Today Stock News – 02.05.2018
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* ADANI ENTERPRISES: The Central Bureau of Investigation has informed the Delhi High Court that its preliminary enquiry against the company, Maharashtra Eastern Grid Power Transmission Co and others including public sector banks over allegations of over-invoicing of import of raw material and equipment relating to power projects in India was closed in July 2015 because its probe could not make much headway.
* ADHUNIK METALIKS: The resolution professional of the company sought "exclusion" of 20 days from the mandatory 270-day timeframe required to complete the insolvency resolution process.
* ALOK INDUSTRIES: A clutch of operational creditors of the company has moved the National Company Law Tribunal, asking it to direct lenders to stall the liquidation process and accept a resolution plan submitted earlier.
* ATUL AUTO: The company has reported a 9.4% on-year growth in its monthly sales figures for April at 2,738 units.
* BHARAT HEAVY ELECTRICALS: Has won a 5.36-bln-rupee order from SJVN Arun-3 Power Development Co in Nepal.
* BHARTI AIRTEL: Has geared up for massive expansion of its 'future-ready' network in Madhya Pradesh and Chhattisgarh considering that the rural teledensity in these two states is below the national average.
* BHARAT PETROLEUM CORP: Will shut its 120,000 barrels per day joint venture Bina refinery from mid-September for 45 days to expand its capacity by 30%.
* CEAT: Has declared a dividend of 11.50 rupees per share.
* COAL INDIA: Has sought suggestions from stakeholders on issues related to the proposed new pricing policy for coal which will be linked strictly to quality.
* CONTAINER CORP OF INDIA: The board has approved splitting each share of face value 10 rupees into two shares of 5 rupees each. The company will pay final dividend of 7.50 rupees a share.
* DABUR INDIA: The company's board has recommended a dividend of 6.25 rupees per share.
* DREDGING CORP OF INDIA: The company said it "has not violated any provisions of the contract" after the board of trustees of the Mumbai Port Trust scrapped a three-year deal for maintaining the port's approach channel and other areas.
* EICHER MOTORS: Posted a 27% year-on-year rise in sales of its flagship Royal Enfield motorcycles in April at 76,187 units, but a 1% decline in exports. The company's total commercial vehicle sales in April rose 28.2% on year to 3,959 units compared with 3,089 units a year ago.
* ELECTROSTEEL STEELS: The National Company Law Appellate Tribunal has asked all parties to maintain a status quo in the company's insolvency process and directed the corporate debtor's management "to not spend money for now", except for expenses such as day-to-day management.
* FORTIS HEALTHCARE: The race to acquire the company became more intense as two suitors of the country's secondlargest hospital chain sweetened their offers.
* GRASIM INDUSTRIES: Has partially commissioned the expanded caustic soda lye plant in Vilayat, Gujarat.
* GAIL (INDIA): Signed a 20-bln-rupee term loan agreement with State Bank of India Ltd for a tenure of 15 years.
* HCL TECHNOLOGIES: Keki Mistry resigned as the company's non-executive, independent director, due to his inability to devote time to the company in view of his increased commitment to HDFC and its group companies, as well as travel constraints.
* HINDALCO INDUSTRIES: Has increased prices of aluminium ingots, wire rods, and billets by nearly 2% with effect with Saturday.
* HOUSING DEVELOPMENT FINANCE CORP: Has declared a final dividend of 16.50 rupees per share.
* IDBI BANK: The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India, formerly known as Essar Projects (India), on a petition filed by the bank to recover outstanding loans of 9.69 bln rupees.
* INDIAN OIL CORP: Has increased the price of aviation turbine fuel by 3,890 rupees per kl, or 6.3%, in Delhi with corresponding changes in other states. For evacuating products from its Paradip refinery, the company plans to lay a 330-km pipeline from Paradip to Haldia via Somnathpur (in Balasore).
* INFOSYS: The company's chief executive officer Salil Parekh is moving a human resources veteran to the US at a time when the company is on a major localisation drive.
* JAYPEE INFRATECH: Has inched closer towards a resolution plan with the Sudhir Valia group signing the outline of the resolution plan with the company's lenders, where it has suggested that the liability for delayed delivery of apartments and villas in the mega real estate project should be borne by JAIPRAKASH ASSOCIATES.
* JYOTI LTD: Company's debt to DENA BANK has been acquired by Rare Asset Reconstruction.
* KPR MILL: Has recommended final dividend of 0.75 rupee per share.
* LAKSHMI VILAS BANK: Will cut its marginal cost of funds-based lending rates on all tenures, except for the one-year tenure, by 10-20 basis points on Saturday.
* LARSEN & TOUBRO: Has signed a definitive agreement with a consortium led by France-based Schneider Electric to sell its electrical and automation business for 140 bln rupees in an all-cash deal.
* MAHINDRA & MAHINDRA: The company's tractor segment posted better-than-expected sales in April with a growth of 18% on year to 30,925 units. Domestic sales rose 19% on year to 29,884 units, while exports were up by 10% on year to 1,041 units. The company's automotive division has posted robust sales figures for April with a 22% on-year rise in passenger and commercial vehicle sales at 48,097 units. Mahindra Ag Tech Centre in US at the Virginia Tech Corporate Research Center. Has signed a share subscription agreement to acquire up to 10% share capital of Canada's IT firm Resson Aerospace Corp for up to Canadian $6.63 mln to be paid in cash.
* MAHINDRA AND MAHINDRA FINANCIAL SERVICES: Is looking to raise 100-150 bln rupees this fiscal year through various routes including a bond sale.
* MAHINDRA LIFESPACE DEVELOPERS: Company's joint venture with Rajasthan State Industrial Development and Investment Corp, Mahindra World City Jaipur, has received multi-product notification for its special economic zones in Jaipur.
* MAITHAN ALLOYS: The board has approved setting up a new greenfield ferro alloy manufacturing unit for 2.8 bln rupees in West Bengal with an estimated installed capacity of 120,000 tn a year.
* MARUTI SUZUKI INDIA: Reported better-than-expected sales figures for April, with total sales rising 14.4% on year to 172,986 units.
* NEW DELHI TELEVISION: The board has approved transfer of 7.38% of its stake in subsidiary Red Pixels Ventures to A.R. Chadha & Co, the landlord of its New Delhi office premises.
* NTPC: Has rolled out a basket of initiatives for its employees as it seeks to reposition its human resources function to align with the fast-changing business environment.
* OIL AND NATURAL GAS CORP: The subsidiary ONGC Videsh and Geo Park are forming a Colombia-headquartered joint business development group to create a long-term partnership in Latin America to achieve their expansion objectives.
* POWER FINANCE CORP: Led by the company, lenders to KSK Mahanadi Power a thermal power project of KSK ENERGY VENTURES in Chhattisgarh with debt of 185.51 bln rupees are seeking a buyer for the project, a document inviting bids showed.
* PUNJAB NATIONAL BANK: Which has been facing a lot of turbulence since January this year, will bounce back in six months. Is targeting a decent 10.8% rise in business for the current fiscal to 12 trln rupees. Pointing out late appointment of auditors as one of the key reasons that led to the 135-bln-rupee fraud going undetected at the bank for a long time, a report by the apex body of chartered accountants body has cautioned the banks against appointing auditors towards the fag end of the financial year.
* TATA MOTORS: Posted strong sales figures for April with a growth of 86% on year at 53,511 units in domestic passenger and commercial vehicle space. Production at the company's Pantnagar manufacturing facility was partially hit on Tuesday after a section of workers resorted to agitation following the death of one of their colleagues in a cardiac arrest on Saturday.
* TVS MOTOR CO: Reported a better-than-expected 24% on-year growth in its total sales for April at 304,795 units.
* VEDANTA: Has increased the prices of aluminium ingots by a marginal 0.1% with effect from Saturday.
* VRL LOGISTICS: ICRA has upgraded long-term rating of the Company to "A" from "A-".
* ZEE ENTERTAINMENT ENTERPRISES: Bharat Kedia, the chief financial officer of the company, resigned on Saturday.
