Today's Stock News - 11.11.2019: 09.00 Am
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* ADANI ENTERPRISES: Acquired 24,500 shares, or 49% stake, of Adani Power Resources from Adani Power Maharashtra and Adani Power Rajasthan at 10 rupees a share.
* AUROBINDO PHARMA: Subsidiary Aurobindo Pharma USA Inc has initiated voluntary recall of
heartburn drug Ranitidine products from the US market.
* BAJAJ AUTO: Multiple delays in finalising a formal partnership have not impacted the product
development collaboration between the company and Triumph Motorcycles, two top officials of the British company said.
* BANK OF INDIA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for November, effective Sunday.
* BHARTI AIRTEL: The telecom department has directed all circle heads to treat the company and Tata Teleservices as separate entities, as it is in process to challenge their merger in the Supreme Court.
* CENTRAL BANK OF INDIA: Has cut interest rates on some retail deposits below 200 mln rupees by 5-35 basis points effective Friday.
* CG POWER AND INDUSTRIAL SOLUTIONS: Has sought regulatory waiver on a market-access clause to raise much-needed funds.
* CHALET HOTELS: Board has approved incorporation of a wholly-owned subsidiary in Maharashtra.
* DEWAN HOUSING FINANCE CORP: Has repaid 20.74 bln rupees as principal and interest payment to Uttar Pradesh PCL CPF Trust and Uttar Pradesh State Power Sector Employee Trust.
-Most public sector banks have held back from making bad loan provisions of advances to the
company despite the account being 'red-flagged' under RBI's framework for dealing with fraudulent
disbursements.
* FORTIS HEALTHCARE: Minority shareholders are demanding the company and its parent IHH Healthcare Bhd make efforts to vacate a Supreme Court stay on an open offer for buying additional shares of the Indian hospital operator.
* EDELWEISS FINANCIAL SERVICES: The Edelweiss group is planning to raise up to $1 bln in dedicated real estate funds, and deploy the proceeds in completion financing for housing projects stuck due to liquidity or solvency constraints.
* EMKAY GLOBAL FINANCIAL SERVICES: Board will meet on Thursday to consider raising 1 bln rupees through non-convertible debentures or principle protected market linked debentures on a private placement basis.
* ESSEL PROPACK: Board has appointed Parag Shah as chief financial officer, effective Nov 25.
* GLENMARK PHARMACEUTICALS: Is recalling close to 217,000 cartons of Estradiol Vaginal inserts in the US market due to faulty delivery system.
* IDBI BANK: Board has approved sale of its entire stake in IDBI Asset Management and IDBI Mutual Fund Trustee Co.
-Has clarified that it has not received any letter of probe from the Reserve Bank of India pertaining to
breach of client confidentiality.
* INDIAN OIL CORP: The ministry of environment has granted clearance to the company to set up a 7.66- bln-rupee 2G ethanol plant in Haryana's Panipat district.
* INFOSYS: Has said that it, along with some current and former executives, has submitted applications to the Registrar of Companies in the matter related to severance agreement of former CFO Rajiv Bansal.
* INTERGLOBE AVIATION: IndiGo co-founder Rakesh Gangwal has sought rejection of partner Rahul Bhatia's application in a US court, for retrieving documents to be used in a separate case he filed against Gangwal on alleged violation of a shareholders' agreement between the two.
* IVRCL: The National Company Law Appellate Tribunal, Delhi, has stayed the liquidation process of the company following a petition by First Global Finance, saying that its resolution plan was not considered.
* JAYPEE INFRATECH: More than 75,000 homebuyers of Amrapali, the company, and UNITECH in the National Capital Region are unlikely to be eligible for support from the 250-bln-rupee stress fund due to the various conditions under the scheme.
* JET AIRWAYS (INDIA): The Serious Fraud Investigation Office is looking into the "general sales agents" model of the airline in its probe of the company, a senior official said.
* JSW STEEL: India Ratings has cut the long-term rating outlook on the company to 'negative' from 'stable'.
* JUBILANT LIFE SCIENCES: Securities Appellate Tribunal has reduced the penalty imposed on the company to 500,000 rupees from 1 mln rupees.
* LARSEN & TOUBRO: Canadian Pension Plan Investment Board will get 48.99% stake in the company's wholly-owned subsidiary L&T Infrastructure Development Projects, upon conversion of compulsorily convertible preference shares, which were issued in 2014.
* LAURUS LABS: US Food and Drug Administration has given two observations for the company's FDF and API integrated facility at Visakhapatnam.
* KWALITY: Lenders of the company have rejected the 1.42-bln-rupee bid of Delhi-based Haldiram Snacks, which emerged as the sole bidder to acquire the debt-ridden dairy firm.
* MAHANAGAR TELEPHONE NIGAM: More than 57,000 Bharat Sanchar Nigam employees and 4,000 employees of the company have opted for voluntary retirement scheme, according to a senior government official.
* MAHINDRA & MAHINDRA: Expects to start making and dispatching Bharat Stage VI-compliant vehicles by January, Managing Director Pawan Goenka said.
* MAHINDRA HOLIDAYS & RESORTS INDIA: Is firming up plans to enter the upscale hotel segment as it seeks to ride the burgeoning demand in the sector and capitalise on its brand credentials.
* MARUTI SUZUKI INDIA: Total vehicle production in October slumped 20.7% on year to 119,337 units.
* MAX FINANCIAL SERVICES: Sunil Kant Munjal's Hero Corp is set to buy 10-15% stake or more from Analjit Singh in the company.
* MMTC: The government plans to send teams comprising officials from the company and National
Agricultural Cooperative Marketing Federation of India to Turkey and Egypt to expedite onion imports. With the prices of onions soaring in many parts of the country due to crop damage, the central government has directed the company to take steps to import 100,000 tn of the bulb.
* NESTLE INDIA: Has appointed David McDaniel as whole-time director, designated as executive directorfinance & control and chief financial officer with effect from Mar 1 for five years.
* NMDC: Andhra Pradesh government is likely to sign a memorandum of understanding with the company for sourcing iron ore for its proposed steel plant in Kadapa.
* NTPC: Board has approved amalgamation of wholly-owned subsidiaries Nabinagar Power Generating Co and Kanti Bijlee Utpadan Nigam into the company.
* OIL & NATURAL GAS CORP: ONGC Mangalore Petrochemicals plans to raise $510 mln through a foreign currency term loan, maturing July 2027, with a moratorium of three years for repayment.
* PIRAMAL ENTERPRISES: The Piramal group will have to raise 30.33 bln rupees by March to meet its financial commitments at a time when ICRA, a Moody’s affiliate, has downgraded group firms AASAN Corporate Solutions and Piramal Realty.
* POWER GRID CORP OF INDIA: Some of India's top public-sector companies holding telecom service licences, which include GAIL INDIA, the company, OIL INDIA, Delhi Metro, and RailTel, are seeking clarification from the Department of Telecom as they may face a huge financial burden in the wake of the Supreme Court's judgment on adjusted gross revenue.
* PVR: Has shelved its plans to launch properties in the Middle East and North Africa region, which it had announced last year.
* RAYMOND: The new entity that was formed following the demerger of the company's lifestyle businesses will have to pay an annual royalty to use the brand name.
* RELIANCE CAPITAL: Three Chinese banks are suing Anil Ambani of the Reliance Group in a London court for failing to pay back $680 mln in defaulted loans.
* RELIANCE INDUSTRIES: Has cut by about 7% the minimum price it is seeking for the natural gas it plans to produce from newer fields in the Bay of Bengal KG-D6 block after key customers such as fertiliser plants protested over the high base price.
* ROLTA INDIA: National Company Law Tribunal has directed that insolvency proceedings against the company be initiated.
* SINTEX INDUSTRIES: Vanguard Energy Fund sold 8.48 mln shares or 1.42% stake in the company at 0.55 rupees a share through a bulk deal on NSE. Norges Bank, on account of the Government Pension Fund Global, also sold 0.7% stake or 4.14 mln shares of the company.
* STATE BANK OF INDIA: Plans to raise about 80 bln rupees by selling a minority stake in the initial share sale of SBI Cards.
* SUN PHARMACEUTICAL INDUSTRIES: A former employee has sued the company, accusing it of violating the US False Claims Act and discrimination at the workplace.
* SUNTECK REALTY: Has raised 250 mln rupees through commercial papers, at an annual coupon of 8.25%, maturing on Mar 6.
* TRIGYN TECHNOLOGIES: Subsidiary Trigyn Technologies Inc's contract with the United Nations has been extended by a year to December 2020. The not-to-exceed amount of the contract has been revised to $194.16 mln from $173.16 mln.
* VEDANTA: On Friday quoted the highest price of 1,674 rupees per tonne for the Jamkhani coal block located in Odisha. The coal mine has the potential to produce 2.6 mln tn of fuel every year.
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