Today's Stock News - 25.11.2019: 09.00 Am
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* ALLCARGO LOGISTICS: The board of the company will meet on Wednesday to consider raising up to 1.95 bln rupees by issuing non-convertible debentures.
* ASHAPURA MINECHEM: Has entered into a secured term loan agreement of 780 mln rupees with Elara Finance (India).
* ASTER DM HEALTHCARE: Has increased its shareholding in subsidiary Sri Sainatha Multi Speciality by 4.89%, taking its aggregate shareholding to 77.30%.
* AUROBINDO PHARMA: The US FDA has observed several violations and shortcomings in the company's Pashamylaram unit in Hyderabad.
- Expects to become a debt-free company in the three next years barring the amount it is spending on
acquisition of Sandoz products.
* BANK OF BARODA: Plans to raise at least 5 bln rupees through the issuance of Basel III-compliant additional tier-I bonds, and has invited bids on Tuesday.
* BHARAT PETROLEUM CORP: Officers' association of public sector oil and gas companies and the Confederation of Maharatna Companies have said they would "vehemently oppose" the government's decision to go for strategic disinvestment of the company, SHIPPING CORP OF INDIA, and CONTAINER CORP OF INDIA.
- In part indication of timelines for privatisation of India's second biggest state oil refiner, the
government has set a 50-day deadline for an outside 'asset valuer' to carry out the valuation of all assets of the company, a process once completed will trigger invitation of price bids from potential acquirers.
- In a bid to offer great transparency and to enhance customer experience, the company has launched a slew of advance technology and digital initiatives.
* BHARTI AIRTEL: The company, VODAFONE IDEA, and TATA TELESERVICES MAHARASHTRA have asked the Supreme Court to review its Oct 24 verdict on adjusted gross revenue.
- The company, along with VODAFONE IDEA and TATA TELESERVICES MAHARASHTRA, has
filed separate petitions in the Supreme Court, seeking a review of its order on calculation of adjusted gross revenue.
- The Department of Telecommunications has set up an internal committee to examine the impact of
the increase in tariff hikes that VODAFONE IDEA, the company, and Reliance Jio Infocomm have announced and will come into effect on Dec 1.
* CARBORUNDUM UNIVERSAL: N. Ananthaseshan will take charge as the company's managing director, replacing K. Srinivasan.
* CG POWER AND INDUSTRIAL SOLUTIONS: The Ministry of Corporate Affairs has filed an application before the National Company Law Tribunal seeking a probe into the financials of the company and its subsidiary companies for the past five years.
- After sacking founder Gautam Thapar as the chairman, the company has moved to declassify him as
promoter, as any association with him will be prejudicial to the interests of the company, according to the firm's annual report.
* COAL INDIA: The coal ministry has asked the company to either expedite the operationalisation of 110 additional blocks allotted to it or return the mines to the government.
* DEWAN HOUSING FINANCE CORP: Vaijinath M. Gavarshetty has assumed office as the chief executive officer of the company, with effect from Thursday.
- Many fund houses having exposure to the company are keen to turn the heat on the promoters of the
crippled mortgage lender.
- Averting a major showdown with the Uttar Pradesh power employees on the illegal investment of
their provident fund in the company, the Yogi Adityanath government has announced that it will underwrite the outstanding corpus.
* EDELWEISS FINANCIAL SERVICES: Has said the public issue of secured redeemable non-convertible debentures aggregating up to 5 bln rupees by its non-banking finance company arm, ECL Finance, has been fully subscribed.
* EMBASSY OFFICE PARKS REIT: The company has raised 6.5 bln rupees by allotting secured and redeemable non-convertible debentures.
* IIFL WEALTH MANAGEMENT: The board has approved the acquisition of the distribution business from its holding company IIFL Wealth Management.
* JAYPEE INFRATECH: Lenders to the company will meet on Nov 28 for further discussion on bids
submitted by NBCC and Mumbai-based Suraksha Realty to acquire the debt-laden firm.
* MUTHOOT FINANCE: Will acquire IDBI Asset Management and IDBI Mutual Fund Trustee Co for 2.15 bln rupees.
* NTPC: The acquisition of THDC India and North Eastern Electric Power Corp may be a shot in the arm for the company, which aspires to build a strong renewable energy portfolio over the next two years.
* POWER GRID CORP OF INDIA: Has been declared the successful bidder for two intra-state transmission system projects in Uttar Pradesh under the tariff-based competitive bidding.
- Will "fight" any attempts by the Department of Telecommunications to seek additional licence fee on the basis of a recent Supreme Court ruling, beyond the amounts that the state-owned enterprise has already paid.
* RBL BANK: Is looking to raise up to 20 bln rupees through a qualified institutional placement offering.
* RELIANCE COMMUNICATIONS: The lenders of the company, which has been declared bankrupt, has rejected the resignations of Chairman Anil Ambani and four others as the directors of the company.
- Bitter telecom rivals Reliance Jio Infocomm and BHARTI AIRTEL, besides private equity firm
Varde Partners and infrastructure-focused I Squared Capital fund, are set to compete for the company's assets, bids for which will be opened today.
- Having asked for a 10-day extension from a resolution professional, Reliance group is expected to
make a bid for the company and its related companies today.
* RITES: The government will sell an additional 12.5 mln shares, or 5% stake, in the company as the nonretail portion of its offer-for-sale was fully subscribed on Friday.
* SATIN CREDITCARE NETWORK: Goldman Sachs Singapore PTE sold 0.51% stake or 266,363 shares in the company at 218.62 rupees apiece through a bulk deal on the National Stock Exchange.
* SHOPPERS STOP: Has opened a new store in Seawoods locality of Navi Mumbai.
* SHREE CEMENT LTD: The company has set the issue price for its qualified institutional placement at 19,300 rupees a share.
* SPICEJET: Is planning to raise around 7.5 bln rupees by selling new shares. The airline is considering a qualified institutional placement as a prolonged grounding of the Boeing 737 MAX aircraft and a severe fare war have put the airline's balance sheet under pressure.
* STEEL AUTHORITY OF INDIA: Is awaiting a response from ArcelorMittal regarding setting up a joint high-end automotive steel plant in India for which its board had given a go-ahead about two years ago.
* TATA MOTORS: Jaguar Land Rover plc, a subsidiary of the company, has set the yearly coupon for the proposed senior notes of 500 mln euros (about 39.7 bln rupees) at 5.875%. For senior notes of 300 mln euros (about 23.8 bln rupees), the company has set the coupon at 6.875% per annum.
- Shareholders of the company have approved the issuance of shares and warrants to promoter Tata
Sons on a preferential basis.
* TATA STEEL: Is raising up to $1.75 bln in syndicated offshore loans through its European unit to lower borrowing costs in the first mega fundraising at India's biggest and the oldest maker of the alloy, which shelved a joint-venture proposal in the continent with Germany's Thyssenkrupp earlier this year.
* TEJAS NETWORKS: ICRA has cut the outlook on Tejas Networks' bank facilities to stable from positive.
* TEXMACO RAIL & ENGINEERING: India Ratings and Research has downgraded the company's longterm issuer rating to 'A' from 'AA-' and simultaneously placed it on rating watch negative. The outlook on the earlier rating was negative.
* TORRENT PHARMACEUTICALS: The US health regulator has pulled up the company's US-based arm for violations of good manufacturing practices, including lack of properly designed equipment and packing material.
* UNICHEM LABORATORIES: Has received the US Food and Drug Administration's approval to market atenolol tablets, a generic version of Alvogen Malta Operations' Tenormin in 25-mg, 50-mg and 100-mg strengths.
* VODAFONE IDEA: CRISIL has downgraded its rating on the 35-bln-rupee non-convertible debentures of the company to 'CRISIL BBB-' from 'CRISIL BBB+'. The rating continues to be on 'rating watch with negative implications'.
- CARE RATINGS has done a three-notch downgrade rating on the company's long-term bank
facilities and non-convertible debentures to 'BBB-' from 'A-', the telecom operator said in an exchange filing.
* YES BANK: Sold 0.52% stake or 1.3 mln shares in RELIANCE CAPITAL at 16.39 rupees a share through a bulk deal on the National Stock Exchange.
- The Reserve Bank of India has asked the bank to re-examine the "fit and proper" status of the lender's audit committee chairman Uttam Prakash Agarwal after it was found that he had failed to disclose details of criminal cases filed against him.
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