Today Stock News – 09.04.2018
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Company and a part of the $12bln Adani Group, on Saturday inaugurated the Phase II expansion of Dhamra Port in Odisha.
* AIA ENGINEERING: DSP Blackrock Mutual Fund, through its Midcap Fund, bought 0.61% stake or 572,000 shares of the company at 1,400 rupees apiece, via a bulk deal on the BSE on Friday.
* APOLLO PIPES: The company's 10,000 tn per annum unit in Ahmedabad started production on Wednesday and will be further expanded to 25,000 tn per annum by March 2019.
* ASHOK LEYLAND: Would expand its highly popular 'Dost' range of light commercial vehicles during the current financial year besides expansion of its footprint into new overseas markets.
* ATUL LTD: The director of horticulture in Rajasthan has lodged a first information report against the company and its whole-time director B.N. Mohanan for supply of alleged inferior quality of date palm plants.
* BANK OF BARODA: Has signed a memorandum of understanding with Small Industries Bank of India to facilitate smooth flow of credit to micro, small and medium enterprises and startups.
* BANK OF MAHARASHTRA: Will cut its base rate by 10 basis points to 9.50%, effective Saturday.
* BHARTI AIRTEL: Will deploy advanced Massive MIMO Pre-5G technology across Indian Premier League match venues.
* BHARAT PETROLEUM CORP: Is planning to hive off its gas business into a separate wholly-owned subsidiary.
* BHARAT WIRE ROPES: Board has approved raising up to 500 mln rupees through qualified institutional placements.
* BINANI INDUSTRIES: Has decided to move the Supreme Court with an appeal to redeem the pledge of its assets in debt-ridden subsidiary Binani Cement from its lenders and will also submit 10% of the offer to prove its commitment, a company official said on Sunday.
* CANARA BANK: Will close its three foreign branches Leicester (UK), Bahrain, and Shanghai and sell its 50% stake to STATE BANK OF INDIA in Russia as part of rationalisation of overseas branch network.
* CENTURY PLYBOARDS INDIA: Subsidiary Century Ply Singapore has written off its entire investment in its subsidiary PT Century Ply Indonesia.
* CHENNAI PETROLEUM CORP: Has approved partial redemption of non-convertible cumulative redeemable preference shares worth 5 bln rupees, out of the total outstanding of 10 bln rupees to Indian Oil Corp, on private placement preferential allotment basis.
* COAL INDIA: The Cabinet may soon take a call on whether a fresh lease is required by the company for extracting coal bed methane which remains untapped in want of clarity. A new way of charging for coal, beneficial to customers, including power plants, may not get implemented before June as the company struggles to get its systems in place.
* DALMIA BHARAT: The operational creditors of Binani Cement have termed the 1.51-bln-rupee offer by the company a "pittance" and said they will reject it outright. The refractories division of the Dalmia Bharat Group has entered into a joint venture with Europe-based Seven Refractories to develop and supply a range of advanced monolithic refractory material.
* DEWAN HOUSING FINANCE CORP: Will raise 10 bln rupees through issue of non-convertible debentures that will mature in 10 years and carry a coupon of 8.80% per annum.
* DHABRIYA POLYWOOD: Received repeat orders worth 199.59 mln rupees from Vatika Group for supply and installation of uPVC windows and doors for the latter's projects at Gurugram in Haryana.
* DHANLAXMI BANK: Has raised its marginal cost of fund-based lending rates for April by 10-20 basis points across tenures, effective from Saturday.
* GITANJALI GEMS: A Mumbai court on Sunday issued nonbailable warrants against jewellers Nirav Modi and his uncle Mehul Choksi, the prime accused in a $2-bln fraud that's being billed as the biggest in India's banking history.
* GUJARAT NRE COKE: Barely four days after the National Company Law Tribunal ordered the liquidation of the company, some promoters offloaded 2.2% stake in the company through two off-market transactions on Jan 15, according to data available with stock exchanges.
* HDFC BANK: Has kept its marginal cost of fund-based lending rates unchanged at 7.95-8.60% for April.
* HERO MOTOCORP: Is expected to clock 2017-18 EBITDA margin just above its long-term forecast of 14-16%, as costlier inputs, scooter price cuts and lower tax sops at its Haridwar factory take a toll on two-wheeler maker.
* HOUSING DEVELOPMENT FINANCE CORP: Is in advanced talks to acquire Apollo Munich Health Insurance Co for an approximate valuation of 10 bln rupees.
* HOUSING DEVELOPMENT & INFRASTRUCTURE: The National Company Law Tribunal Appellate issued a notice to the Maharashtra Housing and Area Development Authority, questioning whether it was empowered to terminate the joint development agreement it had signed with Guruashish Construction, a subsidiary of the company.
* ICICI BANK: Look out circulars have been issued at all airports against bank Managing Director and Chief Executive Officer Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group promoter Venugopal Dhoot. The government has appointed Lok Ranjan, joint secretary at the Department of Financial Services, as its nominee on the
* INFOSYS: Nandan Nilekani co-founder and chairman, is increasingly playing a less active executive role at the company and has handed over responsibilities to new chief executive Salil Parekh and his top lieutenants.
* INOX WIND: Won a 100-MW solar power project in Gujarat's Kutch region as part of the Solar Energy Corp of India's fourth phase of auctions.
* ITC: A day after the company released a series of advertisements for its B-Natural juice brand challenging Pepsi-Co and Dabur to 'make Indian juices concentrate-free', PepsiCo dragged the Kolkata-based conglomerate to court, securing a suspension of the campaign.
* JUBILANT FOODWORKS: The company's brand Domino's Pizza has become the official partner of Indian Premier League team Royal Challengers Bangalore for the upcoming season.
* JYOTI STRUCTURES: The resolution professional of the debt-ridden company approached the bankruptcy court on Apr 2-the deadline for clearing an insolvency resolution plan--seeking additional time to secure the mandatory 75% consensus from lenders.
* KEC INTERNATIONAL: Is planning to shift the focus of its solar power division to projects tendered in West Asia as prospects for solar projects dry up in India on account of several issues related to applicability of GST rates and problems with availability of panels, a senior official said.
* MAGMA FINCORP: Zend Mauritius VC Investments sold 25 mln shares or 10.55% stake in the company in a bulk deal on the BSE on Friday.
* MAX INDIA: Is in talks to buy the 47.5% stake that its South African partner Life Healthcare Group Holdings owns in hospital chain Max Healthcare for $450 mln-$540 mln.
* NMDC: Price of iron ore lumps have been fixed at 3,000 rupees per tn from Wednesday. Price of iron ore fines have been fixed at 2,660 rupees per tn from Wednesday.
* OIL AND NATURAL GAS CORP: Has started its $5.07 bln KG oil and gas project by spudding the first of the 34 wells, targeting first gas by end of 2019.
* PRISM CEMENT: The board of the company has approved raising 750 mln rupees through non-convertible deben ures. The board has also approved repurchase of non-convertible debentures worth 500 mln rupees.
* PUNJAB NATIONAL BANK: India Inc wants letter of undertaking, which was banned by the Reserve Bank of India in the wake of the 130-bln-rupee the bank fraud, back. The Enforcement Directorate has traced more than 50 bln rupees that has been funnelled through layers of shell companies controlled by jeweller Nirav Modi and Mehul Choksi in the bank fraud case. Awaiting a detailed vigilance report on the over 130- bln-rupee scam, the Central Vigilance Commission said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions.
* RELIANCE COMMUNICATIONS: Sistema Shyam Teleservices has sold 2.10% stake or 58.31 mln shares in the company via the open market since Mar 26. Plans to sell its remaining telecom assets worth $1.5 bln to Sistema JSFC could hit a hurdle.
* RELIANCE INDUSTRIES: Has been asked by the Directorate General of Hydrocarbons to relinquish two deep-sea satellite gas discoveriesD6 and D19in the KG-D6 block, off India's east coast after the company told the regulator that it had no immediate plan to develop these fields. A group representing brick-and-mortar retailers including Future Group and company's arm Reliance Retail has alleged that ecommerce companies are violating India's foreign investment regulations by influencing prices on their platforms and illegally funding "abnormal discounts".
* SHREE RENUKA SUGARS: The board has decided to sell stake in its Brazilian step-down subsidiary Renuka do Brasil under the bankruptcy plan.
* SMARTLINK NETWORK SYSTEMS: The board has approved buyback of 5.6 mln shares at 120 rupees apiece for an aggregate amount not exceeding 672 mln rupees.
* SNOWMAN LOGISTICS: Has embarked on an expansion plan and is looking to double capacity from 106,000 pallets to 200,000 pallets by 2021.
* SRS: The company confirmed media reports that Anil Jindal, chairman and whole-time director-promoter of the company, and Bishan Bansal, promoter of the company, were arrested on Wednesday and taken into police custody. They were produced before the designated court in Faridabad which had reserved its order.
* STATE BANK OF INDIA: After merger of associate banks with itself in 2017-18, the bank is scaling down the pace of branch opening. It will open about 250 branches annually, as against the earlier 750-800 by the group.
* TATA CHEMICALS: It has signed a pact with Allied Silica to acquire its precipitated silica business for 1.23 bln rupees on a slump sale basis.
* TITAN: The company's jewellery division recorded strong retail sales in Jan-Mar, led by robust
demand for diamond jewellery and a successful gold exchange policy.
* ULTRATECH CEMENT: The company's chances of winning the battle for bankrupt Binani Cement strengthened as lenders backed the Aditya Birla Group company's bid, although the banks have left the matter to be decided by the Supreme Court.
* WIPRO: Sold 63% stake in Wipro Airport IT Services to Antariksh Softtech for 31.5 mln rupees.
* ZYDUS WELLNESS: Is looking at promising acquisition deals in India and abroad in the personal care and health food segments.
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* AIA ENGINEERING: DSP Blackrock Mutual Fund, through its Midcap Fund, bought 0.61% stake or 572,000 shares of the company at 1,400 rupees apiece, via a bulk deal on the BSE on Friday.
* APOLLO PIPES: The company's 10,000 tn per annum unit in Ahmedabad started production on Wednesday and will be further expanded to 25,000 tn per annum by March 2019.
* ASHOK LEYLAND: Would expand its highly popular 'Dost' range of light commercial vehicles during the current financial year besides expansion of its footprint into new overseas markets.
* ATUL LTD: The director of horticulture in Rajasthan has lodged a first information report against the company and its whole-time director B.N. Mohanan for supply of alleged inferior quality of date palm plants.
* BANK OF BARODA: Has signed a memorandum of understanding with Small Industries Bank of India to facilitate smooth flow of credit to micro, small and medium enterprises and startups.
* BANK OF MAHARASHTRA: Will cut its base rate by 10 basis points to 9.50%, effective Saturday.
* BHARTI AIRTEL: Will deploy advanced Massive MIMO Pre-5G technology across Indian Premier League match venues.
* BHARAT PETROLEUM CORP: Is planning to hive off its gas business into a separate wholly-owned subsidiary.
* BHARAT WIRE ROPES: Board has approved raising up to 500 mln rupees through qualified institutional placements.
* BINANI INDUSTRIES: Has decided to move the Supreme Court with an appeal to redeem the pledge of its assets in debt-ridden subsidiary Binani Cement from its lenders and will also submit 10% of the offer to prove its commitment, a company official said on Sunday.
* CANARA BANK: Will close its three foreign branches Leicester (UK), Bahrain, and Shanghai and sell its 50% stake to STATE BANK OF INDIA in Russia as part of rationalisation of overseas branch network.
* CENTURY PLYBOARDS INDIA: Subsidiary Century Ply Singapore has written off its entire investment in its subsidiary PT Century Ply Indonesia.
* CHENNAI PETROLEUM CORP: Has approved partial redemption of non-convertible cumulative redeemable preference shares worth 5 bln rupees, out of the total outstanding of 10 bln rupees to Indian Oil Corp, on private placement preferential allotment basis.
* COAL INDIA: The Cabinet may soon take a call on whether a fresh lease is required by the company for extracting coal bed methane which remains untapped in want of clarity. A new way of charging for coal, beneficial to customers, including power plants, may not get implemented before June as the company struggles to get its systems in place.
* DALMIA BHARAT: The operational creditors of Binani Cement have termed the 1.51-bln-rupee offer by the company a "pittance" and said they will reject it outright. The refractories division of the Dalmia Bharat Group has entered into a joint venture with Europe-based Seven Refractories to develop and supply a range of advanced monolithic refractory material.
* DEWAN HOUSING FINANCE CORP: Will raise 10 bln rupees through issue of non-convertible debentures that will mature in 10 years and carry a coupon of 8.80% per annum.
* DHABRIYA POLYWOOD: Received repeat orders worth 199.59 mln rupees from Vatika Group for supply and installation of uPVC windows and doors for the latter's projects at Gurugram in Haryana.
* DHANLAXMI BANK: Has raised its marginal cost of fund-based lending rates for April by 10-20 basis points across tenures, effective from Saturday.
* GITANJALI GEMS: A Mumbai court on Sunday issued nonbailable warrants against jewellers Nirav Modi and his uncle Mehul Choksi, the prime accused in a $2-bln fraud that's being billed as the biggest in India's banking history.
* GUJARAT NRE COKE: Barely four days after the National Company Law Tribunal ordered the liquidation of the company, some promoters offloaded 2.2% stake in the company through two off-market transactions on Jan 15, according to data available with stock exchanges.
* HDFC BANK: Has kept its marginal cost of fund-based lending rates unchanged at 7.95-8.60% for April.
* HERO MOTOCORP: Is expected to clock 2017-18 EBITDA margin just above its long-term forecast of 14-16%, as costlier inputs, scooter price cuts and lower tax sops at its Haridwar factory take a toll on two-wheeler maker.
* HOUSING DEVELOPMENT FINANCE CORP: Is in advanced talks to acquire Apollo Munich Health Insurance Co for an approximate valuation of 10 bln rupees.
* HOUSING DEVELOPMENT & INFRASTRUCTURE: The National Company Law Tribunal Appellate issued a notice to the Maharashtra Housing and Area Development Authority, questioning whether it was empowered to terminate the joint development agreement it had signed with Guruashish Construction, a subsidiary of the company.
* ICICI BANK: Look out circulars have been issued at all airports against bank Managing Director and Chief Executive Officer Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group promoter Venugopal Dhoot. The government has appointed Lok Ranjan, joint secretary at the Department of Financial Services, as its nominee on the
* INFOSYS: Nandan Nilekani co-founder and chairman, is increasingly playing a less active executive role at the company and has handed over responsibilities to new chief executive Salil Parekh and his top lieutenants.
* INOX WIND: Won a 100-MW solar power project in Gujarat's Kutch region as part of the Solar Energy Corp of India's fourth phase of auctions.
* ITC: A day after the company released a series of advertisements for its B-Natural juice brand challenging Pepsi-Co and Dabur to 'make Indian juices concentrate-free', PepsiCo dragged the Kolkata-based conglomerate to court, securing a suspension of the campaign.
* JUBILANT FOODWORKS: The company's brand Domino's Pizza has become the official partner of Indian Premier League team Royal Challengers Bangalore for the upcoming season.
* JYOTI STRUCTURES: The resolution professional of the debt-ridden company approached the bankruptcy court on Apr 2-the deadline for clearing an insolvency resolution plan--seeking additional time to secure the mandatory 75% consensus from lenders.
* KEC INTERNATIONAL: Is planning to shift the focus of its solar power division to projects tendered in West Asia as prospects for solar projects dry up in India on account of several issues related to applicability of GST rates and problems with availability of panels, a senior official said.
* MAGMA FINCORP: Zend Mauritius VC Investments sold 25 mln shares or 10.55% stake in the company in a bulk deal on the BSE on Friday.
* MAX INDIA: Is in talks to buy the 47.5% stake that its South African partner Life Healthcare Group Holdings owns in hospital chain Max Healthcare for $450 mln-$540 mln.
* NMDC: Price of iron ore lumps have been fixed at 3,000 rupees per tn from Wednesday. Price of iron ore fines have been fixed at 2,660 rupees per tn from Wednesday.
* OIL AND NATURAL GAS CORP: Has started its $5.07 bln KG oil and gas project by spudding the first of the 34 wells, targeting first gas by end of 2019.
* PRISM CEMENT: The board of the company has approved raising 750 mln rupees through non-convertible deben ures. The board has also approved repurchase of non-convertible debentures worth 500 mln rupees.
* PUNJAB NATIONAL BANK: India Inc wants letter of undertaking, which was banned by the Reserve Bank of India in the wake of the 130-bln-rupee the bank fraud, back. The Enforcement Directorate has traced more than 50 bln rupees that has been funnelled through layers of shell companies controlled by jeweller Nirav Modi and Mehul Choksi in the bank fraud case. Awaiting a detailed vigilance report on the over 130- bln-rupee scam, the Central Vigilance Commission said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions.
* RELIANCE COMMUNICATIONS: Sistema Shyam Teleservices has sold 2.10% stake or 58.31 mln shares in the company via the open market since Mar 26. Plans to sell its remaining telecom assets worth $1.5 bln to Sistema JSFC could hit a hurdle.
* RELIANCE INDUSTRIES: Has been asked by the Directorate General of Hydrocarbons to relinquish two deep-sea satellite gas discoveriesD6 and D19in the KG-D6 block, off India's east coast after the company told the regulator that it had no immediate plan to develop these fields. A group representing brick-and-mortar retailers including Future Group and company's arm Reliance Retail has alleged that ecommerce companies are violating India's foreign investment regulations by influencing prices on their platforms and illegally funding "abnormal discounts".
* SHREE RENUKA SUGARS: The board has decided to sell stake in its Brazilian step-down subsidiary Renuka do Brasil under the bankruptcy plan.
* SMARTLINK NETWORK SYSTEMS: The board has approved buyback of 5.6 mln shares at 120 rupees apiece for an aggregate amount not exceeding 672 mln rupees.
* SNOWMAN LOGISTICS: Has embarked on an expansion plan and is looking to double capacity from 106,000 pallets to 200,000 pallets by 2021.
* SRS: The company confirmed media reports that Anil Jindal, chairman and whole-time director-promoter of the company, and Bishan Bansal, promoter of the company, were arrested on Wednesday and taken into police custody. They were produced before the designated court in Faridabad which had reserved its order.
* STATE BANK OF INDIA: After merger of associate banks with itself in 2017-18, the bank is scaling down the pace of branch opening. It will open about 250 branches annually, as against the earlier 750-800 by the group.
* TATA CHEMICALS: It has signed a pact with Allied Silica to acquire its precipitated silica business for 1.23 bln rupees on a slump sale basis.
* TITAN: The company's jewellery division recorded strong retail sales in Jan-Mar, led by robust
demand for diamond jewellery and a successful gold exchange policy.
* ULTRATECH CEMENT: The company's chances of winning the battle for bankrupt Binani Cement strengthened as lenders backed the Aditya Birla Group company's bid, although the banks have left the matter to be decided by the Supreme Court.
* WIPRO: Sold 63% stake in Wipro Airport IT Services to Antariksh Softtech for 31.5 mln rupees.
* ZYDUS WELLNESS: Is looking at promising acquisition deals in India and abroad in the personal care and health food segments.
