Today Stock News – 20.02.2018

Today Stock News – 20.02.2018

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* ADVANCED ENZYME TECHNOLOGIES: Will invest up to 300,000 ringgits (around 5 mln rupees) to acquire the remaining 20% stake in its Malaysia-based subsidiary Advanced Enzymes (Malaysia) Sdn Bhd.

* APOLLO HOSPITALS ENTERPRISE: Has issued a letter of comfort to YES BANK for 710 mln rupees and HDFC BANK for 300 mln rupees on behalf of Apollo Health and Lifestyle and Apollo Speciality Hospitals, respectively.

* AXIS BANK: Has increased its marginal cost of funds-based lending rates by 10 basis points on
most tenures, effective Saturday. Has announced opening an off-shore banking unit at the International Financial Services Centre at Gujarat International Finance Tec-City.

* BAJAJ FINSERV: Life insurance companies have not been impacted by the long-term capital gains tax on equity investment, announced in the Union Budget for 2018-19 (Apr-Mar), Bajaj Allianz Life Insurance Managing Director and Chief Executive Officer Tarun Chugh said.

* BHARTI AIRTEL: Has partnered HMD Global to offer affordable fourth-generation smartphones as part of its 'Mera Pehla Smartphone' initiative.

* BINANI INDUSTRIES: Has sought approval from the National Company Law Tribunal to participate in the insolvency resolution process of Binani Cement, a subsidiary of the company.

* CANARA BANK: The government has appointed Debashish Mukherjee as executive director of the bank for an initial period of three years.

* COAL INDIA: The company may have to shift its priority from the power sector to other buyers, particularly steel plants and captive power generation, its vision document indicates.

* DLF: In an investor call with analysts, the company said that it would be debt free by 2018-19 - a plan that hinges on its massive inventory of 150 bln rupees.

* FORTIS HEALTHCARE: Has clarified that it did not receive any communication, written or otherwise, from any government authority with regard to an investigation, and that it has no knowledge of any investigation against itself.
 - Lenders to Fortis Healthcare Holdings revoked the pledge on 132.6 mln shares of the company on Thursday and Friday, the company informed stock exchanges. The Serious Fraud Investigation Office will initiate a probe into alleged financial irregularities at the company and RELIGARE ENTERPRISES.

* GAYATRI PROJECTS: Has reorganised energy investments held by wholly-owned subsidiary Gayatri Energy Ventures Pvt along with its partner Sembcorp Utilities.

* GITANJALI GEMS: The Income-Tax Department has attached nine bank accounts of the company, its promoter Mehul Choksi and others in connection with a tax evasion probe against them.

* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Has found a new consumer segment--working Indian men--who the British company believes are protein-deficient.

* GODAWARI POWER & ISPAT: Has approved amalgamation of Jagdamba Power & Alloys into the company.

* GOPALA POLYPLAST: Has not considered a proposal to split shares, at a meeting held on Feb 12.

* HINDALCO INDUSTRIES: Has hiked prices of its aluminium ingots, wire rods and billets by 2% with effect from Saturday.

* INTERGLOBE AVIATION: The company-led IndiGo has moved the Supreme Court challenging a Delhi High Court order saying that it cannot claim monopoly over Terminal-1 of the Indira Gandhi International Airport in Delhi.

* JSW ENERGY: Has entered into a memorandum of understanding with the government of Maharashtra to set up facilities to manufacture electric vehicles and energy storage systems in the state.

* KEC INTERNATIONAL: Promoter Instant Holdings on Monday bought over 1% stake in the  infrastructure major for 1.11 bln rupees through an open market transaction.

* MAHINDRA & MAHINDRA: Will invest over 5 bln rupees on its electric vehicles project at Chakan in Maharashtra under the new electric vehicle policy of the Maharashtra government.

* NTPC: Has paid an interim dividend of 22.51 bln rupees, equivalent to 27.30% of the paid-up equity share capital of the company, for the current financial year.

* OIL & NATURAL GAS CORP: Board will meet on Feb 27 to consider payment of second interim dividend. Rajesh Kakkar has taken over as director (offshore) of the company.

* PRATIBHA INDUSTRIES: Lenders to the company have advised it to submit a resolution plan under strategic debt restructuring.

* PUNJAB NATIONAL BANK: A Delhi-based lawyer has filed a public interest litigation in the Supreme Court, seeking a court-monitored probe into the $1.77 bln fraud at the bank. The Central Vigilance Commission quizzed top officials of the bank regarding the $1.77-bln fraud at the bank. The government denied a media report that Indian banks could take a hit of over $3 bln due to the recently detected fraud at the bank, terming it "false and factually incorrect". The bank "in view of fraudulent activities" has asked Gitanjali Group companies to pay "outstanding" dues totalling 10.46 bln rupees, the jewellery company said in a regulatory filing.
 - The Central Bureau of Investigation on Monday arrested three more officials of the bank, Brady House branch, Fort, Mumbai, in connection with the multi-crore rupees fraud involving diamantaire Nirav Modi. Two petitions were filed in the Supreme Court seeking an SIT investigation into the over 110-bln-rupee banking fraud, allegedly involving billionaire jewellers Nirav Modi and Mehul Choksi, and also for a probe into the role of top management of the bank.
 - The Enforcement Directorate searched the Mumbai residence of Nirav Modi and seized assets worth 57.16 bln rupees as raids continued for the fifth day in connection with the agency's money laundering probe in the alleged 114- bln-rupee bank fraud.

* RANBAXY LABORATORIES: The Delhi High Court has barred brothers Malvinder Singh and Shivinder Singh, former controlling shareholders of the company, from selling or mortgaging their assets.

* RELIANCE CAPITAL: Anand Natarajan, head of strategy and business execution of non-banking finance company Fullerton, is moving to the company as chief operating officer effective from the first week of March.

* RELIANCE NIPPON LIFE ASSET MANAGEMENT: Has floated three alternative investment fund schemes to raise at least 15 bln rupees to tap India's potential in real estate, financial services and the aspirations of its youth.

* RELIGARE ENTERPRISES: Has approved raising 9.16 bln rupees through issue of 175.56 mln convertible warrants of 52.20 rupees each on a preferential basis.

* STATE BANK OF INDIA: Will bilaterally settle with PUNJAB NATIONAL BANK the issue of payments involving letters of undertaking in the Nirav Modi case.

* SUN PHARMACEUTICAL INDUSTRIES: A wholly-owned subsidiary of the company has bought 4.8% additional stake in Ranbaxy Malaysia Sdn Bhd for 1.66 mln ringgits (27.46 mln rupees).

* TATA STEEL: CONCERN that the company and JSW STEEL could be overpaying for the assets of bankrupt steelmakers made investors today shun shares of the two largest steelmakers in the country. Even if expensive, the buyout of BHUSHAN STEEL and Bhushan Power and Steel makes sense for the company, as it would help the company  become the market leader in India, said Edelweiss Securities.

* VAKRANGEE: New World Fund Inc has sold 10.6 mln shares or 1% stake in the company at 253.27 rupees each through a bulk deal on the National Stock Exchange, data on the exchange showed.

* VARDHMAN SPECIAL STEELS: Has approved the closure of its qualified institutional placement today at an issue price of 140 rupees per share.

* VARUN BEVERAGES: Subsidiary Varun Beverages (Zimbabwe) started commercial production.

* VASCON ENGINEERS: Has signed an agreement with Lina Ashar Foundation, Mumbai, to develop a built-to-suit property at company's land holdings in Pune.

* VIJAYA BANK: Has increased rates on bulk deposits by 50-150 basis points, effective Saturday.