Today's Stock News - 24.10.2019: 09.00 Am
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* ADANI ENTERPRISES: Has incorporated two wholly-owned subsidiaries, Adani Iron Ore Mining and Adani Railways Transport.
* AUROBINDO PHARMA: Got US Food & Drug Administration nod for generic of Mucinex tablet.
* CASTROL INDIA: Has appointed Sandeep Sangwan as additional director and managing director for five years, effective Jan 1, 2020.
* DEWAN HOUSING FINANCE CORP: The board has taken cognisance of the draft report prepared by audit firm KPMG that revealed diversion of funds at the beleaguered housing lender. - The special audit has noted the alleged misuse of funds by the stressed home financier beyond specific applications previously approved by its financial lenders. - Top lenders to the company have baulked at a 250-bln-rupee project financing proposal by Oaktree Capital Management. - A lookout circular has been issued against promoter Dheeraj Wadhawan based on a request from the Enforcement Directorate, which is probing into an alleged terror-financing case linked to late gangster Iqbal 'Mirchi' Memon. - Lenders to the company have hired three property consultants to examine projects to which the struggling home financier had advanced loans for determining the quality of their cash flows and funding requirements.
* GTPL HATHWAY: Ashish Kancholia sold 1 mln shares, or 0.96% stake, of the company at 72 rupees a share through a bulk deal on the National Stock Exchange.
* HCL TECHNOLOGIES: Board has approved issue of a bonus share for every one held in the company. - The company remains "cautiously optimistic" on growth in its financial services segment in the coming quarters, the management said.
* HINDUSTAN AERONAUTICS: Workers at most units of the company, who were on a strike since Oct 14, have called off their agitation and resumed work.
* INFOSYS: A US law firm filed a lawsuit seeking damages on behalf of investors in a New York court on Wednesday, posing fresh challenges for the embattled IT company that is facing increased regulatory scrutiny following whistleblower claims of financial malfeasance by top executives. - The Securities and Exchange Board of India has started investigating if there were insiders who traded in shares and derivatives contracts of the company with the knowledge that there was a whistleblower complaint to the board, dated Sep 20, which once disclosed to the public could affect the stock price.
* JAYPEE INFRATECH: The Supreme Court on Wednesday reserved order on Jaypee Group's plea against the National Company Law Tribunal verdict that barred it from participating in the auction of its debt-ridden group firm, the company.
* JINDAL STAINLESS: Has signed a pact with state-owned Braithwaite & Co to develop structural railway infrastructure like foot-over-bridges and road-over-bridges.
* JSW STEEL: Expects to meet only 97% of the targeted sales and production in India in 2019-20 (Apr-Mar) following a weak Apr-Sep.
* JUBILANT FOODWORKS: Will open more stores than originally planned this year even as the restaurant chain company acknowledged the dine-in business had underperformed with users favouring home delivery.
* LARSEN & TOUBRO: Has suggested it is facing delay in payments from the Centre and state governments, which has increased its working capital requirement.
* MAHANAGAR TELEPHONE NIGAM: The Union Cabinet approved the much-awaited revival package of state-owned telecom operators Bharat Sanchar Nigam and the company, Telecom Minister Ravi Shankar Prasad said.
* MARUTI SUZUKI INDIA: Will face challenges in defending its control of half of the domestic market over the next decade because of various industry disruptions and intensifying competition, said a top executive at parent Suzuki Motor Corp.
* MCLEOD RUSSEL INDIA: YES BANK sold 1% stake, or 1 mln shares, in the company at 6.45 rupees apiece through a bulk deal on the National Stock Exchange.
* NEW DELHI TELEVISION: The Securities Appellate Tribunal has extended the interim stay on the Securities and Exchange Board of India's order which barred promoters of the company--Prannoy Roy and Radhika Roy--from the securities markets for two years.
* ORIENTAL BANK OF COMMERCE: Is aiming to reduce its stake in insurance joint venture--Canara HSBC Oriental Bank of Commerce Life Insurance Co--to less than 10% after the proposed merger with PUNJAB NATIONAL BANK, Managing Director and Chief Executive Officer Mukesh Kumar Jain said. - The post-merger integration of information technology platforms of PUNJAB NATIONAL BANK, the bank, and UNITED BANK OF INDIA may take six months, Mukesh Kumar Jain, managing director and chief executive officer of the bank, said.
* PIRAMAL ENTERPRISES: Canada pension fund CDPQ will hike stake in the company through a preferential allotment of shares. The CDPQ infusion is part of a $750 mln fundraising exercise which will include a rights issue.
* PVR: The company's qualified institutional placement opened today, and the floor price has been set at 1,809.53 rupees per share.
* RELIANCE CAPITAL: The company has delayed payment of interest and principal towards nonconvertible debentures that were due on Oct 22.
* RELIANCE COMMUNICATIONS: Axis Trustee Services Ltd has sold 18.4 mln shares, 0.66% stake, in the company at 0.7 rupees per share through a bulk deal on the National Stock Exchange.
* SADBHAV INFRASTRUCTURE PROJECT: Has received approval from the National Highways Authority of India to sell six of its operating road assets to Indinfravit Trust.
* SOLARA ACTIVE PHARMA SCIENCES: According to tests conducted by the Australian Therapeutic Goods Administration, all the oral solid dosage batches of ranitidine produced by the company were found to have levels of N-nitrosodimethylamine impurity within the acceptable limit.
* STRIDES PHARMA SCIENCE: Has resumed production and sales of certain batches of ranitidine drug in Australia, following the Australian Therapeutic Goods Administration's decision to allow sales of those products, where levels of N-nitrosodimethylamine impurity were within the permissible limit.
* TATA CONSULTANCY SERVICES: The company has launched blockchain-based multi-brand customer loyalty platform using R3's platform--Corda.
* TATA STEEL LONG PRODUCTS: Has appointed Ashish Anupam as managing director for a term of five years effective Nov 1.
* TATA STEEL: Wholly-owned subsidiary TS Alloys has been declared the preferred bidder for the chromite lease now held by Misrilall Mines.
* VIDEOCON INDUSTRIES: The National Company Law Tribunal has said that the status quo order that restricted sale of overseas oil and gas assets of the company by STATE BANK OF INDIA will continue.
* YES BANK: Has taken possession of two land parcels held by Sumer Radius Realty after the developer defaulted on loans of over 4.8 bln rupees. The land parcels are in Mumbai and measure 6.4 acres in total.
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