Daily Stock News Today – 26.12.2017

Daily Stock News Today – 26.12.2017

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* ADANI ENTERPRISES: Needs $2.3 bln in debt financing to help start producing coal in Australia, after major banks from Sydney to New York said they don't want to lend to polluting fossil-fuel projects.

* AIA ENGINEERING: Contracted supplies of the company remain unaffected after Brazil imposed an interim safeguard duty of $359.16 per tn on certain grades of grinding media imported from India.

* APOLLO HOSPITALS ENTERPRISE: The company has issued a letter of comfort worth 1.22 bln rupees to AXIS BANK in favour of its subsidiary, Imperial Hospital and Research Centre Bangalore.

* BAJAJ FINSERV: Arm Bajaj Allianz General Insurance has reduced its car insurance premium by 5% to 15%, effective January 2018.

* BANK OF BARODA: The board has approved raising up to 40 bln rupees, over and above the 30 bln rupees already approved by it in May, through the issue of Basel-III compliant tier-I bonds.

* BHARTI AIRTEL: Subsidiary Airtel Payments Bank Managing Director and Chief Executive Officer Shashi Arora has resigned from his post. Chief Executive Officer Gopal Vittal has expressed regret over the Aadhaar controversy with regards to the company's payments bank, and has asked employees to take the 'unfortunate episode' as a learning exercise to become more responsive and customer-oriented in the future.

* BHARAT FINANCIAL INCLUSION: Completed a loan securitisation transaction of 6.5 bln rupees, its third in 2017-18 (Apr-Mar).

* BHARAT HEAVY ELECTRICALS: Has secured a 6.7-bln-rupee contract for 146 sets of IGBT-based 3 phase electrics for 25 KV air-conditioned mainline electric multiple unit trains.

* BINANI INDUSTRIES: India's top cement majors, including ULTRATECH CEMENT and SHREE CEMENT, and the stressed asset investment fund of PIRAMAL ENTERPRISES and Bain Capital Credit have made aggressive bids for subsidiary BINANI CEMENT.

* CADILA HEALTHCARE: Is gradually working on carving out a brand identity for Zydus that would act as a differentiator with its namesake Cadila Pharmaceuticals, an unlisted entity based in Ahmedabad.

* COAL INDIA: The government has set up a panel to identify additional mines for allocation to the company as the PSU mining giant is eyeing an output of one bln tn.

* CONTAINER CORP OF INDIA: Has entered into a strategic alliance with Punjab State Warehousing Corp for the latter's container freight station in Mohali, Punjab.

* CORPORATION BANK: The board has approved raising at least 65 bln rupees in one or two tranches.

* DOLPHIN OFFSHORE ENTERPRISES INDIA: Has been awarded a contract worth $23.75 mln by the OIL & NATURAL GAS CORP, along with additional 1.22 bln rupees, for a western offshore makeover project.

* EID PARRY INDIA: The board of director has approved the sale of bio- pesticides business along with subsidiary Parry America Inc to subsidiary COROMANDEL INTERNATIONAL for 3.4 bln rupees.

* GILLETTE INDIA: The company's promoter Gillette Diversified Operations has acquired 28.8% stake from other promoters of the company - Wella India Haircosmetics, Gillette Products, Nexus Mercantile and Mining Consultants (India).

* GVK POWER & INFRASTRUCTURE: Subsidiary, GVK Power (Goindwal Sahib), has been declared provisional successful bidder by COAL INDIA for allocation of coal.

* HCL Tech: Is doubling up its investments in the cyber-security space and is looking at upgrading its three facilities in India. It is also planning a new Cyber Security Fusion Center in Dallas, Texas, US and is open to acquisitions to further beef up its presence in this space.

* HOUSING DEVELOPMENT FINANCE CORP: The company and its UK joint venture partner Standard Life Investments plan to raise 40 bln rupees by selling a 10% stake in asset management company HDFC Mutual Fund, valuing it at 400 bln rupees.

* IDEA CELLULAR: Vodafone India and the company have roped in leadership management company Spencer Stuart to shortlist senior cadres who will play major roles in the combined entity, in a clear signal that the two telcos expect the merger.

* INDIABULLS HOUSING FINANCE: Has raised 2.5 bln rupees through the allotment of 447-day non-convertible debentures at 7.875% coupon.

* INDIAN OIL CORP: The company and BHARAT PETROLEUM CORP are both keen to acquire gas utility GAIL INDIA to become fully integrated energy companies.

* INDRAPRASTHA GAS: Has received a letter of intent from the Petroleum and Natural Gas Regulatory Board authorising the company to develop a city gas distribution network in Karnal, Haryana.

* INFOSYS: Co-Founder N.R. Narayana Murthy has flayed the high wage hikes that senior managements have been apportioning to themselves when the software industry is in trying times, and has advised them to make 'sacrifices' to maintain common man's faith in capitalism. Has seen the stakes of its promoters rise to 12.9% after a 130 bln rupees share buyback.

* INOX LEISURE: Has commenced commercial operations of multiplex cinema theatre, taken on lease, at Ghaziabad in Uttar Pradesh.

* JET AIRWAYS INDIA: Has announced a flat 10% discount on base fare in economy class flight tickets and up to 15% discount on premier fares across 44 destinations, in a New Year sale.

* JINDAL STEEL & POWER: Japanese trader Sumitomo and the company are among eight bidders competing for Indian Railways' first global tender to supply 487,000 tn of rails.

* KOLTE-PATIL DEVELOPERS: The board will meet on Wednesday to mull raising funds through various means, including issue of non-convertible debentures or other securities.

* KIRLOSKAR OIL ENGINES: The Cummins Group, is in talks to acquire a controlling stake in the company in a deal valued at over $500 mln through one of its Indian subsidiaries.

* K.P. ENERGY: A consortium of the company and Evergreen Power Mauritius has won a 30-MW wind power project under Gujarat Urja Vikas Nigam's 500-MW wind power tender.

* LARSEN & TOUBRO: Has won a 27.91-bln-rupee contract on engineering, procurement and construction mode for design, engineering and construction of India International Convention and Expo Centre in the national capital.

* MAHANAGAR TELEPHONE NIGAM: A Parliamentary panel has favoured the merger of Bharat Sanchar Nigam and the company, saying it would give them a fighting chance to take on the might of private sector which is undergoing consolidation.

* MANAPPURAM FINANCE: Has refuted news reports that V.P. Nandakumar, its promoter, managing director and chief executive officer, is planning to sell his stake in the company.

* MARUTI SUZUKI INDIA: Has raised its sales target for the second time in two years to 2.5 mln units every year by 2025.

* NOIDA TOLL BRIDGE CO: Has executed a settlement agreement with South Delhi Municipal Corp for a dispute relating to display of outdoor advertisements.


* PIRAMAL ENTERPRISES: Subsidiary Piramal Financeis plans to invest in the hospitality sector for the first time and has already started talks with a few hotel companies.

* POWER MECH PROJECTS: The board of the company has approved a 50:50 joint venture with Skipper T&D in Dubai Multi Commodities Centre to support its international operations.

* PRAKASH INDUSTRIES: The Securities and Exchange Board of India has revoked the order of suspension of trading in the company.

* PUNJAB NATIONAL BANK: LIC has increased its stake in the company to 13.93% through  qualified institutionalplacement.

* RELIGARE ENTERPRISES: Subsidiary Religare Capital Markets International Mauritius will exit Bartleet Religare Securities by selling its entire 50% stake to Bartleet Transcapital.

* RELIANCE INDUSTRIES: The company has partnered with Myntra to co-brand its exclusive denim collection Mast & Harbour with the flagship product from the former, RElan FeelFresh. Subsidiary Reliance Jio Infocomm appears to have emerged as the highest bidder for most of the assets put on the block by the beleaguered Anil Ambani-promoted RELIANCE COMMUNICATIONS. In an attempt to propel customers towards its most popular tariff plan and move them towards higher price plans, Reliance Jio has increased the cashback amount to 3,300 rupees from 2,599 rupees on recharges of 399 rupees and above. Has firmed up plans to be among the top 20 companies in the world, identifying renewables, new materials and digital transformation with Jio as key growth drivers.

* STEEL AUTHORITY OF INDIA: The steel ministry expects the company to show profit next year on the back of continued improvement in global commodity market.

* TATA CONSULTANCY SERVICES: Is confident that global corporations will renew large outsourcing contracts even as the number of such deals from new customers shrink.

* TATA POWER CO: The company's Russian subsidiary Far Eastern Natural Resources LLC has been awarded thermal coal mining licence for approximately $4.7 mln in Kamchatka province in far east Russia.

* TATA STEEL: Workers on Thursday struck a deal with German industrial company Thyssenkrupp to secure steel plants and jobs, a big step towards a planned merger of the group's European steel business with that of the company. Thyssenkrupp could halve its stake in the planned European steel joint venture with the company.

* TECH MAHINDRA: Is in the process of acquiring another 9.93% stake in Comviva Technologies from Westbridge Ventures II Investment Holdings for 1.02 bln rupees.

* THOMAS COOK INDIA: The board of the company has approved further investment of 9.99 mln rupees in its whollyowned subsidiary, TC Forex Services, through a rights issue.

* VIDEOCON INDUSTRIES: Lenders are gearing up to refer the company to the bankruptcy court as they are unsure of the company's proposed debt recast programme clearing the central bank's conditions to deal with defaulters.

* WELSPUN CORP: Has received an order to supply 124,000 tn of pipes in India.

* WIPRO: Has launched a platform - Hybrid Cloud - that is built on Topcode-that enables enterprises to crowdsource highly skilled works, particularly in emerging technologies.