Dalmia Bharat group claims MF units of subsidiaries illegally transferred
Dalmia Bharat group�s flagship company Odisha Cement in its filing to the exchanges informed that certain mutual fund units have been illegally transferred by the Depository Participant from the demat account held by the group �s subsidiaries, OCL India and Dalmia Cement East.
These units are worth ~Rs344cr, the company said in a press note after-market hours to the exchanges on Wednesday.
The company has already reported the matter to National Securities Depository Limited, National Stock Exchange, and other appropriate authorities including SEBI. The investigation has already been initiated by SEBI, it stated.
Alight to acquire Workday and Cornerstone from Wipro for $110mn
Wipro and Alight Solutions have agreed to expand their relationship by signing a definitive agreement to divest Wipro's Workday and Cornerstone OnDemand business to Alight for cash consideration of up to $110mn, of which $100mn would be payable at closing and the balance, $10mn, would be a deferred consideration payable at the end of 12-months based on the achievement of performance targets.
Following the closing of the 10-year agreement, previously announced in September 2018, Alight and Wipro continue to explore additional strategic opportunities and possible alignment of portfolios based on their respective strengths.
Indian Govt's bank recap may not unlock faster growth: Fitch Ratings
The Indian government's announcement on February 21, that it will soon inject $7 bn into state-owned banks under its recapitalization plan is likely to help banks meet minimum regulatory requirements, but is not sufficient to support significantly stronger lending growth, says Fitch Ratings.
The authorities' approach to the banking sector has clearly shifted towards spurring lending in recent months. The Reserve Bank of India (RBI) in early January deferred the implementation of the final tranche of the capital conservation buffer (CCB) of 0.625% to end-March 2020. The RBI has also lowered risk weights for some lending to non-bank financial institutions, despite these companies facing increased liquidity stress in the past year.
Max India slumps 3% after board approves stake sale in Max Bupa Health Insurance
Shares of Max India down 3% down on Wednesday after the company�s board approved stake sale of 51% in Max Bupa Health Insurance to True North.
"The board approved a proposal relating to the divestment of entire shareholding of the Company in its material subsidiary viz. Max Bupa Health Insurance Company Limited (equivalent to 51% of Max Bupa's total issued and paid-up share capital) to True North Fund VI LLP (either directly or through any of its affiliates) (Proposed Transaction),� the company said in a press note after-market hours to the exchanges on Tuesday.
Lupin launches Generic Ranolazine ER tablets in US
Lupin, in its filing to the exchanges on Thursday informed that the company has launched Ranolazine Extended-Release (ER) Tablets, 500mg and 1000mg in the US.
"Lupin's Ranolazine ER Tablets, 500mg, and 1,000mg are a generic version of Gilead Sciences, Inc.'s Ranexa ER Tablets, 500mg and 1,000mg. Ranolazine is indicated for the treatment of chronic angina," the company said in a press note to the exchanges on Thursday.
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