Today's Stock News - 14.10.2019: 09.00 Am
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* ALLAHABAD BANK: Will reduce its marginal cost of funds-based lending rate by five basis points across tenures from today.
* ALOK INDUSTRIES: Two retail investors in the company have approached the National Company Law Appellate Tribunal, opposing new owner RELIANCE INDUSTRIES' move to delist the textile firm that they claimed would erode the value of their stake.
* AUROBINDO PHARMA: HDFC Mutual Fund acquired an additional 11.9 mln shares of the company, representing 2.01% stake, through the open market on Wednesday.
* AVENUE SUPERMARTS: Posted a nearly 43% on-year rise in net profit for the September quarter to 3.3 bln rupees.
* BANK OF BARODA: Has entered into a pact with BNP Paribas Asset Management Asia to merge its Baroda Asset Management India with BNP Paribas Asset Management India.
-The one-year extended tenure of P.S. Jayakumar as managing director and chief executive officer of
the bank ended on Saturday, with the government not giving any clarity on either giving him extension or finding a replacement.
* BHARAT PETROLEUM CORP: The government's plan to privatise the company is likely to clear the decks for OIL & NATURAL GAS CORP to bring in a strategic private or foreign partner in its subsidiary HINDUSTAN PETROLEUM CORP.
-The Department of Investment and Public Asset Management has invited transactions, legal advisors, and asset valuers for divesting stakes in five public-sector undertakings--the company, CONTAINER CORP OF INDIA, SHIPPING CORP OF INDIA, and power companies THDC India and North Eastern Electric Power Corp.
* BHARTI AIRTEL: Has closed its 3G network in Haryana, in line with the company's plans to shut 3G network across all circles by March 2020.
* CADILA HEALTHCARE: The US Food and Drug Administration has cleared the company's active pharmaceutical ingredients manufacturing facility at Dabhasa in Vadodara, Gujarat, without any observation following an inspection.
* COX & KINGS FINANCIAL SERVICES: Letko Brosseau Emerging Markets Equity Fund sold 424,620 shares, representing 0.58% stake, of the company at 0.46 rupees a share on the National Stock Exchange.
* DALMIA BHARAT: Expects moderate growth in cement sales in 2019-20 (Apr-Mar), backed by
government’s thrust on the infrastructure sector.
* DEWAN HOUSING FINANCE CORP: Has signed a non-binding term sheet with Oaktree Capital to sell its entire 350-bln-rupee wholesale book. The agreement is valid until February.
* DLF: Has sold 376 ready-to-move-in luxury flats worth 7 bln rupees on the first day of the launch of its new housing project in Gurugram, even as the overall property market is facing a demand slowdown.
* FUTURE RETAIL: The company's board has approved the acquisition of the retail infrastructure assets of FUTURE ENTERPRISES for up to 40 bln rupees in one or more tranches.
* GOCL CORP: Wholly-owned subsidiary IDL Explosives has received an order worth 3.75 bln rupees from COAL INDIA for supply of bulk explosives, over two years by October 2021.
* HCL TECHNOLOGIES: Has completed acquisition of 100% stake in Sankalp Semiconductor for 1.80 bln rupees to enhance leadership in the semiconductors and industrial internet of things spaces.
* HDFC BANK: Altico Captial and Dubai's Mashreq Bank have approached the RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing and parked at the Indian bank.
* HERO MOTOCORP: Suzuki Motorcycles has pulled ahead of the company in driving volume share in India's scooter market, emerging as the country's third largest in the segment.
* HIMACHAL FUTURISTIC COMMUNICATIONS: Has launched wireless network connectivity solution, which shall be marketed under the brand name "IO", an acronym for Input-Output.
* IDFC FIRST BANK: CARE has cut the outlook on the lender to "negative" from "stable" on account of moderation in asset quality and further weakness in profitability in Apr-Jun quarter due to of increased credit costs.
* INFOSYS: Optimism over growth from its largest market -- North America -- has enabled the company to raise its sales growth guidance, even at a time when concerns of a slowdown in developed markets are impacting growth of technology companies.
-The American Depository Receipts of the company saw only marginal gains as the higher sales
growth guidance given by the company was largely factored in.
Analysts are crediting an acquisition for the company's better than-expected performance in the Jul-Sep, when the information technology services firm outpaced larger rival TATA CONSULTANCY SERVICES in revenue growth.
* JAIN IRRIGATION SYSTEMS: India Ratings and Research has downgraded the company's long-term issuer rating to 'D' from 'BB'. CARE Ratings on Thursday downgraded long-term bank facilities, long-term bank facilities--working capital and short-term bank facilities of the company amounting to 46.53 bln rupees to "CARE D".
* JSW Infrastructure: Sajjan Jindal-led JSW Infrastructure will buy as much as 14 more mini-bulk carriers to carry cargo between its Jaigarh and Dharamtar ports for captive use by the group’s steel mill and the upcoming cement plant at Dolvi in Maharashtra.
* JSW STEEL: The National Company Law Appellate Tribunal will hear the company's plea today seeking immunity from criminal proceedings in a bank fraud case against Bhushan Power's erstwhile promoter.
* JET AIRWAYS (INDIA): BSR & Co LLP on Friday resigned as one of the joint statutory auditors of Jet Airways (India), the grounded airline informed stock exchanges in a release.
* LAKSHMI VILAS BANK: CARE has downgraded rating on non-convertible subordinated lower tier-II bonds of the lender to 'BB+' from 'BBB-'.
* MAHINDRA & MAHINDRA: Ford Motor Co's decision to partner with the company for its Indian
operations has its fair share of sceptics, but the leadership at the sport utility vehicle and tractor-maker believes the second alliance in as many decades between the two points to a mutually beneficial journey ahead.
* MUTHOOT FINANCE: S&P Global Ratings assigned its 'BB' rating on the company's $2 bln secured global medium-term note program.
* NMDC: The board of the company has approved raising up to 50 bln rupees through non-convertible debentures.
* NTPC: Even as a dearth of new power purchase agreements is stalling many under-construction and existing private power units, the virtually exclusive regime of cost-plus tariffs for the company is further undermining their ability to commence operations or operate at higher capacities.
* OIL & NATURAL GAS CORP: May be forced to sell natural gas at a discount to its originally expected price from its newest deepwater block in the Krishna-Godavari basin as gas prices remain subdued due to a global supply glut.
* RELIANCE CAPITAL: The management of Reliance Securities has entered into an agreement to buy out the broking and distribution business of the company.
-Has warned of delay in payments related to some non-convertible debentures due on Sunday and
Monday. The company also expects more delays in servicing debt in the future.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has started offering 30 minutes of free talk time to pacify customers unhappy about paying for calls made to other networks.
* RELIANCE POWER: Deutsche Bank, on Oct 10, invoked pledge on 15 mln shares of the company that were pledged by promoter RELIANCE INFRASTRUCTURE.
* SHRIRAM CAPITAL: TPG Capital has paused a sale of its stake in privately-held Indian financier Shriram Capital Ltd as the country’s lingering shadow banking crisis hurts valuations, according to people with knowledge of the matter.
* TATA CONSULTANCY SERVICES: Is unlikely to achieve its target of clocking double-digit growth in sales, especially after it posted below-expectation sales numbers in the quarter ended September.
* TATA STEEL BSL: After staging a turnaround of the insolvent steel asset it acquired in Odisha's
Meramandali, the company is betting on exports of downstream exports from the mill.
* TORRENT PHARMACEUTICALS: Is recalling 73,896 bottles of hypertension treatment tablets from the US and Puerto Rico on account of deviations from current good manufacturing norms, according to a report of the US health regulator.
* UCO BANK: Has cut its marginal cost of funds-based lending rates by five basis points across tenures effective Thursday.
* ZEE ENTERTAINMENT ENTERPRISES: The company along with two other leading Indian broadcasters-- Walt Disney-run Star TV channels and Viacom 18 run Colors--have slashed prices for popular la carte channels by 37-90% for a limited period in the ongoing festival season.
* ZOTA HEALTH CARE: National Drug Authority, Uganda, has issued good manufacturing practice
certificate to the company's manufacturing plant at Surat special economic zone in Gujarat.
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