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Stocks in news: Infosys, Wipro, Wockhardt, Max India, SREI

Infosys | Wipro | Nestle India | SREI Infra | Wockhardt | United Spirits | Adani Enterprises | Lanco Infratech | IRB Infrastructure | Gammon India | Max India and Hindustan Foods are stocks, which are in the news today.

November 24, 2015 / 09:14 AM IST
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Here are stocks that are in news today:

British Petroleum expands deal with Wipro, revamps outsourcing strategy: ET
-Wipro likely to get additional business worth USD 100 million over 2-3 years

Kolkata Company Law Board to hear case against SREI Group today: ET
-Group accused of alleged illegal routing of funds through subsidiary

Nestle India resumes manufacturing of Maggi noodles at Pantnagar, Uttarakhand
-Yet to resume manufacturing of Maggi noodles at Tahliwal facility in Himachal Pradesh

Coal secretary Anil Swarup says:
-In-principle decision taken to grant bridge linkages to centre/state companies
-Bridge linkages are for companies that got blocks under government dispensation route
-Bridge linkage can be granted for 3 years from block allotment date
-Tapering linkage is already granted to NTPC’s Telangana plant
-Transparent process put in place to ensure quality coal by Coal India
-Samples for coal quality analysis will be collected by select agencies
-Results of samples will be available within 18 days
-New regime for sampling of coal to be operational January 1, 2016


Max India to sell 23 percent stake in Max Bupa Health Insurance to Bupa Plc for Rs 191 crore
Max India says:
-Max Bupa Health Insurance stake sale will be an all cash transaction
-Post transaction Bupa's stake in Max Bupa will increase to 49 percent from 26 percent
-Will infuse Rs 150 crore in Max Healthcare Institute
Alert: Max Healthcare Institute is a JV between Max & Life Health South Africa

3 GST (Goods & Service Tax) rates likely to be proposed by chief economic advisor led panel: Government Sources
-Panel may propose concessional rate, higher rate for some products, standard rate
-Panel may propose higher GST rate for cigarettes & cars

Government sources on GST to CNBC-TV18
-May take some more time for CEA panel to submit report on GST revenue neutral rate
-Report on GST rates to be finalised in 1st week of December
-Today's GST meet was short & dominated by principles rather than final rate
-See strong case for GST revenue neutral rate being 18 percent or lower
Revenue secretary Shaktikanta Das says report on GST revenue neutral rate will be submitted before December 4

MoS Finance Jayant Sinha says
-Expect 'concrete number' on GST rate by December first week
-Government's goal is to set a 'reasonable' revenue neutral rate
-Favour including GST rate in Constitutional Amendment Bill
-Reviewing cap on GST rate, dispute resolution mechanism
-Finalised parameters necessary to establish GST revenue neutral rate
-Open to discussing all aspects of Constitutional Amendment Bill with opposition
-Consultation on inclusion of rate, dispute resolution body & 1 percent manufacturing tax
-FM wants GST rate to be as reasonable as possible

Fitch says
-Spending by Indian Government key to steel demand revival
-Expect India's steel consumption to improve modestly by 7 percent-8 percent in 2016

Lanco Infratech
-To compensate for changes in RFP/PPA (request for proposal/power purchase agreement) norms for coal & power payments
-UP regulator asks company to compensate for violation of RFP/PPA norms

Government on PSU banks says
-Finance Minister Arun Jaitley asks PSU banks to clean up their balance sheet at the earliest
-Will take necessary policy corrective measures for PSBs wherever required
-Finance ministry discussed issue of passing on recent interest rate cuts with lenders
-PSU banks have achieved 58 percent of agri loan target for FY16

Pfizer & Allergan to combine; expect transaction to close H2 of 2016
Pfizer says
-Expect combined operating cash flow in excess of USD 25 billion beginning in 2018
-Deal valued at USD 363.63 per Allergan share, for total enterprise value of USD 160 billion
-Deal with Allergan is more than 30 percent premium based on unaffected share prices as of October 28
-Allergan shareholders to receive 11.3 shares of combined company for each share
-Pfizer holders to receive 1 share of the combined company for each share
-Businesses to be combined under Allergan Plc, which will be renamed Pfizer Plc
-May make decision about separation of combined company's innovative & established business by 2018-end
-Deal not expected to have an impact on existing dividend level on a per-share basis
-Allergan parent company will be parent company of combined group

Mines & Steel Minister Narendra Singh Tomar says
-Domestic steel prices have maintained sharp downward trend during April-September
-Steel imports have increased by 42 percent Y-o-Y during April-September
-Aware that presently the steel sector faces many challenges
-Steel imports increased by 75.5 percent in FY15
-Rising debt of the steel industry is also a major concern
-Share of stressed advances to the steel sector has been the highest
-Steel companies face difficult financial situation
-Net realisation of steel companies falling due to declining prices of steel products
-Financial strain due to reduced operating EBIDTA & profits
-Steel demand either falling or remaining stagnant in most countries
-Steel industry is burdened with massive excess capacity
-Biggest overcapacity exists in China at 250-300 million tonne
-Chinese steel industry continues to produce & sell steel at extremely low prices
-China sometimes even sells steel below cost of production
-India to see significant growth in steel consumption in medium term

Other stocks and sectors that are in news today:
-NPPA (National Pharmaceutical Pricing Authority) exempts 3 Wockhardt insulin products from price control
-United Spirits will not sell Royal Challengers Banglore to cut costs - CEO: ToI
-Tata Steel looks to raise USD 1.5 billion to refinance debt and reduce finance costs
-Adani Enterprises releases entire 8 crore shares pledged with IDBI Trusteeship
-Lanco Infratech signs MoU with Chhattisgarh government for 100 MW solar cell manufacturing unit
-Hindustan Foods says will continue to produce 'Kurkure' extruded products up to July 31, 2016
-Infosys Finacle teams up with Oracle to offer Finacle on Oracle cloud
-SREI Infra says Opulent Venture sells its 2.08 percent holding in company
-IRB Infrastructure says promoter Dattatray Mhaiskar sells 2.68 lakh shares in company via open market
-IDBI Bank launches USD 5-year green bond
-Gammon India says CDR lenders to invoke strategic debt restructuring in the company
-Infosys says Carol Browner steps down as independent director

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