL FINANCIAL SERVICES: Promoters Ramdeo Agrawal and Motilal Oswal have sold 1.92% stake in the company through bulk deals on National Stock Exchange.
* MULTI COMMODITY EXCHANGE OF INDIA: The company and National Commodity and Derivatives Exchange will be shut on Oct 21 due to Assembly elections in Maharashtra.
* NHPC: Said it had completed formalities for taking over 5,000-MW Teesta-6 hydro power project.
* ORIENTAL BANK OF COMMERCE: Will cut marginal cost of fund based lending rate by 5-10 basis points across tenures from today.
* PTC INDIA FINANCIAL SERVICES: Has sought renewed bids for the 300 MW Panan Hydropower Project as Himagiri Hydro Energy, which was awarded the project, has not been able to achieve financial closure.
* RELIANCE INDUSTRIES: Owned Reliance Jio Infocomm will now charge its users 6 paise per minute for calls made to other mobile operators. Up till now, Reliance Jio had kept all outgoing calls free and used to charge users only for data.
-Reliance Jio Infocomm aims to reach its targeted 500-mln subscriber mark in less than 12 months
against its earlier target of financial year 2022.
* RELIANCE INFRASTRUCTURE: Anil Ambani's sons, Anmol and Anshul, joined the board of the company on Wednesday.
* STATE BANK OF INDIA: Reduced both its marginal cost of lending rates by 10 bps across all tenors on Wednesday following Reserve Bank of India's decision to reduce repo rates by a further 25 basis points last week.
-The Central Bureau of Investigation has booked the CMD and the CEO of Mumbai-based ground
handling company Livewel Air Team for allegedly cheating the bank to the tune of 700 mln rupees by submitting forged documents for availing loans which remained unpaid.
-Has cut interest rate on savings accounts with balance up to 100,000 rupees to 3.25%, from 3.50%.
* TORRENT PHARMACEUTICALS: Has received a warning letter from the US Food and Drug
Administration for its Indrad facility in Gujarat.
* TRANSFORMERS AND RECTIFIERS (INDIA): Has won an order worth 1.26 bln rupees from POWER GRID CORP OF INDIA for supplying 21 transformers.
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