NEWS
Stocks in the news: Oil India, Bandhan Bank, Lumax Auto, Mindtree, Majesco, HDFC, DHFL

Here are stocks that are in the news today:

Lumax Auto Technologies: Company decided for discontinuation of the PCB manufacturing w.e.f. April 1, 2019. In addition, the board has also approved the disposal of plant and machinery to Lumax Industries relating to PCB Business on arm’s length basis and not below its book value.

Jaiprakash Associates: Board approved the re-appointment of Manoj Gaur, Executive Chairman & CEO and Sunil Kumar Sharma, Executive Vice Chairman for a further term of three years.

Future Consumer: Company announced redemption of non-convertible debentures.

Oil India -Joint Venture Partners of Mozambique Rovuma Offshore Area 1, concludes over 9.5 MMTPAof LNG Sale and Purchase Agreements

Mindtree to consider proposal of buyback on March 20

Karnataka Bank: The bank partners with Karvy DigKonnect for contact centre services.

Grasim Industries received an order issued by the DCIT raising a demand of Rs. 5,872.13 crore on account of dividend distribution tax

Kesoram Industries: The company’s rating pertaining to that portion of its long term/short term banking facilities as been assigned to CARE Ratings Limited for rating has been revised to BB+/ A4+ (under credit watch with developing implications).

Majesco: Board approved to sell, transfer and dispose of, as a going concern and on a slump sale basis, the company’s India Insurance Products & Services Business to Majesco Software and Solutions India Private Limited, a step-down subsidiary of the company, for a lump sum consideration of Rs 24.4 crore.

Kotak Mahindra Bank approved re-appointment of Prakash Apte and Uday Shankar as an independent directors of the bank

The Bank approves dividend on 100 crore preference shares

Mishra Dhatu Nigam: Board declared payment of Rs 1.68 per share as the first interim dividend on equity shares for the financial year 2018-19 and fixed March 26 as the record date for dividend payment.

SAIL: CARE has assigned AA- outlook stable to company’s long term fund based facility (term loan).

Bandhan Bank/Gruh Finance received No Objection from the RBI for the amalgamation of GRUH Finance into and with Bandhan Bank

HDFC– RBI has granted in-principle approval to the company for acquisition of 9.9% or less of the paid up voting equity capital of Bandhan upon the effective date of the scheme

Indostar Capital approved NCD worth Rs 15 crore on private placement basis

Indo Amines: ‘No observation’ letter has been received from BSE for proposed amalgamation amongst Core Chemical (Mumbai) Private Limited and Key Organics Private Limited with Indo Amines Limited, so as to enable the company to file the scheme with NCLT.

DHFL: Special Committee of the board of directors accorded approval to disinvest to Olive Vine Investment Limited an affiliate of the Warburg Pincus Group.

Santosh Sharma (currently the CFO) will assume a new role as the Head – Corporate Strategy.

India Ratings & Research revised rating on long term bank loans of Religare Enterprises to IND B+/RWN from IND BB/RWN, while on short term bank loan rating revised from IND A4+/RWN to IND A4/RWN

J&K Bank executed share purchase agreement with Oman India Joint Investment Fund II for sale by the Bank 4,11,11,111 crore equity shares of PNB MetLife India Insurance Company at a total consideration of Rs 185 crore

Lupin: Subsidiary Novel Laboratories Inc. has received a letter from the USFDA classifying the inspection conducted at its Somerset (New Jersey) facility in December 2018 as Official Action Indicated (OAI). The US FDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.

NHPC approved raising of fund through External Commercial Borrowing (ECB) in JPY equivalent to USD 100 Million from MUFG Bank

REC board meet on March 20, 2019, to consider a proposal relating to market borrowing programme for the financial year 2019-20

Prakash Industries – National Law Company Law Tribunal sanctioned the demerger scheme of company’s business of PVC Pipes & Fittings and Flexible Packaging into Prakash Pipes

Cadila Healthcare: Zydus receives final approval from the USFDA for Valsartan and Hydrochlorothiazide tablets.

Mirc Electronics: Vishal Barot has resigned as Chief Financial Officer (CFO) of the company due to personal reasons.

Punjab & Sind Bank reviewed MCLR w.e.f. March 16, 2019

Zuari Global: Company has acquired around 48.98 percent shares of Forte Furniture Products India Private Limited (FFPL) from Indian Furniture Products Limited (IFPL), subsidiary of the company.

HUDCO further raised funds of Rs 5320 crore through Issue of Government of India Fully Serviced, Unsecured, Taxable HUDCO Bonds Series V-2018

Vodafone Idea board meet on March 20 to consider, discuss and decide, various matters in connection with the rights issue

India rating & research downgrades rating on NCD to IND A+ with rating watch negative (RWN)

Jubilant Foodworks – Domino’s Pizza officially launched in Bangladesh

Out of F&O Ban: BEML, Reliance Power.

Bulk Deals on March 15

Image1516032019(For more bulk deals, click here)

Analyst or Board Meet/Briefings

EID Parry India: Board meeting will be held on March 22 to consider the second interim dividend on equity shares, if any, for the financial year 2018-19.

Finolex Industries: Company’s officials will meet investors/analysts on March 18.

PSP Projects: Company’s officials will meet analyst/institutional investors on March 18 and 25.

Emmbi Industries: Company’s officials will meet Moneybee Investment Advisors on March 18.

Deep Industries: Officials of the company will be meeting investors and analysts on March 19.

Jindal Steel & Power: Analysts and Investors visit to Angul plant is scheduled on March 18.

South Indian Bank: Officials of the bank will be meeting a group of institutional investors organised by SBI Caps Securities on March 19.

[“source=moneycontrol”]

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