Today Stock News – 07.02.2018
* ALLAHABAD BANK: Has hired three investment banks including IDBI Capital to manage its proposed 10 bln rupees equity capital raising plan from institutional investors.
* ALOK INDUSTRIES: At least four potential suitors, including the distressed funds of KOTAK
MAHINDRA BANK and EDELWEISS FINANCIAL SERVICES, have expressed interest in bidding for the bankrupt company.
* BAJAJ ELECTRICALS: The company's engineering and project business unit has received an order worth $4.13 mln for a power distribution project in Zambia.
* BANK OF BARODA: Has said the central bank of South Africa is investigating allegations regarding the Indian lender's dealing with the Gupta family of South Africa. In an all cash deal, UNION BANK OF INDIA and the bank are set to sell their BHUSHAN STEEL loans to Acre Asset Reconstruction Co at a 50% haircut.
* BANK OF INDIA: Has put over 24 bln rupees of distressed assets on the block, including the accounts of JAI BALAJI INDUSTRIES, Jyoti Power Corp, Privilege Power and Vandana Vidhyut.
* BHARTI INFRATEL: UK's Vodafone is in the final stages of talks to sell its entire 42% stake in Indus Towers for about $5 bln, raising the company's holding in Indus Towers to 84% through a share-swap deal.
* CANARA BANK: The board of the bank has approved raising 48.65 bln rupees through the issue of shares on a preferential basis to the government.
* DENA BANK: Has registered with the Receivable Exchange of India as a Trade Receivable Discounting System platform partner, with effect from Monday.
* DISH TV INDIA: Has nominated Amitabh Kumar and Raj Kumar Gupta as directors on the board of Videocon D2H Ltd for "seamless integration of the businesses".
* ENDURANCE TECHNOLOGIES: has started work on setting up a plant at its seven-acre plot at
Karinayakanahalli village in Karnataka.
* HERO MOTOCORP: The board has decided to pay interim dividend of 55 rupees per share.
* HINDALCO INDUSTRIES: Has cut prices of its primary aluminium products by 1% with effect from Tuesday.
* HOUSING DEVELOPMENT FINANCE CORP: Is exploring the purchase of a 30% stake in CanFin Homes, the listed mortgage unit of state-run CANARA BANK.
* HT MEDIA: The company's board has approved investment of up to Canadian $10 mln (around 512.39 mln rupees) in Canada-based betterU Education Corp.
* ICICI BANK: The committee of executive directors has approved raising funds through the issue of bonds in tranches, on a private placement basis.
* JSW STEEL: Is inching closer to sealing the deal for MONNET ISPAT ENERGY with an announcement on the acquisition likely to be done within a month.
* KEC INTERNATIONAL: Received orders worth 20.35 bln rupees across various segments.
* LUPIN: By Apr-May, the company will resolve the violations highlighted by the US Food and Drug Administration at the company's formulations units in Goa and Pithampur, Chief Financial Officer Ramesh Swaminathan said.
* MARUTI SUZUKI INDIA: Is looking at reintroducing an old favourite, the Gypsy, in a new avatar.
* MAX FINANCIAL: The board of the company will meet on Friday to consider raising funds for investment in arm Max Life Insurance Co.
* MCNALLY BHARAT: Has received orders worth 683 mln rupees from HINDUSTAN ZINC for its plant at Zawar mine in Rajasthan.
* ORIENTAL BANK OF COMMERCE: The board will meet on or after Friday to consider raising up to 35.71 bln rupees through the issue of shares on a preferential basis to the government.
* PRAJ INDUSTRIES: The company has received a letter of acceptance for a 167.5-mln-rupee order from BHARAT PETROLEUM CORP for basic engineering and design package work at the latter's ethanol biorefinery at Bargarh in Odisha.
* RBL BANK: Has partnered with the government's Startup India initiative and Invest India to launch InFinIT20 through which the bank will mentor and invest in startups.
* RELIANCE COMMUNICATIONS: Telecom Regulatory Authority of India has slammed the company for "usurping" unspent pre-paid balances and security deposit of its mobile customers after operations were shut down.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio has once again rolled out cashback offer for its Jio Prime customers, and this time, the company is providing 200% cashback on every recharge of 399 rupees.
* RELIANCE INFRASTRUCTURE: Debenture trustees Axis Trustee Services and IDBI Trusteeship
Services have convened a meeting of bondholders of the company on Feb 28, to give consent for sale of the company's power assets in Mumbai to ADANI TRANSMISSION.
* RURAL ELECTRIFICATION CORP: The company's board has approved the merger of two wholly-owned subsidiaries--REC Transmission Projects Co and REC Power Distribution Co.
* TATA MOTORS: Managing Director Guenter Butschek has said it would be big challenge to meet the government's vision of 100% electrification of public transport and 40% personal vehicles by 2030.
* TATA STEEL: Is eyeing 10 bln rupees turnover from sale of household solutions in the next three years.
* TECH MAHINDRA: Has entered into a pact with VMware Inc to develop, market, and deliver solutions to accelerate network transformation for communication service providers.
* UNION BANK OF INDIA: Is joining the ranks of its counterparts—PUNJAB NATIONAL BANK and BANK OF INDIA--in rationalising its branch and ATM networks.
* VETO SWITCHGEARS AND CABLES: Reliance Wealth Management has sold 100,732 shares or 0.54% stake in the company at 190.21 rupees per share in a bulk deal on the National Stock Exchange.
* WHEELS INDIA: Joint venture WIL Car Wheels has begun construction of a 420-mln-rupee car wheel factory at Gujarat.
* WIPRO: Has announced a management rejig in two of its business verticals, which will result in a
reshuffling of roles.
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* ALOK INDUSTRIES: At least four potential suitors, including the distressed funds of KOTAK
MAHINDRA BANK and EDELWEISS FINANCIAL SERVICES, have expressed interest in bidding for the bankrupt company.
* BAJAJ ELECTRICALS: The company's engineering and project business unit has received an order worth $4.13 mln for a power distribution project in Zambia.
* BANK OF BARODA: Has said the central bank of South Africa is investigating allegations regarding the Indian lender's dealing with the Gupta family of South Africa. In an all cash deal, UNION BANK OF INDIA and the bank are set to sell their BHUSHAN STEEL loans to Acre Asset Reconstruction Co at a 50% haircut.
* BANK OF INDIA: Has put over 24 bln rupees of distressed assets on the block, including the accounts of JAI BALAJI INDUSTRIES, Jyoti Power Corp, Privilege Power and Vandana Vidhyut.
* BHARTI INFRATEL: UK's Vodafone is in the final stages of talks to sell its entire 42% stake in Indus Towers for about $5 bln, raising the company's holding in Indus Towers to 84% through a share-swap deal.
* CANARA BANK: The board of the bank has approved raising 48.65 bln rupees through the issue of shares on a preferential basis to the government.
* DENA BANK: Has registered with the Receivable Exchange of India as a Trade Receivable Discounting System platform partner, with effect from Monday.
* DISH TV INDIA: Has nominated Amitabh Kumar and Raj Kumar Gupta as directors on the board of Videocon D2H Ltd for "seamless integration of the businesses".
* ENDURANCE TECHNOLOGIES: has started work on setting up a plant at its seven-acre plot at
Karinayakanahalli village in Karnataka.
* HERO MOTOCORP: The board has decided to pay interim dividend of 55 rupees per share.
* HINDALCO INDUSTRIES: Has cut prices of its primary aluminium products by 1% with effect from Tuesday.
* HOUSING DEVELOPMENT FINANCE CORP: Is exploring the purchase of a 30% stake in CanFin Homes, the listed mortgage unit of state-run CANARA BANK.
* HT MEDIA: The company's board has approved investment of up to Canadian $10 mln (around 512.39 mln rupees) in Canada-based betterU Education Corp.
* ICICI BANK: The committee of executive directors has approved raising funds through the issue of bonds in tranches, on a private placement basis.
* JSW STEEL: Is inching closer to sealing the deal for MONNET ISPAT ENERGY with an announcement on the acquisition likely to be done within a month.
* KEC INTERNATIONAL: Received orders worth 20.35 bln rupees across various segments.
* LUPIN: By Apr-May, the company will resolve the violations highlighted by the US Food and Drug Administration at the company's formulations units in Goa and Pithampur, Chief Financial Officer Ramesh Swaminathan said.
* MARUTI SUZUKI INDIA: Is looking at reintroducing an old favourite, the Gypsy, in a new avatar.
* MAX FINANCIAL: The board of the company will meet on Friday to consider raising funds for investment in arm Max Life Insurance Co.
* MCNALLY BHARAT: Has received orders worth 683 mln rupees from HINDUSTAN ZINC for its plant at Zawar mine in Rajasthan.
* ORIENTAL BANK OF COMMERCE: The board will meet on or after Friday to consider raising up to 35.71 bln rupees through the issue of shares on a preferential basis to the government.
* PRAJ INDUSTRIES: The company has received a letter of acceptance for a 167.5-mln-rupee order from BHARAT PETROLEUM CORP for basic engineering and design package work at the latter's ethanol biorefinery at Bargarh in Odisha.
* RBL BANK: Has partnered with the government's Startup India initiative and Invest India to launch InFinIT20 through which the bank will mentor and invest in startups.
* RELIANCE COMMUNICATIONS: Telecom Regulatory Authority of India has slammed the company for "usurping" unspent pre-paid balances and security deposit of its mobile customers after operations were shut down.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio has once again rolled out cashback offer for its Jio Prime customers, and this time, the company is providing 200% cashback on every recharge of 399 rupees.
* RELIANCE INFRASTRUCTURE: Debenture trustees Axis Trustee Services and IDBI Trusteeship
Services have convened a meeting of bondholders of the company on Feb 28, to give consent for sale of the company's power assets in Mumbai to ADANI TRANSMISSION.
* RURAL ELECTRIFICATION CORP: The company's board has approved the merger of two wholly-owned subsidiaries--REC Transmission Projects Co and REC Power Distribution Co.
* TATA MOTORS: Managing Director Guenter Butschek has said it would be big challenge to meet the government's vision of 100% electrification of public transport and 40% personal vehicles by 2030.
* TATA STEEL: Is eyeing 10 bln rupees turnover from sale of household solutions in the next three years.
* TECH MAHINDRA: Has entered into a pact with VMware Inc to develop, market, and deliver solutions to accelerate network transformation for communication service providers.
* UNION BANK OF INDIA: Is joining the ranks of its counterparts—PUNJAB NATIONAL BANK and BANK OF INDIA--in rationalising its branch and ATM networks.
* VETO SWITCHGEARS AND CABLES: Reliance Wealth Management has sold 100,732 shares or 0.54% stake in the company at 190.21 rupees per share in a bulk deal on the National Stock Exchange.
* WHEELS INDIA: Joint venture WIL Car Wheels has begun construction of a 420-mln-rupee car wheel factory at Gujarat.
* WIPRO: Has announced a management rejig in two of its business verticals, which will result in a
reshuffling of roles.
