Top stocks in focus today: SBI, L&T, Bharat Fin, ONGC, Infosys, HDFC
Ashok Leyland: Is looking at investing 4-5 bln rupees in its electric vehicle business over the next three to five years, Managing director Vinod Dasari said.Au Small Finance Bank: Has signed a three-year pact with Small Industries Development Bank of India to fund term loan proposals worth 2.5-20.0 mln rupees related to micro, small and medium enterprises.Bajaj Hindusthan Sugar: Board has approved the conversion of its loans from lenders into optionally convertible debentures or optionally convertible preference shares, under the Reserve Bank of India’s scheme for sustainable structuring of stressed assets.
Bharti Airtel: LPG subsidy recipients who had Airtel Payments Bank accounts were not getting their share of subsidy for the past few weeks, according to the Ministry of Petroleum and Natural Gas.
Cadila Healthcare: Has received an approval from the US Food and Drug Administration to market Tamoxifen Citrate tablets USP in 10-mg, 20-mg strength.
Clariant Chemicals India: Its holding company, and Huntsman Corp have abandoned plans of a merger due to uncertainty of securing the approval of two-thirds of the shareholders of the company.
Dr Reddy’s Laboratories: A German government’s drug regulating agency, which audited one of the company’s manufacturing facilities, found “dirty rooms and equipment”, among other violations.
HDFC: Is looking to list its mutual fund unit in 2018 and is also evaluating a plan to start a distressed asset fund, Chairman Deepak Parekh said.
IDFC Bank: The bank and Shriram Capital are set to call off merger talks as both sides have failed to arrive at an acceptable valuation after four months of negotiations and regulatory misgivings, sources said.
Infosys: The company, which is the infrastructure provider for information technology network of the goods and services tax, has been asked to make the system user-friendly and deploy more staff for resolving issues, Bihar Deputy Chief Minister Sushil Kumar Modi has said.
Indiabulls Housing Finance: Has settled a case pertaining to shareholding disclosure lapse with the Securities and Exchange Board of India after paying 1.4 mln rupees towards settlement fees.
Indiabulls Real Estate: Through its wholly-owned subsidiary has received all the 737.3 mln units of its Singapore-based Indiabulls Properties Investment Trust from the Farallon Group.
Indian Oil Corp: Has delivered liquefied petroleum gas through its pipeline in Odisha’s Balasore district from the company’s refinery at Paradip.
Kridhan Infra: Has signed a definitive share purchase agreement with institutional and other investors of Vijay Nirman Co to acquire 36.6% stake in the latter.
Larsen & Toubro: Launched the first of seven offshore patrol vessels for the Indian coast guard.
Mahindra & Mahindra Financial Services: Has sold 5% stake in subsidiary Mahindra Insurance Brokers to Inclusion Resources, a minority investor of the company, for 650 mln rupees.
Maruti Suzuki India: Has earmarked 10 bln rupees in the current fiscal to buy land parcels for new dealerships.
NALCO: Government has offered 8.90 mln shares of face value of 5 rupees each to eligible employees of the company through an offer for sale at 66.31 rupees per share, a 5% discount on the offer for sale price of 69.80 rupees.
Oil & Natural Gas Corp: The company held its board meeting on a Mumbai High North production platform, off the Mumbai coast, to indicate the importance of offshore projects in its growth plan.
Reliance Industries: The company and its partners, BP and Niko Resources, have so far paid only $82 mln to the gas pool account.
Rural Electrification Corp: Is going to raise at least 5 bln rupees through bonds maturing in December 2020, sources said.
State Bank Of India: Has written to the Odisha government seeking equity participation in the stressed firm, BHUSHAN STEEL. Prior to the letter from the bank, the steel firm had also written to the state government for equity support of nearly 26%.
Strides Shasun: Kenya-based subsidiary Universal Corp has received the good manufacturing practice status for its facility from the World Health Organization.
Tata Motors: Arm Jaguar Land Rover expects sales of over 4,500 units this fiscal year and an increase its market share to around 14%.