Today's Stock News - 14.11.2019: 09.00 Am
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* ABB INDIA: Said it is well-positioned to navigate any turbulence arising out of volatility in commodity prices, foreign currency fluctuations, as well as trade uncertainties due to its strong fundamentals and robust growth.
* ARSS INFRASTRUCTURE PROJECTS: The company's joint venture, ARSS-SCPL, has bagged a 754.3- mln-rupee work order from RAIL VIKAS NIGAM.
* CADILA HEALTHCARE: The company announced the acquisition of 15% stake in subsidiary Zydus Technologies for $225,000, in cash. The company earlier held 85% stake and bought the shares from minority stakeholder in the company. Also announced acquisition of 15% common stock of another subsidiary Zydus Noveltech Inc, US, for $25,000 in cash. Here too, Cadila held 85% common stock.
* CENTRUM CAPITAL: The board of the company has approved issue of up to 1 bln rupees of nonconvertible debentures in one or more tranches.
* CG POWER AND INDUSTRIAL SOLUTIONS: Will soon put on the block its corporate head office building, a landmark in Mumbai's Worli area, as part of its plan to monetise assets to help revive the cashstrapped company.
* COFFEE DAY ENTERPRISES: It will postpone its Jul-Sep results due to the ongoing probe into its financials.
* DEWAN HOUSING FINANCE CORP: Bombay High Court has allowed the company to make payments to banks and NBFCs that have securitisation arrangements with the stressed mortgage financier.
* FUTURE CONSUMER: The Kishore Biyani-led Future Group said it had entered into a distribution agreement with American food major Dole, the world's largest producer of fruits and vegetables.
* HINDALCO INDUSTRIES: Has hiked the prices of its aluminium products for the sixth time in a row, which has taken its prices to their highest level since late March.
* INFOSYS: Has strongly refuted charges of disclosure lapses pertaining to a recent whistleblower complaint received in September.
* IRB INFRASTRUCTURE DEVELOPERS: Platinum Investment Management on account of Platinum Asia Fund has sold 0.7% stake or 2.4 mln shares in the company on the National Stock Exchange at 71.89 rupees through a bulk deal.
* ITC: Entered into an agreement to acquire up to 33.42% stake in Delectable Technologies for 75 mln rupees in four tranches over 12 months.
* INTERGLOBE AVIATION: Directorate General of Civil Aviation will review its earlier directive to IndiGo and GoAir to replace at least one of the two engines in 36 identified A320neos fitted with Pratt & Whitney engines, which have operated for over 2,900 hours.
* JAYPEE INFRATECH: NBCC INDIA and Suraksha Realty have been asked to submit fresh bids to acquire the company in an ongoing insolvency process.
* JSW STEEL: The company, looking to acquire bankrupt Bhushan Power and Steel, might have a longish wait. The National Company Law Appellate Tribunal had directed the Enforcement Directorate to revoke the properties the latter had attached of Bhushan Power.
* RELIANCE COMMUNICATIONS: Resolution professional has extended the deadline for submission of bids for the company to next Friday after only two bidders, Bharti Group and Varde Partners, submitted bids at the close of the previous deadline which expired on Nov 11.
* RELIANCE INDUSTRIES: The National Company Law Appellate Tribunal on Wednesday gave Securities and Exchange Board of India one last chance to file its reply affidavit in a petition filed by the company seeking waiver in delisting procedure for ALOK INDUSTRIES, which it got through the insolvency process.
* RITES: Will acquire 10 more locomotives for leasing business, which will take the total number of
locomotives to 70.
* STATE BANK OF INDIA: Has set the ball rolling to sell as much as a 50% stake in its institutional broking and investment banking unit SBI Caps.
* TATA CONSULTANCY SERVICES: Will transform the information technology operating model of Cardinal Health, a global healthcare solutions company, to make it more product-centric.
* TATA MOTORS: Board approved raising $300 mln via 5.5-year senior notes at 5.875% coupon.
- The company and MAHINDRA & MAHINDRA are believed to have reduced the passenger vehicle
sales target for their dealers for the next two months.
* TEAMLEASE SERVICES: The company on Tuesday acquired 72.7% equity stake in IMSI Staffing , an information technology staffing firm, to strengthen the company's specialised staffing cluster and accelerate its margin-expansion strategy.
* VAKRANGEE: The board has given an in-principle approval to the merger of two wholly-owned
subsidiaries--Vakrangee Finserve and Vakrangee Logistics--with self.
* VEDANTA: Is the highest bidder for Jamkhani coal block in Odisha.
* VIKAS WSP: Enforcement Directorate attached assets worth 522 mln rupees of the company under the Prevention of Money Laundering Act.
* VODAFONE IDEA: Aditya Birla Group will not infuse any fresh equity into the company, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief, including on the telcom's adjusted gross revenue-based dues, which could be over 390 bln rupees.
- Network equipment vendors are in a panic over recovery of dues worth a combined 80 bln rupees
from the company after the Vodafone Group said it had written down the value of the Indian telecom company to zero.
- Vodafone Group Chief Executive Officer Nick Read apologised to the Indian government for his
strong comments regarding the company's joint venture, saying his remarks were distorted.
* VST INDUSTRIES: Radhakishan Damani has bought 1.75% stake or 270,000 shares in the company at 4,259.99 rupees per share through a bulk deal on BSE.
* WIPRO: Will collaborate with Telecom Infra Project for the adoption of fifth generation telecom technology to offer to global communications service providers and enterprise markets.
- Ravi Purohit, who was heading the company's Oracle solutions business, has resigned.
* YES BANK: The bank's statutory auditor BSR & Co. has sought a fresh audit into whistleblower complaints levelled against the bank and its founder Rana Kapoor after a special audit done by JLN US & Co. turned out to be inconclusive.
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