Today's Stock News - 17.02.2020 : 09.00 Am
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* ALKEM LABORATORIES: The company has received US Food and Drug Administration's approval for chlorthalidone tablets, generic of Thalitone, in 25 mg and 50 mg strengths.
* ANDHRA BANK: Cuts its marginal cost of fund-based lending rates by 5-10 basis points across tenures.
* ASHOKA BUILDCON: Has received Letter of Award from National Highways Authority of India for the project pertaining to four-laning of Tumkur-Shivamogga section and Banwara to Bettadahalli section of NH-206 in Karnataka, on hybrid annuity mode under Bharatmala Pariyojana.
* AVENUE SUPERMARTS: The non-retail portion of offer of sale by the promoters of the company was subscribed 3.4 times with bids received for 45.3 mln shares as against the 13.3 mln shares on offer.
* BANK OF BARODA: The Calcutta High Court has asked the Reserve Bank of India to consider
"appropriate steps" against the bank, including cancelling its banking licence, for its delay in honouring a bank guarantee. The court was hearing a case between the bank and INDIAN OIL CORP on a bank guarantee issued to SIMPLEX PROJECTS and later invoked by the oil marketing company.
* BHARAT PETROLEUM CORP: An inter-ministerial group has approved sale bid documents for
privatisation of the company, and a notice seeking bids will be issued after a small group of ministers
approves it.
* BHARTI AIRTEL: Has informed the Department of Telecommunications it will deposit 100 bln rupees of its dues on new formula for adjusted gross revenue by Feb 20.
- Africa-based stepdown subsidiary Airtel Malawi Plc's initial public offer was oversubscribed 34%
at 2.21 bln shares.
- The company and VODAFONE IDEA have assessed their adjusted gross revenue dues at about
half the amount that the Department of Telecommunications has demanded, likely setting the stage for another dispute between the companies and the government.
- The company, VODAFONE IDEA and Tata Teleservices are likely to make payment for adjusted
gross revenue dues today to avoid stringent punitive action from the telecom department.
* CADILA HEALTHCARE: Has initiated a research programme to develop vaccine for coronavirus with multiple teams from India and Europe.
* CARE RATINGS: The company has terminated Rajesh Mokashi from the post of managing director and chief executive officer with effect from Jul 16--the day he was sent on leave--for influencing the rating process.
* CIPLA: The company has received US Food and Drug Administration's approval for Deferasirox tablets, generic of Jadenu, in 90 mg and 360 mg strengths.
* COAL INDIA: Daily output is expected to rise to 3 mln tn next month, enough to run a 660-MW power plant for a year as the state-run miner focuses on expansion of projects and increasing production.
- The company will increase spot e-auction offerings in the current quarter to 15% of the year's
production.
* CORPORATION BANK: Reduced its marginal cost of funds-based lending rates by 5-10 basis points across most tenures.
* DEWAN HOUSING FINANCE CORP: Promoters Kapil and Dheeraj Wadhawan had used businessman Sudhakar Shetty as a conduit to siphon off at least 30 bln rupees of the 120 bln rupees they had allegedly moved out of the mortgage lender.
* DILIP BUILDCON: The company has received a letter of acceptance from the Airports Authority of India for construction of a new greenfield airport at Hirasar in Gujarat.
* DR REDDY'S LABORATORIES: The US Food and Drug Administration has cleared the company's Srikakulum unit-I in Andhra Pradesh with no observation.
* GRANULES INDIA: The US Food and Drug Administration completed inspection of the company's Gagillapur, Hyderabad, facility on Friday with two observations.
* GLENMARK PHARMACEUTICALS: The board has approved raising up to $400 mln through securities.
* GODREJ AGROVET: V-Sciences Investments sold 2% stake or 3.8 mln shares of the company at 539.13 rupees per share in bulk deal on the Bombay Stock Exchange.
* HINDUSTAN AERONAUTICS: The biggest deal in the indigenous military aviation sector has been finalised, with the overall cost of Indian Air Force acquiring 83 single-engine Tejas fighters and their support package from the company being slashed from the earlier around 565 bln rupees to 390 bln rupees.
* HCL TECHNOLOGIES: Is putting its weight behind Internet of Things-as-a-service as more and more industries are looking at adopting the technology.
* HDFC BANK: Aditya Puri, chief executive officer of the bank, has sold one-fifth of his stake valued at 1.56 bln rupees in the bank last week.
* HERO MOTOCORP: The company has launched Bharat Stage-VI compliant motorcycle Splendor+, and Destini 125 and Maestro Edge 12 in the scooter segment.
- The company said the outbreak of coronavirus in China has hit supply of some components to its
local manufacturing units, which is likely to impact its planned production by around 10% in February.
* HOUSING AND URBAN DEVELOPMENT CORP: The company sanctioned loans of 75.07 bln rupees, and disbursed 77.31 bln rupees, as on Jan 31, for 2019-20 (Apr-Mar).
* IDBI BANK: The bank's parent company--Life Insurance Corp of India--may expedite the process of merging its housing finance arm--LIC HOUSING FINANCE--with the bank, after the latter posts two consecutive quarters of operating profit.
* INDIA GRID TRUST: The company has indicated that the next round of acquisitions from framework assets--Gurgaon-Palwal Transmission Ltd, Khargone Transmission Ltd--and right-of-first-offer assets is likely to start in the next one-two quarters.
* INDIAN OIL CORP: Plans to build a 5-bln-rupee oil terminal at Chitradurga in Karnataka.
* INDRAPRASTHA GAS: The downstream regulator is planning to end marketing monopoly of the
company, MAHANAGAR GAS, Gail Gas, GUJARAT GAS and more city gas distributors in at least 30 licence areas by declaring their network as 'common carrier', which would force them to reserve a part of their capacity for a third party.
* KEC INTERNATIONAL: The company believes that infrastructure business will drive its growth and is looking at civil business as a large opportunity. The company is targeting 30-40 bln rupees revenue with 10% margin growth over the next three-four years.
* LA OPALA RG: Has changed its object clause to add "to carry on the business of providing information technology, data processing, support service for software and hardware, support service for storage, disaster recovery and enterprise resource planning".
* LIC HOUSING FINANCE: Has identified and assessed 14 commercial real estate projects as eligible for the government's stressed asset alternative investment fund, Managing Director and Chief Executive Officer Siddhartha Mohanty said.
* LUPIN: The company has launched Moxifloxacin ophthalmic solution, which is the generic version of Moxeza drug.
* MAHINDRA & MAHINDRA: Is set to come out with a new range of tractors, developed in collaboration with Mitsubishi of Japan, to further strengthen its position both in the domestic and overseas markets.
* MERCATOR: Is looking to sell some of its ships to repay debt while it awaits a ruling from a bankruptcy court in Mumbai on whether the firm should be admitted to insolvency proceedings.
* MT EDUCARE: Promoter Mahesh Shetty will sell 5.57 mln shares, representing 7.71% stake in the
company, through offer for sale.
* OIL INDIA: Is likely to move the TDSAT this week against the telecom department, seeking about 485 bln rupees in past dues on the surplus bandwidth capacity it had leased to third parties, its Chairman and Managing Director Sushil Chandra Mishra has said.
* PARAG MILK FOODS: Blue Diamond Properties has acquired 3.08 mln shares of the company,
representing 3.67% stake, through open market on Tuesday and Wednesday.
* REDINGTON INDIA: Wholly-owned subsidiary—ProConnect Supply Chain Solutions—has acquired additional 10% stake in Auroma Logistics for 54.6 mln rupees.
* RELIANCE HOME FINANCE: Lenders to the company have agreed to extend the inter-creditor pact, signed on Jul 6, for resolution of the company, till Mar 31.
* RELIANCE INDUSTRIES: The company and its partner Shell's liability to the government may fall in the Panna, Mukta and Tapti case after an English court passed an order favouring the two companies on some aspects of the ongoing arbitration proceedings.
* RELIANCE POWER: Sandeep Khosla has been appointed as CFO, effective Apr 1.
* RITES: Emerged successful with bid of 6.8-bln-rupee for supply order.
* SADBHAV INFRASTRUCTURE PROJECT: The company has completed sale of entire equity share capital held in six out of nine operational road projects to IndInfravit Trust for 18.9 bln rupees.
* SREI INFRASTRUCTURE FINANCE: The board of the company has approved raising 10 bln rupees through public issue of non-convertible debentures, and 10 bln rupees through non-convertible debentures on a private placement basis. The board has also approved the issuance of commercial papers up to 10 bln rupees on a private placement basis.
* STATE BANK OF INDIA: The bank has already made adequate provisions for its exposure to the
telecommunications sector, Chairman Rajnish Kumar said.
- Will pass on the savings arising from incremental credit relief provided on cash reserve ratio to its
customers, Chairman Rajnish Kumar said.
* SUDARSHAN CHEMICAL INDUSTRIES: Promoters Kishor Lakshminarayan Rathi and Rohit Kishor Rathi collectively sold 4.3% stake or 3 mln shares of the company at 455 rupees per share in bulk deal and block deal on the BSE.
* SYNDICATE BANK: Cuts its marginal cost of funds-based lending rates on most tenures by 5-15 basis points.
* TATA POWER CO: Expects to rake in 60 bln rupees from the sale of some its assets to bring down its debt.
* TATA TELESERVICES MAHARASHTRA: The company's holding company, Tata Sons, has already made arrangements to pay the adjusted gross revenues dues worth 140 bln rupees of Tata Teleservices Ltd by raising funds from banks.
* UNICHEM LABORATORIES: Unichem Pharmaceuticals and Macleods Pharma are recalling various lots of tablets used for treatment of high blood pressure and diabetes from the US market.
* VEDANTA: After cutting them five times in a row, the company has hiked prices of aluminium ingots, billets and wire rods.
* VIDEOCON INDUSTRIES: In a fresh application to National Company Law Tribunal, the resolution professional of the company informed that he has taken cognisance of a forensic audit. As per the audit report, Videocon Group entities were involved in undervalued transactions which were preferential in nature.
* VODAFONE IDEA: Said it is assessing the amount that it will be able to pay to the Department of
Telecommunications towards the dues calculated based on adjusted gross revenue and proposes to pay the amount in the next few days.
- Will dip into its modest reserves and tap short-term loans to pay part of the 440 bln rupees it owes
the government in licence fee and spectrum usage charge dues, sources said, after the telecom operator's promoters declined to infuse more capital into the company.
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