Today's Stock News – 09.04.2019
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* ADLABS ENTERTAINMENT: India Advantage Fund S3 I has sold 1.16% stake or 1.02 mln shares in the company at 10.37 rupees each, through a bulk deal on the National Stock Exchange.
* ASHOK LEYLAND: Is looking to set up more assembly plants overseas, including the Commonwealth of Independent States region and African countries, as part of plans to scale up its global operations.
* BANK OF BARODA: Government's shareholding in the bank has increased to 65.37% from 63.26% due to the merger of VIJAYA BANK and DENA BANK with the bank.
-Has kept its marginal cost of funds-based lending rates unchanged in the range of 8.25-8.65%, across tenures.
* BANK OF MAHARASHTRA: Has cut its marginal cost of funds-based lending rates on one-month, threemonth, six-month and one-year tenures by 5 basis points each, effective from Sunday.
* CADILA HEALTHCARE: Zydus Cadila has received the US Food and Drug Administration's tentative approval to market Tofacitinib tablets of 5-mg strength.
* COLGATE-PALMOLIVE (INDIA): Clarified that a recent notice from the Maharashtra Food and Drug Administration regarding Colgate Sensitive toothpaste is not linked to the quality of the product but is rather about the authority's view that some benefits of the product bring it under drug licence norms.
* ENDURANCE TECHNOLOGIES: Workers' union of the Manesar manufacturing plant have withdrawn all cases filed against the company in the High Court of Punjab and Haryana.
* ERIS LIFESCIENCES: Has entered into an agreement with Rajesh Dhuria to buy out his entire stake in KINEDEX, making the company a wholly-owned subsidiary.
* FUTURE CONSUMER: To raise 3.50 bln rupees from existing investors International Finance Corp, Verlinvest and its promoter group to fund expansion plans. To buy Athena Life Sciences's personal care operations.
* GATI: Rare Enterprises invoked pledge on 2.17 mln shares, or 1.99% stake, by promoter Dhruv Agarwal Benefit Trust on Tuesday.
* GE POWER INDIA: The board has appointed Prashant Jain as additional director and managing director of the company, effective Apr 17, for three years.
* GRASIM INDUSTRIES: The company raised 5 bln rupees through non-convertible debentures maturing on Apr 15, 2024, at a coupon of 7.85%.
* GVK POWER & INFRASTRUCTURE: Is in advanced negotiations with a combination of National
Investment and Infrastructure Fund and Abu Dhabi Investment Authority for a 65-bln-rupee funding in its flagship airport in Mumbai to counter advances by Gautam Adani to buy into it.
* HDFC BANK: Total advances rose 24.5% on year to 8.195 trln rupees as of Mar 31. As of Dec 31, the lender's advances were at 7.81 trln rupees.
* HERO MOTOCORP: Stretched its lead to around 2 mln units over rival and erstwhile partner Honda in twowheeler sales in 2018-19 amid a slowdown in the domestic market.
* IDBI BANK: IDBI Bank officers' union to go on a five-day strike from today.
* INFOSYS: Opened a new office space in Baden, Switzerland, to strengthen its capabilities and presence in the turbomachinery and propulsion business.
* IL&FS TRANSPORTATION NETWORKS: Defaulted on a 4.26-bln-rupee payment on non-convertible debentures, including interest, due to insufficient funds.
* JET AIRWAYS (INDIA): INDIAN OIL CORP has resumed fuel supply to the company's aircraft at all airports across the country.
-The airline has delayed repayments worth more than $18 mln to global lenders including Citibank that financed its purchase of Boeing 777 planes.
-The STATE BANK OF INDIA-led consortium has invited expressions of interest from the likely
bidders for control and management of the company.
-The emergency funding of 15 bln rupees that the company was supposed to get is now down to 2 bln
rupees in the best case scenario as lenders led by STATE BANK OF INDIA await Reserve Bank of India's fresh norms for debt restructuring after Supreme Court last week struck down the central bank's controversial Feb 12 circular.
* JSW STEEL: The finance committee will meet on Wednesday to consider the pricing, tenure and other terms of the proposed dollar notes issue.
* KOTAK MAHINDRA BANK: Gaurs Group has raised 5 bln rupees from the bank, through its subsidiary Kotak Mahindra Prime, to pace up construction work at Gaur City II, part of integrated township Gaur City and commercial project Gaur City Centre, in Greater Noida West.
* LAKSHMI VILAS BANK: After months of speculation, the bank and INDIABULLS HOUSING FINANCE have announced that their boards have approved a scheme of amalgamation for the merger of the bank and the mortgage lender.
-The presence of Reserve Bank of India's nominees on the board of the bank does not imply the central bank's implicit approval of the bank's proposed merger with INDIABULLS HOUSING FINANCE, the RBI said.
* LARSEN & TOUBRO: The Competition Commission of India has approved the company's bid to buy up to 66.15% stake in MINDTREE, the anti-trust body said.
* LUPIN: Is recalling over 12,000 cartons of Fayosim tablets, used to prevent pregnancy, from the American market, as per a report of the US health regulator.
* MAHINDRA & MAHINDRA: Retained its third spot behind industry leader MARUTI SUZUKI INDIA and Hyundai Motor in passenger vehicle sales last year, staving off stiff competition from TATA MOTORS.
* MUTHOOT FINANCE: Will pay interim dividend of 12 rupees a share for 2018-19 (Apr-Mar).
* NBCC (INDIA): The committee of the cabinet has appointed Shiv Das Meena as chairman and managing director of the company.
* NIIT TECHNOLOGIES: Baring Private Equity Asia has acquired entire 30% stake of NIIT and other promoters in the company for 26.27 bln rupees in a cash deal. Baring Private Equity Asia has made an open offer for 26% stake in the company at 1,394 rupees per share. Will acquire 52.67% stake in Whishworks IT Consulting at first close and the balance 47.33% stake in next two years, for 2.87 bln rupees.
* RBL BANK: The board will meet on Apr 18 to consider raising funds by issue of equity shares/depository receipts and other securities through qualified institutional placement/global depository receipts/American depositary receipts/foreign currency convertible bonds.
* RELIANCE COMMUNICATIONS: Punit Garg has resigned as executive director of the company, but will continue on the board as a non-executive director. Has missed its second straight spectrum payment, this time of about 2.81 bln rupees, which fell due on Friday. However, the company is banking on a case in the company law appellate tribunal to stop the department of telecommunications from cancelling its licences and withdrawing the airwaves.
* RELIANCE INDUSTRIES: Reliance Group is working on a blueprint to set up a megacity near Mumbai, which is expected to attract investments of up to $75 bln in the next decade.
Dutch investigators last week arrested three former employees of a local firm suspected of laundering $1.2 bln through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by Mukesh Ambani, a charge vehemently denied by the company.
* RELIANCE INFRASTRUCTURE: Punit Garg has been appointed as chief executive officer and executive director of the company from Saturday, following the superannuation of Lalit Jalan from the post.
* SHRIRAM CITY UNION FINANCE: The public issue of the company's non-convertible debentures was subscribed 0.13 times on the first day.
* SOLARA ACTIVE PHARMA SCIENCES: Norway's Norges Bank, on account of the Government Pension Fund Global, sold 1.27% stake or 329,180 shares in the company at 425.04 rupees per share, through a bulk deal on the National Stock Exchange.
* SPICEJET: Will launch daily direct flight from Mumbai to Bangkok on May 17, and six domestic flights from Mumbai to Kolkata, Chennai and Varanasi, on Apr 18.
* STATE BANK OF INDIA: Has assigned all loans extended to JAI BALAJI INDUSTRIES to Omkara
Assets Reconstruction on Mar 28.
* TATA STEEL BSL: Formerly known as Bhushan Steel, the company reported a 23% year-on-year jump and a 25% sequential rise in steel sales for Jan-Mar at 1.15 mln tn, provisionally.
* TATA STEEL: India's sales rose sharply to 4.73 mln tn in Jan-Mar, provisionally, from 3.89 mln tn a quarter ago and 3.03 mln tn in the year-ago period. For 2018-19 (Apr-Mar), sales rose to 16.27 mln tn from 12.15 mln tn.
* TORRENT PHARMACEUTICALS: Following an audit in March, the US Food and Drug Administration has made some observations on the company's unit at Dahej, Gujarat, which are procedural in nature.
* VEDANTA: In an update to its previous communication regarding protests near its Lanjigarh plant in mid- March, the company on Saturday said that two persons injured in the incident had since succumbed to their injuries.
-Vedanta Resources is set to raise up to $1 bln from overseas investors in one of the biggest offshore
bond deals this year.
* VODAFONE IDEA: Priced its recent rights issue at a discount to the share prices to make it attractive for the shareholders, Chief Executive Officer Balesh Sharma said. Foreign investors are likely to invest around 180 bln rupees in the rights issue of the company, which includes a major chunk from promoter Vodafone Group.
* WOCKHARDT: Plans to de-merge its India formulations business and sell a significant minority stake as a last attempt to repay its mounting debt.
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