Today's Stock News - 09.03.2020 : 09.00 Am

Today's Stock News - 09.03.2020 : 09.00 Am
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* ARVIND FASHIONS: Board will meet on Thursday to set the issue price for its rights issue, ratio and record date.

* BHARAT PETROLEUM CORP: The government today invited the expression of interest for strategic disinvestment in Bharat Petroleum Corp Ltd, a release on Department of Investment and Public Asset Management website said.

* CANARA BANK: Plans to sell its 37,500 shares in Commonwealth (Trust) India and has sought bids from buyers.
-The bank set 7.18% coupon on its Basel III-compliant tier-II bonds maturing in 10 years, and has
accepted 30 bln rupees.

* COAL INDIA: Is upgrading transport facilities at mines as part of efforts to meet its target of producing 1 bln tn by 2024.

* COCHIN SHIPYARD: National Company Law Tribunal has approved the company's resolution plan submitted for Chennai-based Tebma Shipyards as part of the corporate insolvency resolution process.

* COX & KINGS: YES Bank Ltd has an exposure of more than 22.85 bln rupees to Cox & Kings Ltd, the travel company said in a filing to exchanges. Of all the financial creditors, YES Bank's exposure was the highest.

* DEWAN HOUSING FINANCE CORPORATION: The CBI has taken over the investigation into a 22.67- bln-rupee Employees' Provident Fund fraud in Uttar Pradesh, where savings of power sector employees were invested in DHFL, officials said.

* EVEREADY INDUSTRIES INDIA: Housing Development Finance Corporation Ltd has invoked pledge on 3.2 mln shares of promoter of the company on Thursday.

* GAYATRI PROJECTS: The company's joint venture Gayatri ECI JV will get 860 mln rupees as
settlement of its claim related to two projects with National Highways Authority of India.

* HIKAL: Has received a notice from the Maharashtra Pollution Control Board for closure of its Mahad unit based on a complaint received from the local community in Taloja, stating that a tanker of an authorised transporter, carrying by-product of the company was found near the river Kasadi in Taloja.

* HINDUSTAN AERONAUTICS: Is looking at setting up logistics bases in Malaysia, Vietnam, Indonesia and Sri Lanka as part of initiatives to woo the countries to buy India's light combat aircraft Tejas and military helicopters.

* HOUSING DEVELOPMENT FINANCE CORP: Has sold 850,000 shares or 1.2% stake in EVEREADY INDUSTRIES INDIA at 64 rupees apiece via a bulk deal on the National Stock Exchange.

* INDIABULLS HOUSING FINANCE: Said YES BANK owes 6.62 bln rupees to the company via
additional tier-1 bond.

* INDIAN HUME PIPE CO: Has received a letter of acceptance worth 4.92 bln rupees for groundwater development project from Karnataka.

* INDUSIND BANK: Has scrapped plans to raise funds via additional tier-1 bonds.

* INFOSYS: Three employees of the company, attached to the Income Tax department's Centralised
Processing Centre, were arrested for allegedly taking bribes from tax-payers for speedy processing of their refund, police said on Sunday.
-The government has asked the company's non-executive chairman Nandan Nilekani to make a
presentation before the GST Council next week as the IT major has repeatedly failed to fix glitches in the GST Network.

* JAYPEE INFRATECH: The 7.5 bln rupees deposited by the company's parent firm JAIPRAKASH
ASSOCIATES with the Supreme Court registry was a payment towards obligation of the debt-ridden firm and should be treated as the asset of the corporate debtor, NCLT has observed while approving the bid of NBCC for the co.

* JSW STEEL: TATA STEEL and the company have raised the price of Steel by 500-800 rupees per tn on higher input costs and shortage globally as coronavirus has hit China's steel production.
-Supreme Court had accepted the petition filed by Bhushan Power and Steel promoter Sanjay Singal
against the company's bid to take over the bankrupt company in an insolvency driven process.

* KIRLOSKAR OIL ENGINES: Board has approved investment of up to 2.5 bln rupees in securities of the company's wholly-owned subsidiary Arka Fincap.
-Sanjeev Nimkar has been appointed as managing director of the company from Apr 29. Joint
Managing Director and Chief Executive Officer Rajendra R. Deshpande's term will expire on Apr 28. Nihal G. Kulkarni has resigned as managing director of the company, effective Apr 28.

* MAHANAGAR TELEPHONE NIGAM: Bharat Sanchar Nigam and the company have told the Telecom Regulatory Authority of India that tariff fixation should be applicable only on telcos with more than 15% subscriber base in a service area, while those with lower or negligible user base should be exempt from the purview of minimum floor price.

* MARUTI SUZUKI: Company's total vehicle production fell 5.3% on year to 140,993 units in February.

* MASTEK: Board has approved to avail of the standby letter of credit option for up to 30 mln sterling (around 2.9 bln rupees) for extending credit facilities to the company's wholly-owned subsidiary Mastek UK. It was sanctioned by Citi Bank NA India.

* NATCO PHARMA: The company said the US Food & Drug Administration completed the pre-approval inspection of the company's formulation facility at Kothur, near Hyderabad, with a single observation.

* NLC INDIA: The company has raised 5 bln rupees by issuing commercial papers in favour of STATE BANK OF INDIA.

* PNB HOUSING FINANCE: India Ratings and Research has downgraded the company's non-convertible debentures’ rating to 'AA' from 'AA+'.

* PODDAR HOUSING AND DEVELOPMENT: Company has launched an 8.3-bln-rupee project in nearby Kalyan (Maharashtra) offering 3,500 units.

* POWER GRID CORP OF INDIA: Will pay 5.96 rupees per share interim dividend.

* PTC INDIA: Has bagged consulting projects worth 750 mln rupees from Energy Efficiency Services to manage the latter's Street Light National Program in Gujarat, Bihar, Maharashtra, Jammu & Kashmir, and West Bengal.

* RBL Bank: Credit Suisse Singapore (ODI) bought 4.4 mln shares or 0.9% stake in RBL Bank Ltd at 256.48 rupees apiece through a bulk deal on the National Stock Exchange, bourse data showed.

* RELIANCE INDUSTRIES: Reliance Jio Infocomm has developed its own 5G and other technologies, to cut costs and reduce dependence on foreign vendors.

* STEEL AUTHORITY OF INDIA: Is in talks with the Indian Railways for an order to supply about 1.55 mln tn of rail in the next financial year, a company official said.

* STATE BANK OF INDIA: Prashant Kumar has ceased to be chief financial officer, effective Thursday. He has taken charge at YES BANK as Reserve Bank of India-appointed administrator.
-Chairman Rajnish Kumar said that SBI will initially infuse 24.5 bln rupees for up to 49% stake and
is in talks with several other players for co-investment.
-Terming the bank's proposed stake buy in YES BANK as an investment and not a bailout, Chairman
Rajnish Kumar said that SBI will initially infuse 24.5 bln rupees for up to 49% stake and is in talks with several other players for co-investment.
-The bank, which needs to come up with equity investment of another 200 bln rupees or so to save
YES BANK from collapse, is in talks with more than half-a-dozen potential investors. They include
Blackstone, Brookfield, Carlyle, TPG, KKR and Goldman Sachs.

* SUPREME PETROCHEM: Board will meet on Mar 12 to consider buyback of shares.

* TATA CONSULTANCY SERVICES: The government has approved the proposals of software firms TCS and realty major DLF to set up special economic zones for IT sector in Haryana and Uttar Pradesh. The company's cloud-based digital learning platform TCS iON will focus on building more India-centric products and patents, a senior company executive said.

* TATA STEEL: Expects its branded steel sales to the retail and MSME sectors to grow 10% in the current fiscal, amid slowdown in the economy, officials said on Friday.
-The company has decided to reduce its dependence on China for some key steel-making inputs in 
the wake of the Covid-19 scare.

* VODAFONE IDEA: Vodafone Group Plc Chief Executive Officer Nick Read, at a meeting with
government officials, said Vodafone Group wants to stay invested in India even as its Indian subsidiary is facing massive financial stress due to the Supreme Court's judgement on telecom companies' adjusted gross revenue. 
-The company has estimated its adjusted gross revenue dues at 215.33 bln rupees. As per Department
of Telecom's assessment, Vodafone Idea reportedly owes 530 bln rupees as dues.

* WILLIAMSON MAGOR & CO: Lender HOUSING DEVELOPMENT FINANCE CORP on Thursday invoked a pledge on the company's 3.2 mln shares representing 4.40% stake in EVEREADY INDUSTRIES INDIA.

* WIPRO: The company is expected to operationalise its internal digital transformation across 
departments this year, company executives said.

* YES BANK: The Reserve Bank of India brought out a draft reconstruction scheme for the bank, allowing STATE BANK OF INDIA to acquire up to 49% stake in the reconstructed private lender.
-Reserve Bank of India will offer a special liquidity window worth 80-100 bln rupees to YES Bank
as a support measure to tide over any deposit or liability outflow that may result out of the recent problems at the private bank.
-The Enforcement Directorate carried out searches at the Mumbai residence of YES Bank's cofounder
and former chief executive officer Rana Kapoor on Friday in connection with a money-laundering
case.
-With 28 fund houses having an exposure of around 31 bln rupees to the bank through equity and
debt, the domestic mutual fund industry is staring at a sharp reduction in net asset values of various schemes.
-Ratings agency ICRA downgraded all bonds issued by the bank to the default rating of 'D', factoring
in the impact of the bank being placed under moratorium by the government.
-Moody's Investors Service has downgraded the bank's long-term foreign currency issuer rating to
"Caa3" from "B2" due to an event of default triggered by the bank being placed under moratorium by the government.
-Government Pension Fund Global sold 0.6% stake or 15.6 mln shares in YES Bank Ltd at 7.22
rupees per share through a bulk deal on the National Stock Exchange.
-CRISIL Ratings today said the restrictions on YES Bank's operations, including deposit withdrawal
limit of 50,000 rupees, could hit companies that have a "material banking relationship" with the lender.
-The Pimpri Chinchwad muncipal corporation is in a soup with its deposit of 9.8 bln rupees stuck
with YES Bank.
-The Jagannath temple in Puri has 5.4 bln rupees of its funds in YES Bank, which has been placed
under moratorium.
-The bank's co-founder Rana Kapoor was arrested in the early hours of Sunday after 30 hours of
questioning by the Enforcement Directorate over accusations of money laundering to the tune of 43 bln rupees.
-On Sunday, institutional investors reached out to Reserve Bank of India and other financial
regulator to point out how the bank's management misled bond holders and kept them in the dark about the bank's declining financials.

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