Today Stock News – 02.07.2018
* ADANI ENTERPRISES: The Gautam Adani-led Adani Group said it plans to raise 50-60 bln rupees of equity through a combination of primary issuances and secondary monetisation of its stake in some of its subsidiaries.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Promoter S.B. Family Trust sold 1.31% stake, or 27.05 mln shares in the company to Camas Investments, a subsidiary of Singapore-based Temasek Holdings, at 369.65 rupees each, for an amount aggregating nearly 10 bln rupees through open market on Friday.
* AMBER ENTERPRISES INDIA: Extended the timeline to complete acquisition of remaining 51% stake in Ever Electronics to Dec 31 in one or more tranches.
* BANK OF BARODA: Sold its 4.10 bln rupees loans in Binani Cement to Edelweiss Asset Reconstruction Co in a reflection of the lenders' frustration in resolving a bankruptcy that's mired in litigation.
* BANK OF MAHARASHTRA: Board divested Managing Director and Chief Executive Officer R.P. Marathe of all his functional responsibilities and passed them on to A.C. Rout, currently executive director ofthe state-owned lender.
* BHARAT FINANCIAL INCLUSION: Completed second securitisation transaction of 8.16 bln rupees in 2018-19 (Apr-Mar).
* BHARTI AIRTEL: Said a meeting of shareholders and unsecured creditors will be held on Jul 30 to
approve a proposed 'scheme' between the company and Telesonic Networks, which relates to transfer of optical fibre business.
* BOSCH: Parent Robert Bosch GmbH has plans to sell its packaging machinery business.
* BSE: Signed a memorandum of understanding with Bombay Metal Exchange for new products in
commodity derivatives markets in the non-ferrous segment.
* CADILA HEALTHCARE: Received the US Food and Drug Administration's final approval to market Triamterene and Hydrochlorothiazide tablets USP in strengths of 37.5 mg/25 mg and 75 mg/50 mg, respectively.
* CANARA BANK: The CBI moved to file a charge sheet against two former chairman-cum-managing directors--A.C. Mahajan and S.R. Raman--in connection with an alleged loan default of 1.46 bln rupees by Jatin Mehta-owned Winsome Diamonds.
* CORPORATION BANK: Hopes to come out of the prompt corrective action framework of RBI in two years.
* DABUR INDIA: Plans to expand footprint across Africa, Iran and Saudi Arabia with local marketing initiatives, launch of low-unit sachet packs of various products, and strengthening consumer franchise.
* DHANLAXMI BANK: Chief Financial Officer Bhasi K.V. has resigned and will be relieved on Jul 31.
* DILIP BUILDCON: Received a sanction letter from a non-banking finance company and a nationalised bank to finance the company's three hybrid annuity model projects worth 37.72 bln rupees.
* DR REDDY'S LABORATORIES: Is recalling from the US over 236,000 bottles of Atorvastatin Calcium tablets used for lowering cholesterol, according to a report by the US health regulator.
* EICHER MOTORS: Posted an 18% on-year rise in sales of Royal Enfield motorcycles in June at 74,477 units.
* ENDURANCE TECHNOLOGIES: Will discontinue operations at its Manesar plant with effect from Aug 31 to consolidate manufacturing operations at the unit.
* FORTIS HEALTHCARE: Securities and Exchange Board of India has ordered a forensic audit of the company's accounts in relation with alleged regulatory lapses.
-Fortis Cancer Care, a step-down subsidiary, has sold its entire 79.43% stake in its subsidiary Lalitha
Healthcare to remaining promoters Lakshmi Narayana Raju, Lakshmi Priya, S. Venkataramana Raju and Anikrish Hospitals.
-Serious differences have emerged between brothers Malvinder and Shivinder Singh, two former promoters of the company, with younger sibling Shivinder at pains to distance himself from the alleged irregularities and
* IDFC: Will seek shareholders' approval this month to raise up to 20 bln rupees through issuance of nonconvertible securities.
* INDIABULLS HOUSING FINANCE: Has entered into a lease rental discount agreement with the
Edelweiss ARC and Phoenix ARC and paid them 5 bln rupees for rights of the Bengaluru-based Vega mall project.
* INDIAN METALS & FERRO ALLOYS: Incurred a production loss of 500 tn ferrous chrome due to disruption caused by a group of agitators earlier this week.
* INOX LEISURE: Commenced commercial operations at a 945-seater, four-screen multiplex in Zirakpur, Punjab.
* JAYPEE INFRATECH: A consortium of Kotak Investment Advisors and Cube Highways has proposed to pay an upfront consideration of 33 bln rupees in cash to help the resolution process of the company.
* JET AIRWAYS INDIA: Amid turbulence caused by soaring oil prices, the company is setting its house in order by inducting fuel-efficient Boeing 737 MAX aircraft in its fleet and cutting non-fuel expenses, the management of the full service carrier told SBICAP Securities Ltd recently.
* JM FINANCIAL: Clear Water, the company and Piramal-Bain Capital are some of the private equity funds that have shown interest to take over the stressed power projects shortlisted under STATE BANK OF INDIA's samadhan project for restructuring and revival.
* JUBILANT FOODWORKS: Income Tax Appellate Tribunal has rejected a 40% tax demand on sales at Jubilant Food stores, and has allowed the chain to pay 10% tax on royalty.
* KIOCL: Is planning to invest about 25 bln rupees for setting up a 1.2 mln tn pellet plant in Visakhapatnam, apart from diversifying its product portfolio to add ductile iron spun pipes in the near future.
* LUPIN: The company and the European Association of Urology have entered into a collaboration to "further the cause of urology in India". Has clocked a 23.4% year-on-year growth in Japan sales in 2017-18, the highest in the past five years.
* LUX INDUSTRIES: Will merge two units--JM Hoisery and Ebell Fashions--with itself.
* MAHINDRA & MAHINDRA: Total vehicle sales rose 26% on year to 45,155 units in June.
* MANPASAND BEVERAGES: Plans to expand aggressively across India and abroad and also enhance its production capacity, after stitching an ambitious distribution pact with Parle Products for the domestic market.
* MARUTI SUZUKI INDIA: Saw a 36% on-year rise in June sales at 144,981 units. Local sales rose 45.5% on year to 135,662 units, but exports fell 29% to 9319 units.
* MAX VENTURES AND INDUSTRIES: Board has approved rights issue of 73.75 mln shares at an issue price of 61 rupees each, aggregating 4.50 bln rupees.
* NATIONAL ALUMINIUM CO: Net profit is likely to double sequentially in the quarter ended June, while operating margins are likely to be around 30%, said Chairman and Managing Director T.K. Chand.
* NBCC (INDIA): Received the environment ministry's clearance for the 2.89-bln-rupee expansion of a sports injury centre at Safdarjung Enclave in Delhi.
* NMDC: The company and Kopano Logistics Services have established a 50:50 joint venture company, KopanoNMDC Minerals (Pty), to undertake exploration and development of mineral properties in South Africa.
* NTPC: Acquired 27.36% stake held by Bihar State Power Generation Co in Kanti Bijlee Utpadan Nigam, which owns 610 MW thermal power station in Muzaffarpur, Bihar.
* OIL AND NATURAL GAS CORP: Seeks price of at least $8.35 to break even on producing coal-seam gas from Raniganj block in West Bengal after part of its acreage was taken away for building of an airstrip.
* ORIENTAL BANK OF COMMERCE: Increase its Base Rate to 9.50% from 9.45% from Saturday.
* POWER FINANCE CORP: Provided additional financial aid of 26.26 bln rupees to Rajasthan Rajya Vidyut Utpadan Nigam to meet new emission norm.
* POWER MECH PROJECTS: N. Bhupesh Chowdary has tendered his resignation as whole-time director and chief executive officer of the company due to personal reasons, effective from Sunday.
* PUNJAB CHEMICALS & CROP PROTECTION: Repaid the entire outstanding debt to Allahabad Bank as per the Negotiated Settlement Proposal.
* PUNJAB NATIONAL BANK: Opened its first centralised loan processing centre as part of its efforts to strengthen internal systems and processes.
* RELIANCE COMMUNICATIONS: Arm Reliance Infratel and its offshore investor and minority
shareholder HSBC Daisy Investments (Mauritius) submitted to the National Company Law Appellate
Tribunal their final consent terms with respect to their dispute over sale of tower and fibre assets by the company to Reliance Jio Infocomm.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has topped the chart of fastest fourth generation telecom operators with an average peak download speed of 19 MB per second on its network, while IDEA CELLULAR registered highest upload speed in April, according to a Telecom Regulatory Authority of India report.
-The company is planning to acquire US-based telecommunication services provider Radisys Corp for $75 mln in equity, which will bring a sizeable amount of intellectual property to support its digital and communication services business.
* RELIGARE ENTERPRISES: Allotted 454,556 shares upon conversion of warrants held by two entities.
* SHREE RENUKA SUGARS: Narendra Murkumbi has resigned as vice-chairman and managing director, Vidya Murkumbi has resigned as director.
* SALZER ELECTRONICS: Board has given the green signal to open talks to acquire Thailand-based Advanced ID Asia Engineering Co and Hong Kong-based United Marketing and Trading.
* SPICEJET: Is diversifying into the air cargo business, and will be the first among Indian airlines to start a dedicated freighter plane service.
* STATE BANK OF INDIA: The government has authorised 11 branches of the bank to issue electoral bonds as well as have the facility to encash it for political parties in the fourth phase of the sale of these bonds from today till Jul 11.
-A panel, which is looking into the feasibility and modalities of setting up an asset reconstruction or
management company to fast track resolution of stressed assets in the banking industry, is likely to have completed its report by Sunday, Chairman Rajnish Kumar told.
-The government has granted permission to Managing Director B. Sriram to retire voluntarily, with
immediate effect, consequent to his appointment as managing director and chief executive officer of IDBI BANK.
-The bank and BANK OF BARODA have started deploying artificial intelligence in a big way to improve efficiency, detect human behaviour and reduce operational costs.
* STERLITE TECHNOLOGIES: Step-down subsidiary Sterlite Power has won six lots at the transmission auction conducted by Brazil's Electric Energy Regulator ANEEL on Thursday.
* TALWALKARS LIFESTYLES: Plans to invest 4 bln rupees over the next three to four years to expand the gym business.
* TATA CONSULTANCY SERVICES: Said parent Tata Sons would be participating in the 160-bln-rupee buyback that the company announced earlier this month.
* TATA MOTORS: Total domestic vehicle sales in June rose 54% on year to 56,773 units.
* TATA STEEL: The company and thyssenkrupp AG have signed definitive agreements to combine their European steel businesses in a 50:50 joint venture company.
* THERMAX: Received an order worth 3.4 bln rupees for designed boiler, electric turbo generators and ancillary equipment for their production facility in Maharashtra from an Indian steel manufacturer.
* UTTAM GALVA STEELS: The resolution process of the company, which was admitted for insolvency proceedings on Jun 26, may have to wait till there is more clarity on the status of insolvency proceedings against arm Uttam Galva Metallics.
* VEDANTA: Heightened political opposition in the UK and a significant drop in the share price from its 2007-08 peak have led Anil Agarwal to consider a plan to delist his flagship Vedanta Resources Plc from the London Stock Exchange.
* YES BANK: The bank and Goldman Sachs (India) Securities have settled the Securities and Exchange Board of India's probe into the bank's failed $1-bln qualified institutional placement in September 2016.
* ZEE MEDIA CORP: Promoter ARM Infra and Utilities has sold 1.03% stake or 4.84 mln shares in the company through the open market on Wednesday.
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Promoter S.B. Family Trust sold 1.31% stake, or 27.05 mln shares in the company to Camas Investments, a subsidiary of Singapore-based Temasek Holdings, at 369.65 rupees each, for an amount aggregating nearly 10 bln rupees through open market on Friday.
* AMBER ENTERPRISES INDIA: Extended the timeline to complete acquisition of remaining 51% stake in Ever Electronics to Dec 31 in one or more tranches.
* BANK OF BARODA: Sold its 4.10 bln rupees loans in Binani Cement to Edelweiss Asset Reconstruction Co in a reflection of the lenders' frustration in resolving a bankruptcy that's mired in litigation.
* BANK OF MAHARASHTRA: Board divested Managing Director and Chief Executive Officer R.P. Marathe of all his functional responsibilities and passed them on to A.C. Rout, currently executive director ofthe state-owned lender.
* BHARAT FINANCIAL INCLUSION: Completed second securitisation transaction of 8.16 bln rupees in 2018-19 (Apr-Mar).
* BHARTI AIRTEL: Said a meeting of shareholders and unsecured creditors will be held on Jul 30 to
approve a proposed 'scheme' between the company and Telesonic Networks, which relates to transfer of optical fibre business.
* BOSCH: Parent Robert Bosch GmbH has plans to sell its packaging machinery business.
* BSE: Signed a memorandum of understanding with Bombay Metal Exchange for new products in
commodity derivatives markets in the non-ferrous segment.
* CADILA HEALTHCARE: Received the US Food and Drug Administration's final approval to market Triamterene and Hydrochlorothiazide tablets USP in strengths of 37.5 mg/25 mg and 75 mg/50 mg, respectively.
* CANARA BANK: The CBI moved to file a charge sheet against two former chairman-cum-managing directors--A.C. Mahajan and S.R. Raman--in connection with an alleged loan default of 1.46 bln rupees by Jatin Mehta-owned Winsome Diamonds.
* CORPORATION BANK: Hopes to come out of the prompt corrective action framework of RBI in two years.
* DABUR INDIA: Plans to expand footprint across Africa, Iran and Saudi Arabia with local marketing initiatives, launch of low-unit sachet packs of various products, and strengthening consumer franchise.
* DHANLAXMI BANK: Chief Financial Officer Bhasi K.V. has resigned and will be relieved on Jul 31.
* DILIP BUILDCON: Received a sanction letter from a non-banking finance company and a nationalised bank to finance the company's three hybrid annuity model projects worth 37.72 bln rupees.
* DR REDDY'S LABORATORIES: Is recalling from the US over 236,000 bottles of Atorvastatin Calcium tablets used for lowering cholesterol, according to a report by the US health regulator.
* EICHER MOTORS: Posted an 18% on-year rise in sales of Royal Enfield motorcycles in June at 74,477 units.
* ENDURANCE TECHNOLOGIES: Will discontinue operations at its Manesar plant with effect from Aug 31 to consolidate manufacturing operations at the unit.
* FORTIS HEALTHCARE: Securities and Exchange Board of India has ordered a forensic audit of the company's accounts in relation with alleged regulatory lapses.
-Fortis Cancer Care, a step-down subsidiary, has sold its entire 79.43% stake in its subsidiary Lalitha
Healthcare to remaining promoters Lakshmi Narayana Raju, Lakshmi Priya, S. Venkataramana Raju and Anikrish Hospitals.
-Serious differences have emerged between brothers Malvinder and Shivinder Singh, two former promoters of the company, with younger sibling Shivinder at pains to distance himself from the alleged irregularities and
* IDFC: Will seek shareholders' approval this month to raise up to 20 bln rupees through issuance of nonconvertible securities.
* INDIABULLS HOUSING FINANCE: Has entered into a lease rental discount agreement with the
Edelweiss ARC and Phoenix ARC and paid them 5 bln rupees for rights of the Bengaluru-based Vega mall project.
* INDIAN METALS & FERRO ALLOYS: Incurred a production loss of 500 tn ferrous chrome due to disruption caused by a group of agitators earlier this week.
* INOX LEISURE: Commenced commercial operations at a 945-seater, four-screen multiplex in Zirakpur, Punjab.
* JAYPEE INFRATECH: A consortium of Kotak Investment Advisors and Cube Highways has proposed to pay an upfront consideration of 33 bln rupees in cash to help the resolution process of the company.
* JET AIRWAYS INDIA: Amid turbulence caused by soaring oil prices, the company is setting its house in order by inducting fuel-efficient Boeing 737 MAX aircraft in its fleet and cutting non-fuel expenses, the management of the full service carrier told SBICAP Securities Ltd recently.
* JM FINANCIAL: Clear Water, the company and Piramal-Bain Capital are some of the private equity funds that have shown interest to take over the stressed power projects shortlisted under STATE BANK OF INDIA's samadhan project for restructuring and revival.
* JUBILANT FOODWORKS: Income Tax Appellate Tribunal has rejected a 40% tax demand on sales at Jubilant Food stores, and has allowed the chain to pay 10% tax on royalty.
* KIOCL: Is planning to invest about 25 bln rupees for setting up a 1.2 mln tn pellet plant in Visakhapatnam, apart from diversifying its product portfolio to add ductile iron spun pipes in the near future.
* LUPIN: The company and the European Association of Urology have entered into a collaboration to "further the cause of urology in India". Has clocked a 23.4% year-on-year growth in Japan sales in 2017-18, the highest in the past five years.
* LUX INDUSTRIES: Will merge two units--JM Hoisery and Ebell Fashions--with itself.
* MAHINDRA & MAHINDRA: Total vehicle sales rose 26% on year to 45,155 units in June.
* MANPASAND BEVERAGES: Plans to expand aggressively across India and abroad and also enhance its production capacity, after stitching an ambitious distribution pact with Parle Products for the domestic market.
* MARUTI SUZUKI INDIA: Saw a 36% on-year rise in June sales at 144,981 units. Local sales rose 45.5% on year to 135,662 units, but exports fell 29% to 9319 units.
* MAX VENTURES AND INDUSTRIES: Board has approved rights issue of 73.75 mln shares at an issue price of 61 rupees each, aggregating 4.50 bln rupees.
* NATIONAL ALUMINIUM CO: Net profit is likely to double sequentially in the quarter ended June, while operating margins are likely to be around 30%, said Chairman and Managing Director T.K. Chand.
* NBCC (INDIA): Received the environment ministry's clearance for the 2.89-bln-rupee expansion of a sports injury centre at Safdarjung Enclave in Delhi.
* NMDC: The company and Kopano Logistics Services have established a 50:50 joint venture company, KopanoNMDC Minerals (Pty), to undertake exploration and development of mineral properties in South Africa.
* NTPC: Acquired 27.36% stake held by Bihar State Power Generation Co in Kanti Bijlee Utpadan Nigam, which owns 610 MW thermal power station in Muzaffarpur, Bihar.
* OIL AND NATURAL GAS CORP: Seeks price of at least $8.35 to break even on producing coal-seam gas from Raniganj block in West Bengal after part of its acreage was taken away for building of an airstrip.
* ORIENTAL BANK OF COMMERCE: Increase its Base Rate to 9.50% from 9.45% from Saturday.
* POWER FINANCE CORP: Provided additional financial aid of 26.26 bln rupees to Rajasthan Rajya Vidyut Utpadan Nigam to meet new emission norm.
* POWER MECH PROJECTS: N. Bhupesh Chowdary has tendered his resignation as whole-time director and chief executive officer of the company due to personal reasons, effective from Sunday.
* PUNJAB CHEMICALS & CROP PROTECTION: Repaid the entire outstanding debt to Allahabad Bank as per the Negotiated Settlement Proposal.
* PUNJAB NATIONAL BANK: Opened its first centralised loan processing centre as part of its efforts to strengthen internal systems and processes.
* RELIANCE COMMUNICATIONS: Arm Reliance Infratel and its offshore investor and minority
shareholder HSBC Daisy Investments (Mauritius) submitted to the National Company Law Appellate
Tribunal their final consent terms with respect to their dispute over sale of tower and fibre assets by the company to Reliance Jio Infocomm.
* RELIANCE INDUSTRIES: Arm Reliance Jio Infocomm has topped the chart of fastest fourth generation telecom operators with an average peak download speed of 19 MB per second on its network, while IDEA CELLULAR registered highest upload speed in April, according to a Telecom Regulatory Authority of India report.
-The company is planning to acquire US-based telecommunication services provider Radisys Corp for $75 mln in equity, which will bring a sizeable amount of intellectual property to support its digital and communication services business.
* RELIGARE ENTERPRISES: Allotted 454,556 shares upon conversion of warrants held by two entities.
* SHREE RENUKA SUGARS: Narendra Murkumbi has resigned as vice-chairman and managing director, Vidya Murkumbi has resigned as director.
* SALZER ELECTRONICS: Board has given the green signal to open talks to acquire Thailand-based Advanced ID Asia Engineering Co and Hong Kong-based United Marketing and Trading.
* SPICEJET: Is diversifying into the air cargo business, and will be the first among Indian airlines to start a dedicated freighter plane service.
* STATE BANK OF INDIA: The government has authorised 11 branches of the bank to issue electoral bonds as well as have the facility to encash it for political parties in the fourth phase of the sale of these bonds from today till Jul 11.
-A panel, which is looking into the feasibility and modalities of setting up an asset reconstruction or
management company to fast track resolution of stressed assets in the banking industry, is likely to have completed its report by Sunday, Chairman Rajnish Kumar told.
-The government has granted permission to Managing Director B. Sriram to retire voluntarily, with
immediate effect, consequent to his appointment as managing director and chief executive officer of IDBI BANK.
-The bank and BANK OF BARODA have started deploying artificial intelligence in a big way to improve efficiency, detect human behaviour and reduce operational costs.
* STERLITE TECHNOLOGIES: Step-down subsidiary Sterlite Power has won six lots at the transmission auction conducted by Brazil's Electric Energy Regulator ANEEL on Thursday.
* TALWALKARS LIFESTYLES: Plans to invest 4 bln rupees over the next three to four years to expand the gym business.
* TATA CONSULTANCY SERVICES: Said parent Tata Sons would be participating in the 160-bln-rupee buyback that the company announced earlier this month.
* TATA MOTORS: Total domestic vehicle sales in June rose 54% on year to 56,773 units.
* TATA STEEL: The company and thyssenkrupp AG have signed definitive agreements to combine their European steel businesses in a 50:50 joint venture company.
* THERMAX: Received an order worth 3.4 bln rupees for designed boiler, electric turbo generators and ancillary equipment for their production facility in Maharashtra from an Indian steel manufacturer.
* UTTAM GALVA STEELS: The resolution process of the company, which was admitted for insolvency proceedings on Jun 26, may have to wait till there is more clarity on the status of insolvency proceedings against arm Uttam Galva Metallics.
* VEDANTA: Heightened political opposition in the UK and a significant drop in the share price from its 2007-08 peak have led Anil Agarwal to consider a plan to delist his flagship Vedanta Resources Plc from the London Stock Exchange.
* YES BANK: The bank and Goldman Sachs (India) Securities have settled the Securities and Exchange Board of India's probe into the bank's failed $1-bln qualified institutional placement in September 2016.
* ZEE MEDIA CORP: Promoter ARM Infra and Utilities has sold 1.03% stake or 4.84 mln shares in the company through the open market on Wednesday.
