Today's Stock News - 07.11.2019: 09.00 Am
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* ADANI ENTERPRISES: Bombay High Court rejected ad interim relief to Adani Group in the ongoing dispute relating to the stake sale in Mumbai International Airport.
* AUROBINDO PHARMA: Company's acquisition of the dermatology and generics business of Novartis' Sandoz subsidiary is delayed further as the US Federal Trade Commission has asked for more information on a lawsuit the Indian company is facing, a person privy to the development said.
* AXIS BANK: Managing Director and Chief Executive Officer Amitabh Chaudhry pitched for government intervention for the ailing real estate sector and sought approval for lenders to restructure loans to stressed developers.
* BHARTI AIRTEL: ICRA on Monday placed the ratings of the company under watch with negative
implications following the judgment by Supreme Court pertaining to dispute regarding the calculation of adjusted gross revenue.
* CANARA BANK: Will cut its marginal cost of fund based lending rates by five basis points across tenures from today.
* CEAT: Societe Ceat D Investissements En Asie S A SPF, promoter entity of the company, has sold 1.97% stake or 800,000 shares of the company at 995 rupees a share through a bulk deal on NSE.
* CG POWER AND INDUSTRIAL SOLUTIONS: Responding to media reports stating the company plans to raise 8 bln rupees through an equity issue to tackle a liquidity crisis, the company said it is exploring options to raise capital and no final decision in this regard has been approved by its board of directors.
* EID PARRY INDIA: Board has approved investing 960 mln rupees in a green field distillery with 60 kl per day capacity at its Bagalkot unit in Karnataka. The board also decided to set up a wholly-owned subsidiary in the Netherlands to facilitate the sales and marketing operations of the nutraceutical business in Europe.
* HERO MOTOCORP: Plans to roll out fewer scooters in the next six months as demand for gearless vehicles remains low and inventory at dealers is still higher than normal.
* HINDALCO INDUSTRIES: Adjusted operating profit of US-based subsidiary Novelis rose 5% on year to $374 mln in the quarter ended September primarily driven by higher shipments as well as favourable price and product mix.
* HINDUSTAN UNILEVER: National Company Law Tribunal has approved the scheme of amalgamation by way of merger of GLAXOSMITHKLINE CONSUMER HEALTHCARE with the company.
* HOUSING DEVELOPMENT FINANCE CORP: Chairman Deepak Parekh said the time was right for India to look at cross-border loan securitisation.
* INDIABULLS HOUSING FINANCE: The board of the company has approved raising up to 100 bln rupees, in one or more tranches, through private or public placement of non-convertible debentures. The board also gave its nod to raise $1 bln through qualified institutional placement of shares.
* ITC: Kovai Paperboards factory in Tamil Nadu has earned the unique distinction of being the only facility in India to be awarded the Alliance for Water Stewardship Platinum-level certification–-the highest recognition for water stewardship in the world.
* JB CHEMICALS & PHARMACEUTICALS: The company board will consider a proposal for share buyback in a meeting scheduled for Tuesday.
* LUPIN: Has received the US Food and Drug Administration's approval for generic of Zyflo CR tablet.
* MANAPPURAM FINANCE: The board of the company approved raising up to $750 mln through medium term notes.
* MAX FINANCIAL SERVICES: The board said it had mutually terminated the agreement of issuing shares of the company to Mitsui Sumitomo Insurance, against the Japan-based insurer's stake sale in Max Life Insurance Co.
* PNB GILTS: Board has approved raising up to 5 bln rupees through issuance of commercial papers, in one or more tranches.
* PNB HOUSING FINANCE: Raised 25 bln rupees through the issuance of separately transferable
redeemable principal parts structured bonds maturing in 10 years at a coupon of 8.75%.
* PRAKASH INDUSTRIES: The company has emerged as the highest bidder for Bhaskarpara coal mine in Chhattisgarh, which has an extractable reserve of 24.06 mln tn.
* STATE BANK OF INDIA: Chairman Rajnish Kumar said the lenders would take a call on the resolution plan for DEWAN HOUSING FINANCE CORP after Bombay High Court's hearing on Monday.
* SUN PHARMACEUTICAL INDUSTRIES: Has received the US Food and Drug Administration's approval for generic of Tarceva tablet.
* TAKE SOLUTIONS: Appointed Srini Srinivasan as an independent director of the company.
* TATA STEEL: The company said it was unlikely to meet its target of reducing debt by $1 bln given the sharper-than-expected hit in market conditions.
* VEDANTA: The company has hiked prices of its aluminium products for the third consecutive time.
* YES BANK: Moody's Investors Service placed the bank's foreign currency issuer rating of Ba3 under review for downgrade owing to the bank's weak financial performance.
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