Today's Stock News - 23.12.2019: 09.00 Am
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* ABB INDIA: Shareholders have sought cost of acquisition of shares between those held by them in the company and those which will be allotted in the demerged entity ABB Power Products and Systems India.
* ADANI TRANSMISSION: The Competition Commission of India said it has given approval under the green channel route to acquisition of over 25% stake in Adani Electricity Mumbai and Adani
Electricity Mumbai Services by Qatar Holding.
* AMARA RAJA BATTERIES: Amara Raja Power Systems, an Amara Raja group company, signed a memorandum of understanding with SCHNEIDER ELECTRIC INFRASTRUCTURE to jointly develop energy storage and digital micro grid management solutions.
* ASHOKA BUILDCON: Canada Pension Plan Investment Board has emerged the frontrunner to acquire toll roads developer Ashoka Concessions, and is likely to sign a deal at an enterprise value of 55 bln rupees.
* BHARTI AIRTEL: The Cellular Operators' Association, which represents the company, VODAFONE IDEA and Reliance Jio Infocomm, condemned Digital Communications Commission's decision not to change the Telecom Regulatory Authority of India's recommendation on reserve price for the upcoming spectrum auction.
* BHARTI INFRATEL: The government is unlikely to clear the proposed merger of the company with Indus Towers by Tuesday's deadline, which may force the three major signatories — BHARTI AIRTEL, Vodafone Group Plc and VODAFONE IDEA — to call off the deal and explore other options to monetise their stakes.
* BHARAT PETROLEUM CORP: The government is likely to invite expressions of interest to sell its entire stake in the company in January.
* CANARA BANK: CRISIL has placed its rating on the long-term debt instruments of the bank on 'rating watch with developing implications'.
* CARE RATINGS: Managing Director and Chief Executive Officer Rajesh Mokashi has tendered his resignation. T.N. Arun Kumar will continue to act as interim chief executive officer.
* DEWAN HOUSING FINANCE CORP: The Enforcement Directorate has accused the company's
promoter Dheeraj Wadhawan of being the "prime mover" of a property deal between a company linked to him and erstwhile drug lord Iqbal Memon alias Iqbal Mirchi.
- Administrators are working on an emergency talent-retention plan, after about 4,000 employees
exited the indebted financier since the late-2018 funds crisis in the non-bank lending industry.
* DILIP BUILDCON: The company has been issued provisional completion certificate for four-laning of Ambala-Kaithal section of NH-65 in Haryana on engineering, procurement and construction basis, on Dec 11.
* DISH TV INDIA: IVY Icon Solutions LLP has sold 0.8% stake or 13.3 mln shares of the company at 14.27 rupees per share in a bulk deal on National Stock Exchange.
* GAIL INDIA: The Department of Telecommunications has sought 1.72 trln rupees in adjusted gross revenue dues from the company following Supreme Court's ruling on revenues.
* GENUS POWER INFRASTRUCTURES: UNO Metals has sold 0.8% stake or 2.06 mln shares of the company at 23 rupees per share on NSE.
* GLENMARK PHARMACEUTICALS: Canada-based Bausch Health Co Inc and its dermatology business Ortho Dermatologics have agreed to resolve the outstanding intellectual property litigation with the company for Bryhali lotion, used to treat variety of skin conditions.
- US arm has recalled unexpired lots of Ranitidine tablets due to presence of carcinogen.
* HINDALCO INDUSTRIES: Novelis Inc, the US-based arm of the company, has received approval from China's State Administration for Market Regulation for the proposed acquisition of US-based Aleris Corp.
* HOUSING AND URBAN DEVELOPMENT CORP: The board has appointed Executive Director Finance Arshi Ahmad Ali as chief financial officer of the company till the regular incumbent assumes the charge of director (finance).
* ICICI BANK: Has invoked pledge on 4.5 mln shares or 18.75% of Karvy Data Management Services' paid-up share capital.
* IDBI BANK: Is expected to come out of the prompt corrective action framework in Jan-Mar with the support of capital infusion and recovery from large Insolvency and Bankruptcy Code cases.
* IIFL FINANCE: The company's Chief Financial Officer Prabodh Agrawal has resigned and will be
relieved from the services in February.
* IPCA LABORATORIES: Has entered into an agreement with Switzerland-based product development partnership Medicines for Malaria Venture, to co-develop a novel anti-malarial co- formulation named "Atoguanil".
* JAMMU & KASHMIR BANK: The bank under-reported gross bad loans by 1.95 bln rupees and
provisions by 8.8 bln rupees in the previous financial year.
* JAYPEE INFRATECH: The Yamuna Expressway Authority on Saturday cancelled the allotment of 1,000 hectares of land to Jaypee group on Formula One motor racing circuit is built in Greater Noida over nonpayment of dues.
* JET AIRWAYS (INDIA): The Hinduja group is still open to acquiring the company if the conglomerate is indemnified from the airline's legal liabilities.
* KEC INTERNATIONAL: The company got orders worth 15.2 bln rupees, wherein 9.6-bln-rupee order is from Delhi Metro Rail Corp, while 3.9-bln-rupee order is for construction of 400 kV
transmission lines in Nepal.
* MULTI COMMODITY EXCHANGE OF INDIA: On Friday rolled out seven commodity indices for livestreaming on its website and workstation.
* NBCC (INDIA): The company has received letter of intent from HIL (India) to provide project
management consultancy services for development of 5.12 acres land parcel on self-sustainable model for a fee of 345 mln rupees.
* NTPC: May bid for a stressed asset--Avantha Power's Jhabua thermal power project--for the first time under the Insolvency and Bankruptcy Code.
* POWER FINANCE CORP: Wholly-owned subsidiary PFC Consulting transferred its wholly-owned subsidiary Meerut-Simbhavali Transmission to POWER GRID CORP OF INDIA for 81.1 mln rupees.
* POWER GRID CORP OF INDIA: The board of the company approved investment of 1.8 bln rupees in schemes to control fault level at Kanpur & Bhiwani Substations in north and Wardha substations in western region.
* PRESTIGE ESTATES PROJECTS: The board of the company approved allotment of 13.4 mln shares on preferential basis to GAMNAT Pte and set a floor price at 323.22 rupees per share.
* PSP PROJECTS: Emerged the lowest bidder for GIDC Tech-Hub at GIFT City in Gujarat with bid value of 3.1 bln rupees on engineering, procurement and construction model.
* PURAVANKARA: Will invest around 8.50 bln rupees over the next four years to develop three ultra luxury residential projects in Bengaluru, Chennai and Mumbai.
* RALLIS INDIA: Has received approval from the National Company Law Tribunal for merger of whollyowned subsidiary Metahelix Life Sciences with itself.
* RAMKRISHNA FORGINGS: Aadi Financial Advisors LLP purchased 377,000 shares or 1.15% stake in the company through open market.
* RATNAMANI METALS & TUBES: The company has received order worth 810 mln rupees for supply of coated CS pipes to an oil & gas pipeline project, which will be completed between April and September.
* RBL BANK: Will cut its base rate by 5 basis points to 10.15%, from Tuesday.
* RELIANCE CAPITAL: A committee of debenture holders, in a meeting on Jan 17, will consider, finalise, approve and propose to the debenture holders a resolution plan.
* RELIANCE HOME FINANCE: A committee of debenture holders, in a meeting on Jan 14, will consider, finalise, approve and propose to the debenture holders a resolution plan.
* RELIANCE INDUSTRIES: The Delhi High Court has asked the company and its partner British Gas to disclose their assets after the government sought to restrain RIL from selling 20% stake to Saudi Aramco.
- Said it has no immediate liability in the dispute with the state over profits from Panna, Mukta and
Tapti fields because the arbitration tribunal has not ordered any payment so far.
- The National Company Law Appellate Tribunal has dismissed objections on avoidance and evasion
of taxes raised by the Income Tax department against a scheme of the demerger of Reliance Jio Infocomm. The Mukesh Ambani-led company had sought to hive off its tower and fibre assets into two different companies, namely, Jio Digital Fibre Pvt and Reliance Jio Infratel Pvt.
* RELIANCE INFRASTRUCTURE: Has won an arbitration award of more than 12.50 bln rupees,
including the release of bank guarantees, against state-run power producer Damodar Valley Corp.
* SUNDARAM FINANCE HOLDINGS: The board of the company has approved investment of up to 4 mln euros (around 320 mln rupees) in Italian company, SFC Compositi S.r.I.
* TATA GLOBAL BEVERAGES: The board has appointed Sunil Alaric D'Souza as managing director and chief executive officer for five years, effective Apr 4, subsequent to Ajoy Misra's retirement.
* TECH MAHINDRA: Has reiterated it will see stronger growth in telecom and enterprise verticals in 2020- 21 (Apr-Mar) and said it expects profitability to improve from current levels.
* TOURISM FINANCE CORP OF INDIA: Promoter Redkite Capital sold 0.6% stake or 450,000 shares in the company at 72.78 rupees per share in bulk deal on NSE.
* UFO MOVIEZ INDIA: The board of the company approved investing up to 200 mln rupees in Cinestaan Digital Pvt Ltd over a period of three years to expand cinema operations.
* ULTRATECH CEMENT: Has emerged as the front-runner to buy the cement business of Emami Group in an all-cash deal worth 65-70 bln rupees.
* WIPRO: Has partnered with NASSCOM to launch FutureSkills platform for 10,000 students from over 20 engineering colleges in India.
* ZEE ENTERTAINMENT ENTERPRISES: Three large cable operators in Tamil Nadu--the state-owned Arasu Cable, Kalanithi Maran-owned SCV, and VK Digital--have locked horns with the company over channel discounts.
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