Today Stock News – 03.10.2018
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* APOLLO HOSPITALS ENTERPRISES: To fight the growing problem of counterfeit drugs, NITI Aayog has teamed with Oracle, the company, and STRIDES PHARMA SCIENCES, to pilot a real drug supply chain using blockchain decentralised ledger and Internet of Things software. Plans to offer new financing options to patients in partnership with financial institutions and start-ups.
* BANK OF BARODA: The heads of the three state-run banks awaiting merger--DENA BANK, the bank and VIJAYA BANK--will meet by Oct 12 to plan out its implementation, said DENA BANK's Managing Director Karnam Sekar said.
* BHARAT ELECTRONICS: Karnataka High Court has rejected commercial tax authorities' sales tax claim worth 8.5 bln rupees against the company.
* BHARAT PETROLEUM CORP: The National Green Tribunal has directed the company to look into the issue of grant of contract for supply of absolute alcohol or ethanol to manufacturing units, which are running without permission of the Petroleum and Explosive Safety Organisation.
* BSE: Will be able to garner good volumes in gold and silver futures trade due to its large network of brokers and superior technology. On the first day of launch, the company's 1-kg gold futures contract chalked up a turnover of 156.9 mln rupees so far in the day, and the 30-kg silver contract saw a turnover of 277.5 mln rupees.
* CADILA HEALTHCARE: Expects to complete the acquisition of 51% stake in Windlas Healthcare by Oct 31.
* COAL INDIA: According to provisional figures, the company's production rose 3.8% on year to 40.24 mln tn in September. Is in talks with an Australian coal mining company to pick up a stake in the range of 20-30%. The company reported a 10.6% growth in production during the Apr-Sep period in 2018-19 (Apr-Mar), an 8.1% jump in total coal supplies, against comparable period last fiscal.
* DR REDDY'S LABORATORIES: The company has announced that its wholly-owned subsidiary Promius Pharma has sold its rights of Cloderm (Clocortolone pivalate) cream, and its authorised generic to EPI Health.
* EICHER MOTORS: Total commercial vehicle sales rose 9.5% on year to 6,663 units in September. Reported a meager 2% year-on-year rise in sales of its flagship Royal Enfield motorcycles in September to 71,662 units, but saw its exports jump 54%.
- The company has said Royal Enfield's manufacturing facility at Oragadam, Chennai, resumed operations from Sep 29 and it expects to reach regular level of production in a phased manner.
* FORTIS HEALTHCARE: The Delhi High Court on Monday asked former promoter Malvinder Mohan Singh to deposit 170 mln rupees with the court's registry by Oct 10. The board has appointed Girish Gupta as interim chief financial officer with immediate effect.
* FUTURE LIFESTYLE FASHIONS: Is in advanced stages of negotiations with Pepe Jeans to acquire its local arm and merge with its own Lee Cooper portfolio.
* GATI: In the final round of talks with TVS Logistics to sell a controlling stake in its joint venture subsidiary, Gati-Kintetsu Express, for 15-20 bln rupees.
* GLENMARK PHARMACEUTICALS: Has approved buyback of 43.25% of its outstanding foreign currency convertible bonds issued in 2016 for a total of $90.83 mln. Has completed the transfer of its orthopaedic and pain management business, valued at 6.35 bln rupees, to a new entity incorporated by leading private equity firm True North.
* HCL TECHNOLOGIES: Has completed the acquisition of engineering services provider H&D International.
* HERO MOTOCORP: Two-wheeler sales in September were 769,138 units, the highest ever in a month.
* HOTEL LEELAVENTURE: Has defaulted on payment of principal worth 225 mln rupees on its nonconvertible debentures to Life Insurance Corp of India, that was due on Sunday.
* HOUSING DEVELOPMENT FINANCE CORP: Has increased its retail prime lending rate by 10 basis points effective from Monday.
* IDFC BANK: The bank-backed ASA International India Microfinance has raised 350 mln rupees in the form of equity from its principal promoter, ASA International.
* INDIAN OIL CORP: The Delhi High Court rejected the company's plea against an arbitral tribunal award of 1.15 bln rupees to LARSEN & TOUBRO.
* INDRAPRASTHA GAS: Is looking at setting up compressed natural gas dispensing stations within residential housing complexes to ease queues at compressed natural gas pumps, Managing Director E.S. Ranganathan said.
* INFIBEAM AVENUES: The Ezrah Charitable Trust has bought 4.1 mln shares or 0.62% stake in the company at 61.34 rupees per share, through a bulk deal on the National Stock Exchange.
* INFOSYS: Entered into a three-year pact with Cornell University for joint certification of 3,000 employees of the company in technologies such as blockchain, machine learning and human computer interaction.
* IRB INFRASTRUCTURE DEVELOPERS: CRISIL has assigned rating of A+ and A1 to its short- and longterm bank loans totalling 42 bln rupees.
* JUBILANT LIFE SCIENCES: Has said it plans to invest about 5.5 bln rupees in capital expenditure in the current financial year to meet the increased demand in its businesses.
* LAKSHMI VILAS BANK: Nomura Singapore has sold 1.49 mln shares of the bank at 74.91 rupees a share, through a bulk deal on the National Stock Exchange. The shares sold represent 0.6% stake.
* LUPIN: Sought shareholders' approval through a postal ballot to appoint Kamal K. Sharma as an advisor for a period of one year, effective Monday.
* MARUTI SUZUKI INDIA: Chairman R.C Bhargava said it is up to the board to decide on his directorship a day after he and 14 others were removed as directors of Infrastructure Leasing & Financial Services by the government.
* MINDA CORP: Approved merger of five wholly-owned subsidiaries with itself, in order to simplify its corporate structure.
* MOIL: Prices of some ferro grade manganese ore have been increased by 10% from September, effective Monday.
* NATIONAL ALUMINIUM CO: Has drawn up a new business plan aiming to raise its profit during 2018-19.
* OIL & NATURAL GAS CORP: The government is considering a request by the company to allow pricing and marketing freedom for gas produced from some of its fields due to higher cost of extraction at these fields, Petroleum Minister Dharmendra Pradhan said. Arm ONGC Petro additions is exploring the market to issue bonds maturing in either three or five years.
- Is not in a hurry to sell its stake in INDIAN OIL CORP and GAIL (INDIA) and will wait for the right price before offloading the shares. Betting high on the second and third round of auctions under the Open Acreage Licensing Policy for petroleum blocks.
* OM METALS INFRAPROJECTS: Will sell Hotel Om Tower to Jupiter Metal. The hotel is valued at 363 mln rupees.
* PUNJAB NATIONAL BANK: Is expected to turn profitable this fiscal and is poised for growth, Managing Director Sunil Mehta said, asserting that the Nirav Modi scam is a bygone.
* RAYMOND: Has put on the block a nearly 20-acre land parcel, which is part of its total 125 acres at Thane's Cadbury Junction.
* RELIANCE COMMUNICATIONS: Has blamed the Department of Telecommunications for creating hurdles in its bid to sell spectrum to Reliance Jio Infocomm which, in turn, has prevented the operator from paying off its 5.5-bln-rupee settlement to Ericsson.
- Has sought another 60 days for repayment of 5.50 bln rupees to unsecured creditor Ericsson, as its spectrum sale could not be completed due to factors beyond its control.
* RELIANCE INDUSTRIES: Has begun talks to acquire HATHWAY CABLE & DATACOM to speed up the launch of JioGigaFiber.
* REPCO HOME FINANCE: Has reviewed its liquidity position for the next 12 months and has no gap in its asset and liability book.
* SUN PHARMACEUTICAL INDUSTRIES: Expects its India business to stabilise in the current fiscal leading to "reasonable volume growth" after witnessing disruptions in 2017-18 due to GST implementation.
* TATA CONSULTANCY SERVICES: Has offered about 1,000 freshers with new-age digital skills almost double the salary it normally pays those coming out of campuses.
* TATA STEEL: Has decided to rechristen its recently acquired asset, BHUSHAN STEEL as Tata Steel BSL.
* TVS MOTOR CO: Total sales in September rose 18% on year to 423,978 units.
* VA TECH WABAG: Eyeing an order book target of 53 bln rupees for the current fiscal year, riding on the increasing number of orders pouring in from both municipal and industrial sectors.
* VEDANTA: Is likely to spend 30-40 bln rupees in the exploration phase in the 41 blocks it won in the first auction under the open acreage licensing policy. If oil and gas is discovered in most of these blocks, the company's total investment could be as much as $4 bln, Executive Chairman Anil Agarwal said.
- Has asked the government to extend the production-sharing contract of its prolific oil block in Rajasthan's Barmer for now as per the new extension policy--under which the company will have to pay a higher share of production to the government--till the time the matter is decided by the court.
- Agarwal says Essar Steel is a great asset although he finds the 420-bln-rupee bid by steel magnate Lakshmi Mittal quite high.
* VODAFONE IDEA: Independent Director Uday Khanna resigned from his post, effective Friday.
* WIPRO: Completed divestment of data centre operations in India to Ensono.
* YASH CHEMEX: Has paid all dues related to cash credit and letter of credit limit of 40 mln rupees availed from YES BANK.
