Today's Stock News - 13.12.2019: 09.00 Am
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* ALLAHABAD BANK: Will reduce its marginal cost of funds-based lending rate by five basis points across all tenures, barring the one-month rate, from Saturday. The bank under-reported gross bad loans by 670 mln rupees and provisions by 4.5 bln rupees in the previous financial year.
* ALLCARGO LOGISTICS: The company has executed agreements for transfer of its warehouses and other assets of logistics park business to its subsidiaries Allcargo Logistics & Industrial Park and
Madanahatti Logistics and Industrial Parks for 1.1 bln rupees.
* ASHOK LEYLAND: The board has appointed Vipin Sondhi as the chief executive officer and managing director of the company from today for five years.
* AUROBINDO PHARMA: Arm AuroMedics Pharma LLC is recalling 59,500 vials of antipsychotic
Fluphenazine Decanoate injection from the US market on account of "discoloration; hazy solution found in one vial instead of a clear solution", the US Food and Drug Administration said.
* AXIS BANK: The Securities Appellate Tribunal has reserved its order with respect to the bank in the Karvy Stock Broking case.
* BANK OF BARODA: Plans to raise at least 5 bln rupees through the issuance of perpetual, additional tier- I bonds, and has invited bids on Monday.
- A bankruptcy court has admitted an insolvency resolution plea filed by the bank against Mumbaibased Genesis Resorts, which defaulted on loans of about 2.30 bln rupees.
* BHARTI AIRTEL: The Department of Telecommunications is set to hold the company liable for some of the adjusted gross revenue dues that Videocon Telecommunications and Aircel owe the government, as the Sunil Mittal-led telco had bought some spectrum from the two bankrupt carriers back in 2017.
* BIOCON: The company has expanded its agreement with Equillium Inc to grant the latter exclusive rights to sell Itolizumab in Australia and New Zealand.
* DATAMATICS GLOBAL SERVICES: Will sell stake in step-down subsidiary Cignex Datamatics Inc to Relevance Lab through a share-swap arrangement.
* FUTURE LIFESTYLE FASHIONS: The Reserve Bank of India has rejected the company's proposal to buy a stake in Koovs, the online retailer which has now been taken over by its largest creditor to keep it afloat.
* DISH TV INDIA: The board has approved the re-appointment of Jawahar Lal Goel as managing director of the company.
* FORTIS HEALTHCARE: The Enforcement Directorate on Thursday arrested former promoter of the company Shivinder Singh in a money laundering case related to alleged misappropriation of funds at Religare Finvest.
* FUTURE RETAIL: Is looking to raise up to $400 mln by selling dollar bonds. The money will be used to buy retail assets from FUTURE ENTERPRISES as part of a planned group restructuring exercise.
* HERO MOTOCORP: Plans to drive in BS-VI upgrades of around ten products, including five top-selling bikes and scooters by February next year, as it aims to upgrade its product portfolio well before the deadline of Apr 1, 2020.
* HOUSING DEVELOPMENT FINANCE CORP: Has completed acquisition of another 9.12% stake in education financier HDFC Credila Financial Services for 3.95 bln rupees.
* IDBI BANK: Is in talks with US-based Avenue Capital to sell its entire 19.18% stake in Asset
Reconstruction Co of India, as it looks to monetise its non-core investments.
* INDIAN OIL CORP: Shrikant Madhav Vaidya is slated to be the new chairman of the company, after marathon interviews held by the Public Enterprise Selection board on Thursday.
* INFOSYS: The company's subsidiary EdgeVerve Systems has announced its partnership with IDEGO, a leading consulting firm for digital transformation, to develop and deliver innovative tech products to their customers across Latin America.
* INOX LEISURE: The company has commenced commercial operations at a four-screen, 748-seat
multiplex theatre in Gorakhpur, Uttar Pradesh, on a lease basis.
* JSW STEEL: The National Company Law Appellate Tribunal has allowed the company's plea seeking clarification on the appellate tribunal's Dec 4 order that overturned National Company Law Tribunal's directive that effectively modified the company's original bid for Vardhman Industries.
* MARUTI SUZUKI INDIA: Is reconsidering the plan to ditch diesel vehicles from its portfolio, after its key rivals decided to continue in the segment.
- Has raised its vehicle production target for this fiscal in the first sign that India's largest carmaker is
seeing green shoots of a recovery in the troubled auto sector.
- Has sold 50,000 units of the Super Carry, its mini truck, within three years of launch.
* MPHASIS: The/Nudge Foundation's Centre for Skill Development and Entrepreneurship, announced a three-year partnership with the company to skill 4,000 young women from underprivileged backgrounds for a career in the services sector.
* NAVIN FLUORINE INTERNATIONAL: The company through its wholly-owned subsidiary will invest 4.50 bln rupees in a new project at Dahej, Gujarat, over the next three to four years.
* PERSISTENT SYSTEMS: Has appointed Steffen Drillich as senior vice president of Persistent Salesforce Practice Europe.
* PROCTER & GAMBLE HEALTH: Is rolling out an e-commerce platform to tap India's growing online market, joining HINDUSTAN UNILEVER and Coca Cola in launching webstores for local consumers.
* RAYMOND: The board has approved the closure of wholly-owned subsidiary Raymond Lifestyle
International DMCC, Dubai, as per applicable laws of Dubai.
* TATA CONSULTANCY SERVICES: Has deployed the company's BaNCS for market infrastructure product for Strate Pty, the Central Securities Depository for the electronic settlement of financial instruments in South Africa, across five exchanges.
- The Shapoorji Pallonji Group on Thursday sold some more the company's shares in the open
market as its Dec 31 deadline to repay dues it owes to group company Sterling and Wilson nears.
* TATA MOTORS: The company has launched a new range of Prima and Ultra trucks in Kuwait.
* VIP INDUSTRIES: The company's Chief Financial Officer Jogendra Sethi has resigned effective Jan 10.
* WIPRO: The company has received a strategic multi-year cyber governance, cloud, and infrastructure services transformation order by Tokyo-based Olympus.
* YES BANK: Is seeking exemption from Securities Exchange Board of India to raise funds under the qualified institutional placement programme as a backstop for its ongoing plan to sell stake via preferential allotment.
- Is likely to skip issuing shares to family offices in favour of institutional investors in the current
round of its preferential issue, where the bank plans to raise $1.75 bln, its managing director and chief executive officer, Ravneet Gill said.
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