Today's Stock News - 06.11.2019: 09.00 Am
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The Adani Group on Tuesday sought an extension from Bombay High Court of the last date to acquire Bidvest's stake in the Mumbai International Airport Ltd to Feb 7.
* BANK OF BARODA: Will reduce its marginal cost of funds-based lending rates by 5-25 basis points across tenures from Thursday.
* CG POWER AND INDUSTRIAL SOLUTIONS: Step-down subsidiary PT CG Power Systems Indonesia has bagged a $24-mln order from Indonesian state utility PT PLN (Persero) to manufacture and supply 25 power transformers.
- Plans to raise about 8 bln rupees through an equity issue to tackle the liquidity crisis that it is facing.
* COX & KINGS: Alpha Leon Enterprises LLP has sold a 1.53 mln shares or 0.9% stake in the company at 1.6 rupees apiece through a bulk deal on NSE.
* DALMIA BHARAT: Oppenheimer Developing Markets Fund sold 2.1 mln shares or 1.1% stake in the company at 810.52 rupees apiece through a bulk deal on NSE.
* DEWAN HOUSING FINANCE CORP: Has urged its two top lenders to help lift a moratorium on
repayments so that the stressed mortgage lender could begin repaying its depositors.
- The United States Agency for International Development has suspended an agreement with the
company to provide a $10 mln loan guarantee to improve healthcare in India's tier-II and tier-III cities.
* DISHMAN CARBOGEN AMCIS: Norges Bank, on account of Government Pension Fund Global, has bought 1.4 mln shares or 0.9% stake in the company at 119 rupees apiece through a bulk deal on the National Stock Exchange.
* FORCE MOTORS: Total vehicle production slumped 37% on year to 1,636 units in October.
* GE T&D INDIA: The company has appointed Pitamber Shivnani as chief executive officer from Jan 15.
* GREAVES COTTON: The company's board has approved acquisition of the remaining 18.77% stake in subsidiary Ampere Vehicles for 600 mln rupees.
* HERO MOTOCORP: The board has approved an investment of up to 4.5 bln rupees into associate
company Hero FinCorp by subscribing to the issue of shares on private placement, in one or more tranches.
* HINDALCO INDUSTRIES: Has raised prices of aluminium ingots, billets and wire rods for the fourth time in a row, in line with the gains in prices of the metal in international markets.
* HINDUSTAN COPPER: The company has cut prices of its copper products by a marginal 0.5% for
November.
* HOUSING DEVELOPMENT AND INFRASTRUCTURE: Emerging Markets Value Fund Of Dimensional Funds Plc has sold 3.4 mln shares or 0.7% stake in the company at 1.8 rupees apiece through a bulk deal on NSE.
- Promoters of the company have allegedly diverted 1.6 bln rupees of loan from Punjab & Maharashtra Cooperative Bank to three Delhi-based hotels, according to the probe by the Enforcement Directorate.
* INFOSYS: has received an order from Movement Mortgage for digital platform.
* INTERGLOBE AVIATION: IndiGo and Qatar Airways are likely to announce a codeshare agreement on Thursday.
* JAMMU & KASHMIR BANK: Has sought a special dispensation from the Reserve Bank of India to address the "temporary asset impairment" caused due to the prevailing situation in the region.
* JAYPEE INFRATECH: An arbitration tribunal has directed the Yamuna Expressway Industrial
Development Authority to refund 411 mln rupees along with interest to the company, saying the demands raised by the authority against the builder are illegal and invalid.
* MAHINDRA & MAHINDRA: The company's vehicle production in October was down 21.3% on year at 44,697 units.
* MAHINDRA LIFESPACE DEVELOPERS: Mahindra Happinest Developers, the company's joint venture with HDFC Capital Affordable Real Estate Fund-1, has signed a pact to acquire a land parcel having residential development potential of up to 840,000 sq ft in Mumbai Metropolitan Region at Ranjnoli village, Maharashtra.
* MARINE ELECTRICALS (INDIA): The company has bagged an order worth 184.3 mln rupees from Afcons Infrastructure to supply low-voltage switchgear, a motor control centre and a bus duct to OIL AND NATURAL GAS CORP for an offshore process platform project for the development of a New Exploration Licensing Policy block on the Krishna-Godavari basin.
* MAX INDIA: Shareholders of the company, in a meeting convened by the National Company Law
Tribunal, approved composite merger scheme of healthcare assets of the company into Max Healthcare and demerger of residual businesses of the company into Advaita, a wholly-owned subsidiary of the company.
* STATE BANK OF INDIA: Has sought bids from asset reconstruction companies, banks, non-banking finance companies and financial institutions for sale of seven non-performing accounts worth 1.53 bln rupees.
* SUDARSHAN CHEMICAL INDUSTRIES: The board has approved capital expenditure of 1.26 bln rupees to increase production capacity at its units in Roha and Mahad in Maharashtra.
* SUN PHARMA ADVANCED RESEARCH CO: The company has granted exclusive licences to a
subsidiary of China Medical System Holdings to develop and sell products in mainland China, Hong Kong, Macao, and Taiwan.
* SUN PHARMACEUTICAL INDUSTRIES: Has entered into a licensing agreement with AstraZeneca UK for novel ready-to-use infusion oncology products in China.
* RELIANCE COMMUNICATIONS: Reliance Jio Infocomm may have to shoulder the burden of around 130 bln rupees of past dues relating to licence fee and spectrum usage charge owed by the company as fallout of the Supreme Court verdict in the adjusted gross revenue matter.
* TECH MAHINDRA: The board has approved acquisition of 100% stake in New York-based marketing and media solutions agency BORN Group for up to $95 mln in cash.
* UNION BANK OF INDIA: Has reduced its marginal cost of funds-based lending rates by 10 basis points across tenures, effective Friday.
* ULTRATECH CEMENT: Is looking to exit its 600,000 tn cement facility in Bangladesh, along with its plan to divest non-core assets in China, the United Arab Emirates and Europe to reduce net leverage.
* VEDANTA: Vedanta Resources' much-delayed project to set up a fertiliser plant in Chittorgarh in Udaipur, Rajasthan, with an investment of 13.5 bln rupees seems to have a hit a bump, and the company is looking for alternative locations in the state.
* VST TILLERS TRACTORS: Sales of the company's power tillers rose 5.5% on year in October to 1,104 units, and those of tractors were up nearly 3% at 857 units.
* ZEE ENTERTAINMENT ENTERPRISES: The board has in-principle approved the re-appointment of Punit Goenka as managing director and chief executive officer for a further 5-year period upon conclusion of his current term on Dec 31.
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