TOP CORPORATE NEWS - 23 FEB 2016

NSE exchange to add 4 companies, drop Cairn India, Vedanta, PNB from index

Cairn, Punjab National Bank and Vedanta will be dropped from the National Stock Exchange's Nifty 50 index with effect from April 1.

In their place, Aurobindo Pharma, Bharti Infratel, Eicher Motors and Tata Motors Ltd (DVR) will be included in the index.

Infosys gains on setting revenue growth target of 16% for FY2017

Shares of Indian IT major Infosys, rose over 1% in an otherwise weak market on reports that the company has set a revenue growth target of 16% for FY2017, to be industry growth leader in FY17.

Infosys In its annual strategy meet has set target of 16% revenue growth and an margin of 27% for FY2017. Earlier, Doctor Vishal Sikka has given a broader vision of making Infosys a $20-billion company by 2020. For FY17, Nasscom has forecast export revenue growth of 10-12%.

US launches anti-dumping probe on tyres from India, Sri Lanka

United States International Trade Commission (USITC) determined to investigate that there is a reasonable indication that US industry is materially injured by imports of certain new pneumatic off-the-road tyres from India that are allegedly sold in the country at less than fair value and subsidised by the governments of India and Sri Lanka.

Nestle's Maggi market share shrinks 35% from 77%

Nestle's Maggi market share shrinks 35% from 77%, ITC’s Yippee grabs 33% - sentimentally positive for ITC.

The controversy over Maggi noodles, which led to a ban that was overturned, has seen its market share drop by almost to 35% from 77% earlier (on y-o-y basis).

ITC Foods' Sunfeast Yippee has covered much ground and came a close second with a 33% share through extensive media and promotional activities.

L&T in talks with Blackstone to sell Seawood shopping mall

Media flash: L&T in talks with Blackstone to sell its Seawood, Navi Mumbai based shopping mall, for Rs 1200-1500 crore.

The asset is being non-core asset for L&T, if the deal happens at a profitable terms, this could be positive for L&T from asset monetization point of view.

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