Today Stock News – 05.03.2018
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* ATLANTA: The company said National Highways and Infrastructure Development Corp has "wrongfully and illegally" cancelled contract for four-laning of a road project in Assam.
* AXIS BANK: The board of subsidiary Axis Finance will meet on Tuesday to consider the issuance of secured and unsecured redeemable non-convertible debentures worth 50 bln rupees in one or more tranches.
* BAJAJ CORP: Is sharpening focus on rural areas to drive volumes and is also scouting for acquisitions in the personal care category.
* BANK OF BARODA: To fight allegations in South Africa that it willfully held 'proceeds of crime' linked to a dairy farm project involving the politically influential Gupta family.
* BHARTI AIRTEL: The company and IDEA CELLULAR have challenged the Telecom Regulatory Authority of India's recent tariff order on predatory pricing in the telecom tribunal, setting the stage for another legal battle between India's older carriers and the watchdog, who have been at loggerheads for more than a year now.
* CANARA BANK: The shareholders have approved raising up to 48.65 bln rupees through the issue of 135.95 mln shares on preferential basis to the government at an issue price of 357.84 rupees a piece.
* COAL INDIA: Offtake in Apr-Feb was at 525.09 mln tn, 97% of target and up 7.0% on year, while production was at 495.09 mln tn, 93% of the target and up 1.4%.
* CUMMINS INDIA: Cummins Inc, the parent company, has unveiled its new research and development centre at the Indian company's Kothrud campus. Has appointed Mark A. Levett as a chairman and additional director of the board with effect from Friday.
* DILIP BUILDCON: Has received a letter of award for two hybrid annuity projects in Karnataka worth 44.73 bln rupees.
* EICHER MOTORS: Total motorcycle sales in February were 73,077 units, up 25% on year.
* FORCE MOTORS: In February, the domestic sale of small commercial vehicles and light commercial vehicles were 1,608 units, while that of utility vehicles, sports utility vehicles and tractors were 1,232 units. Exports were at 120 units.
* FORTIS HEALTHCARE: There could be another ownership change in the company as lenders which have become the largest shareholders in the troubled company may soon look to exit, Chief Executive Officer Bhavdeep Singh said. TPG Capital-backed Manipal Health Enterprises is close to taking over the company in a 65-bln-rupee deal. The government has asked the Serious Fraud Investigation Office to probe the alleged diversion of funds in the company and RELIGARE ENTERPRISES by their promoters, according to a separate filing by the two companies.
* GLENMARK PHARMACEUTICALS: S&P Global Ratings has cut its credit rating for the company to 'BB-' from 'BB' due to the company's continued weak operating performance.
* GUJARAT STATE FERTILIZERS & CHEMICALS: Has commissioned its film grade Nylon-6 project on Feb 28. Has successfully commissioned its caprolactam quality improvement project on Wednesday.
* HCL INFOSYSTEMS: The company, along with its subsidiary HCL Learning, has decided to terminate an agreement with Everest Edusys and Solutions for the sale of HCL Learning's DigiSchool Business.
* HDFC BANK: Is looking to launch its equity share sale of up to $2.5 bln in a fortnight, while HDFC Asset Management Co will be filing its draft initial public offer papers.
* HEALTHCARE GLOBAL ENTERPRISES: Has entered into a business transfer agreement to purchase City Cancer Centre, a hospital located at Vijayawada, Andhra Pradesh, from its promoter M. Gopichand for 520 mln rupees.
* HERO MOTOCORP: Two-wheeler sales in February rose 20% on year to 629,597 units.
* HINDUSTAN UNILEVER: Is set to offer the government another tranche of goods and services tax benefits that it could not pass on to consumers.
* HONEYWELL AUTOMATION INDIA: Has signed an agreement with Premier Power Products (Calcutta) for full and final settlement of claims filed against the company by the latter in the National Company Law Tribunal.
* ICICI BANK: Is expected to soon start handling post-auction settlement for the 80-bln-rupee-a-year tea auction business at all centres.
* IDBI BANK: Investigations against allegation of fraud levelled by the lender against R.P. Infosystems are "in progress". The government has asked the bank to align designations and compensation of its staff with other nationalised banks. Is likely to initiate insolvency proceedings against Orissa Slurry Pipeline Infrastructure, the company that operates the pipeline supplying raw materials to Essar Steel's Odisha plant.
* INFO EDGE INDIA: Has acquired 25% stake in Agstack Technologies through its wholly-owned subsidiary for 64 mln rupees.
* INDIAN OIL CORP: Has bid for a stake in Vietnam's Binh Son Refining and Petrochemical Co as it looks at the South Eastern nation to expand business beyond Indian shores.
* INFOSYS: The Central Bureau of Investigation is probing a "revised tax returns" fraud involving several unknown employees of the subsidiary, Infosys Technologies, officials from the Information Technology department and one fake Chartered Accountant from Bengaluru.
* IVRCL: National Company Law Tribunal has admitted corporate insolvency process initiated by STATE BANK OF INDIA against the company under Insolvency and Bankruptcy Code 2016.
* JBM AUTO: The board has approved the merger of JBM Auto System and JBM MA Automotive with the company.
* JET AIRWAYS INDIA: Abu Dhabi-based Etihad Airways will continue to stay invested in the company, both the airlines said.
* KPIT TECHNOLOGIES: An Indian unit of global private equity leader KKR and Co has provided 4.25 bln rupees in structured credit to the promoters of the company to finance an open offer for the company.
* LARSEN & TOUBRO: Has received an order from Maharashtra government to build Chhatrapati Shivaji Maharaj Memorial near Mumbai. The company has slashed the estimated cost to 25 bln rupees from 38.3 bln rupees earlier.
* LAURUS LABS: US Food and Drug Administration completed the audit at the company's formulations unit-2 without any observations.
* L&T FINANCE HOLDINGS: Board will meet on Wednesday to approve the price at which shares will be issued in respect of the preferential issue to promoter LARSEN & TOUBRO.
* MATRIMONY.COM: Board has approved acquisition of SecondShaadi.com from Accentium Web.
* MONNET ISPAT & ENERGY: Has said a committee of creditors will take a decision in the last week of March on the resolution bid submitted by JSW STEEL-Aion Investments.
* NMDC: Has cut its iron ore product prices by 100 rupees per tn for March supplies, according to an exchange filing by the public sector mining major. The company has commissioned the 220 KV gas insulated switch sub-station, which will be utilised for its steel plant at Nagarnar, Chhattisgarh.
* NOVARTIS INDIA: Has received a refund of 1.88 bln rupees on account of a favourable order by the Income Tax Appellate Tribunal for the financial year 1994-95 (Apr-Mar).
* OIL AND NATURAL GAS CORP: Board has approved payment of second interim dividend of 2.25 rupees per share for
2017-18 (Apr-Mar). Taking cue from the company's buyout of HINDUSTAN PETROLEUM CORP, the government may look at replicating the same in the insurance sector by asking a cash rich public sector undertaking general insurer to buyout the smaller ones.
* PARAMOUNT COMMUNICATIONS: Board will meet on Mar 8 to consider and approve conversion of outstanding foreign currency convertible bonds worth $7.5 mln.
* PIRAMAL ENTERPRISES: An internal panel has approved transfer of the second and final tranche of assets and liabilities to its wholly-owned subsidiary Piramal Finance Limited.
* PNB HOUSING FINANCE: Has tied up with International Finance Corp, part of the World Bank Group, to raise $800 mln for green and affordable housing in India.
* PUNJAB NATIONAL BANK: Has confirmed the appointment of BDO India LLP for the forensic audit of five group companies of Nirav Modi, the main accused in the $2-bln fraud reported at the bank in February. Has raised interest rates on most retail term deposits by 10-45 basis points, according to the data on the lender's website. Has referred the alleged fraud at its Barmer branch in Rajasthan for "necessary action as per regulatory guidelines".
- The Nirav Modi-owned Firestar Diamond, which has filed for bankruptcy, got a temporary relief on Friday after a US court passed an interim order preventing creditors from collecting their dues from the floundering firm. The bank's Managing Director and Chief Executive Officer Sunil Mehta on Thursday admitted collusion of employees in the $2 bln fraud while being questioned by the Enforcement Directorate. A special court on Thursday remanded the bank's chief manager Mohinder K Sharma to CBI custody until Mar 13.
- An internal auditor of the bank's Mumbai branch has been arrested by the Central Bureau of Investigation in relation to the $2 bln fraud detected last month, the state-owned lender said in a clarification to a news report. The Central Bureau of Investigation has arrested two employees and one auditor of Nirav Modi group of companies and one director of Gitanjali Group firms on Sunday in connection with the 126-bln-rupee fraud allegedly perpetrated by the companies of Nirav Modi and Mehul Choksi. The National Company Law Tribunal has restrained more than 60 entities, including Nirav Modi, Choksi, various individuals, companies and limited liability partnership firms, from selling their assets.
- The bank's deputy manager Gokulnath Shetty and some of his colleagues refinanced letters of undertaking with fresh guarantees in favour of overseas suppliers of rough diamonds and pearls to jewellers Nirav Modi and Mehul Choksi, despite lack of collateral, according to the Central Bureau of Investigation. An arrested official with the bank has told the Central Bureau of Investigation that he was gifted two gold coins and one pair of gold and diamond earrings in October last year by prime accused Nirav Modi after he continued to issue fraudulent letters of undertaking. A special court has issued non bailable arrest warrants against Mehul Choksi, promoter of Gitanjali group, and his nephew Nirav Modi, owner of Firestar Diamonds.
- Central Bureau of Investigation has recovered from a Mumbai chawl "six sacks" of documents allegedly linked to applications made by firms of jewellers, Nirav Modi and Mehul Choksi, to raise letters of undertaking and foreign letters of credits from the bank.
* RAMCO SYSTEMS: Has deployed its aviation software Ramcos Systems' Aviation Suite for Cobham Aviation Services.
* RAYMOND: Spotting a big demand gap in small towns, the company is looking to spread its presence into such markets and expects up to 10% like-to-like sales growth from this initiative.
* RELIANCE INDUSTRIES: Reliance Brands, a step-down subsidiary of the company, has completed acquisition of 5.3% stake in Genesis Luxury Fashion for 353.9 mln rupees.
* RELIANCE INFRASTRUCTURE: The board will meet on Wednesday to consider fund raising through qualified institutional placements.
* RELIANCE NAVAL AND ENGINEERING: The company's Chief Executive Officer Kartik Subramaniam has resigned with effect from Mar 31.
* SHOPPERS STOP: The company has closed its HomeStop store at Koramangala in Bengaluru due to lower-thanexpected business and low profitability.
* SHRIRAM TRANSPORT FINANCE CO: Has raised 10 bln rupees through the issue of non-convertible debentures maturing in 448 days. Has set an annual coupon rate of 8.10% on its Masala bonds maturing in five years and three months.
* SONATA SOFTWARE: Will focus on global business expansion and to tap opportunities in digital transformation of businesses by leveraging latest Platformation tool, P. Srikar Reddy, MD & CEO said.
* STATE BANK OF INDIA: The government's decision to review overseas operations of public sector banks will ensure the lenders have a relook at the business sense of such operations, the bank Chairman, Rajnish Kumar, said. Has decided against funding interest during construction, a move that could spell further trouble for companies seeking project finance from the nations largest lender as they cannot keep interest payment pending until projects start generating revenue.
* TATA MOTORS: In February, Jaguar Land Rover sold 9,013 units in the US, down 2.4% on year.
* TVS MOTOR CO: Total sales for February rose 37% on year to 290,673 units.
* UNITED BANK OF INDIA: The Central Bureau of Investigation has filed a disproportionate assets case against former chairperson-cum-managing director of the bank, Archana Bhargava.
* WIPRO: Has signed a definitive agreement to acquire 33.33% stake in US-based application security company Denim Group for $8.83 mln. Has modified its enterprise solution platform, LiVE Workspace, to support devices from Apple Inc.
* YES BANK: Has rasied its marginal cost-based loan rates by 5-25 bps, effective from Mar 1.
