Today's Stock News - 03.09.2019: 09.00 Am
KEEP REFRESH FOR NEXT UPDATE
* ADANI ENTERPRISES: The government has extended by three months the bid validity deadline for three airports for which the company had emerged as the highest bidder.
- Thousands of AAI employees and officers, under a joint forum on Monday, held demonstrations at
the AAI's headquarters in New Delhi and at airports across India to protest handing over of six airports to Adani Group.
* ALKEM LABORATORIES: The US Food and Drug Administration has issued Form 483 with two
observations for the company's manufacturing facility at Daman.
* ALLAHABAD BANK: Feels that its proposed merger with Indian Bank would reap rich benefits if
operational synergies between the two state-run lenders are achieved as soon as possible.
* AUROBINDO PHARMA: The company's Netherlands-based wholly-owned subsidiary, Helix Healthcare SV, has entered into an agreement with China-based Shanghai LongJin Investment Co, and Hong Kong-based Sveva Capitals to form a joint venture company, Longxiang Pharma Taizhou Co, in China.
* AVENUE SUPERMARTS: Raised 1 bln rupees on Friday through the issue of commercial papers maturing on Nov 25.
* BANK OF BARODA: Has reduced interest rates on some retail term deposits by 20-75 basis points effective today.
* BANK OF INDIA: To further the process of transmission of repo rate cuts by the Reserve Bank of India to the economy, the bank has decided to link rates on housing loans, vehicle loans and personal loans to a reporate based interest rate.
* BHARAT PETROLEUM: Plans to set up a polyol project in Kochi at an investment of 113 bln rupees.
- The centre is planning to offload its entire stake, worth a little more than 400 bln rupees, in the
company, most likely to INDIAN OIL CORP, a deal that will go a long way in the Narendra Modi government meeting its highest-ever disinvestment target of 1.05 trln rupees.
* BHARTI AIRTEL: Launched a digital entertainment services platform christened Airtel Xstream, three days before Reliance Jio Infocomm's home broadband is set to go live.
* BIOCON: The US Food and Drug Administration has issued four observations to Biocon Ltd's Biologics Drug Product facilities in Bengaluru.
* BLUE DART EXPRESS: Has announced that its shipment charges will be increased by 9.8% with effect from January.
* CANARA BANK: Has cut rates on some retail deposits by 5-50 basis points on Friday.
* CG POWER: The corporate affairs ministry has summoned outgoing chairman Gautam Thapar, along with other key management personnel and auditor K.K. Mankeshwar & Co to its Mumbai office next week.
- After removing Gautam Thapar as Chairman of the company on Thursday, CG Power and Industrial Solutions today sacked its Chief Financial Officer V.R. Venkatesh over alleged misconduct and breach of trust.
* COAL INDIA: According to provisional figures, the company's production fell 10.3% on year to 34.77 mln tn in August, while off-take was down 10.4% on year at 40.47 mln tn.
* COFFEE DAY ENTERPRISES: Has appointed Ashok Kumar Malhotra, former deputy inspector general of police of Central Bureau of Investigation, to probe its financials.
- IDBI Trusteeship, on behalf of non-convertible debenture holders, invoked 3.5% promoter shares on
Tuesday. Separately, lenders invoked pledge on 2.44% promoter stake in the company between Jul 30 and Aug 20.
* CORPORATION BANK: Has introduced a home loan product linked to the Reserve Bank of
India's repo rate, which will be effective from Sunday.
* DEWAN HOUSING FINANCE CORP: As lenders work out the modalities of the resolution plan submitted by the company, the board approved conversion of the whole or part of the company's debt into equity shares or other securities, which may bring about a change in the ownership of the company.
* DIVI'S LABORATORIES: Irish and Slovenian drug regulators have cleared the company's unit-2 in
Visakhapatnam, Andhra Pradesh, with no critical observations.
* EICHER MOTORS: In August, total sales of commercial vehicles was 3,538 units, down 41.7% on year. In the same month, total motorcycles sales were 52,904 units, down 24% on year.
* EVEREST INDUSTRIES: Everest Steel Building Solutions, a division of Everest Industries, is considering to set up a new facility to tap emerging opportunities in industrial and commercial building construction space.
* GLAXOSMITHKLINE PHARMACEUTICALS: Has sold its land at Thane to OBEROI REALTY for 8.90 bln rupees.
* GRUH FINANCE: Four entities have bought 34.3 mln shares or 4.7% stake in Gruh Finance Ltd at 247.15 rupees per share through bulk and block deals on the National Stock Exchange and BSE.
* HERO MOTOCORP: Total sales in August declined 20.7% on year to 543,406 units.
* HINDALCO INDUSTRIES: Is "unaware" whether it has received clearance from European anti-trust regulators for the proposed buyout of Aleris Corp, Chairman Kumar Mangalam Birla said.
- Plans to spend 20 bln rupees on capital expenditure this financial year, and a similar amount the next year as well.
* HOUSING DEVELOPMENT FINANCE CORP: Sold 9.18% stake or 67.4 mln shares in GRUH FINANCE in the open market at an average price of 247.15 rupees a share, to comply with the conditions set by the Reserve Bank of India for the merger of its arm with BANDHAN BANK.
* IFB Industries: Will acquire stamping business and motor business from IFB Automotive for 450 mln rupees.
* IL&FS: Has received 14 binding bids for 10 road assets, under its domestic roads transportation vertical, which together account for total debt of 177 bln rupees.
- The Mumbai bench of National Company Law Tribunal on Friday approved the sale of Infrastructure Leasing and Financial Services' seven wind energy assets to Japan's Orix Corp for 48 bln rupees, as part of the revival process of the debt-laden infrastructure major.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on 46.3-mln-rupee interest payment on nonconvertible debentures that were due on Friday.
* INDIAN OIL CORP: Has raised the price of non-subsidised liquefied petroleum gas by 15.50 rupees per 14.2-kg cylinder in Delhi, with corresponding changes in other states.
- Reduced the price of aviation turbine fuel by 596.62 rupees per kl, or 0.9%, in Delhi, with
corresponding changes in other states.
* INTERGLOBE AVIATION: Chief Financial Officer Rohit Philip has resigned effective Sep 15. The board has approved the appointment of Aditya Pande as the chief financial officer with effect from Sep 16.
* INDRAPRASTHA GAS: As a result of the persistent weakness in the rupee against the dollar, the company has hiked the retail price of compressed natural gas by 50 paise per kg in Delhi, with corresponding changes in other areas it operates.
* LAKSHMI VILAS BANK: Will cut its marginal cost of funds-based lending rates by 5 basis points on most tenures from Sunday.
* LARSEN & TOUBRO: The company's construction division has got an order from the Navi Mumbai International Airport for the engineering, procurement and construction of the greenfield Navi Mumbai International Airport at Navi Mumbai.
* LARSEN & TOUBRO INFOTECH: Has completed the acquisition of Bengaluru-based Lymbyc Solutions.
* MAHINDRA & MAHINDRA: In a bid to diversify operations, the company is acquiring 55% stake in ride hailing and radio taxi operator Meru Travel Solutions for 1.035 bln rupees.
- Automobile sales of the company fell 25% on year in August to a total of 36,085 vehicles, lowest for
any month in the last three years. The sales also missed analysts' expectation of 40,203 units.
* MARUTI SUZUKI INDIA: On Sunday reported its lowest monthly sales in the last two years, with domestic sales falling 34.3% on year and total sales declining 32.7% in August.
- Will make all the small cars in its portfolio available in compressed natural gas variants to reduce
dependence on imported oil and cut down on vehicular pollution.
Total production of the company in August was at 111,370 units compared to 168,725 units year ago.
* MULTI COMMODITY EXCHANGE OF INDIA: On the back of bullion and energy contracts, the company is set to achieve a monthly turnover of 7.5 trln rupees in August, the highest in over six years, with Friday's trade yet to be accounted.
* NMDC: Expects its 3-mln-tn greenfield steel plant at Nagarnar, Chhattisgarh, to be commissioned by the third quarter of 2020-21 (Apr-Mar), N. Baijendra Kumar, chairman and managing director said.
* OIL & NATURAL GAS CORP: May sign a preliminary pact for a consortium of Indian companies led by ONGC Videsh for acquiring about 49% stake in Russia's Vankor cluster oilfields during Prime Minister Narendra Modi's annual summit with Russian President Vladimir Putin this week.
Will invest close to $400 mln in the next four years to develop the blocks it has won under the Open Acreage License Programme bid rounds.
* PUNJAB NATIONAL BANK: Said the board will consider capital infusion of up to 180 bln rupees in its meeting later this week.
* REC: The company has transferred the entire shareholding of its wholly-owned subsidiary REC
Transmission Projects Co Ltd in Khetri Transco Ltd to Power Grid Corp of India.
* REDINGTON INDIA: Augusta Investments I Pte Ltd has bought 10.6 mln shares or 2.71% stake in
Redington India Ltd at 108.05 rupees apiece through a bulk deal on BSE.
* RELIANCE COMMUNICATIONS: The assets of the company and its two units, including spectrum and towers, are expected to fetch 90-100 bln rupees, sources said, which may leave financial lenders with a steep haircut, given their combined claims of over 490 bln rupees.
* SICAL LOGISTICS: Is in exploratory talks with Dubai Port World and some other strategic investors for the sale of its assets, including Sical Iron Ore Terminals.
* SPICEJET: IndiGo and the company will shift their flight operations to Terminal-3 of the Delhi International Airport from Thursday, airport operator DIAL said.
* STATE BANK OF INDIA: The central government has accepted the bank's Managing Director Anshula Kant's resignation with effect from Saturday in relaxing the notice period.
* STEEL AUTHORITY OF INDIA: Will shut down two of its subsidiaries located in Uttar Pradesh and Jharkhand.
* TATA MOTORS: Has launched a 'Dark Edition' of its flagship sport utility vehicle Tata Harrier starting at 1.67 mln rupees.
- On Sunday reported a 58% on-year decline in its domestic passenger vehicle sales to 7,316 units in
August, the steepest fall in the past 10 years.
* TATA POWER: ICICI Prudential Value Discovery Fund bought 1.64 mln shares of Tata Power on
Thursday.
* TATA STEEL: Tata Steel Europe on Monday said it has signed a deal with Japanese steel giant JFE Shoji Trade Corp for selling its subsidiary Cogent Power Inc.
* TITAGARH WAGONS: Has inched closer to building warships of "certain categories" for the Indian Navy, in West Bengal.
* TITAN CO: Has trimmed its FY20 guidance for revenue growth in its watches division to account for the slowdown in demand, according to a top executive, even as the company expects recovery to begin over the next six months.
* UNITED BREWERIES: Is hopeful of outperforming the industry in 2019-20 (Apr-Mar) as well.
* V-MART RETAIL: Will hire 2,000 people and invest 1.15 bln rupees this fiscal to expand its footprint.
* VEDANTA: ICICI Prudential Mutual Fund bought 2.9 mln shares of Vedanta on Thursday.
* VIDEOCON INDUSTRIES: The National Company Law Appellate Tribunal has rejected the oil ministry's plea seeking $314 mln from the company in unpaid profit from Ravva oil and gasfields.
* YES BANK: The board of directors of YES Bank today approved increasing its authorised share capital to 11 bln rupees from 8 bln rupees, and also amending the existing capital clause in the memorandum of association of the bank.
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