Stocks in the news: IOB, Orbit Exports, HPCL, GM Breweries, Varun Beverages, NIIT, Hindalco

Here are stocks that are in news today:

Indian Overseas Bank

The Board of Directors have considered and approved to utilize the balance available in the Share Premium account amounting to Rs. 7650.06 crore to write off the accumulated losses of the Bank aggregating to Rs 6978.94 crore as at 31.03.2017.

The board is also convening an Extraordinary General Meeting (EGM) of shareholders of the Bank on Tuesday, January 30, 2018 at Chennai for obtaining the approval of the shareholders for the above.

Cipla

The operation and Administrative committee of the company allotted 50,413 equity shares at Rs2 each pursuant to exercise of the stock options by the option guarantee under Employee Stock Option Scheme.

Orbit Exports

The board will meet on Friday to decide on a buyback proposal. The quantum, buyback price and mode of offer (open market or tender route) will be the key focus among investors.

Bharat Forge

North America Class 8 truck sales shot up 77 percent to 37,200 units versus 21,061 units (YoY) and up 15 percent from 32,387 units (MoM)

Parliamentary Panel on Aviation
-Recommends Civil Aviation Ministry fix a sector-wise upper limit on fares
-Pricing mechanism of developed countries not applicable in India
-Even after 50 percent reduction in aviation turbine fuel (ATF), airlines have not passed on benefit to consumers
-Regulatory environment doesn't mean unlimited freedom to exploit
-Windfall profits can’t be taken from hapless passengers
-Cancellation charges by airlines are arbitrarily set
-Must restrict cancellation fee to 50 percent of base fare
-Airlines must refund tax & fuel surcharge to passengers on cancellation
-Have been informed of difficulties in getting water, food on board low cost airlines
-LCCs should take adequate steps to ensure food available on demand
-LCCs should ensure food available on demand to passengers with medical conditions
-Companies like IndiGo must develop consumer friendly approach in dealing with passengers
-Check-in counters a mess, especially those of low cost airlines like IndiGo
-Got personal anecdotes from members of Jet Airways’ reluctance to note customer complaints

Captive power producers: Sources
-Coal, Rail Ministry assure increase of coal supply for captive power producers
-Government officials promise immediate increase of rakes to 59 per day versus 27 per day for captive power producers (CPP)
-Government officials assure overall increase of rakes to 332 from 244 by March 2018
-CPP materialisation is less than 50 percent against committed linkage fuel supply agreement (FSA) quantity
Alert: CPPs have 46,000 MW installed capacity; approximately 900 rakes pending
Alert: Major industries under CPPs are zinc, steel, aluminium, cement & chemicals

Vodafone says
-Idea Cellular’s fund raising to strengthen balance sheet of merged entity
-Aditya Birla Group will buy minimum 2.5 percent of merged entity from company
-To receive minimum Rs 1,960 crore or USD 256 million from Aditya Birla Group

GM Breweries Q3
-Gross sales up 24 percent at Rs 434 crore
-Net sales up 21 percent at Rs 119 crore versus Rs 97 crore
-EBITDA up 113 percent at Rs 34 crore versus Rs 16 crore
-OPM at 29 percent versus 16 percent
-Net profit up 122 percent at Rs 22 crore versus Rs 9.9 crore

Other stocks and sectors in the news today:
-Lok Sabha approves 3rd supplementary demand for grants for public sector bank recapitalisation
-JSW Energy incorporates subsidiary from January 1, JSW Solar
-Hindalco to bid for USD 2.5 billion aluminum firm Aleris: Mint
-Take Solutions said incorporation of subsidiary in Colombia
-Bajaj Electricals: CARE Ratings has assigned A1+ rating to commercial paper of Rs 500 crore
-PepsiCo, Varun Beverages tie up for Tropicana, others
-Punjab National Bank's total business crosses Rs 11-lakh crore
-Jaiprakash Associates in focus: Jaypee aims to complete 24,000 flats by 2020 at Rs 8,000 crore cost
-Government is said to consider 7.5 percent tariff on imported solar panels
-NIIT acquires Eagle Productivity Solutions for USD 8.1 million
-Lenders plan Aircel, GTL Infrastructure merger to clear combined debt: BS
-Aditya Birla Cos to invest Rs 3,250 crore in Idea Cellular to cut debt
-ICICI Bank takes Western India Shipyard to NCLT
-Chinese Bank plans to withdraw insolvency filing against Reliance Communications
-Tatas, the Dalmia group, Anil Agarwal's Vedanta and a fund backed by Edelweiss are among the four who have submitted binding bids to buy Electrosteel Steels
-ONGC may have to pay a premium to acquire government's stake in HPCL
-Infosys partners with ValGenesis to further enable digitisation in life sciences
-Tata Motors' JLR India volume surges 49 percent to 3,954 units in 2017
-Advanced Enzyme Technologies is meeting with Astute Investment Management at 4 PM today
-HCL Technologies terminates agreement with Great America Insurance Company
-Jaypee Infratech aims to complete 24,000 flats by 2020 for Rs 8,000 crore: ToI
-Suzlon has asked executives to take pay cut: Report