Today Stock News – 11.06.2018
* ALOK INDUSTRIES: The National Company Law Tribunal has directed the resolution professional for the company to reconsider the resolution plan submitted by RELIANCE INDUSTRIES and JM Financial ARC.
* ARROW GREENTECH: Has entered into an agreement with Versarien Plc under which the US-based company will supply graphene inks to the company.
* ASSAM CO INDIA: The valuation of MCLEOD RUSSEL INDIA's tea gardens at 340-350 rupees a kg has rekindled hopes for a good deal for the beleaguered estates of the company, which is undergoing insolvency proceedings in the National Company Law Tribunal.
* ATLANTA LTD: Has sought shareholders' approval for the appointment of Suresh C. Maniar & Co as statutory auditors of the company for 2017-18 (Apr-Mar).
* BHARTI AIRTEL: The Kenyan unit of the company has abandoned plans to merge with Telkom Kenya to take on the market leading operator Safaricom. In an attempt to cope with Reliance Jio Indocomm's onslaught, the company has refreshed its 149 rupees prepaid plan last week to offer 2 GB of 3G/4G data per day, twice the amount it offered earlier.
* BSE LTD: Is planning to merge the trading system for contracts of equity and equity derivatives into a common trading setup.
* CANARA BANK: The board will meet on Wednesday to consider capital raising plan for 2018-19 (Apr-Mar).
* COAL INDIA: The company's output increased by 105 mln tn in the past four years to reach 567 mln tn in 2017-18, Union Minister Piyush Goyal said.
* DCB BANK: Will raise its marginal cost of funds-based lending rates by 10 basis points across tenures from Tuesday.
* DCM SHRIRAM: The board will meet on Jun 18 to consider buyback of fully paid up equity shares of the company.
* DENA BANK: The All India Bank Employees Association has urged Reserve Bank of India governor Urjit Patel to revoke lending restrictions on the bank, claiming the move will deteriorate its financial health
further.
* ELECTROSTEEL STEELS: The company's board will meet on Thursday to consider issue of preferential shares as per the resolution plan approved by the National Company Law Tribunal, Kolkata.
* FORTIS HEALTHCARE: Has deferred posting its Jan-Mar earnings to Jun 25 as the report of the internal investigation into alleged siphoning of funds by the company's promoters was placed before the board.
* HOTEL LEELAVENTURE: Has approved an issue of up to 1.25 bln shares in tranches to JM Financial Asset Reconstruction Co Ltd.
* ICICI BANK: The bank said it has not received any "specific communication" from the US markets regulator Securities and Exchange Commission with regard to alleged lapses involving the lender's chief Chanda Kochhar and her family members.
* IFCI: Will raise its benchmark rate to 10.40% from 10.20% effective today.
* INDIAN BANK: Has upwardly revised interest rates on domestic/non-resident rupee term deposits by 25 basis points for amount less than 10 mln rupees in above one year to less than three years buckets and by 50 basis points in the corresponding buckets under 10 mln rupees to 50 mln rupees category.
* INDIAN OIL CORP: Aims 3.60 trln rupees as net revenue from operations for 2018-19 (Apr-Mar), along with an operating margin of 6.18%, as per the annual memorandum of understanding inked between the country's largest refiner and its nodal petroleum ministry.
* INFOSYS: Its proposal for voluntary delisting of its American Depositary Shares from Euronext's Paris and London exchanges has been approved by the board of directors of the two bourses.
* INOX WIND: Has approved appointment of Dewan P N Chopra and Co as independent auditor in place of Patankar and Associates for five years.
* JYOTI STRUCTURES: INDUSIND BANK has moved the National Company Law Tribunal opposing the resolution plan for the company, making it the second lender objecting to the plan.
* KDDL: Will raise up to 300 mln rupees by issuing shares through preferential issue including qualified institutional placement and its subsidiary Ethos will also raise up to 500 mln rupees by issuing shares through preferential allotment.
* LARSEN AND TOUBRO: Is planning to start bidding for road projects under the hybrid annuity model, introduced just two years ago.
* MANGALORE CHEMICALS & FERTILIZERS: The company's ammonia, urea and ammonium bi carbonate plants have restarted production.
* ORCHID PHARMA: Has received the European Union Good Manufacturing Practice certificate for its active pharmaceutical ingredient manufacturing plant at Alathur in Tamil Nadu.
* PUNJAB NATIONAL BANK: The Central Bureau of Investigation has asked the Interpol to issue a Red Corner Notice against Nirav Modi in the over $2 bln banking scam involving the bank.
* PVR: Will open around 100 screens, including more than 10 premium ones, in the current financial year, Joint Managing Director Sanjeev Kumar Bijli told television news channel BTVi.
* QUESS CORP: Is aiming to double its revenue to $2 bln within the next three years and boost profitability as it targets new business segments and geographies for growth, Chairman Ajit Isaac said.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has become the country's third largest mobile operator by revenue.
-The Cellular Operators Association of India ruled out any truce with Reliance Jio Infocomm and has refused to apologise to the company, instead choosing to counter allegations RJio made in the defamation suit.
-The company is making room to add as much as 200 bln rupees to borrowings, using its cash buffer to manage rising funding costs and $13 bln of maturities over the next three years.
* RUCHI SOYA INDUSTRIES: Australia-based ANZ Bank has moved a plea before the National Company Law Tribunal to classify a $50 mln working capital loan to the company as financial debt. Patanjali Ayurved and Adani group has submitted their revised bids to acquire the company as lenders have decided to hold a fresh round of resolution process to maximise asset value.
* SHILPI CABLE TECHNOLOGIES: The National Company Law Tribunal has accepted committee of creditors' recommendation for Huzefa Sitabkhan as resolution professional in place of Rita Gupta.
* SHOPPERS STOP: Has closed its store at Raipur's Swami Vivekananda Airport due to non-renewal of airport store premises agreement.
* STATE BANK OF INDIA: Is aiming to recover 500 bln rupees this fiscal year, and is strengthening its recovery team for better collections from the National Company Law Tribunal accounts, sale of loan to asset reconstruction company's, one-time settlement and recovery through loan camps for retail defaulters.
* STEEL AUTHORITY OF INDIA: Prime Minister Narendra Modi will dedicate to the nation the modernised and expanded plant of the company at Bhilai, on Thursday.
* STRIDES SHASUN: Arm Strides Pharma Global has received final approval from the US Food & Drug Administration for Oseltamivir Phosphate Capsules USP with 30 mg (base), 45 mg (base), and 75 mg (base) strengths.
* TATA GLOBAL BEVERAGES: Expects prices of all varieties of north Indian tea to appreciate for now due to good demand, but sees an "inevitable softening" of the prices going ahead in the year due to good crop, the company said in its annual report for 2017-18 (Apr-Mar).
* TATA MOTORS: Subsidiary Jaguar Land Rover is set to cut more jobs in Britain as it moves all production of its Discovery car to Slovakia before building its new Range Rover at an English factory.
* TATA STEEL: Elliott Management Corp urged Thyssenkrupp AG to negotiate a better steel joint venture with the company, increasing pressure on the German company's management to deliver more favorable terms. The company's European labour representatives said they remain unconvinced by a planned joint venture with Thyssenkrupp, adding there were still numerous details that needed to be hammered out
before they could endorse a deal.
* USHA MARTIN: Has reconstituted the committee of independent directors to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for the sale of steel business.
* VEDANTA: Has raised the prices of aluminium ingots and wire rods by 0.1% from Saturday. Has acquired the management control of debt laden ELECTROSTEEL STEELS.
* V-MART RETAIL: Planning to sell apparel and other goods online in a bid to attract youth in villages and small towns.
* WELSPUN CORP: Has received a contract to supply 33,000 tn of pipes for oil and gas project in America market.
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* ARROW GREENTECH: Has entered into an agreement with Versarien Plc under which the US-based company will supply graphene inks to the company.
* ASSAM CO INDIA: The valuation of MCLEOD RUSSEL INDIA's tea gardens at 340-350 rupees a kg has rekindled hopes for a good deal for the beleaguered estates of the company, which is undergoing insolvency proceedings in the National Company Law Tribunal.
* ATLANTA LTD: Has sought shareholders' approval for the appointment of Suresh C. Maniar & Co as statutory auditors of the company for 2017-18 (Apr-Mar).
* BHARTI AIRTEL: The Kenyan unit of the company has abandoned plans to merge with Telkom Kenya to take on the market leading operator Safaricom. In an attempt to cope with Reliance Jio Indocomm's onslaught, the company has refreshed its 149 rupees prepaid plan last week to offer 2 GB of 3G/4G data per day, twice the amount it offered earlier.
* BSE LTD: Is planning to merge the trading system for contracts of equity and equity derivatives into a common trading setup.
* CANARA BANK: The board will meet on Wednesday to consider capital raising plan for 2018-19 (Apr-Mar).
* COAL INDIA: The company's output increased by 105 mln tn in the past four years to reach 567 mln tn in 2017-18, Union Minister Piyush Goyal said.
* DCB BANK: Will raise its marginal cost of funds-based lending rates by 10 basis points across tenures from Tuesday.
* DCM SHRIRAM: The board will meet on Jun 18 to consider buyback of fully paid up equity shares of the company.
* DENA BANK: The All India Bank Employees Association has urged Reserve Bank of India governor Urjit Patel to revoke lending restrictions on the bank, claiming the move will deteriorate its financial health
further.
* ELECTROSTEEL STEELS: The company's board will meet on Thursday to consider issue of preferential shares as per the resolution plan approved by the National Company Law Tribunal, Kolkata.
* FORTIS HEALTHCARE: Has deferred posting its Jan-Mar earnings to Jun 25 as the report of the internal investigation into alleged siphoning of funds by the company's promoters was placed before the board.
* HOTEL LEELAVENTURE: Has approved an issue of up to 1.25 bln shares in tranches to JM Financial Asset Reconstruction Co Ltd.
* ICICI BANK: The bank said it has not received any "specific communication" from the US markets regulator Securities and Exchange Commission with regard to alleged lapses involving the lender's chief Chanda Kochhar and her family members.
* IFCI: Will raise its benchmark rate to 10.40% from 10.20% effective today.
* INDIAN BANK: Has upwardly revised interest rates on domestic/non-resident rupee term deposits by 25 basis points for amount less than 10 mln rupees in above one year to less than three years buckets and by 50 basis points in the corresponding buckets under 10 mln rupees to 50 mln rupees category.
* INDIAN OIL CORP: Aims 3.60 trln rupees as net revenue from operations for 2018-19 (Apr-Mar), along with an operating margin of 6.18%, as per the annual memorandum of understanding inked between the country's largest refiner and its nodal petroleum ministry.
* INFOSYS: Its proposal for voluntary delisting of its American Depositary Shares from Euronext's Paris and London exchanges has been approved by the board of directors of the two bourses.
* INOX WIND: Has approved appointment of Dewan P N Chopra and Co as independent auditor in place of Patankar and Associates for five years.
* JYOTI STRUCTURES: INDUSIND BANK has moved the National Company Law Tribunal opposing the resolution plan for the company, making it the second lender objecting to the plan.
* KDDL: Will raise up to 300 mln rupees by issuing shares through preferential issue including qualified institutional placement and its subsidiary Ethos will also raise up to 500 mln rupees by issuing shares through preferential allotment.
* LARSEN AND TOUBRO: Is planning to start bidding for road projects under the hybrid annuity model, introduced just two years ago.
* MANGALORE CHEMICALS & FERTILIZERS: The company's ammonia, urea and ammonium bi carbonate plants have restarted production.
* ORCHID PHARMA: Has received the European Union Good Manufacturing Practice certificate for its active pharmaceutical ingredient manufacturing plant at Alathur in Tamil Nadu.
* PUNJAB NATIONAL BANK: The Central Bureau of Investigation has asked the Interpol to issue a Red Corner Notice against Nirav Modi in the over $2 bln banking scam involving the bank.
* PVR: Will open around 100 screens, including more than 10 premium ones, in the current financial year, Joint Managing Director Sanjeev Kumar Bijli told television news channel BTVi.
* QUESS CORP: Is aiming to double its revenue to $2 bln within the next three years and boost profitability as it targets new business segments and geographies for growth, Chairman Ajit Isaac said.
* RELIANCE INDUSTRIES: Subsidiary Reliance Jio Infocomm has become the country's third largest mobile operator by revenue.
-The Cellular Operators Association of India ruled out any truce with Reliance Jio Infocomm and has refused to apologise to the company, instead choosing to counter allegations RJio made in the defamation suit.
-The company is making room to add as much as 200 bln rupees to borrowings, using its cash buffer to manage rising funding costs and $13 bln of maturities over the next three years.
* RUCHI SOYA INDUSTRIES: Australia-based ANZ Bank has moved a plea before the National Company Law Tribunal to classify a $50 mln working capital loan to the company as financial debt. Patanjali Ayurved and Adani group has submitted their revised bids to acquire the company as lenders have decided to hold a fresh round of resolution process to maximise asset value.
* SHILPI CABLE TECHNOLOGIES: The National Company Law Tribunal has accepted committee of creditors' recommendation for Huzefa Sitabkhan as resolution professional in place of Rita Gupta.
* SHOPPERS STOP: Has closed its store at Raipur's Swami Vivekananda Airport due to non-renewal of airport store premises agreement.
* STATE BANK OF INDIA: Is aiming to recover 500 bln rupees this fiscal year, and is strengthening its recovery team for better collections from the National Company Law Tribunal accounts, sale of loan to asset reconstruction company's, one-time settlement and recovery through loan camps for retail defaulters.
* STEEL AUTHORITY OF INDIA: Prime Minister Narendra Modi will dedicate to the nation the modernised and expanded plant of the company at Bhilai, on Thursday.
* STRIDES SHASUN: Arm Strides Pharma Global has received final approval from the US Food & Drug Administration for Oseltamivir Phosphate Capsules USP with 30 mg (base), 45 mg (base), and 75 mg (base) strengths.
* TATA GLOBAL BEVERAGES: Expects prices of all varieties of north Indian tea to appreciate for now due to good demand, but sees an "inevitable softening" of the prices going ahead in the year due to good crop, the company said in its annual report for 2017-18 (Apr-Mar).
* TATA MOTORS: Subsidiary Jaguar Land Rover is set to cut more jobs in Britain as it moves all production of its Discovery car to Slovakia before building its new Range Rover at an English factory.
* TATA STEEL: Elliott Management Corp urged Thyssenkrupp AG to negotiate a better steel joint venture with the company, increasing pressure on the German company's management to deliver more favorable terms. The company's European labour representatives said they remain unconvinced by a planned joint venture with Thyssenkrupp, adding there were still numerous details that needed to be hammered out
before they could endorse a deal.
* USHA MARTIN: Has reconstituted the committee of independent directors to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for the sale of steel business.
* VEDANTA: Has raised the prices of aluminium ingots and wire rods by 0.1% from Saturday. Has acquired the management control of debt laden ELECTROSTEEL STEELS.
* V-MART RETAIL: Planning to sell apparel and other goods online in a bid to attract youth in villages and small towns.
* WELSPUN CORP: Has received a contract to supply 33,000 tn of pipes for oil and gas project in America market.
