Today's Stock News - 26.12.2019: 09.00 Am
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* ASHOK LEYLAND: Has signed a memorandum of understanding with YES BANK for vehicle financing for two years.
* BHARTI AIRTEL: Africa-based subsidiary Airtel Africa Plc has announced an initial public offer for its local business Airtel Malawi Plc on the Malawi Stock Exchange, to raise up to $37.5 mln.
* BHARTI INFRATEL: Has extended the long stop date for its merger with Indus Towers by two months to Feb 24.
* BHARAT PETROLEUM CORP: The government is unlikely to complete the privatisation of Air India, the company and CONTAINER CORP OF INDIA by end-March, leaving a 400-500 bln rupees hole in its budget.
* CG POWER AND INDUSTRIALS: Looking to bundle its overseas assets into a separate entity to sell it to strategic investors. The manufacturer of power and distribution transformers is valuing its global assets at around $250 mln.
* COAL INDIA: The 16 coal blocks allotted to Coal India in past one year will enhance annual output by 125 mln tn, production at these blocks could start in the next three to six years.
* COFFEE DAY ENTERPRISES: Private equity firms KKR and Apax Partners are the only ones left in the race for a significant stake in Cafe Coffee Day, as three others including Oyo have backed out after showing early interest.
* DISHMAN CARBOGEN AMCIS: Motilal Oswal Asset Management Co sold 1.5% stake or 2.5 mln shares in the company through bulk deals on BSE and National Stock Exchange.
* EMAMI: The Emami Group is inching closer to turning debt-free in line with the city-based diversified conglomerate's plans for 2019-20 (Apr-Mar). The group had earlier this year said it was looking to pare the entire debt of 26 bln rupees by March.
* GAIL (INDIA): Said it was neither in the process of hiving off its pipeline business into a separate unit nor had it received any directive in this regard.
* GODAWARI POWER AND ISPAT: Board has approved the merging the power business of Jagdamba Power & Alloys into the company.
* GODREJ PROPERTIES: With 30-bln-rupee cash in hand, the company is looking at buying land in prime locations.
* HCL TECHNOLOGIES: Has opened a global delivery centre at Moncton in New Brunswick, Canada, to focus on technology areas in application development, support, testing, and servicing global clients.
* INDIA NIPPON ELECTRICALS: Promoter Mahle Electric Drives Japan Corp sold 13.3% stake or 3 mln shares in the company at 300 rupees per share in bulk deal on the BSE.
* INDIAN OVERSEAS BANK: The bank, which has been under the Reserve Bank of India's prompt
corrective action framework for more than four years, is aiming to return to black and out of prompt
corrective action by the end of this fiscal year, said Chief Executive Officer Karnam Sekar.
* JSW STEEL: May go slow on buying bankrupt Bhushan Power and Steel, despite the Cabinet approving an ordinance to ring fence successful bidders from criminal proceedings for offences committed by previous promoters.
* MARUTI SUZUKI INDIA: The Central Bureau of Investigation has booked Jagdish Khattar, former managing director of the company, for cheating PUNJAB NATIONAL BANK of around 1.10 bln rupees. The probe agency lodged a first information report on the basis of a written complaint by the bank.
* NATIONAL ALUMINIUM CO: Has hiked the prices of its aluminium ingots for the second time in a week, raising rates by more than 1% Tuesday.
* NMDC: Aims to start commercial operations at the two coal blocks allotted to it in Jharkhand last week by next 1 year.
* NTPC: Planning to add 10 GW of solar energy generation capacity by 2022, which entails an investment of around 500 bln rupees, to be funded mainly by green bonds.
- Will switch to a two-part tender process for solar power projects. This would bring down the cost
and the aim is to procure power panels in bulk form separately, on own cost metrics.
* PIRAMAL ENTERPRISES: It will raise up to 27.50 bln rupees by issuing bonds on private placement basis.
* RELIANCE INDUSTRIES: The income tax department to move Supreme Court against Reliance Jio's plan to sell stake in tower arm.
* SHRIRAM TRANSPORT FINANCE CO: Planning to raise up to $500 mln via an overseas bond sale.
* SINTEX INDUSTRIES: Financial creditor Invesco Asset Management (India) has filed a petition before the Ahmedabad bench of the National Company Law Tribunal to initiate corporate insolvency resolution proceedings against the company, for an amount of 150 mln rupees.
* SINTEX PLASTICS TECHNOLOGY: Vistra ITCL (India) invoked pledge on 6.25 mln shares or 0.99% stake in the company on Dec 17.
* STAMPEDE CAPITAL: Resonance Opportunities Fund has sold 757,500 shares or 0.3% stake in the company at 0.15 rupees apiece in a bulk deal on the National Stock Exchange.
* TATA POWER CO: The licence to distribute electricity in five circles in Odisha could add 4% to the company's net profit over the next couple of years, Edelweiss Securities said.
* THE NEW INDIA ASSURANCE CO: Gross premium collection rose 14.6% on year in November, higher than the industry's average of 13.1% growth, according to data released by the Insurance Regulatory and Development Authority of India.
* TVS Motor CO: Launched the TVS NTORQ 125 Race edition in Nepal.
* UNITED BREWERIES: Has said it is not aware of Heineken's plan to increase stake in company.
* WIPRO: Is planning to double the contribution of consulting-led services to its overall revenue over the next four to five years.
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