Today Stock News – 06.03.2018
* ASHOK LEYLAND: Life Insurance Corp has reduced its stake in the company by 2.04% after selling 59.7 mln shares in the open market.
* AXIS BANK: The Reserve Bank of India imposed a penalty of 30 mln rupees on the bank on Feb 27, for non-compliance with Income Recognition and Asset classification norms, the central bank said.
* BANK OF BARODA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for March.
* BHARTI AIRTEL: The telecom tribunal has refused to grant an interim stay on the Telecom Regulatory Authority of India's predatory pricing order, dealing a setback to the company and IDEA CELLULAR, which had sought an urgent remedy.
* BSE: Two schemes of IDFC Mutual Fund has bought 1.05 mln shares or 1.95% stake in the
company at 799.99 rupees apiece through bulk deals on the National Stock Exchange.
* FORTIS HEALTHCARE: BNP Paribas Arbitage has bought 3.75 mln shares or 0.7% stake in the company at 155.28 rupees apiece through a bulk deal on the National Stock Exchange. Stock exchanges have removed derivatives contracts of the company, effective Mar 29, as the company's auditor had red flagged its earnings for the September and December quarters.
* GLOBAL OFFSHORE SERVICES: Has defaulted on unsecured demand loan facility of 112.60 mln rupees, along with interest, availed from AXIS BANK.
* HDFC BANK: Interest rates have been cut. The lender has slashed its bulk deposit rates across most maturities by 100 to 175 bps, effective today.
* HINDALCO INDUSTRIES: The company does not export aluminium products to the US but will still face collateral damage due to the country's move to levy import duty on the metal.
* HOUSING DEVELOPMENT FINANCE CORP: Board has approved closure of qualified institutional placement of shares and set the issue price at 1,825 rupees each.
* ICICI LOMBARD GENERAL INSURANCE CO: A private equity consortium led by WestBridge Capital Partners, Prudential in partnership with the private investment arm of WIPRO chairman Azim Premji, and the company have emerged as three strong contenders to acquire Star Health and Allied Insurance.
* INDIAN OVERSEAS BANK: The Reserve Bank of India imposed a penalty of 20 mln rupees on the bank on Feb 27 for breaching know-your-customer norms.
* INFOSYS: Has granted 113,000 restricted stock units to its new chief executive,
* JSW ENERGY: Has acquired 100% stake in JSW Electric Vehicles for 100,000 rupees.
* MAHINDRA & MAHINDRA: Total vehicle production in February was up 14% at 50,718 units as against 44,492 units a year ago.
* OIL AND NATURAL GAS CORP: Referring to Pawan Hans helicopters as "flying coffins", employees of the company have expressed their fears about flying to and from offshore sites on board the state-owned helicopter service.
* PUNJAB ALKALIES & CHEMICALS: IDBI BANK has sold 312,897 shares or 1.2% stake in the
company at 27.90 rupees per share in a bulk deal on the BSE.
* PUNJAB NATIONAL BANK: The company's gold import business has taken a hit after the Nirav Modi swindle. Foreign banks are not willing to sell gold to the scam-tainted public sector bank, sources said. (BS) The Central Bureau of Investigation on Monday questioned a general manager of the bank, who handles the treasury section, in connection with the alleged 126.36-bln-rupee fraud perpetrated by Nirav Modi and Mehul Choksi.
-Violation of norms for issuance of letters of undertaking to benefit Nirav Modi and Mehul Choksi had been going on since 2010, the Central Bureau of Investigation told a court in Mumbai.
* RAMCO INDUSTRIES: The company has entered into an agreement with associate company RAMCO CEMENTS for sale of its clinker grinding unit at Kharagpur in West Bengal for 170 mln rupees.
* RELIANCE COMMUNICATIONS: An arbitration court has "restrained" the company from selling or transferring assets without its permission, and set Jun 9 as the date for the next hearing, dealing a blow to Reliance Jio Infocomm's efforts to pare debt by end of March under a plan driven by its lenders.
* RELIANCE INDUSTRIES: JioTV, mobile application of the company's subsidiary Reliance Jio Infocomm, has bagged the domestic rights to broadcast the tri-nation cricket series Nidahas trophy. Cellular Operators Association of India has hit back at subsidiary Reliance Jio Infocomm, saying that it should withdraw its defamation notice and publicly apologize to the association, COAI Director General Rajan Mathews said.
* RELIANCE INFRASTRUCTURE: Has issued a 54.40-bln-rupee arbitration notice to former
promoters of Pipavav Defence and Engineering, which was renamed as Reliance Naval and Engineering, for breach of warranties.
-The Mumbai Metropolitan Region Development Authority has appointed a company-led consortium as contractors for three sections of metro rail corridor and a Tata Project-led combine for two sections of another corridor, according to a release from the authority on Saturday.
* SKIL INFRASTRUCTURE: Has denied RELIANCE INFRASTRUCTURE subsidiary's claim that it breached purchased agreement terms and has made a counter-claim of 81.3 bln rupees.
* SAKTHI SUGARS: Parent company ABT Investments (India) has defaulted on two interest payments, due in November and February, according to a release by IDBI Trusteeship Services.
* SHRIRAM TRANSPORT FINANCE CO: Has set an annual coupon rate of 7.90% on its Masala bonds, or rupee-denominated bonds issued overseas, maturing in three years.
* STATE BANK OF INDIA: Has clarified that its branch in Hong Kong had no exposure to the companies of jewellers Nirav Modi and Mehul Choksi, who are allegedly involved in a fraud at PUNJAB NATIONAL BANK.
* WANBURY: The US Food and Drug Administration has completed inspection of the company's active pharmaceutical ingredient facility at Tanuka plant in Andhra Pradesh with five observations.
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* AXIS BANK: The Reserve Bank of India imposed a penalty of 30 mln rupees on the bank on Feb 27, for non-compliance with Income Recognition and Asset classification norms, the central bank said.
* BANK OF BARODA: Has kept its marginal cost of funds-based lending rates unchanged across tenures for March.
* BHARTI AIRTEL: The telecom tribunal has refused to grant an interim stay on the Telecom Regulatory Authority of India's predatory pricing order, dealing a setback to the company and IDEA CELLULAR, which had sought an urgent remedy.
* BSE: Two schemes of IDFC Mutual Fund has bought 1.05 mln shares or 1.95% stake in the
company at 799.99 rupees apiece through bulk deals on the National Stock Exchange.
* FORTIS HEALTHCARE: BNP Paribas Arbitage has bought 3.75 mln shares or 0.7% stake in the company at 155.28 rupees apiece through a bulk deal on the National Stock Exchange. Stock exchanges have removed derivatives contracts of the company, effective Mar 29, as the company's auditor had red flagged its earnings for the September and December quarters.
* GLOBAL OFFSHORE SERVICES: Has defaulted on unsecured demand loan facility of 112.60 mln rupees, along with interest, availed from AXIS BANK.
* HDFC BANK: Interest rates have been cut. The lender has slashed its bulk deposit rates across most maturities by 100 to 175 bps, effective today.
* HINDALCO INDUSTRIES: The company does not export aluminium products to the US but will still face collateral damage due to the country's move to levy import duty on the metal.
* HOUSING DEVELOPMENT FINANCE CORP: Board has approved closure of qualified institutional placement of shares and set the issue price at 1,825 rupees each.
* ICICI LOMBARD GENERAL INSURANCE CO: A private equity consortium led by WestBridge Capital Partners, Prudential in partnership with the private investment arm of WIPRO chairman Azim Premji, and the company have emerged as three strong contenders to acquire Star Health and Allied Insurance.
* INDIAN OVERSEAS BANK: The Reserve Bank of India imposed a penalty of 20 mln rupees on the bank on Feb 27 for breaching know-your-customer norms.
* INFOSYS: Has granted 113,000 restricted stock units to its new chief executive,
* JSW ENERGY: Has acquired 100% stake in JSW Electric Vehicles for 100,000 rupees.
* MAHINDRA & MAHINDRA: Total vehicle production in February was up 14% at 50,718 units as against 44,492 units a year ago.
* OIL AND NATURAL GAS CORP: Referring to Pawan Hans helicopters as "flying coffins", employees of the company have expressed their fears about flying to and from offshore sites on board the state-owned helicopter service.
* PUNJAB ALKALIES & CHEMICALS: IDBI BANK has sold 312,897 shares or 1.2% stake in the
company at 27.90 rupees per share in a bulk deal on the BSE.
* PUNJAB NATIONAL BANK: The company's gold import business has taken a hit after the Nirav Modi swindle. Foreign banks are not willing to sell gold to the scam-tainted public sector bank, sources said. (BS) The Central Bureau of Investigation on Monday questioned a general manager of the bank, who handles the treasury section, in connection with the alleged 126.36-bln-rupee fraud perpetrated by Nirav Modi and Mehul Choksi.
-Violation of norms for issuance of letters of undertaking to benefit Nirav Modi and Mehul Choksi had been going on since 2010, the Central Bureau of Investigation told a court in Mumbai.
* RAMCO INDUSTRIES: The company has entered into an agreement with associate company RAMCO CEMENTS for sale of its clinker grinding unit at Kharagpur in West Bengal for 170 mln rupees.
* RELIANCE COMMUNICATIONS: An arbitration court has "restrained" the company from selling or transferring assets without its permission, and set Jun 9 as the date for the next hearing, dealing a blow to Reliance Jio Infocomm's efforts to pare debt by end of March under a plan driven by its lenders.
* RELIANCE INDUSTRIES: JioTV, mobile application of the company's subsidiary Reliance Jio Infocomm, has bagged the domestic rights to broadcast the tri-nation cricket series Nidahas trophy. Cellular Operators Association of India has hit back at subsidiary Reliance Jio Infocomm, saying that it should withdraw its defamation notice and publicly apologize to the association, COAI Director General Rajan Mathews said.
* RELIANCE INFRASTRUCTURE: Has issued a 54.40-bln-rupee arbitration notice to former
promoters of Pipavav Defence and Engineering, which was renamed as Reliance Naval and Engineering, for breach of warranties.
-The Mumbai Metropolitan Region Development Authority has appointed a company-led consortium as contractors for three sections of metro rail corridor and a Tata Project-led combine for two sections of another corridor, according to a release from the authority on Saturday.
* SKIL INFRASTRUCTURE: Has denied RELIANCE INFRASTRUCTURE subsidiary's claim that it breached purchased agreement terms and has made a counter-claim of 81.3 bln rupees.
* SAKTHI SUGARS: Parent company ABT Investments (India) has defaulted on two interest payments, due in November and February, according to a release by IDBI Trusteeship Services.
* SHRIRAM TRANSPORT FINANCE CO: Has set an annual coupon rate of 7.90% on its Masala bonds, or rupee-denominated bonds issued overseas, maturing in three years.
* STATE BANK OF INDIA: Has clarified that its branch in Hong Kong had no exposure to the companies of jewellers Nirav Modi and Mehul Choksi, who are allegedly involved in a fraud at PUNJAB NATIONAL BANK.
* WANBURY: The US Food and Drug Administration has completed inspection of the company's active pharmaceutical ingredient facility at Tanuka plant in Andhra Pradesh with five observations.
