Stocks in news: Infosys, Sun Pharma, JSPL, Glenmark, PNB

SmallcapExclusion                                              InclusionMan Inds                                               NIIT TechTilaknagar                                             Delta CorpAptech                                                    Astra ZenecaGammon India                                     HCCSharon Bio-Med                                   Bhushan SteelPhoenix Lamps                                   PurvankaraEducomp                                              Amtek IndAdhunik Metaliks                                 Bombay RayonElder Pharma                       Mahindra CIE                                       DCB BankTexmaco Rail and EngSuven LifeKRBLJK Tyre SEBI board approves guidelines for GIFT City-Guidelines to facilitate securities markets in international financial services centre in SEZs-Indian, foreign stock exchanges and Clearing Corporation may set up subsidiaries in GIFT City-Permits issues of depository receipts & debt receipts by local & foreign companies-NRIs, foreign investors may participate in GIFT-Exchanges allowed to trade in currency & interest-based derivates-MFs and alternative investment funds may set up shops in GIFT City-Banks and FIIs can convert debt into equities of listed borrower companies in distress-Debt conversion into equity will be under strategic restructuring scheme of RBI-Listed companies to make disclosures of all events in 24 hours-Listed companies to make disclosure of board meeting within 30 minutes-Approves pricing formula for debt to equity conversion-Approved regulation for municipal bond markets-Municipal bonds issuance will be for specific projects-Institutional investors allowed subscribing to municipal bonds-Issuance of municipal bonds will help raise resources for smart city project-Will notify municipal bonds regulatory framework in 6-8 weeks-Municipal bonds will be listed on stock exchanges-New rule will help banks hiving off stressed assets-3 years time given to meet demutualisation requirements to companies, investors in GIFT-Board approved integrated use of technology to ease investing process in securities market-Stock exchanges can set up clearing corporations in International Financial Services Centre (IFSC)-NRI, foreign investors, institutional investors eligible under FEMA may participate in IFSC-Board relaxes certain provision in guidelines of conversion of debt into equity by the banks & financial institutions-Relaxation subject to allotment price as per fair price formula & not being less than face value of shares-Municipality making a public issue shall only issue revenue bonds-In case of private placements, municipality may issue general obligation bonds or revenue bonds-Municipality should not have defaulted in repayment in last 1 year-Municipality must not have hade negative net worth over last 3 years-Eases rules for Domestic fund managers to handle offshore funds

SEBI Chairman UK Sinha says very serious about monitoring disclosure guidelines-FMC merger with SEBI will be smooth-Government will issue tax guidelines w.r.t GIFT City-In talks with government and FMC on the merger issue-All secured creditors will be allowed to take over management of stressed companies-Have further fine-tuned disclosure norms-Banks must acquire 51 percent of equity to convert debt into equity for stressed assets-SEBI pricing formula will not apply if banks acquire 51 percent of equity-New rule will help banks flexibility to acquire control of stressed companies’ management-Companies will have to maintain records of all disclosures for minimum 5 years on the website-Disclosures to include all material information about subsidiaries-Listed entities must respond to queries on rumours to exchanges-SEBI to specify indicative list of information for all mandatory disclosures

Spectrum Auction-Government receives bids worth Rs 1.05 lakh crore at the end of day 15-6 rounds of bidding completed on day 15-92 rounds of bidding completed at the end of day 15-Bidding is taking place in all bands-Auction in 2100, 1800, 900 & 800 MHz bands continues-Brisk bidding seen, with activity requirement set at 100 percent-Robust bidding going on in 1800 MHz, 900 MHz & 800 MHz bands-Over 88 percent of spectrum provisionally allocated to bidders-Majority of service areas going at a premium over reserve price-Bidding to recommence on March 21, expect competitive bidding to continue

Coal secretary Anil Swarup says-Government takes decision on bids for 9 coal blocks after examination-Government accepts bids for 5 coal blocks-Government rejects bids for Gare Palma IV/1, 2, 3 & Tara coal blocksCoal Block e-Auctions: Government rejects bids for 3 coal blocks auctionedCoal Block e-Auctions: Government rejects bids for Gare Palma IV/1,2&3Coal Block e-Auctions: Decision on the rejected 3 coal blocks not taken yetAlert: Jindal Power won Tara coal block at Rs 126/tonneAlert: Balco won Gare Palma IV/1 coal block at Rs 1,585/tonneAlert: Jindal Power won Gare Palma IV/2 & 3 at Rs 108/tonneAlert: Government had directed re-examination of 8 bids on grounds of bid timings & amount

Coal block e-auctions:-Government accepts bids for coal blocks auctioned in phase 1 & 2-Government accepts bids for Brinda & Sasai coal block won by Usha Martin at Rs 1,804/tonne-Government accepts bids for Meral coal block won by Tirumala Industries at Rs 727/tonne-Government accepts bids for Dumri coal block won by Hindalco at Rs 2,127/tonne-Government accepts bids for Mandla South won by Jaypee Cements at Rs 1,852/tonne-Government accepts bids for Marki Mangli III coal block won by BS Ispat at Rs 918/tonne

Government sources say cannot re-auction 2 coal blocks which are running mines-Government may consider to give Gare Palma IV/1,2,3 to Coal India-Coal India likely to be the custodian of the 2 coal blocks-Government may re-auction Tara coal block meant for power sector-Government yet to decide on bids rejected for 3 coal blocks

Jindal Steel & Power (JSPL) says-Followed a consistent, prudent bidding strategy throughout auction process-Puzzled with the coal block withdrawal decision-Bid was much below the ceiling price during the reverse auction process-To engage in a dialogue with the Coal Ministry, govt to present facts

Delhi High Court restrains Glenmark from manufacturing, marketing anti-diabetes drugs Zita, Zita-MetDelhi High Court says-Glenmark prima facie infringed Merck's patent in anti-diabetes drug-Allow Glenmark to sell existing stocks of anti diabetes drugs in marketGlenmark Pharma says-Division bench of Delhi HC has injuncted co from manufacturing Zita & Zita-Met-Seeking legal advise on next steps, will take appropriate action-Delhi HC injunction not applicable for existing stock of Zita & Zita-Met

NSEL case update-Maharashtra Protection of Interest of Depositors (MPID) Court reserves order on bail application for March 23 for bail plea of Amit Rathi, Chintan Modi & CP Krishnan-Mumbai Economic Offences Wing notifies Jignesh Shah's 46 percent shares in Financial Technologies for auction-Mumbai Economic Offences Wing notifies Jignesh Shah's Juhu bungalow and pineland plot for auctionAlert: MPID Court will now decide dates for auction of Jignesh Shah's assets-NSEL investors allege not aware of Financial Technologies’ settlement proposal-NSEL investors allege will not accept part settlement proposed by Financial Technologies-NSEL investors allege have no issue with sharing KYC documents with NSEL-NSEL investors allege Jignesh Shah invested 90 percent in Dynamatics Developers-NSEL investors allege Dynamatics Developers along with 26 companies of Rawal Group traded in NSEL-NSEL investors allege Dynamatics Developers traded in NSEL to the tune of Rs 1,252 crore-NSEL investors allege Dynamatics Developers, Rawal Group exited NSEL without losing a penny-NSEL investors allege Mumbai Eco Offences Wing confirmed that Rawal Group of companies are bogus

Federal Trade Commission approves final order related to Sun Pharma-Ranbaxy deal-Federal Trade Commission says Sun to divest Minocycline product assets to Torrent within 10 days on acquisition  

Tata Motors says board to meet on March 25 consider proposed rights issue-Board to consider proposed rights issue of ordinary & 'A' ordinary shares-Board to consider rights issue of shares for up to Rs 7,500 crore -Board to consider issue price, rights entitlement ratio for rights issue-Board to consider buy-back of secured non-convertible debentures worth Rs 1,250 crore-Buy-back of secured non-convertible debentures a part of debt restructuring plan-To buy-back secured non-convertible debentures maturating on March 31, 2016

India Ratings downgrades Reliance Infrastructure to ‘IND A+’ From ‘IND AA-‘ post Pipavav acquisition-India Ratings puts Reliance Infrastructure on rating watch ‘negative’India Ratings on Reliance Infrastructure-Pipavav acquisition to entail cash outgo higher than presently envisaged-Pipavav acquisition could further delay improvement of leverage-Rating downgrade to impact Rs 21,525 crore of long-term debt

Punjab National Bank gets shareholders’ nod to raise equity capital via QIP/FPO or any other mode-Punjab National Bank gets shareholders’ nod to issue 4.42 crore shares to government on preferential basis, issue price at Rs 196.8/share

Photoquip India-Photoquip India to discontinue business of LED lights with immediate effect-Photoquip India to complete backlog of pending orders at the earliest-Photoquip India to look for prospective buyers to dispose off LED lights biz

Parliament passes Coal Mines BillCoal & Power Minister Piyush Goyal says-Coal Mines (Special Provision) Bill paves way for lower power tariffs-People will benefit from reduction in power tariffs-Have fulfilled promise of bringing in transparency in natural resources allocation-Coal bearing states to earn higher revenue with auction, royalty proceeds-Fund for mining affected area will be created for coal-Most of states, parties have supported Coal Mines (Special Provision) Bill-First priority to meet all end-use requirements of coal across India-Delhi government missed the opportunity to apply for coal block-Delhi can apply in next round of govt dispensation allotment-Yet to take a decision on fate of 8 coal blocks-Government ready with 15-20 coal blocks for auction in next round-Government aims to open up 1 coal mine every month-All details to be worked out after discussion with Mines Ministry -DMF payment will apply to Coal India also-Now no-one can give away natural resources without transparency-DMF’s impact to be ‘nominal’, nation will not grudge this small cost-Will take a view on the 8 coal blocks as per law Other stocks and sectors that are in news today:-United Bank of India in plans to raise Rs 200 crore next week through sale of tier-I perpetual bonds: Reports-Parliament passes amended MMDR Bill-Glenmark Pharma says Bombay High Court approves merger of Glenmark Generics & Glenmark Access with company-Odisha decides to give certain laterite stone mines to Vedanta-Bosch says Jaipur unit labour union calls for 1-day strike-Premier Explosives incorporates BF Premier Energy Systems (a JV between Premier Explosives, Kalyani Strategic)-Bank of India to issue 2 crore shares to LIC at Rs 283.50/share-BSNL undertakes Rs 1,000 crore investment plan, to launch Skype facility & set up wi-fi hotspots at tourist places: PTI-Udaipur Cement says promoter group to sell 14.18 percent stake in company via OFS on March 24-Tech Mahindra signs strategic agreement with China-based Gao Feng Advisory-Gayatri Projects wins order worth Rs 137 crore from Chhattisgarh government-Shilpi Cable board approves preferential allotment of 23 lakh shares to promoter group on conversion of warrants-Purvankara Projects says Anil Kumar K resigns as CFO w.e.f. March 20-INOX Wind IPO Update: Issue subscribed 19 times, QIB 37 times, HNI 36 times and retail subscription at 2.1 times-Julius Baer-DSP Merrill Lynch deal gets CCI nod: PTI-Kalyani Forge plans to invest Rs 200 crore on upgrading units: PTI