Today Stock News – 28.06.2018
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* ALLAHABAD BANK: Will raise up to 19 bln rupees through issuance of equity shares via different means.
* AMBER ENTERPRISES INDIA: Plans to spend 550-570 mln rupees as capital expenditure on
development of tools, maintenance of manufacturing units, research and development, and subsidiaries in the current financial year started Apr 1.
* BANK OF MAHARASHTRA: A Pune sessions court has granted bail to bank's Managing Director and Chief Executive Officer R.P. Marathe.
* BHARTI AIRTEL: Consumers of home broadband services can look forward to a bonanza of sorts in coming months with the company ready to engage in another price war once Reliance Jio Infocomm launches its much awaited fibre-to-the-home services later this year.
* DEWAN HOUSING FINANCE CORP: The board of the company has approved issuing non-convertible redeemable debentures worth up to 100 bln rupees, the company said.
* EICHER MOTORS: VE Commercial Vehicles, an equal joint venture of the company and Volvo Group, on Wednesday launched a truck each in the 41-tn and 49-tn segments. The base price of both the trucks will be 2.9 mln rupees.
* ELECTROSTEEL STEELS: The National Company Law Appellate Tribunal has refused to stay the delisting of the company's shares by its new promoter VEDANTA, pursuant to the approval of the latter's insolvency resolution plan for the debt-ridden steel manufacturer.
* FORTIS HEALTHCARE: The board of the company plans to expand the scope of law firm Luthra & Luthra's investigation to include all its group firms to restore the confidence of stakeholders on corporate governance in the healthcare chain, company's Chairman Ravi Rajagopal said.
-Prospective bidders for the company, which is in the midst of a takeover battle, might consider revaluing their bids, possibly revising them downwards, after controversy around ownership of the Fortis brand emerged.
* GAMMON INDIA: Has said that independent director Urvashi Saxena is not on the wilful defaulter list.
* GITANJALI GEMS: Promoter Mehul Choksi, a key accused in the multi-crore PUNJAB NATIONAL BANK scam case, on Wednesday moved a special court here seeking cancellation o
* IDBI BANK: The board of India's insurance regulator will meet on Friday to discuss a possible easing of rules to facilitate the sale of the bank to Life Insurance Corp of India.
-The finance ministry's planned move to park 30% of the bank with the Life Insurance Corp to keep the struggling lender afloat faces a legal hurdle, with the proposal likely needing an amendment to the law governing investments by insurers.
* IDFC BANK: India Ratings and Research has downgraded the bank's bonds ratings to AA+.
* INDIABULLS REAL ESTATE: Has raised 4.80 bln rupees through issue of debentures on private
placement basis.
* INFOSYS: Will continue to provide digital services to Association of Tennis Professionals under its
renewed partnership for two more years till 2020.
* KARNATAKA BANK: Raised one-two year retail term deposit rates by 10 basis points.
* MAHINDRA & MAHINDRA: Plans to increase its market share in the segment to 50% in a couple of years.
* MERCATOR: Subsidiary Mercator Petroleum has received mining rights from the Gujarat government for extracting crude oil for 20 years.
* MINDA INDUSTRIES: Rising cost of raw materials is likely to weigh on the growth trajectory of the company till March 2020, Kim Eng Securities India said.
* NBCC INDIA: Rejected allegations that it had flouted a high court directive that had asked the company to not cut any trees for its three redevelopment projects in Delhi till Jul 4, when the court would next hear the case related to the matter.
* PUNJAB NATIONAL BANK: Nirav Modi group's exposure was not limited to only the bank's Brady House branch in Mumbai, as the firms had availed loan facility from its Hong Kong and Dubai branches too, according to an internal report of the bank submitted to investigative agencies.
-India has renewed its efforts to get Nirav Modi extradited to the country by writing to Belgium, France and the UK, seeking help to trace the fugitive diamond merchant accused of defrauding the bank of about 130 bln rupees along with Mehul Choksi.
-An internal investigation report in the 140-bln-rupee fraud at the bank indicted the management, circle and zonal officers, treasury and forex departments and the international banking division along with auditors for ignoring widespread violations, unethical practices and dereliction of responsibilities that led the bank to such a "catastrophe".
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has generated revenues of 62.17 bln rupees in the quarter ended March, up 15% on-quarter.
* SEL MANUFACTURING CO: The High Court of Punjab and Haryana has stayed the corporate insolvency resolution process against the company.
* SHOPPERS STOP: India Ratings and Research has upgraded the company's commercial paper and shortterm debt rating to A1+ from A1.
* SREI INFRASTRUCTURE FINANCE: Lenders to Abhijeet MADC Energy have rejected the company's debt resolution proposal for the bankrupt power producer on the grounds that the offer was too low.
* STATE BANK OF INDIA: Is in the process of closing down nine more foreign branches after shutting down six similar branches as part of rationalising overseas operations. Is planning to venture into the digital lending space, targeting the housing, consumer and small and medium enterprise segment in a big way in FY19.
* SNOWMAN LOGISTICS: Aims to swing to a net profit this fiscal year, after two straight years of losses, as the company bets on changes in product mix, a reorganisation of business and overall changes in the macroeconomic environment to turn it around.
* TASTY BITE EATABLES: Jupiter India Fund has bought 30,000 shares or 1.2% stake in the company through two bulk deals on the National Stock Exchange and BSE.
* TATA MOTORS: Subsidiary Jaguar Land Rover plans to build an electric vehicle in China as the iconic British manufacturer steps up its game in a fast-growing market where other luxury marques from Audi to Mercedes-Benz are plowing money to gain leadership.
* TATA STEEL: Thyssenkrupp and the company are nearing a $17.4-bln deal this week to combine their European assets into a global steel giant.
* UCO BANK: The bank and ALLAHABAD BANK, on Wednesday told shareholders at their annual general meetings that they are looking to recover 40 bln rupees and 55 bln rupees, respectively, from troubled assets in the current year. The bank is mainly focussing on recovery to return to profit.
* YES BANK: In a major fillip to the startup ecosystem in the state, the Kerala Startup Mission and the bank will join hands to provide a host of startup-focused corporate and commercial banking services.
