Today's Stock News - 09.12.2019: 09.00 Am
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* AMTEK AUTO: Setting the ball re-rolling on corporate insolvency resolution process of Amtek Group, the principal bench of National Company Law Tribunal has approved a resolution plan for the company subsidiary Amtek Ring Gears.
* ADANI TRANSMISSION: Acquired 100% stake in Adani Electricity Mumbai Services on Friday, and incorporated it as a wholly-owned subsidiary.
* ALLAHABAD BANK: The board of the bank approved raising up to 15 bln rupees through Basel IIIcompliant tier-II bonds.
* AXIS BANK: Jairam Sridharan on Friday stepped down as group executive and chief financial officer, a position he held since October 2015.
* BAJAJ AUTO: Will launch Husqvarna Motorcycles' Vitpilen 250 cc and Svartpilen 250 cc motorbikes in India.
* BANK OF INDIA: The board approved issuing up to 1.25 bln fresh equity shares through qualified
institutional placement, public issue, rights issue, private placement, or any other such mode.
-It also gave its nod to raise up to 100 bln rupees via securities such as tier-I and tier-II bonds or
preference shares, which may be classified for tier-I and tier-II capital, on a private placement or public issue basis, in one or more tranches.
* BASF INDIA: Has completed divestment of its stilbene-based optical brightening agents business for 335 mln rupees to Archroma India.
* BHARTI AIRTEL: Bharti Telecom, a promoter of the company, has sought government nod for the
infusion of 49 bln rupees investment from Singapore-based Singtel and other foreign entities, a move that would make the country's oldest private telecom operator a foreign entity.
* CG POWER AND INDUSTRIAL SOLUTIONS: The National Company Law Tribunal has approved the withdrawal of CG Power Solutions' merger with its parent company CG Power and Industrial Solutions.
-Has sought shareholders' nod to borrow up to 50 bln rupees to meet working capital and other
business needs as it looks to spring back from the worst crisis in its history.
* CLARIANT CHEMICALS (INDIA): Promoter Clariant Plastics and Coatings will transfer pigment
business from Clariant Plastics and Coatings AG into a standalone organisation under Colorants
International AG.
* COAL INDIA: Company plans to give 10-15 days credit period to non-regulated sectors such as steel, aluminium, cement. These companies which are called customers in Coal India parlance, had to make an upfront payment before despatch.
* COX & KINGS: The National Company Law Tribunal on Friday expressed displeasure at the directors of the company for not providing resolution professional the access to the company's assets.
* DEWAN HOUSING FINANCE CORPORATION: IRDAI chief S.C. Khuntia on Friday said insurance companies will have to begin writing off their investments in Dewan Housing as it has now been admitted to NCLT.
* DISH TV INDIA: CARE RATING has downgraded the company's short-term bank facilities rating to 'D' from 'A4+'.
* EQUITAS HOLDINGS: The board of Equitas Small Finance Bank Ltd, a subsidiary of Equitas Holdings, has approved raising up to 2.5 bln rupees through private placement of equity shares to 10 investors, Equitas Holdings notified the stock exchanges.
* GAYATRI PROJECTS: Company's arm Gayatri Energy Ventures PTE on Friday signed a pact to sell its 5.95% stake in Sembcorp Energy India.
* GUJARATA ALKALIES AND CHEMICALS: J.N. Singh has resigned from the post of chairman and director of the company, effective Friday.
* GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS: J.N. Singh on Friday stepped down as the company's chairman and director.
* HDFC BANK: Has cut its marginal cost of lending rates by 10 basis points on six-month loans, and by 15 bps on overnight, one-month, three-month, one-year, two-year and three-year loans, effective Saturday. HDB Financial Services, a subsidiary of the bank, is raising $300 mln in its first-ever overseas syndicated loan as it aims to diversify its borrowing resources.
* INDIAN OIL CORPORATION: The commercial papers of the company and Can Fin Homes Ltd will get listed on the BSE on Monday, after they filed an application with the stock exchange on Friday.
* INFOSYS: With the attrition rate continuing well above 20%, one of the highest in the segment, the
company is on a drive to reimagine the way it engages with employees starting from the time of recruitment itself.
* IRB INFRASTRUCTURE DEVELOPERS: The board of the company has approved raising up to 14 bln rupees by issuing non-convertible debenture on a private placement basis in one or more tranches or series.
* ITC: Has acquired 100 equity shares and 1,864 compulsorily-convertible preference shares, representing 11.15% stake in Delectable Technologies Pvt Ltd, in the first tranche.
* JAYPEE INFRATECH: Lenders to Jaypee Infratech will have to take a haircut 37 bln rupees while 20,000 homebuyers will not get paid any penalty for delay in construction of their homes in the takeover proposals of Suraksha Realty and NBCC (INDIA).
* KNR CONSTRUCTIONS: Has received a 1.65-bln-rupee order from Greater Hyderabad Municipal Corp for maintenance of main road in Khairtabad Zone - I, under Comprehensive Road Maintenance Contract for five years.
* MAHARASHTRA SEAMLESS: Has received an order of 5 bln rupees from OIL & NATURAL GAS CORP for supply of seamless casings.
* MARUTI SUZUKI INDIA : Total vehicle production in November rose 4.3% on year to 141,834 units.
* MCX: Chief Financial Officer Sanjay Wadhwa has resigned, effective Friday, end of the business hours.
* NBCC (INDIA): Received an order of 6.21 bln rupees from the Department of Revenue, Government of India, for construction of Rajaswa Bhavan, National Tax headquarters, New Delhi, wherein the company will work as project management consultant.
* NTPC: Has signed a term loan agreement for 50 bln rupees with STATE BANK OF INDIA.
* OIL & NATURAL GAS CORPORATION: Has raised $300 mln through medium-term notes, maturing on Dec 5, 2029, the company informed stock exchanges on Friday. The notes carry a coupon of 3.375% per annum, payable semi-annually.
* ORIENTAL BANK OF COMMERCE: Has cut its marginal cost of funds-based lending rates by 5-15 basis points across maturities, effective Tuesday.
* PG ELECTROPLAST: New Leaina Investments sold 1.1% stake or 215,000 shares of the company at 34.20 rupees apiece through a bulk deal on the National Stock Exchange.
* PUNJAB & SIND BANK: Board has approved raising up to 5 bln rupees through qualified institutional placement in one or more tranches within a period of 12 months.
* RATTANINDIA POWER: Has further deferred an extraordinary general meeting to Dec 16 due to a delay in getting approval from lenders for a proposed preferential issue of shares, the company said in an exchange filing. It was supposed to be held on Dec 3 to seek shareholders' approval, which got deferred to Dec 11.
* REC LTD: Has raised $500 mln on Thursday, through five-year, unsecured notes at 3.50%.
* RELIANCE CAPITAL: In an informal meeting with debenture holders, it has asked its debenture trustee to withdraw proceedings initiated before the Debt Recovery Tribunal.
* RELIANCE COMMUNICATIONS: Reliance Communications will lose control of its under-sea cable unit GCX after a Delaware court approved a creditor-supported Chapter 11 plan for the subsidiary in a setback to its own bankruptcy process.
* RELIANCE INDUSTRIES: Is in negotiations with three top banks for a 50-bln-rupee long-term loan facility to fund its acquisition of ALOK INDUSTRIES in a bankruptcy takeover.
-Reliance Life Sciences, the biotechnology subsidiary of the company, plans to start pathology labs
across India through partnerships with local entrepreneurs.
* SECURITY AND INTELLIGENCE SERVICES INDIA: The company's wholly-owned subsidiary
Dusters Total Solutions Services has signed a definitive agreement to acquire 51% stake in Adis Enterprises for 8.61 mln rupees.
* SHOPPERS STOP: Has launched two more store formats, even as it taps well-heeled consumers with luxury outlets. The two new stores are aimed at the mid-market and economy retail segments, allowing the three-decade-old chain to play across the price pyramid.
* STATE BANK OF INDIA: The Securities and Exchange Board of India has given one year to company, BANK OF BARODA and Life Insurance Corp of India to bring down their stake in UTI Asset Management Co and UTI Trustee Co to below 10%.
* SUN PHARMACEUTICAL INDUSTRIES: Subsidiary Taro Pharmaceutical Industries has accepted resignation of Mariano Balaguer, chief financial officer, effective Jan 3, and has initiated a search for a successor.
-Has received initial approval for Minocycline Hydrochloride tablet from US Food and Drug
Administration.
* TATA STEEL: Has rolled out a new HR policy that enables employees from the lesbian, gay, bisexual, transgender, questioning and related communities to declare who their partners are and avail all HR benefits permissible under the law.
* WELSPUN CORP: Has received an order to supply 179 kilo tn of pipes for multiple projects on a global basis.
* YES BANK: Plans to declare former promoters of COX & KINGS, Peter Kerkar and his sister Urrshila Kerkar, wilful defaulters after the travel services firm failed to repay loans.
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