Today Stock News – 24.05.2018

Today Stock News – 24.05.2018

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* AUTOMOBILE: Carlos Ghosn tamped down expectations of a quick deal to combine Nissan Motor Co and Renault SA, saying the spectre of failed mergers in his industry loomed large.

* AVIATION: IIT-Madras and the Airports Authority of India have signed a memorandum of understanding to take up collaborative research on Air Navigation Systems.

* BANKING: The government has shortlisted the eligible candidates for vacant senior level management positions in public sector banks, and has sent the list to the Banks Board Bureau, said Financial Services and Banking Secretary Rajiv Kumar.
 -The Union Cabinet today approved an ordinance to amend the bankruptcy law, Law Minister Ravi Shankar Prasad told reporters.
 -Some public sector banks are at risk of defaulting on coupon payments on bonds issued under Basel-II norms, owing to weak capital ratios of these lenders, rating agency ICRA said.
 -After the government met with the heads of banks under prompt corrective action recently, each of the banks will submit a specific plan for the way forward for them by Friday, Financial Services and Secretary Rajiv Kumar said.
 -The Indian banking system has continued to groan under the weight of bad loans, with 26 banks together reporting gross non-performing assets of more than 7.31 trln rupees, translating into an increase of about 50% from the corresponding period last year.

* EXCHANGES: The Bombay High Court has extended till May 26 the stay on the proposed launch of the new derivative contracts by Singapore Exchange Securities Trading. The National Stock Exchange has contested the launch of the contract.
 -National Stock Exchange has issued a show-cause notice to defaulter businessman Vijay Mallya-led United Breweries (Holdings) for delisting of its shares as trading has been suspended for a long time due to regulatory non-compliance.

* FUNDS: Canada Pension Plan Investment Board, one of the world's largest government pension funds, poured money into small and mid-sized private sector lenders in India at the expense of their large-cap peers in 2017-18 (Apr-Mar).

* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs has approved a waiver of penal interest on government loans to Paradip Port Trust and Visakhapatnam Port Trust, amounting to 10.77 bln rupees and 2.51 bln rupees, respectively.
 -Afcon Infrastructure, Navyuga Engineering, RELIANCE INFRASTRUCTURE, SADBHAV
ENGINEERING, LARSEN & TOUBRO, IL&FS TRANSPORTATION NETWORK, DILIP BUILDCON, ASHOKA BUILDCON, PNC INFRATECH, NCC, GAYATRI PROJECTS and KNR CONSTRUCTIONS have submitted bids for the Mumbai-Nagpur Super Communication Expressway.

* POWER: The power ministry is working with banks to arrive at a resolution for stressed power projects in the country, Financial Services Secretary Rajiv Kumar said.

* REALTY: To provide relief to micro, small and medium enterprises, and homebuyers stuck in incomplete housing projects, the union cabinet on Wednesday approved an ordinance to amend the Insolvency and Bankruptcy Code.

* STEEL: India has launched a complaint against the US to challenge President Donald Trump's tariffs on steel and aluminum, a filing published by the World Trade Organization showed.

* TAXATION: The goods and services tax collection in May is likely to be around 900 bln rupees.

* TELECOMMUNICATION: The Union Cabinet today approved the second phase of a project to improve mobile services in Naxal-affected areas of the country at an estimated cost of 73.3 bln rupees.
 -Telecom subscriber base in the country again crossed 1.2-bln mark, with mobile service companies
recording a net addition of over 26 mln customers in March, according to monthly subscriber report of Telecom Regulatory Authority of India released.
 -The telecom regulator has directed operators to report all tariff plans on its online portal from Jun 30 so that consumers can compare them on a single platform, marking the national expansion of a programme started in April.
 -The telecom department has clarified that tower providers will be considered as licensees under right-of-way rules, addressing a major demand of the industry that had been kept out of the purview of these rules so far.  The Madras High Court on Wednesday upheld Telecom Regulatory Authority of India regulations preventing broadcasting companies from mixing free-to-air channels with pay channel in bouquets.

* ABB INDIA: Has signed a statement of intent with National Institution for Transforming India or NITI Aayog to prepare key sectors such as power utilities, water utilities, transport and infrastructure sectors for digitisation, internet of things and artificial intelligence.

* AKZO NOBEL SPECIALTY CHEMICALS: Will invest 4 mln euros (about 319 mln rupees) on expanding capacity at its organic peroxide facility in Mahad, Maharashtra, by 80%.
* BERGER PAINTS INDIA: Independent Director Kamal Ranjan Das has settled a case related to disclosure lapses with Securities and Exchange Board of India after paying 200,000 rupees towards settlement.

* BHARTI AIRTEL: Older carriers like the company, Vodafone India and IDEA CELLULAR, and 4G newcomer Reliance Jio Infocomm are sparring yet again, this time over a workable timeline within which a telcom company needs to provide ports for initial interconnection and augmentation.

* DABUR INDIA: The family office of Pradip Burman, the chairman of Dabur Nepal, a subsidiary of the company, has said the Enforcement Directorate's move to seize his assets worth 208.7 mln rupees was "unmerited and unlawful". Dabur Nepal is a subsidiary of the company.

* DALMIA BHARAT: Has asked lenders and the resolution professional of Binani Cement to share the resolution plan submitted by rival ULTRATECH CEMENT.

* FORTIS HEALTHCARE: Even though the Munjal-Burman combine's bid for the company has not proposed any open offer, going by SEBI regulations, such an offer could automatically get triggered.

* GLAXOSMITHKLINE CONSUMER HEALTHCARE: A whopping 40% tax burden might hobble the sale of the company and to tiptoe around the hurdle, it has sought of potential buyers be open to a merger and share swap as part of the deal.

* GRASIM INDUSTRIES: Will invest over 130 bln rupees in its textile and cement businesses over the next 24-36 months, as the company looks to increase capacity and modernise production.

* HDFC BANK: In partnership with mutual fund transfer agent Computer Age Management Services Private, launched an online facility to avail digital loans against mutual funds.

* HINDUSTAN PETROLEUM CORP: A return to the 'price control' regime for auto fuels is definitely not a solution for protecting consumers from the adverse effect of the current global oil price spike, company's Chairman M.K. Surana said.

* IDBI BANK: Fitch Ratings has affirmed the bank's long-term issuer default rating at 'bb+', and has
maintained the viability rating of 'ccc' on rating watch evolving.

* IDEA CELLULAR: NYSE-listed American Tower Corp is set to get the final approval for acquiring the telecom tower assets from the company.

* INDIABULLS HOUSING FINANCE: The company's board has approved raising up to 150 bln rupees through public issue of subordinated non-convertible debentures in one or more tranches.

* INFOSYS: In a fresh letter to the market regulators in India and the US, a whistleblower has sought action against the company's board on the delay in disclosing to shareholders the mutual release of claims that the company signed in August with its three former directors.

* JM FINANCIAL: JM Financial Credit Solutions, the NBFC arm of the JM Financial Group, will be raising up to 7.50 bln rupees by issuing non-convertible debentures next week.

* LIBERTY SHOES: The company's operations will not be impacted by an ex-parte interim order passed by the court on Apr 13.

* NLC INDIA: Has commissioned 300 MW of solar photovoltaic power projects, out of 500 MW of power projects in Tamil Nadu. In a few days, SK Acharya, chairman and managing director of the company, will fly to Australia to sign an agreement with Environmental Clean Technologies, an Australian company.

* NMDC: Has raised iron ore lump prices by 150 rupees per tn and fines prices by 100 rupees per tn,
respectively.

* PFIZER: Parent Pfizer Inc has recalled over 1.8 mln vials of piperacillin and tazobactam, that were
manufactured in India, from the US market.

* RAMCO CEMENTS: Has embarked upon an 11-bln-rupee capacity expansion at its grinding units in Andhra Pradesh, Odisha and West Bengal.

* RELIANCE INDUSTRIES: The subsidiary Reliance Jio Infocomm added active subscribers at a faster pace than BHARTI AIRTEL, Vodafone India and IDEA CELLULAR in March, according to data from the Telecom Regulatory Authority of India.
 -Arm Reliance Industrial Investments and Holdings has made an investment of 100 mln rupees in KareXpert Technologies, an early-stage digital healthcare technology platform.
 -India's oil ministry has ordered the company, Royal Dutch Shell and OIL & NATURAL GAS CORP to pay $3.8 bln as the increased share of the government's earnings from the Panna-Mukta and Tapti fields after a UK court rejected challenges to the arbitration award that went against the companies.

* SCOOTERS INDIA: The Cabinet Committee on Economic Affairs approved the restructuring of the company's balance sheet by reducing equity of 852 mln rupees in the share capital of the company held by the government against accumulated losses.

* SHALIMAR PAINTS: Has approved rights issue worth up to 3 bln rupees.

* SML ISUZU: The board has approved the appointment of Yugo Hashimoto as managing director, chief executive officer and additional director of the company with effect from Aug 10.

* SUNDARAM FINANCE: Private equity fund True North is likely to buy a 40% stake in the company's arm, Royal Sundaram General Insurance, for about 13 bln rupees.

* SUNTECK REALTY: The board has approved raising up to 20 bln rupees through securities.

* TATA CONSULTANCY SERVICES: CEO Rajesh Gopinathan earned over 120 mln rupees in FY18, double of what he earned the previous year, following his elevation to the top job, the company disclosed in its annual report.

* TATA POWER CO: Has signed the share purchase agreement with promoter Tata Sons to sell 430 mln shares or 7.45% stake in Tata Teleservices for 100,000 rupees.

* TATA STEEL: Has backed the valuation on the BHUSHAN STEEL acquisition, the first major successful resolution under the dedicated bankruptcy code, arguing that investment in a similar sized greenfield project would have led to significant time and cost-overruns.

* THE NEW INDIA ASSURANCE CO: Has ventured into the ship insurance business by offering the protection and indemnity cover to Indian registered vessels that ply only on local routes, taking the first few steps with the aim of breaking into a segment now dominated by European underwriters.