Today's Stock News - 11.03.2020 : 09.00 Am
* ABB INDIA: The board has approved to sell the company's solar inverter business to FIMER S.p.A. India's subsidiary Marici Solar India for 1 bln rupees as a going concern, on a slump sale basis.
* ASIAN HOTELS (NORTH): SKS Fincap sold 200,000 shares or 1.03% stake in the company at 60.80 rupees per share via bulk deal on the National Stock Exchange.
* BANK OF BARODA: Will keep its marginal cost of funds-based lending rate unchanged in the range of 7.55-8.15% from Thursday.
* BHARAT PETROLEUM CORP: The Assam government has indicated willingness to raise its stake in Numaligarh Refinery to 26% from 12.35%, setting the stage for the company to sell the balance shares it holds in the subsidiary.
* INDIAN OVERSEAS BANK: Reduced its marginal cost of funds-based lending rate on three-month, sixmonth and one-year tenures by five basis points each.
* INFOSYS: Merrill Lynch India Equities Fund (Mauritius) has sold 203,000 shares of the company at 701 rupees apiece through a block deal on the BSE.
-The company has written off $4.5 mln it had invested in US startup Waterline Data Science. It had
made these investments through its innovation fund in two tranches in 2016 and 2018.
-The company has been asked to fix persistent technical issues in the Goods and Services Tax
Network within 15 days, even as the agency is thinking of ways to increase capacity to handle millions of returns filed each month.
* JET AIRWAYS (INDIA): The committee of creditors of the company will meet on Thursday.
* LAKSHMI VILAS BANK: Has approached the Reserve Bank of India with a plan to raise $250-300 mln from overseas investors through the sale of a 49-60% stake.
* LINC PEN & PLASTICS: Has roped in a consulting firm to help expand its presence over the next three years.
* MAHINDRA & MAHINDRA: Has increased discounts on its models in March. The company has
increased discounts by up to 20,000 rupees on BS-VI compliant models.
-The company has launched locally assembled pick-ups (commercial vehicles) in Kenya in
collaboration with Simba Corp.
* MPHASIS: Has been awarded the certification as a premier consulting partner on the Amazon Web
Services Partner Network.
* MUTHOOT FINANCE: The board will meet on Mar 17 to consider and approve fund-raising by way of redeemable non-convertible debentures via private placement to be issued in one or more tranches.
* NARAYANA HRUDAYALAYA: The company will close its heart centre Chinmaya Narayana
Superspeciality Centre at Chinmaya Mission Hospital in Bengaluru from Apr 1.
* ORIENTAL BANK OF COMMERCE: Cuts its one-year marginal cost of funds-based lending rate by five basis points to 8.10%.
* PNB GILTS: Has allotted commercial papers amounting to 3 bln rupees with a tenure of 88 days,
maturing on Jun 5, at a coupon rate of 5.58% per annum.
* RAYMOND: Sanjay Behl, the chief executive officer of the company's lifestyle business, called Lifestyle Business Raymond Ltd has decided to step down from his current role.
* REC: Plans to raise at least 5 bln rupees through bonds maturing on Dec 31, 2021, and has invited bids on Thursday.
* RELIANCE COMMUNICATIONS: Despite repeated reminders from the resolution professional of the company, the Department of Telecommunications is yet to submit any documentary evidence to support its adjusted gross revenue claim of 211.35 bln rupees.
* SHRIRAM TRANSPORT FINANCE CO: Said a penalty of 50 mln rupees has been imposed on the company through an Enforcement Directorate order in relation to an old case of issuing warrants.
* SUN TV NETWORK: Is expecting its advertisement revenue to pick up in the second or third quarter of the next financial year. Advertisement revenue was impacted due to the economic slowdown, among others factors.
* TATA CONSULTANCY SERVICES: Declared an interim dividend of 12 rupees per share.
* TVS MOTOR CO: Board has approved payment of a second interim dividend of 1.40 rupees per share.
* VEDANTA: India Ratings cuts the company's outlook to negative from stable. Cairn Energy expects an international arbitral tribunal to give a decree by the summer of 2020 on its challenge to the Indian government seeking 102.47 bln rupees in retrospective taxes.
* VODAFONE IDEA: Has started operationally merging 6-7 of its weaker telecom circles with stronger ones, as the loss-making telecom carrier moves to cut costs and focus on prominent markets.
* YES BANK: The Reserve Bank of India will check whether the bank's statutory auditor had raised any red flags in the past year.
-Has enabled inward immediate payment services and NEFT services.
-Bond investors are seeking the safety of their investments after the Reserve Bank of India
suspended the existing management of the bank ahead of a STATE BANK OF INDIA-led recast at the private-sector lender.
-The bank's co-founder Rana Kapoor tried to influence the lender to sanction large credits to several
corporate entities even after his exit, former chief executive officer Ravneet Gill told the Enforcement
Directorate during his questioning, according to an official dealing with the case.
-AXIS Trustee Services, a debenture trustee of the bank, on Monday moved the Bombay High Court
against the Reserve Bank of India's proposal to write-down additional tier-1 bonds.
* ZENSAR TECHNOLOGIES: The company's UK-based subsidiary, Foolproof, has partnered property management company Jones Lang LaSalle Inc or JLL to optimise its enterprise products and improve broker workflow across internal business lines.
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