Daily Stock News Today – 09.08.2017
* ABBOTT INDIA: The Drug Controller General of India has warned against the use of some of the
company's bioresorbable stents.
* ALLCARGO LOGISTICS: Looks for acquisitions in the technology and contract logistics space,
seeking to grow its business in India.
* AUROBINDO PHARMA: Plans to develop "more than 58 drugs" in the oncology space, besides eight hormone products, and could start regulatory filings for them later this year.
* AXIS BANK: Has introduced a two-tier interest rate structure for its savings account deposits, effective Tuesday.
* BANK OF BARODA: Plans to raise at least 5 bln rupees through the issuance of Basel-III compliant tier-I bonds, and has invited bids for the bonds from 1130 IST to 1215 IST on Wednesday, sources said.
* BHARAT HEAVY ELECTRICALS: Has secured export orders from Chile in South America and
Estonia in Europe.
* BLUE DART EXPRESS: Has signed an agreement with FarEye to receive technology solutions to
manage deliveries along with various features such as caller identification.
* CEAT: The shareholders of the company have approved the company's plans to raise up to 5 bln rupees through debt securities.
* CROMPTON GREAVES CONSUMER ELECTRICAL: Has offered to pay around 14.40 bln rupees to buy home appliances brand Kenstar from the Videocon group.
* ENDURANCE TECHNOLOGIES: Posted a 15.6% on-quarter rise in consolidated net profit for AprJun at 965.3 mln rupees. Revenue from operations was up 13.4% at 16.8 bln rupees during the quarter.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Posted a net profit of 1.3 bln rupees for AprJun, as against 1.6 bln rupee a year ago. Revenue from operations was at 10.5 bln rupees, up 1.3% on year.
* JINDAL STEEL & POWER: The Company’s consolidated net loss narrowed to 3.9 bln rupees in AprJun from 10.8 bln rupees a year ago. Total income from operations rose 19.6% on year to 61.3 bln rupees during the quarter.
- The board has approved rising up to 100 bln rupees through non-convertible debentures and other
securities.
- The board has approved conversion of loan into equity to lenders under strategic debt restructuring
scheme "in case of default".
* MERCATOR: Plans to raise $300 mln by selling its coal assets in Indonesia and Mozambique, and
selling stake in its dredging division to bulge bracket private equity funds.
* MUTHOOT FINANCE: The board has approved investment of 387.2 mln rupees in arm Muthoot
Homefin (India) by way of purchasing 8.8 mln shares at a price of 44 rupees a share from existing
shareholders. To also make fresh capital infusion of 1 bln rupees by subscribing to 22.73 mln shares of face value 10 rupees each at a price of 44 rupees a share.
* NTPC: Will tap the yen-denominated syndicated loan market to raise the equivalent of $300 mln, a
senior executive in the company said.
* PIRAMAL ENTERPRISES: The board has approved rising up to 2.5 bln rupees through nonconvertible debentures.
* PUNJAB NATIONAL BANK: Has put nine of its large stressed accounts for resolution under the
Insolvency and Bankruptcy Code, 2016.
* PVR: The Company along with its joint venture partner Major Cineplex Group has signed an agreement to sell its entire stake in PVR blue Entertainment for 860 mln rupees to Smaaash Entertainment.
* QUESS CORP: The Reserve Bank of India has notified that foreign portfolio investors can invest up to 74% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 24% earlier.
* RAMKRISHNA FORGINGS: The Reserve Bank of India has said foreign portfolio investors can now invest up to 49% in the company, up from 24% earlier.
* RELIANCE INDUSTRIES: Plans to refinance a significant portion of about $12 bln of borrowings that mature over the next three years and may sell bonds to repay the debt.
* SINTEX INDUSTRIES: Blackstone International Opportunity Fund has sold 5.36 mln shares of the
company through a bulk deal on the National Stock Exchange at 33.11 rupees a share. Has allotted 8.78 mln shares to foreign currency convertible bond holders on the exercise of their conversion right.
* SOBHA LTD: Platinum Asia Fund has sold 515,397 shares, or 0.5% stake, in the company through a bulk deal on the National Stock Exchange at 379 rupees a share.
* SRF: The board has approved setting up a specialty chemicals complex at Dahej, Gujarat, at an
estimated cost of 850 mln rupees.
- The board has recommended paying interim dividend of 6 rupees per share.
* SUN PHARMACEUTICAL INDUSTRIES: One of the company's wholly-owned subsidiaries will buy 15.91% stake in Krystal Biotech Inc for $7 mln.
* SUNDARAM FINANCE: Plans to raise 1 bln rupees through the issuance of bonds maturing in two years at a coupon rate of 7.30%.
* TATA CHEMICALS: Consolidated net profit for Apr-Jun fell 13.7% on year to 1.78 bln rupees.
Revenue from operations of the company was down 19.6% at 26.5 bln rupees.
- The company, TATA GLOBAL BEVERAGES, and Star Bazaar have stepped up collaboration in the food consumer space as multiple Tata group companies explore opportunities to work together as a cluster, a strategy suggested by Tata Sons Chairman N. Chandrasekaran.
* TATA STEEL: Is actively looking at inorganic expansion as part of its growth strategy while it aims to ramp-up capacity in India, Chairman N. Chandrasekaran said.
* THERMAX: Has opened its new manufacturing facility in Indonesia at an investment of $25 mln.
* TITAN CO: Will tap into Amazon's global selling programme to begin shipping its products to
customers in the US.
* VIJAYA BANK: Has cut its marginal cost of funds-based lending rates for overnight, one-month, and three-month loans by 25-35 basis points.
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* ABBOTT INDIA: The Drug Controller General of India has warned against the use of some of the
company's bioresorbable stents.
* ALLCARGO LOGISTICS: Looks for acquisitions in the technology and contract logistics space,
seeking to grow its business in India.
* AUROBINDO PHARMA: Plans to develop "more than 58 drugs" in the oncology space, besides eight hormone products, and could start regulatory filings for them later this year.
* AXIS BANK: Has introduced a two-tier interest rate structure for its savings account deposits, effective Tuesday.
* BANK OF BARODA: Plans to raise at least 5 bln rupees through the issuance of Basel-III compliant tier-I bonds, and has invited bids for the bonds from 1130 IST to 1215 IST on Wednesday, sources said.
* BHARAT HEAVY ELECTRICALS: Has secured export orders from Chile in South America and
Estonia in Europe.
* BLUE DART EXPRESS: Has signed an agreement with FarEye to receive technology solutions to
manage deliveries along with various features such as caller identification.
* CEAT: The shareholders of the company have approved the company's plans to raise up to 5 bln rupees through debt securities.
* CROMPTON GREAVES CONSUMER ELECTRICAL: Has offered to pay around 14.40 bln rupees to buy home appliances brand Kenstar from the Videocon group.
* ENDURANCE TECHNOLOGIES: Posted a 15.6% on-quarter rise in consolidated net profit for AprJun at 965.3 mln rupees. Revenue from operations was up 13.4% at 16.8 bln rupees during the quarter.
* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Posted a net profit of 1.3 bln rupees for AprJun, as against 1.6 bln rupee a year ago. Revenue from operations was at 10.5 bln rupees, up 1.3% on year.
* JINDAL STEEL & POWER: The Company’s consolidated net loss narrowed to 3.9 bln rupees in AprJun from 10.8 bln rupees a year ago. Total income from operations rose 19.6% on year to 61.3 bln rupees during the quarter.
- The board has approved rising up to 100 bln rupees through non-convertible debentures and other
securities.
- The board has approved conversion of loan into equity to lenders under strategic debt restructuring
scheme "in case of default".
* MERCATOR: Plans to raise $300 mln by selling its coal assets in Indonesia and Mozambique, and
selling stake in its dredging division to bulge bracket private equity funds.
* MUTHOOT FINANCE: The board has approved investment of 387.2 mln rupees in arm Muthoot
Homefin (India) by way of purchasing 8.8 mln shares at a price of 44 rupees a share from existing
shareholders. To also make fresh capital infusion of 1 bln rupees by subscribing to 22.73 mln shares of face value 10 rupees each at a price of 44 rupees a share.
* NTPC: Will tap the yen-denominated syndicated loan market to raise the equivalent of $300 mln, a
senior executive in the company said.
* PIRAMAL ENTERPRISES: The board has approved rising up to 2.5 bln rupees through nonconvertible debentures.
* PUNJAB NATIONAL BANK: Has put nine of its large stressed accounts for resolution under the
Insolvency and Bankruptcy Code, 2016.
* PVR: The Company along with its joint venture partner Major Cineplex Group has signed an agreement to sell its entire stake in PVR blue Entertainment for 860 mln rupees to Smaaash Entertainment.
* QUESS CORP: The Reserve Bank of India has notified that foreign portfolio investors can invest up to 74% of the paid-up capital in the company under the portfolio investment scheme, against a cap of 24% earlier.
* RAMKRISHNA FORGINGS: The Reserve Bank of India has said foreign portfolio investors can now invest up to 49% in the company, up from 24% earlier.
* RELIANCE INDUSTRIES: Plans to refinance a significant portion of about $12 bln of borrowings that mature over the next three years and may sell bonds to repay the debt.
* SINTEX INDUSTRIES: Blackstone International Opportunity Fund has sold 5.36 mln shares of the
company through a bulk deal on the National Stock Exchange at 33.11 rupees a share. Has allotted 8.78 mln shares to foreign currency convertible bond holders on the exercise of their conversion right.
* SOBHA LTD: Platinum Asia Fund has sold 515,397 shares, or 0.5% stake, in the company through a bulk deal on the National Stock Exchange at 379 rupees a share.
* SRF: The board has approved setting up a specialty chemicals complex at Dahej, Gujarat, at an
estimated cost of 850 mln rupees.
- The board has recommended paying interim dividend of 6 rupees per share.
* SUN PHARMACEUTICAL INDUSTRIES: One of the company's wholly-owned subsidiaries will buy 15.91% stake in Krystal Biotech Inc for $7 mln.
* SUNDARAM FINANCE: Plans to raise 1 bln rupees through the issuance of bonds maturing in two years at a coupon rate of 7.30%.
* TATA CHEMICALS: Consolidated net profit for Apr-Jun fell 13.7% on year to 1.78 bln rupees.
Revenue from operations of the company was down 19.6% at 26.5 bln rupees.
- The company, TATA GLOBAL BEVERAGES, and Star Bazaar have stepped up collaboration in the food consumer space as multiple Tata group companies explore opportunities to work together as a cluster, a strategy suggested by Tata Sons Chairman N. Chandrasekaran.
* TATA STEEL: Is actively looking at inorganic expansion as part of its growth strategy while it aims to ramp-up capacity in India, Chairman N. Chandrasekaran said.
* THERMAX: Has opened its new manufacturing facility in Indonesia at an investment of $25 mln.
* TITAN CO: Will tap into Amazon's global selling programme to begin shipping its products to
customers in the US.
* VIJAYA BANK: Has cut its marginal cost of funds-based lending rates for overnight, one-month, and three-month loans by 25-35 basis points.
