Today's Stock News - 19.03.2020 : 09.00 Am
* ALPHAGEO INDIA: Has received an order worth 7.67 bln rupees from OIL INDIA for acquiring twoand three-dimensional seismic data services in the latter's open acreage licencing policy areas of Mahanadi basin in Odisha.
* ARVIND FASHIONS: Committee of directors has approved the opening of company's rights issue from Mar 30 and the closing date of Apr 17.
* ASHOK LEYLAND: Board has approved acquisition of up to 19% additional stake in the company's subsidiary Hinduja Leyland Finance for 12 bln rupees, in tranches, from existing shareholders.
* BAJAJ FINSERV: Board has approved appointment of Managing Director and Chief Executive Officer Sanjiv Bajaj as the chairman of the company by way of circular resolution.
* BANK OF BARODA: Government has appointed SYNDICATE BANK's Executive Director Ajay K. Khurana as executive director of the bank.
* BANK OF INDIA: Government has appointed ALLAHABAD BANK's Executive Director P.R.
Rajagopal as executive director of the bank.
* CANARA BANK: Government has appointed SYNDICATE BANK's Executive Director Krishnan S. as the executive director of the bank.
CIPLA: Has come forward to manufacture anti-viral drugs, which could be effective against COVID-19, through a partnership with CSIR-Indian Institute of Chemical Technology.
* COFFEE DAY ENTERPRISES: The Coffee Day Group has completed the 27 bln rupees sale of Global Village Tech Park in Bengaluru to US private equity firm Blackstone.
* DALMIA BHARAT: Board to meet on Saturday to consider buy back of shares.
* DQ ENTERTAINMENT (INTERNATIONAL): Has temporarily shut four of its units, two in Hyderabad and two in Kolkata, till Mar 31 to contain the spread of coronavirus.
* DR REDDYS LABORATORIES: Has received US Food and Drug Administration's approval for generic of Narcan injection.
* ELECTROTHERM INDIA: CENTRAL BANK OF INDIA has initiated corporate insolvency resolution process against the company in the National Company Law Tribunal, Ahmedabad under Section 7 of the Insolvency and Bankruptcy Code.
* FORCE MOTORS: Board has dropped plans to announce interim dividend.
* GAIL (INDIA): Has entered exclusive discussions to buy a stake in privately-owned solar power generator ACME Solar Holdings.
* HINDALCO INDUSTRIES: Has cut prices of its aluminium ingots, billets and wire rods by nearly 2%, effective Tuesday.
* HINDUSTAN AERONAUTICS: Raised 15 bln rupees through issue of commercial papers at 5.65% per year. The commercial papers were issued in favour of STATE BANK OF INDIA and will mature on Jun 17.
* INDIAN BANK: Government has appointed ALLAHABAD BANK's Executive Director K.
Ramachandran as executive director of the bank.
* INFOSYS: Has asked about 8,000 trainees living at its Mysuru campus to go home, in a bid to contain the spread of the Covid-19 pandemic.
* IOL CHEMICALS & PHARMACEUTICALS: The company's products such as ibuprofen, lamotrigine, metformin hydrochloride, fenofibrate, clopidogrel hydrogen sulfate and pantoprazole sodium sesquihydrate have received European Union Good Manufacturing Practice certificate.
* ITC: For the first time, has set a dividend payout ratio for shareholders. The company's board on
Wednesday fixed dividend payout ratio at 80-85% of profit after tax, effective this fiscal.
* JET AIRWAYS (INDIA): The National Company Law Tribunal extended the corporate insolvency
resolution process of the airline by another 90 days.
* JSW STEEL: CARE RATINGS has cut the company's long-term rating to "AA-" from "AA".
* KARUR VYSYA BANK: Launched its precious metals business. The move will allow the bank to
enhance its support to the gems and jewellery industry.
* L&T TECHNOLOGY SERVICES: Board has appointed Amit Chadha as the deputy chief executive officer and whole-time director of the company, with effect from Apr 1.
* LKP FINANCE: India Max Investment Fund bought 200,000 shares or 1.6% stake in the company at 79.99 rupees apiece through a bulk deal on the BSE.
* MOTILAL OSWAL FINANCIAL SERVICES: Board will mull buyback of shares on Saturday.
* NLC INDIA: Board has approved raising up to 60 bln rupees, in tranches, through commercial papers, inclusive of the already-approved issuance limit of 20 bln rupees.
* PUNJAB & SIND BANK: Government has appointed UNITED BANK OF INDIA's Executive Director Ajit Kumar Das as executive director of the bank.
* PUNJAB NATIONAL BANK: Government has appointed ORIENTAL BANK OF COMMERCE's
Executive Director Vijay Dube as the executive director of the bank. The government has also appointed UNITED BANK OF INDIA's Executive Director Sanjay Kumar as the executive director of the bank.
* RAJESH EXPORTS: The company's gold refinery in Switzerland is "functioning properly" despite a state of emergency declared in the country due to the coronavirus pandemic, Chairman Rajesh Mehta said.
* RELIANCE INDUSTRIES: Has initiated work from home for all its staff following the outbreak and spread of the coronavirus but will keep open consumer-facing businesses of hospital, retail stores and telecom connectivity by manning them with a small workforce.
* SH KELKAR AND CO: To pay 0.95 rupee per share interim dividend.
* SHREE CEMENT: SBI Mutual Fund through SBI ETF Nifty bought 188,489 shares, representing 0.5% stake, of the company at 19,325.67 rupees per share through a bulk deal on the National Stock Exchange.
* SIMPLEX INFRASTRUCTURES: Has defaulted on a 32-mln-rupee interest payment on non-convertible debentures that were due on Wednesday.
* TATA STEEL: Executive Chairman of Tata Sons N. Chandrasekaran has bought 10,000 shares at 698.36 rupees a share in TATA INVESTMENT CORP, 200,000 shares in the company, and 100,000 shares at 258.80 rupees a share in TATA CHEMICALS on Monday.
* UNION BANK OF INDIA: Government has appointed CORPORATION BANK's Executive Director Birupaksha Mishra as executive director of the bank.
* VEDANTA: Has cut the prices of aluminium ingots by nearly 2% with effect from Tuesday.
* VST TILLERS TRACTORS: Tractor sales fell 3% on year in February to 564 units. Sales for Apr-Feb were down 6.3% at 6,757 units.
* WIPRO: Announced the launch of its Microsoft Business Unit. The unit will focus on the development and evangelisation of solutions leveraging Microsoft's enterprise cloud services.
* YES BANK: Promoter Madhu Kapur sold 24.8 mln shares in the bank at 65.07 rupees apiece through a bulk deal on the National Stock Exchange.
0The bank, which came out of the moratorium on Wednesday, will open its branches an hour early at
0830 IST for three days starting today to better serve customers.
-The bank's additional tier-1 bondholders on Wednesday accused the bank of disrespecting the
Bombay High Court after the lender shot off a letter to National Securities Depository requesting it to
extinguish all such bonds. The high court without passing any restraining order had said any action taken by the bank and RBI in the matter of the bonds will be subject to further orders passed by the court.
-The promoters of most of the borrowing entities summoned by the Enforcement Directorate this
week in the money laundering case against the bank co-founder Rana Kapoor and others have sought more time from the federal agency to join the probe.
-The Reserve Bank of India has extended a credit line of 600 bln rupees to the bank to ensure that the
bank is able to meet its obligations to depositors as it resumed its full service operations on Wednesday.
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