Today Stock News – 27.04.2018
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* ABB INDIA: Is looking to provide power and energy solutions to the ambitious High Speed Rail or "Bullet Train" project between Ahmedabad and Mumbai.
* ABG SHIPYARD: Even after four rounds of bidding for insolvency resolution of the company, lenders to the company have reportedly not picked a suitor to acquire the bankrupt shipbuilder, which may lead to its liquidation in all likelihood.
* ABBOTT INDIA: American healthcare major Abbott will book its last sale on the Xience Alpine premium brand of drugeluting stent on Thursday, following which the product will be discontinued.
* ASHIANA HOUSING: Has raised 1 bln rupees through issuance of non-convertible debentures maturing in five years, at a coupon rate of 10.15%.
* AU SMALL FINANCE BANK: The board has declared dividend of 0.50 rupees per share.
* BAJAJ CORP: Growth in the company's rural sales, which was disrupted by demonetisation and the implementation of the goods and services tax in the last few quarters, is likely to outpace urban growth, thanks to a good monsoon and increased government spending.
* BHARTI AIRTEL: Moody's Investor's Service has affirmed the company's Baa3 issuer rating and senior unsecured debt rating because of continued pressure on the profitability.
* BHARTI INFRATEL: The merger of the company and Indus Towers may be a signal that the top three mobile operators are maximising valuation of their assets before a stake sale, Fitch Ratings said.
* BIOCON: The board has declared final dividend of 1 rupee per share.
* CAPITAL FIRST: Has plans to raise 3.4 bln rupees through the issuance of secured non-convertible debentures maturing in five years.
* COAL INDIA: After postponing the introduction of the new Gross Calorific Value-based billing mechanism for consumers, scheduled for this month, the company is expected have the new system in place by July.
* CYIENT: Cyient Europe, the company's UK-based step-down subsidiary, has signed a definitive agreement to acquire entire stake in Belgium-based AnSem NV for $17 mln on a cash-free and debt-free basis.
* DISH TV INDIA: The company's 37.01-bln-rupee open offer will commence on Jun 5 and close on Jun 15.
* ESSEL PROPACK: The board has declared a dividend of 2.40 rupees per share. The board has approved a one-forone bonus issue of shares of 2 rupees each.
* FORTIS HEALTHCARE: In a likely bid to make its sale process more transparent, the company's board invited the three nominees suggested by two of the company's institutional investors to join today.
* FUTURE RETAIL: Future Group, the country's biggest retailer, is launching an e-commerce application for Easyday members, mimicking Amazon's paid subscription service Amazon Prime.
* GATI: The board has advised the management to look out for a new strategic and financial partner to reposition the company as a global leader in the logistics space.
* HOUSING AND URBAN DEVELOPMENT CORP: The Minister of State for Housing and Urban Affairs Hardeep Singh Puri has urged the company to focus on the needs of aspirational districts and to increase its pace of investment in housing and urban infrastructure segment.
* IDBI BANK: The Central Bureau of Investigation has registered a case against former bank officials and a former Aircel promoter, among others, for alleged fraud of around 6 bln rupees. The bank said that its loan to Axcel Sunshine slipped into the non-performing asset category in December 2015 and was fully provided for, even as it acknowledged that the Central Bureau of Investigation was examining documents and officials who handled the case.
* IDFC: Has clarified to exchanges that it has nothing to disclose on the sale of its asset management and stock broking arms.
* INDIAN BANK: Has invited bids to implement a fraud risk management system across all its banking channels and applications.
* INDIAN ENERGY EXCHANGE: The board has declared final dividend of 22 rupees per share. The board of the company has decided not to buyback shares.
* INFOSYS: Has said its largest campus outside of India is going to be in Indianapolis, US.
* ITC: NITI Aayog and the company will collaborate in agriculture and allied sectors to strengthen farming systems across 25 aspirational districts.
* LOYAL EQUIPMENTS: Has received a letter of intent worth 9.15 mln rupees from Dresser-Rand India for supply of pressure vessels and heat exchangers.
* L&T FINANCE HOLDINGS: L&T Housing Finance, a subsidiary of the company, has increased its prime lending rate by 15 basis points to 17.50%.
* MANGALORE CHEMICALS & FERTILIZERS: Has shut its ammonia, urea and ammonium bicarbonate plants from Wednesday for annual turnaround maintenance.
* MARUTI SUZUKI INDIA: Has reaped significant benefits after the relaunch of its sport utility vehicle S-cross in October 2017.
* MOIL: Has signed a memorandum of understanding with the Ministry of Steel for 2018-19 (Apr-Mar).
* PUNJAB NATIONAL BANK: The Central Bureau of Investigation is expected to file its first charge sheet in the 130-blnrupee Letter-of-Undertaking fraud case in the second week of May.
* RALLIS INDIA: The board has declared a dividend of 2.50 rupees per share.
* RELIANCE CAPITAL: The board has declared dividend of 11 rupees per share. Has approved raising funds through debt or equity route, including through a qualified institutional placement, but no details were provided on the amount to be raised.
* RELIANCE COMMUNICATIONS: The National Company Law tribunal will hear the insolvency case filed by Ericsson India against the company on May 4. A consortium of 30 lenders to the company, led by STATE BANK OF INDIA, has urged the bankruptcy court to dismiss Ericsson's insolvency petition against the telecom, saying its asset sale to Reliance Jio Infocomm worth 180 bln rupees was critical to all parties.
- The Supreme Court has dismissed the appeal of the company, challenging the Gujarat government's demand notices seeking to levy 130 mln rupees property tax on cell towers and telecom equipment installed on rooftops and building terraces in the state.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm plans to hire at least 75,000 employees in 2018-19 (Apr-Mar), mostly for its marketing and sales divisions, Sanjay Jog, chief human resources officer said.
* SHRIRAM CITY UNION FINANCE: The board has declared final dividend of 12 rupees per share.
* SPICEJET: Is expected to add 11 Boeing 737 MAX aircraft to its fleet by December, with the first aircraft scheduled to be delivered in August.
* STATE BANK OF INDIA: Might integrate its broking business with SBI Capital Markets as part of restructuring the latter's business.
* SYNGENE INTERNATIONAL: Expects to maintain its revenue growth momentum in 2018-19 (Apr-Mar), following expansion of business with strategic clients and growth in the chemical development and discovery services vertical.
* TATA CONSULTANCY SERVICES: Has hired over 200 former employees of Transamerica in Plano, Texas, as part of an agreement to transform Transamerica's US insurance and annuity business lines administration.
* TATA STEEL: The Competition Commission of India finds no appreciable adverse effect on competition with respect to the company's proposed acquisition of BHUSHAN STEEL, the anti-trust body said.
* THERMAX: Has received a repeat order worth 2.79 bln rupees from a leading public sector fertiliser company to set up captive co-generation plant at Trombay in Maharashtra.
* VIDEOCON INDUSTRIES: The Ministry of Corporate Affairs has ordered a probe against the company and the companies associated with Deepak Kochhar, husband of ICICI BANK Managing Director and Chief Executive Officer Chanda Kochhar.
* WIPRO: Has restructured its entry-level job offers with higher salary packages to attract people with digital technology skills.
* WOCKHARDT: Is under the scanner for allegedly tweaking the dosage of an essential medicine to sell it at a higher price.
