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Today Stock News – 23.03.2018

Today Stock News – 23.03.2018

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* 3I INFOTECH: Has allotted 663,260 shares against the conversion of foreign currency convertible bonds of principal amount $260,000.

* 20 Microns: Subsidiary 20 Microns Nano Minerals filed draft red herring prospectus for its proposed initial public offering, to be listed on the National Stock Exchange's small and medium enterprises platform EMERGE.

* ALANKIT: Has sold 49% stake or 490,000 shares of subsidiary Alankit Technologies to GTID Solutions Development for 10.78 mln rupees.

* ANJANI PORTLAND CEMENT: Board has approved an investment of 4 bln rupees for additional clinker producing unit at its current plant at Chintalapalem of Suryapet district in Telangana.

* BALRAMPUR CHINI MILLS: Has invested about 375 mln rupees in Auxilo Finserve in lieu of a 50% stake.

* BHARAT PETROLEUM CORP: Has emerged as the main contender to revive the stalled Nagarjuna Oil Corporation's refinery project in Tamil Nadu.

* BLUE STAR: Would wait till Mar 31 for a response from the Jammu and Kashmir government for extending fiscal incentives for its proposed greenfield unit in the state.

* CAPITAL FIRST: Has raised 1.5 bln rupees through the issuance of non-convertible debentures maturing in 1,166 days, at a coupon rate of 9.10%.

* DALMIA BHARAT: The National Company Law Tribunal has deferred the hearing on Tuesday of the case involving legal tussle between the company and ULTRATECH CEMENT for acquisition of Binani Cement, a subsidiary of BINANI INDUSTRIES.

* DEWAN HOUSING FINANCE: Has raised 3 bln rupees by issuing bonds on a private placement basis.

* DS KULKARNI DEVELOPERS: The Ministry of Corporate Affairs has initiated strong action against the company and individuals for illegal fund diversions in the garb of "related party transactions".

* EMAMI PAPER MILLS: Gujarat Industrial Development Corp has allotted around 400,387 sq mtr of land to the company at Sayakha Industrial Estate in Bharuch for manufacturing paper boards as part of a greenfield expansion project.

* FORTIS HEALTHCARE: Pradeep Ratilal Raniga has resigned as non-executive independent director of the company due to personal reasons.

* FUTURE MARKET NETWORKS: Sold commercial space measuring 39,143 sq ft in 10 Acres City Mall located at Maninagar in Ahmedabad for 165.4 mln rupees.

* HERO MOTOCORP: The company's subsidiary Hero MotoCorp Netherlands B.V. has bought 17% additional stake in joint venture Hero MotoCorp Colombia S.a.S for $10.5 mln, by acquiring 30 mln compulsorily convertible preference shares.

* HOUSING AND URBAN DEVELOPMENT CORP: Plans to raise at least 7 bln rupees and has sought bids from merchant bankers between 1030 IST and 1100 IST on Friday.

* IDEA CELLULAR: Vodafone India Chief Operating Officer Balesh Sharma will be the chief executive officer of the merged entity of the company and Vodafone.

* INDIABULLS HOUSING FINANCE: Will complete securitisation of loans worth over 100 bln rupees in 2017-18 (AprMar), and around 150 bln rupees in the next financial year, Deputy Managing Director Ashwini Kumar Hooda said.

* INDIAN OIL CORP: Is planning to invest as much as $3.5 bln in the year beginning Apr 1, or
about a fifth more than the previous year, to expand and upgrade its refineries and boost its marketing network.

* INDRAPRASTHA GAS: City gas distributor Indraprastha Gas has announced a cut in the price of compressed natural gas by 3.15 rupees per ltr in Noida, Greater Noida, and Ghaziabad--the three areas in Uttar Pradesh where it sells the fuel--as a result of a reduction in value added tax on natural gas by the state government.

* INFOSYS: Has made a follow-on investment of $1.5 mln in US-based Waterline Data Science Inc.

* INTERGLOBE AVIATION: Four of the 14 grounded Airbus A320neo aircraft are back in operations and currently, a total of 10 A320neo aircraft--eight of IndiGo and two of GoAir--remain grounded, Junior Aviation Minister Jayant Sinha said in a written reply in the Lok Sabha. IndiGo has received two new engines from Pratt and Whitney for its grounded fleet of A320 neo.

* JAYPEE INFRATECH: Ahead of the finalisation of the bids, the Adani Group has made a detailed presentation to the homebuyers of the company, detailing their plans to complete the 25,000 incomplete and delayed homes.

* JSW ENERGY: Has entered into a power purchase agreement for 200 MW with Punjab State Power Corp.

* JUBILANT FOODWORKS: William Blair & Co LLC has bought 377,932 shares or 0.57% stake in the company at 2,260.50 rupees apiece in a bulk deal on the National Stock Exchange.

* L&T TECHNOLOGY SERVICES: Received an order from Germany-based Covestro for implementing digital engineering solutions globally.

* MAHINDRA & MAHINDRA: The company and Ford Motor Co will jointly develop a mid-sized sport utility vehicle, a compact sport utility vehicle, and an electric vehicle, according to a joint press release issued by both the companies.

* MINDTREE: Expects to benefit from the additional tax imposed on technology companies by the European Union, as it works on a branch-based business model, not a subsidiary one, Chief Executive Officer Jagannathan Chakravarthi Narasimhan said.

* MULTI COMMODITY EXCHANGE OF INDIA: Has launched futures trading in brass for the first time globally, which will facilitate brass stakeholders to hedge their price risk.

* NBCC INDIA: Expects to tender projects worth 100 bln rupees out of its annual target of 150 bln rupees in the first six months of 2018-19 (Apr-Mar), the state-owned company told analysts at a meeting on Wednesday.

* NEW DELHI TELEVISION: May have to cough up 1.3 bln rupees in tax dues, as the income tax department has rejected the company's plea for a stay on the tax demand.

* PUNJAB NATIONAL BANK: Had issued as many as 41,178 letters of undertaking since 2011, of which 1,590 were given to Nirav Modi, Mehul Choksi and their associates.

* RELIANCE INDUSTRIES: Arm Reliance Retail plans to raise 40 bln rupees through rights issue to help fund expansion as it is facing threat from global rivals Amazon and Walmart.

* RURAL ELECTRIFICATION CORP: Plans of raising 600 bln rupees through various debt  instruments and loans in 2018- 19 (Apr-Mar).

* SHAILY ENGINEERING PLASTICS: HDFC Mutual Fund has bought 50,000 shares or 0.6% stake in the company at 1,140 rupees apiece in a bulk deal on BSE.

* SHALIMAR PAINTS: The board of directors has approved the letter of offer and other documents for the proposed rights issue of 3.55 mln shares at 140 rupees a share, aggregating to 497 mln rupees.

* SHRIRAM TRANSPORT FINANCE CO: Has raised 18.3 bln rupees through four sets of non-convertible debentures.

* SUNDARAM FASTENERS: Arathi Krishna will succeed Suresh Krishna as Managing Director of part of the $7.2-bln TVS Group following his retirement from the post on Apr 20.

* TATA GLOBAL BEVERAGES: Has re-appointed L Krishnakumar as Executive Director for five years with effect from Apr 1.

* ULTRATECH CEMENT: Has said that it has not violated the Insolvency and Bankruptcy Code in offering a 72.66-blnrupee bid to acquire debt ridden Binani Cement, which was already set to be sold to the Dalmia Bharat group by its creditors.

* UNION BANK OF INDIA: Yet another bank fraud has come to light, with the Central Bureau of Investigation filing a case against Totem Infrastructure for allegedly defrauding a consortium of eight banks led by the bank to the tune of 13.94 bln rupees.

* UNITED SPIRITS: The board of directors will meet on Apr 13 to consider sub-division of shares of face value 10 rupees.