Today's Stock News - 02.03.2020 : 09.00 Am
* ADANI GAS: Total Holding SAS, a wholly-owned subsidiary of French oil and gas major Total SA, completed the acquisition of 37.4% stake in the company through various open market operations Friday.
* AFFLE (INDIA): Wholly-owned subsidiary Affle International Pte will acquire Spain-based Mediasmart Mobile S.L and step-down subsidiary Affle MEA FZ-LLC will acquire all tech intellectual property assets of Mediasmart Mobile S.L for 5.12 mln euros (around 407.2 mln rupees).
* ALLAHABAD BANK: Will cut rates on loans linked to three-month Mumbai Interbank Offer Rate
(average) by 40 basis points to 5.75%.
* ALOK INDUSTRIES: Lenders to the company expect to recover 50.50 bln rupees from the sale of the bankrupt company to RELIANCE INDUSTRIES early next week after India's most valued conglomerate infused the promised 5 bln rupees equity into the debt-laden borrower.
* AXIS BANK: The bank on Friday sought buyers for its 1.2-bln exposure to Kolkata based Hindusthan National Glass & Industries.
-Is looking to raise its stake in Max Life Insurance Co by buying an additional 17.9% stake.
* BAJAJ FINANCE: The company has raised 4.30 bln rupees through non-convertible debentures maturing on Feb 11, 2030 at a coupon of 7.60% per annum.
* BHARAT PETROLEUM CORP: Anil Agarwal says valuation of company is too high and VEDANTA will evaluate bidding for it when the final bid document is out.
* BHARTI AIRTEL: The company has said that as per its self assessment for the period between 2006-07 (Apr-Mar) and December 31, 2019 the total dues related to adjusted gross revenue were 130.04 bln rupees. Subsequently, it has paid 30.04 bln rupees to the telecom department towards the full and final amounts due over and above the 100 bln rupees paid on Feb 17.
* BHARTI INFRATEL: Is likely to push for at least 30% cut in its cash payout to Providence Equity
Partners under the terms of its planned merger with Indus Towers, if the US private equity firm decides to monetise its Indus stake.
* COAL INDIA: In February, provisional output was at 66.3 mln tn, up 14.2% on year, provisional offtake was at 54.9 mln tn, up 6.8% on year.
* CREDITACCESS GRAMEEN: The company has raised 800 mln rupees through non-convertible
debentures.
* DR REDDY'S LABORATORIES: The US Food and Drug Administration has issued a Form 483 with only one observation in place of two observations intimated earlier to the company's formulations manufacturing plant-3 at Bachupally in Hyderabad.
* EICHER MOTORS: In February total commercial vehicle sales were at 4,586 units, down 28.7% on year.
* FUTURE CONSUMER: There is no material impact of coronavirus on the company's operations.
* GAIL INDIA: The Centre has allowed the company to exit as a unit from the Cochin Port Trust Special Economic Zone in Puthuvypeen, Ernakulam, after repaying the duty benefits it has availed so far, as it failed to meet the requirement of being a net foreign exchange earner.
* GODREJ PROPERTIES: The company will develop a residential project at Chandivali in Mumbai.
* GTPL HATHWAY: The non-retail portion of GTPL Hathway's promoter Jio Content Distribution
Holdings' offer for sale was subscribed 1.1 times, with bids received for 4.3 mln shares as against 3.9 mln shares on offer, the data on the National Stock Exchange showed.
* HINDUSTAN AERONAUTICS: In an ambitious project with strategic significance, the company has started groundwork to produce a 10-12 tn attack helicopter by 2027 which will be comparable with some of the best medium-lift military choppers globally like the Apache of the Boeing.
* HOUSING AND URBAN DEVELOPMENT CORP: The board of directors of the company has approved raising up to 280 bln rupees by issuing non-convertible debentures in 2020-21 (Apr-Mar).
* INDIA CEMENTS: Aditya Birla Sun Life Mutual Fund on Wednesday sold 8.07 mln shares or 2.6% stake in the company through the open market.
* INDIAN OIL CORP: The company on Friday said that it would meet the April deadline for introducing BS-VI emission norms.
* IRCTC: Indian Railways Catering and Tourism Corp, the tourism arm of the Ministry of Railways, will operate the Golden Chariot luxury train in Karnataka and some parts of other adjoining states.
* JK CEMENT: Will pay an interim dividend of 7.50 rupees per share.
* JSW STEEL: The Supreme Court on Friday will hear Bhushan Power and Steel promoter Sanjay Singal's petition against the company taking over the bankrupt company.
* MAHINDRA & MAHINDRA: Company plans to launch a cab aggregator for corporates called Alyte, expand its fleet of electric vehicles for taxi services, and bring all mobility businesses under one business vertical, in what will be a significant push by the company into cab aggregator and shared mobility services segment.
-Has initiated talks with ASHOK LEYLAND, Renault and Hyundai to supply its electric powertrain
to its peers, seeking to establish its credentials in a mobility segment that many believe would soon alter the dynamics of the hitherto fuel-fired automotive industry. TATA MOTORS, the company and MG Motor India on Sunday said they are facing challenges in terms of component supply from coronavirus hit-China.
-In February total auto sales were at 32,476 units, down 42% on year.
* MARUTI SUZUKI INDIA: In February total sales were 147,110 units, down 1.1% on year.
* MOIL: Has cut some product prices by 5%-10%.
* MOTILAL OSWAL FINANCIAL SERVICES: Market regulator, Securities and Exchange Board of India on Friday has imposed a fine of 1.7 mln rupees on Motial Oswal Financial Services for failing to maintain segregation of client funds and misuse of client funds, an order said.
* NBCC (INDIA): The Delhi High Court has vacated an interim stay order on further construction by the company in a redevelopment project in Nauroji Nagar, Delhi.
* NTPC: The company has started commercial operations of its 800 MW super thermal power station at Darlipalli, Odisha effective Mar 1.
* OIL & NATURAL GAS CORP: Board will meet on Wednesday to consider interim dividend.
* PNC INFRATECH: Has received hybrid annuity road project worth 16.02 bln rupees from the National Highways Authority of India.
* RELIANCE CAPITAL: The trustee of the debenture holders of the company has approached the Bombay High Court to protect its investment in the company, which holds shares of its subsidiary Reliance General Insurance Co.
* RELIANCE INDUSTRIES: ALOK INDUSTRIES will allot 2.5 bln optionally-convertible preference shares and 833.33 mln shares to the company on a preferential basis. In a first by an Indian telco, Reliance Jio Infocomm has sought permission from the government to undertake fifth generation trials based on technology and design developed by it.
* RELIGARE ENTERPRISES: Bought additional 14.36% stake in Religare Finvest.
* REPCO HOME FINANCE: Fidelity Investment Services has acquired 537,177 shares or 0.9% stake in Repco Home Finance at 284.46 rupees apiece through a bulk deal on the National Stock Exchange.
* SHRIRAM TRANSPORT FINANCE CO: The company plans to raise funds through various options of borrowings including by way of issue of debt securities in onshore/offshore market by public issue or private placement basis.
* STATE BANK OF INDIA: Has invited bids from asset reconstruction companies, securitisation
companies, banks, non-banking finance companies, and financial institutions for a proposed sale of 33 nonperforming loan accounts worth 10.47 bln rupees. Has initiated 'cash budget based assessment' of fund based working capital limits for units and intends to focus on refinancing better rated corporates in a bid to achieve minimum 11.50% year-on-year growth in whole bank advances in 2020-21 (Apr-Mar).
* SUDARSHAN CHEMICAL INDUSTRIES: Will pay an interim dividend of 6.30 rupees per share.
* SUZLON ENERGY: Debt-laden Suzlon Energy's board on Thursday approved a proposal to restructure the company's debt, which involves issuing shares and debentures to the lenders.
-The board has approved raising 4 bln rupees through securities on preferential basis.
* TATA MOTORS: The company is winding up its auto retail business Concorde Motors as a part of
strategy to move away from non-core businesses.
-In February total sales were at 40,634 units as against 60,151 units year ago.
* THOMAS COOK INDIA: Company on Friday said its board has approved a share buyback programme for total consideration of 1.5 bln rupees.
* UNITED SPIRITS: British spiritmaker Diageo has acquired an additional 0.69% stake in the company through its wholly-owned subsidiary Relay BV from Enforcement Directorate in a bulk deal on the National Stock Exchange on Friday, data on the stock exchange's website showed.
* VEDANTA: Has invited bids to develop oil and gas blocks in Assam, Gujarat and Rajasthan, as a part of its plan to invest $9 bln on capital expenditure over the next two to three years.
* WELSPUN CORP: CARE RATINGS has upgraded the company's long-term rating to AA from AAearlier, and has revised long-term rating outlook to stable as against positive.
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