Today's Stock News - 19.02.2020 : 09.00 Am
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* ABBOTT INDIA: Managing Director Ambati Venu has resigned after a five-year stint at the company.
* ADANI GAS: The Supreme Court has upheld the award of city gas licence for Chennai to Torrent,
dismissing the company's plea that the regulator should have rejected Torrent's bid as it was too high.
* ADHUNIK METALIKS: Gupta Family Group Alliance or GFG Alliance has completed the acquisition of the company and Zion Steel for $60 mln, marking its entry into the Indian market.
* ASHOK LEYLAND: The company has implemented a cost-cutting programme, called K54 II, which it hopes will help it save around 5 bln rupees during the current financial year, and another 6.5 bln rupees in the next.
* AURIONPRO SOLUTIONS: US-based cybersecurity arm Cyberinc Corp has signed an agreement with Tech Data to bring the company's Isla Isolation platform to Tech Data's network of channel partners in the US.
* AVENUE SUPERMARTS: Promoters Radhakishan S. Damani, Gopikishan S. Damani, Shrikantadevi R. Damani and Kirandevi G. Damani sold 14.8 mln shares of the company, representing 2.28% stake, to the public in the recently concluded offer for sale. Consequently, the company is now compliant with the minimum public shareholding of 25%. Promoters and promoter groups now hold 74.99% stake in the company, and the public 25.01%.
* BALKRISHNA INDUSTRIES: Schemes of HDFC Mutual Fund on Monday sold 10.02 mln shares or 2.07% stake in the company in open market.
* BHARTI AIRTEL: The company's adjusted gross revenue bill is set to increase, with the Department of Telecommunications likely to add a bulk of Videocon Telecommunications' 20.41 bln rupees dues to it, government officials said.
-The company and Reliance Jio Infocomm have started internal consultations on how the two
companies can swiftly upgrade their networks to absorb users from rival VODAFONE IDEA in case it shuts down. Reliance Jio Infocomm and older incumbents, the company and VODAFONE IDEA are finally on the same page on a key issue concerning transparency in tariff plans.
* EVEREADY INDUSTRIES INDIA: Burman family of DABUR INDIA has increased its stake in the firm to 5.01%.
* GUJARAT GAS: Expects to more than double its natural gas volumes in the financial year 2020-21 (Apr- Mar).
* GULF OIL LUBRICANTS INDIA: The company and doorstep car service and repair services provider Pitstop signed a strategic partnership to offer the facility in Mumbai, Pune and Gurugram.
* HCL TECHNOLOGIES: Has signed an agreement with Stanley Black & Decker for digital services.
* INFOSYS: Has entered into a long-term strategic partnership with GE Appliance, a Haier firm, to
streamline the latter's information technology operations.
* JAIPRAKASH ASSOCIATES: The Yamuna Expressway Authority has cancelled allotment of around 1,085 ha of land to the company and its group companies on which India's only Formula One motor racing circuit is built in Greater Noida.
* JET AIRWAYS (INDIA): Far East Development Fund of Russia, along with India's Enso Group, has evinced interest in the company, the resolution professional informed the National Company Law Tribunal.
* KCP: V.L. Dutt, the executive chairman of the company, died at his residence on Tuesday.
* MINDTREE: The company has won a $150 mln-$200 mln multi-year deal from Philips for a clutch of solutions around hi-tech and digital.
* POWER FINANCE CORP: The merger of India's two leading non-banking financial companies in the power sector is yet to conclude even after a year of the company taking over the central government's stake in REC.
* QUESS CORP: The board has approved merger of Greenpiece Landscapes India, Golden Star Facilities and Services, MFX Infotech and Trimax Smart Infraprojects with the company.
* REC: Plans to raise at least 10 bln rupees through two bonds--one maturing on Jun 30, 2023 and another on Sep 30, 2024--and has invited bids on Monday.
* RELIANCE INDUSTRIES: The company's talks to sell minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks.
* SHREE CEMENT: The company will replace YES BANK in the Nifty 50 Index, effective Mar 27.
* SUN PHARMACEUTICAL INDUSTRIES: The company's antiviral medicine and Zydus Cadila's antiinflammatory drugs were among the 34 samples flagged as substandard by the Central Drugs Standard Control Organization during inspections conducted in January.
* TATA CHEMICALS: Promoter Tata Sons bought 2.7 mln shares, or 1% stake, in the company at 755 rupees per share through a bulk deal on BSE.
* TATA MOTORS: Sales of Jaguar Land Rover Automotive PLC fell 12.8% on year to 7,109 units in the European Union in January as changes to emission rules and consumer incentives affected demand.
* TATA POWER CO: The company has expanded its rooftop solar services to 70 cities across India.
Wholly-owned subsidiary Tata Power Solar has been in the rooftop segment for six years now.
* THOMAS COOK (INDIA): The company is offering cashback and discounts from its kitty of domestic and international destinations.
* VEDANTA: Is preparing to sell long-term bonds for the first time in the Indian market, with Life
Insurance Corp set to purchase the entire 20 bln rupees worth of 10-year papers on offer.
* VODAFONE IDEA: The government is unlikely to invoke the company's bank guarantees for now, even as officials of the telecom and finance ministries met Cabinet Secretary Rajiv Gauba to discuss ways to ensure that the sector retains three private players, officials said.
-Bankers to the company are bracing for higher provisions on their loans to the beleaguered telecom
-firm as the Department of Telecommunications examines options, including the encashment of bank
guarantees. The company's Chairman Kumar Mangalam Birla and Chief Executive Officer Ravinder Takkar met Telecom Secretary Anshu Prakash to seek relief from coercive action, a day after the Supreme Court dismissed the company's plea.
* YES BANK: SHREE CEMENT will replace the bank in the Nifty 50 index, effective Mar 27.
-Srajan Shetty bought 16 mln shares, representing 0.6% stake, of the bank at 34.89 rupees per share
through a bulk deal on the National Stock Exchange.
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