Today's Stock News - 20.11.2019: 09.00 Am
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* AVANTI FEEDS: Subsidiary Avanti Frozen Foods has incorporated wholly-owned subsidiary Avanti Frozen Foods Inc in Delaware, US, to trade in frozen shrimps and other sea foods.
* BANK OF BARODA: Reserve Bank of India has imposed a penalty of 25 mln rupees for non-compliance with directions on various accounts of Srijan Mahila Vikas Sahyog Samiti at the lender's Bhagalpur, Bihar, branch.
* BHARTI AIRTEL: Net lost 2.38 mln users in September, against 561,135 loss in August.
* BIRLA CORP: Acquired 26% stake in Ampsolar Clean Power through a combination of equity shares and compulsorily convertible debentures for 75.68 mln rupees on Monday.
* CEREBRA INTEGRATED TECHNOLOGIES: Valeo Global Fund sold 0.52% stake or 634,022 shares in the company at 24.82 rupees per share through a bulk deal on the National Stock Exchange.
* DEWAN HOUSING FINANCE CORP: Lenders are likely to ask the Reserve Bank of India to refer the company to the National Company Law Tribunal after rules were changed last week to bring non-banking financial companies within the ambit of the bankruptcy code.
- The company and Altico Capital are likely to be the first set of financiers to land up in bankruptcy
courts.
* EICHER: Implementation of the new Bharat Stage-VI emission norms will make production of Royal Enfield Motors' 500cc motorcycles unviable for the domestic market due to the high cost of upgrading their engines and low volumes.
* GAIL (INDIA): The company and the Petroleum and Natural Gas Regulatory Board are headed for a clash after the latter cancelled the state-run firm's sole bid to lay a 15-bln-rupee pipeline in Rajasthan citing unviably high tariff, and launched in its place the bidding process for another pipeline with an altered route.
* HINDUSTAN UNILEVER: The company will not draw up any contingency plans to deal with a possible economic setback and will instead invest in restructuring the supply chain to meet higher demand in the future, despite no visible up-tick in sales, Chairman Sanjiv Mehta said.
* JET AIRWAYS: The Committee of Creditors to the company on Tuesday broadly agreed to give the
Synergy Group, the only entity that evinced an interest in the beleaguered airline, time till Dec 16 to submit its bid.
* LEMON TREE HOTELS: WF Asian Reconnaissance Fund brought 6.01 mln shares or 0.75% stake in the company at 59.5 rupees apiece through a bulk deal on the National Stock Exchange.
* MARUTI SUZUKI INDIA: Rising sales in the past two months have helped the company cut inventory down to 30 days from 45 days earlier.
* MCNALLY BHARAT ENGINEERING CO: Two investors have submitted binding term sheets for the company's debt resolution, subject to the approval of the lenders.
* NBCC (INDIA): Has received an order worth 5 bln rupees from the government for development of the National Museum of Natural History in New Delhi.
* NMDC: The Chhattisgarh government has assured the iron ore miner of renewal of its four leases post their expiry in March next year. The extension of the leases is crucial for survival as Donimalai complex in Karnataka is still not operational since last year.
* RELIANCE CAPITAL: Transferred its shareholding in arm Reliance General Insurance Co to IDBI Trustee Services following invocation of pledge.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm net added 6.98 mln users in September against 8.44 mln added in August.
- Anticipating the possibility that the Telecom Regulatory Authority of India was likely to initiate a
consultation process for setting a floor price for telecom tariffs, Reliance Jio Infocomm on Tuesday indicated that it may increase tariffs in the next few weeks.
* SBI LIFE INSURANCE CO: CA Emerald Investments sold 3% stake or 30 mln shares in the company at 938.83 rupees per share through a bulk deal on the National Stock Exchange.
* SHREE CEMENT: Has set the floor price for its qualified institutional placement of shares at 19,806.46 rupees apiece.
* SOUTH INDIAN BANK: Will cut its marginal cost of funds-based lending rates across tenures by 10 basis points from today.
* STERLING BIOTECH: The National Company Law Appellate Tribunal has granted 30 days more to the promoters of the company to settle dues of creditors, failing which liquidation process of the company will start.
* TATA MOTORS: The company will have 400 new product programmes and 1,000 product variants come April 2020 to meet the new Bharat Stage-VI emission norms, shedding about 120-140 product variants from its existing portfolio.
* TECH MAHINDRA: Expects the ramping up of its AT&T deal to help sales grow by 8-10% in constant currency terms over 2019-21 (Apr-Mar). The deal, worth $1 bln, won by the company in the September quarter, will be spread over six-and-a-half years.
* ULTRATECH CEMENT: Plans to issue 2,500 non-convertible debentures worth 2.5 bln rupees on a private placement basis on or after Friday.
* VODAFONE IDEA: Net lost 2.58 mln users in September, against 4.96 mln loss in August.
-Seeking about 70 bln rupees in tax refunds.
* WIPRO: Appirio, a Wipro company, has partnered with software provider MuleSoft to provide digital integration solutions for their customer relationship management systems.
- Has signed a memorandum of understanding with the University of Oulu, Finland, to develop
technologies for telecom operators to support fifth or sixth generation network.
* YES BANK: The divergence in gross bad loans reported by the bank and that assessed by the Reserve Bank of India was at 32.77 bln rupees as of Mar 31.
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