Today Stock News – 02.08.2018
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* APOLLO TYRES: Is setting up a new manufacturing facility in Andhra Pradesh to enhance capacity and meet the increased demand for passenger and commercial tyres.
-With two large investments on stream and a rise in prices of crude oil derivatives, Apollo Tyres' margins are likely to remain under pressure.
* BASF INDIA: The company's Germany-based parent company BASF SE has completed the acquisition of a range of businesses and assets of Bayer.
* BHARAT HEAVY ELECTRICALS: Has moved the National Company Law Tribunal against the insolvency resolution professional of Monnet Power Co, seeking that the company's entire operational debt of 9 bln rupees be admitted.
* BSE: Subsidiary BSE Investments has acquired 24% stake in CDSL Commodity Repository.
* DARSHAN ORNA: The company's board will meet on Aug 7 to consider issue of bonus share.
* EICHER MOTORS: Total commercial vehicle sales in July were 5,964 units, up 37% from 4,363 units a year ago.
-Royal Enfield motorcycle sales in July were 69,063 units, up 7% on year.
* EIH: Which runs luxury hotel chains under the Oberoi brand, has put on hold its plans for a project in Navi Mumbai, to be spread over 15-acre land owned by Mukesh Ambani-owned Reliance group.
* FORTIS HEALTHCARE: Coming down heavily on Malvinder Mohan Singh and Shivinder Mohan Singh, former promoters of the company, the Delhi High Court on Wednesday directed the brothers to attend the next hearing on Aug 10, in person.
* GPT INFRAPROJECTS: The company won a 3.62-bln-rupee contract from Rail Vikas Nigam.
* GUJARAT ALKALIES & CHEMICALS: The company's new poly-aluminium chloride plant, having capacity of 32,000 tn per annum, at Vadodara in Gujarat, began commercial production on Tuesday.
* HCL TECHNOLOGIES: Plans to hire about 5,000 freshers across India in the current financial year ending March, under its New Vistas programme, Sanjay Gupta, executive vice president and director for New Vistas.
* HERO MOTOCORP: Two-wheeler sales in July rose 9% to 679,862 units from 623,269 units a year ago.
* HIMATSINGKA SEIDE: Will merge the demerged retail division of subsidiary Himatsingka Wovens with itself.
* HINDUSTAN COPPER: The Cabinet Committee on Economic Affairs on Wednesday approved a qualified institutional placement of 138.8 mln fresh equity shares of the company to help the company meet its expansion plan.
* ICICI BANK: Reserve Bank of India on Wednesday approved the appointment of Sandeep Bakhshi as a whole time director and chief executive officer of the bank.
-The bank on Tuesday received a notice from the Securities and Exchange Board of India regarding delay in disclosing that the bank had entered into an agreement with erstwhile Bank of Rajasthan on May 18, 2010.
-Has warned against increased regulatory scrutiny and risk to reputation due to the ongoing investigation against its Chief Executive Officer Chanda Kochhar.
* IDBI BANK: The Cabinet on Wednesday approved Life Insurance Corp of India's proposal to acquire up to 51% stake in the bank, Finance Minister Piyush Goyal said.
* INOX LEISURE: Has commenced commercial operations at two screens with a collective capacity of 428 seats at an existing multiplex theatre in Pune on leave-and-licence basis.
* ITC: Has launched a new variant of Bingo! Mad Angles chips "Very Peri Peri".
* JINDAL STEEL & POWER: The company hopes to garner additional business worth about a tenth of its turnover from the Indian Railways in coming years.
* KKALPANA INDUSTRIES (INDIA): Securities and Exchange Board of India has revoked trading
restrictions imposed against the company after not finding any "prima facie" evidence of misrepresentation of financials by the firm.
* KOTAK MAHINDRA BANK: Board has approved raising up to 5 bln rupees through non-convertible perpetual non-cumulative preference shares at an issue price of 5 rupees each.
* LAKSHMI VILAS BANK: Has signed an agreement with A.TReDS to extend financing to micro, small and medium enterprises clients on Invoicemart platform.
* LARSEN & TOUBRO: Will sell 4.1 mln shares or 4% stake in L&T TECHNOLOGY SERVICES at a near 6% discount to Wednesday's closing price through an offer for sale.
* MULTI COMMODITY EXCHANGE OF INDIA: The Multi Commodity Exchange Clearing Corp has been granted recognition by the Securities and Exchange Board of India to act as a clearing corporation.
* NATIONAL ALUMINIUM CO: Is temporarily buying 120 MW power from other companies to run its smelter plant at Angul in the wake of coal shortage at its captive power plant.
* NTPC: India's power sector, guilty in the past of adding significantly to the pile of bad loans, is seeing a revival in demand with growth in power consumption every month, chairman of the company said.
-In the next couple of years, the company will shut plants with an installed capacity of 2,200 MW, including Delhi's Badarpur Power Plant that has been labelled as "polluting" and is one of the reasons for poor air quality in the National Capital Region during winters.
-Has plans to add new thermal power capacity of 5,000 MW in FY19.
* ORIENTAL BANK OF COMMERCE: Mahesh Dhawan has been appointed as the chief financial officer of the bank effective Wednesday.
* PIONEER DISTILLERIES: Bombay HC on Tuesday stayed the Maharashtra Pollution Control Board's order against company for seven days.
* PIRAMAL ENTERPRISES: Has finalised a plan to demerge its financial services and pharmaceutical businesses, and list them on stock exchanges to unlock value in the two fast-growing sectors.
* PNC INFRATECH: May have to rebuild a section of the Agra-Lucknow Expressway as the Uttar Pradesh government has ordered a probe into the collapse of a segment of the road.
* PRATIBHA INDUSTRIES: A joint venture with Ceylex Engineering has received a contract worth 323.1 mln rupees for construction of Mulankavil water supply scheme, water supply and sanitation improvement project in Sri Lanka.
* PUNJAB NATIONAL BANK: Will meet on Monday to consider preferential allotment of equity shares worth 28.16 bln rupees to the government.
* RELIANCE INDUSTRIES: Has said the proposal to allow 49% foreign investment in online marketplaces that hold inventory and sell directly to consumers contradicts the government's stated intent to strengthen Press Note 3, which bars any foreign direct investment in inventory-based online retail.
-Seven Indian companies have made it to the latest Fortune 500 list of the world's biggest corporations in terms of revenue, with the company jumping 53 places and INDIAN OIL CORP continuing to be the highest ranked Indian firm.
* RPG LIFE SCIENCES: Nucleus Life Trust has bought 161,000 shares or 1% stake in the company at 279.10 rupees through a bulk deal on BSE.
* RURAL ELECTRIFICATION CORP: A consortium of lenders led by the company and the STATE BANK OF INDIA has put Meenakshi Energy's 1,000-MW thermal power plant in Nellore, Andhra Pradesh, under the hammer to recover dues.
* STATE BANK OF INDIA: The Central Bureau of Investigation is readying another charge sheet against Vijay Mallya over alleged irregularities related to a 16-bln-rupee loan his company had taken from the bank.
* TATA CONSULTANCY SERVICES: Has launched Jile, a cloud-based platform, which will enable faster digitisation of business processes.
* TATA MOTORS: The company's overall domestic sales rose 21% on year to 51,896 vehicles in July.
-Has not sought specification changes in the tender for supplying electric cars for use of government officials, and added that the cars supplied by the company have been particularly designed to meet the specifications of the tender.
* TATA POWER CO: The company's generation capacity increased by 5.5% to 13,113 mln units in Apr-Jun compared with 12,429 mln units in the same period a year ago.
* TATA STEEL: The National Company Law Appellate Tribunal on Wednesday allowed the company, Liberty House and JSW STEEL to file revised resolution plans for Bhushan Power and Steel by Monday.
* VEDANTA: The company's efforts to rationalise the cost of producing aluminium and zinc, the biggest contributors to its profitability, are seen augmenting the company's volume-focused growth approach.
* WOCKHARDT: Has spent $30 mln for the construction of research and development, and manufacturing unit in JAFZA, Dubai.
