Cox & Kings locked in 5% lower circuit on interest payment default
Cox & Kings shares are locked at 5% lower circuit with pending sell orders of 5,120,165 shares and no buyers available.
The scrip has touched a 52-week low of Rs 29.80.
The company defaulted in the payment of interest on NCDs worth Rs7.2cr which were due on June 30. The principal amount of NCDs stood at Rs300cr.
This is the third time the company has defaulted on payments. It has already defaulted twice on June 27 and July 1 with a cumulative default of Rs200cr on payment of commercial papers.
Aurobindo Pharma pulled up by USFDA for "repeated failures" in CGMP
The US Food and Drug Administration (USFDA) has rapped Aurobindo Pharma for repeated violations of the current good manufacturing practice (CGMP) compliance levels at its facilities. Shares of the company are currently trading flat with a positive bias.
The FDA recently issued a warning letter to the firm after inspecting its active pharmaceutical ingredient facility (Unit XI) in Andhra Pradesh Srikakulam district and stated that CGMP observations were similar in nature as those made at other facilities.
NCLT approves transfer of Bharti Airtel optical fibre cable biz to Telesonic Networks
The National Company Law Tribunal approved the transfer of Bharti Airtel optical fibre cable business to Telesonic Networks.
The company's release on the BSE stated, "...we are pleased to inform you that Hon'ble National Company Law Tribunal, New Delhi, Principal Bench, vide its order dated July 02, 2019 ('Order') received today, has sanctioned the Scheme of Arrangement between Bharti Airtel Limited
(Transferor Company' or 'Airtel') and Telesonic Networks Limited ('Transferee Company' or Telesonic') and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, for the transfer of the Optical Fibre Cable business undertaking of Airtel and vesting of the same with Telesonic, on a going concern basis by way of a Slump Sale in accordance with section 2(42C) of the Income-tax Act, 1961."
Adani Enterprises gains after Cabinet approves leasing out for 3 airports
Shares of Adani Enterprises gained 1% on the BSE in afternoon trade after the Cabinet has approved the Ministry of Civil Aviation proposal to privatize three out of six state airports on Wednesday.
Cabinet has approved the proposal for leasing out of three airports viz. Ahmedabad, Lucknow, and Mangaluru of Airports Authority of India (AAI) through Public Private Partnership (PPP) to the highest bidder i.e. Adani Enterprises Ltd. who quoted the highest bid for these airports, for operation, management and development under PPP for a lease period of 50 years as per the terms and conditions of the bid documents.
Union Bank of India appoints Monica Kalia as new CFO
Shares of Union Bank of India are currently trading up by ~2% as the bank appointed a new CFO effective July 3.
In terms of Regulation 30 read with Schedule III of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform you that Ms. Monika Kalia, General Manager has been nominated as the Chief Financial Officer (CFO) of the Bank in place of Mr. B. Sreenivasa Rao, General Manager w.e.f. July 3, 2019, the bank said in a filing on the BSE.
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