Today's Stock News - 04.11.2019: 09.00 Am
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* 3I Infotech: Board has approved sale of 74% stake in its material subsidiary--Locuz Enterprise Solutions--for 230 mln rupees.
* ADVANCED ENZYME TECHNOLOGIES: Board has approved shutting down operations at its whollyowned subsidiary in Malaysia.
* ALKEM LABORATORIES: Has received an establishment inspection report from the US Food and Drug Administration for its manufacturing facilities at Daman and Baddi.
* ASHOK LEYLAND: Plans to shut its manufacturing units for up to 12 days in November to keep the production aligned with market demand.
* BERGER PAINTS INDIA: Has acquired 91.94% stake in Kolkata-based STP Ltd till now, and will acquire the remaining 3.59% stake shortly.
* BHARTI AIRTEL: Intends to capitalise on the government's move to store data locally. The company expects demand to rise further as the country gets ready to roll out fifth generation spectrum.
- CRISIL has placed its the company's rating on 'watch negative'.
* COAL INDIA: The company's production fell 20.9% on year to 39.35 mln tn in October, while offtake slipped 18.9% to 40.50 mln tn, according to provisional figures.
* COCHIN SHIPYARD: Has acquired balance 26% equity stake in its subsidiary Hooghly Dock & Port Engineers on Friday.
* DCB BANK: To cut its marginal cost of funds-based lending rates on most tenures by 16 basis points, effective Tuesday.
* DEWAN HOUSING FINANCE CORP: Bankers working on debt resolution are likely to reject a revival plan offered earlier by the company after the Centre on Friday ordered a probe into alleged financial irregularities against the financier's promoters, the Wadhawan family.
- A political fight has erupted here with the revelation of unauthorised investment of several million
rupees in the company by state power utilities between March 2017 and December 2018.
* DHANLAXMI BANK: The Reserve Bank of India on Friday gave the bank four months to appoint a new managing director and chief executive officer following the resignation of T. Latha from the post on Thursday.
* DR REDDY'S LABORATORIES: After a muted performance in Jul-Sep, the company expects some improvement in sales in the US over the next two quarters, as the company has resolved logistics issues in the region.
* EDELWEISS FINANCIAL SERVICES: Arm ECL Finance on Sunday announced a public issue of secured redeemable non-convertible debentures aggregating up to 5 bln rupees.
* EICHER MOTORS: Total sales of Royal Enfield motorcycles in October were up 2% on year at 71,964 units. The sales were 21% higher from September.
* HERO MOTOCORP: Total sales in October declined 18% on year to 599,248 units, down 2% from
September.
* HINDALCO INDUSTRIES: Has raised the prices of its aluminium wire rods, billets and ingots for the second time in two days.
* IL&FS TRANSPORTATION NETWORKS: Defaulted on interest payment of 22.94 mln rupees on nonconvertible debentures that was due on Friday.
* INDIABULLS HOUSING FINANCE: The board will meet on Wednesday to consider and approve raising of funds by issuing non-convertible debentures or compulsorily convertible debentures or optionally convertible debentures or non-convertible debentures-cum-convertible warrants.
* INTERGLOBE AVIATION: The Directorate General of Civil Aviation has ordered the company-run IndiGo to modify all 97 Airbus A320neo aircraft with Pratt & Whitney engines before Jan 31 or face those planes getting grounded.
* INDIABULLS REAL ESTATE: The company had on Sep 28 received shareholders' approval for sale of its property in London to promoter-owned Clivedale Overseas.
* ICICI BANK: The Reserve Bank of India has rejected the bank's proposal to appoint Sandeep Batra as executive director as markets regulator Securities and Exchange Board of India had imposed 200,000- rupee penalty on him in a matter related to the merger with Bank of Rajasthan.
* IRB INFRASTRUCTURE DEVELOPERS: National Highways Authority of India has terminated the company's concession agreements of IRB PP Project and IRB PS Highway, effective May 15.
* JYOTHY LABS: The promoter of the company--Sahyadri Agencies--has sold 4.22% stake or 15.5 mln shares of the company through two separate deals on the National Stock Exchange.
* LAKSHMI VILAS BANK: Along with INDIAN BANK, the lender disclosed wide divergences in gross bad loans between what they reported and what the Reserve Bank of India assessed as at the end of March 31, 2019.
* LEMON TREE HOTELS: Is looking to open three more properties under its upscale Aurika Hotels and Resorts brand across the country by the end of 2021.
* MAHANAGAR TELEPHONE NIGAM: The Department of Telecommunications has asked the heads of the company and Bharat Sanchar Nigam to "take immediate steps for strict and time-bound compliance" regarding the Cabinet's decision to revive the two state-owned telecom companies.
* MANAPPURAM FINANCE: The board will meet on Thursday to consider and approve raising up to 2 bln rupees through non-convertible debentures.
* MARUTI SUZUKI INDIA: Remains "cautiously optimistic" over sales' prospect going ahead as many of the challenges that led to a slowdown in the auto industry still exist.
* MINDA INDUSTRIES: On Friday issued commercial papers worth 300 mln rupees, which will be due for maturity on Jan 30.
* MOIL: The Company has reduced prices of different grades of manganese ore and other products and chemical grade by about 10% to 25% from Friday.
* NATIONAL ALUMINIUM CO: Has raised prices of aluminium ingots by nearly 2% with effect from Thursday.
* POWER FINANCE CORP: Signed a 200-mln-euro (15.8-bln-rupee) loan agreement with KfW, a German state-owned bank.
* PUNJAB NATIONAL BANK: The bank cut its marginal cost of funds-based lending rates by 10 basis points across tenures, effective Nov 1, the lender informed the exchanges on Friday.
* RELIANCE CAPITAL: Has disclosed that interest/principal obligations on its non-convertible debentures carrying five different International Securities Identification Numbers due on Saturday have been delayed.
* RELIANCE COMMUNICATIONS: The Department of Telecommunications is exploring options for recovering nearly 200 bln rupees in dues from the company, which is undergoing bankruptcy resolution.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm opposed any move by the government to provide financial relief to rival telecom operators, which have been ordered to pay $7 bln in past dues, saying they had adequate recourse to funds.
* SIEMENS: Has signed a memorandum of understanding with NTPC to develop innovative technologies, solutions and techniques to reduce dependence on hydrocarbons.
* STEEL STRIPS WHEELS: Has reported a 27% on-year fall in its rim sales for Oct to 1.06 mln
units.
* SUNDARAM FINANCE: Plans to raise 5.8 bln rupees through its bonds maturing on Nov 7, 2022 at a coupon of 7.50%.
* TATA CONSULTANCY SERVICES: Four information technology companies, including the company and WIPRO are in the fray to manage and operate the business analytics project of insurance sector regulator Insurance Regulatory and Development Authority of India.
* TATA MOTORS: Total domestic sales fell 32% on year to 39,152 units in October.
- Jaguar Land Rover US October sales were 10,443 units compared to 10,494 units a year ago.
* THOMAS COOK INDIA: On Sunday said the sale of the company to China's Fosun does not include regions of India, Sri Lanka and Mauritius.
* UNION BANK OF INDIA: Union Bank of India said divergence in its reported gross bad loans and as per the assessment of the central bank was 5.9 bln rupees as the end of March 2019.
* UNITED BANK OF INDIA: Said the divergence in gross bad loans between what it reported and what the Reserve Bank of India assessed was 17.12 bln rupees as at the end of March 2019.
* VODAFONE IDEA: India Ratings downgraded the company's long-term issuer rating to 'BBB' from 'A+' and also placed the company on rating watch negative, as it believes the company's liquidity profile is 'stretched' and its cash flows are likely to remain negative over 2019-20 (Apr-Mar) to 2021-22.
* YES BANK: Has cut its overnight marginal cost of funds-based lending rate by 10 basis points to 7.90%, effective Friday.
- Is aiming to finish a $1.2 bln equity raising exercise by December and willing to give new investors a board seat.
* ZEE ENTERTAINMENT ENTERPRISES: VTB Capital, the investment management arm of Russia-based VTB Group, has begun a process to sell 10.71% in the company to recover dues.
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