Today's Stock News - 26.11.2019: 09.00 Am
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* ADANI POWER: The Supreme Court has sought response from the finance ministry, Central Board of Excise and Customs, and others on the company's Mundra appeal seeking an exemption from customs duty levied on electricity generated and supplied from its 5,200 MW Mundra special economic zone power plant to domestic tariff area.
* ASHOK LEYLAND: Signed a memorandum of understanding with ICICI BANK to provide funding to customers across India.
* AXIS BANK: The Mumbai bench of National Company Law Tribunal has asked the bank's Chief
Executive Officer Amitabh Chaudhry and Standard Chartered Bank Chief Executive Officer Zarin Daruwala to be present in person at the tribunal for contempt of court proceedings against the two banks.
* BHARTI AIRTEL: ICRA downgraded the company's long-term rating to "AA-" from "AA", but
reaffirmed the company's short-term rating at "A1+", and said the ratings will be under watch "with negative implications".
* DEWAN HOUSING FINANCE CORP: The lenders to the company will make provisions worth 63 bln rupees for their loan exposure from the ongoing quarter onwards.
- The government has ordered a Serious Fraud Investigation Office probe into the affairs of the
company and five real estate companies, Anurag Thakur, minister of state for corporate affairs, told the Lok Sabha on Monday.
* DLF: Arm will invest around 15 bln rupees in the next two years on construction of over 3 mln sq ft office space in Gurugram, Haryana, to tap into the growing demand for commercial properties from corporates and co-working players.
* GOODYEAR INDIA: The company has decided to halt manufacturing operations at its plant in
Ballabgarh, Haryana, from Monday to Saturday, to align production in line with the market demand.
* IL&FS TRANSPORTATION NETWORKS: The company has defaulted on 22.93-mln-rupee interest payment on non-convertible debentures due on Monday.
* INTERGLOBE AVIATION: IndiGo's independent director Anupam Khanna has asked a US court to quash a subpoena or a legal summon against him for discovery of documents to be used in a separate case the airline's founder Rahul Bhatia has filed against his partner and co-founder Rakesh Gangwal.
- The aviation regulator on Monday barred IndiGo from operating Airbus A320 and A321 Neo
aircraft having turbine blades built with titanium, which is prone to damage leading to mid-air engine shut down.
* MARUTI SUZUKI INDIA: Is set to rework its blueprint for introducing new products over the next decade as the country's largest carmaker strives to maintain its dominant position in the market.
* MCLEOD RUSSEL INDIA: Taking forward their plan to formulate a resolution plan for the company outside the scope of National Company Law Tribunal, the company's lenders, led by ICICI BANK, which has the largest exposure, have appointed LSI Financial Services to undertake a techno-economic feasibility study based on which the creditors will decide the way forward.
* MOTOR & GENERAL FINANCE: Gee Gee Holdings, the promoter of the company, has bought 0.5% stake or 97,210 shares in the company at 36 rupees a share through a bulk deal on the National Stock
Exchange.
* NCC: KBC Eco Fund bought 0.5% stake or 3.05 mln shares in the company at 61.63 rupees per share through a bulk deal on the National Stock Exchange.
* OIL & NATURAL GAS CORP: Has wound up its shale exploration programme mid-way after spending five years and hundreds of crores of rupees, concluding that India may not have enough commercially extractable shale reserves.
* PIRAMAL ENTERPRISES: On Monday said it would raise 17.5 bln rupees through an issue of
compulsorily convertible debentures, convertible into equity shares of face value of 2 rupees each, by way of preferential issue.
* RELIANCE COMMUNICATIONS: Has received bids from VFSI Holdings, BHARTI AIRTEL, and UV Asset Reconstruction Co for the company's bankruptcy plan.
* RELIGARE ENTERPRISES: Enforcement Directorate has moved the Delhi High Court, seeking the company's former promoter Malvinder Singh's custody till Thursday in a case lodged by Religare
Finvest against Singh, his brother Shivinder Singh, and others on allegations of money laundering.
- Delhi District Court on Monday dismissed company promoter Shivinder Singh and another key
accused Kavi Arora's bail applications in a money laundering case.
* TATA POWER CO: Is set to clinch the power distribution licence in the Central Odisha area, making it the third licence for the company after Delhi and Mumbai.
* YES BANK: Has sold 1.7 mln shares, or 0.7% stake, in RELIANCE CAPITAL at 16.26 rupees per share through a bulk deal on the National Stock Exchange.
- In an affidavit submitted to the Delhi High Court, the Citizens Whistle Blower Forum has stated
that the bank advanced "dubious" loans amounting to at least 56.98 bln rupees to various companies of the Indiabulls group and others owned by its founder and promoter, Sameer Gehlaut.
* ZEE ENTERTAINMENT ENTERPRISES: Essel Group Chairman Subhash Chandra has resigned as the company's chairman with immediate effect to meet Securities and Exchange Board of India's mandate that the "Chairperson of the Board shall not be related to the Managing Director or the Chief Executive Officer" of a company.
- GIC and Monetary Authority of Singapore have together acquired 28.5 mln shares or 2.97% stake
in the company through the secondary market on Nov 21.
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