Today's Stock News - 31.10.2019: 09.00 Am
KEEP REFRESH FOR NEXT UPDATE
* BAJAJ AUTO: The company recorded "all-time" high sales on Dhanteras day this year, 24% higher than last year, Chief Commercial Officer and Executive Director Rakesh Sharma said.
* BHARTI AIRTEL: Fitch has placed the company on rating watch-negative indicating possible downgrade on account of uncertainty on the timing and amount of regulatory dues after a recent court order.
- Doesn't plan to shut its second-generation mobile services network any time soon as substantial
revenues are being generated through the service, the management said in a conference call.
- A senior executive of the company said there is room for the government to consider relief for
incumbent telecom operators, which are facing a massive combined payout of nearly 810 bln rupees in additional statutory dues following the Supreme Court's order on adjusted gross revenue.
* DEWAN HOUSING FINANCE CORP: Lenders to the company are set to expand the purview of a forensic audit to include its business dealings with companies allegedly linked to gangsters Iqbal Mirchi and Dawood Ibrahim Kaskar.
- With the Bombay High Court ordering a moratorium on repayments to the company's creditors and
the added risk of investigative agencies looming over the resolution plan of the company, banks are
scampering to ensure that repayments from pooled assets bought from the company do not stop. ICICI BANK has bought loans worth 65-75 bln rupees from the company, while a clutch of public sector banks has acquired portfolios worth 120 bln rupees.
* GMR INFRASTRUCTURE: The company and ADANI ENTERPRISES are believed to be among the four companies to have submitted bids to develop and operate the 160-bln-rupee greenfield Jewar airport project in Greater Noida.
* HDFC BANK: More than six months after JET AIRWAYS (INDIA) grounded all its flights, travel portal MakeMyTrip and the bank are engaged in a legal battle over refund of tickets that were cancelled after the airline went bust.
* HDFC LIFE INSURANCE CO: Standard Life (Mauritius Holdings), a wholly-owned subsidiary of Standard Life Aberdeen PLC sold 100 mln shares or 4.96% stake in the company in the open market.
* HOUSING DEVELOPMENT FINANCE CORP: Has acquired 9.89% stake in BANDHAN BANK as part of a scheme of merger.
* ICICI LOMBARD GENERAL INSURANCE CO: Will buy proprietary software, various platforms and intellectual properties developed by Unbox Technologies for 2.25 bln rupees.
Has tied up with KARUR VYSYA BANK to act as a corporate agent for general insurance.
* IDBI BANK: Has sold 3.5 mln shares, or 0.72% stake out of its 1.5% equity holding in the National Stock Exchange.
* IL&FS TRANSPORTATION NETWORKS: Has defaulted on interest payment of 35.45 mln rupees on nonconvertible debentures that was due on Wednesday.
* INFOSYS: The whistleblowers who wrote to the board of the company last month, alleging financial malfeasance by top executives in the company, also marked the letter to founder N.R. Narayana Murthy and former senior executive T.V. Mohandas Pai.
* INTELLECT DESIGN ARENA: Has received multi-million dollar order from UK-based The
Commonwealth Trade Bank to support financial needs of clients operating in the international trade arena.
* INTERGLOBE AVIATION: IndiGo has become a member of International Air Transport Association.
* LAKSHMI VILAS BANK: Motilal Oswal Asset Management Co sold 1.3% stake or 4.32 mln shares of the bank at 13.93 rupees apiece in a bulk deal on the National Stock Exchange.
* MANGALORE REFINERY & PETROCHEMICALS: The board will meet on Monday to mull raising up to 30 bln rupees through non-convertible debentures, and earnings for the quarter ended September.
* OIL INDIA: Has advanced its board meeting to consider earnings for the quarter ended September to Nov 9 from Nov 11.
* PIRAMAL ENTERPRISES: Is seeking the approvals of shareholders to raise 17.50 bln rupees from a Canadian investor by issuing compulsorily convertible debentures.
* PUNJAB NATIONAL BANK: Has written to the Insurance Regulatory and Development Authority of India, seeking time for shedding stake in an insurance company, after its amalgamation with ORIENTAL BANK OF COMMERCE and UNITED BANK OF INDIA.
* RELIANCE CAPITAL: Reliance General Insurance, an arm of the company, has scrapped its initial public offering plan.
* RELIANCE INDUSTRIES: Reliance Jio Infocomm has called the Cellular Operators' Association of India's letter to Cabinet Secretary Rajiv Gauba as an "alarmist propaganda of doom" for the telecom sector.
- Discussions between the company and a group of financial investors and sovereign wealth funds for a controlling stake in its pan-India fibre InVIT--Jio Digital Fibre--appear to have stalled.
* SBI LIFE INSURANCE CO: Value Line PTE sold 0.54% stake or 5.46 mln shares in the company through a bulk deal on the National Stock Exchange at 976.25 rupees apiece.
* SONATA SOFTWARE: The board of directors has appointed Jagannathan Chakravarthi as chief financial officer, effective Wednesday.
* STEEL AUTHORITY OF INDIA: May replace fellow public sector mining company NMDC in a steelmaking joint venture with an Australian technology company.
* TATA CONSULTANCY SERVICES: Plans to remove the digital classification in its business from the next financial year, as components of its digital services portfolio are increasingly becoming a part of most deals won recently.
* TVS MOTOR CO: Has entered into a partnership with Guatemala-based Cadisa Group to expand its presence in Central America.
* VODAFONE IDEA: CARE Ratings has downgraded the rating on the company's long-term bank facilities and non-convertible debentures to 'A-' from 'A', following a court judgement that entails a substantial outgo as levies to the government.
- The company, which is reeling under $14 bln of net debt, mounting losses and dwindling subscribers, has approached creditors for better payment terms to revive the company, sources said.
- The company asserted it had not made any request for debt recast to any lender or asked for
reworking of payment terms, and said it would continue to pay all its debt as and when they are due.
* ZEE ENTERTAINMENT ENTERPRISES: Lenders to Essel Group promoters expressed misgivings about the lack of information regarding sale of additional stake in the company, and shot down a proposal to park all the promoter stake in an escrow account till the completion of the transaction.
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