Cyient acquires rail Cybersecurity Company Cylus
Cyient, in its press note to the exchanges, informed that the company has acquired Rail Cybersecurity Company Cylus via strategic investment.
"This investment is in line with the company focus on developing smarter and safer mobility solutions for the rail industry," the company said in a press note after markets hours to the exchanges on Thursday.
The move enables Cyient and Cylus to expand their industry-specific cybersecurity value proposition, jointly address market needs, and accelerate the development of cutting-edge cybersecurity solutions for rail. Israel-based Cylus is the developer of CylusOneTM, a cybersecurity software product, designed for mainline and urban rail systems.
CCI approves Schneider Electric India, MacRitchie's acquisition of L&T arm
The Competition Commission of India has published the order approving the acquisition of electrical and automation (EA) business of Larsen & Toubro Limited (L&T) by Schneider Electric India Private Limited (Schneider) and MacRitchie Investments Pte. Ltd. (MacRitchie), according to a statement released by the PIB.
The Ministry of Corporate Affairs (MCA), however, stated that the acquisition may lead to less competition in the market.
Therefore, CCI has ordered the acquirers to reserve a part of L&T's installed capacity to offer white labelling services to third party competitors. This facility would be available in respect of five high market share LV switchgears, which are generally used together in LV panels. Under the white labelling services, the third party competitors can take L&T products on a reasonable price for selling under their own brand, for a period of five years.
JSW Steel to acquire entire issued and paid-up share capital of Piombino Steel
JSW Steel in its filing to the exchanges informed that the company has agreed to acquire entire stake of Piombino Steel Limited from JSW Techno Projects Management Limited.
"The company has agreed to acquire, by itself and through its nominees, 10,000 shares of INR 10/- each, comprising the entire issued and paid-up share capital, of Piombino Steel Limited from JSW Techno Projects Management Limited," JSW Steel said in a press note after markets hours to the exchanges on Thursday.
Wipro names Rishad Premji as executive chairman; Azim Premji to retire on July 30
Wipro Ltd said on Thursday that founder Azim H Premji would retire as executive chairman and managing director (MD) by the end of July and named Chief Executive Officer Abidali Z Neemuchwala as its new MD.
The appointment of Azim H Premji as Non-Executive Director for a period of 5 years with effect from July 31, 2019, to July 30, 2024, and conferred him with the title of Founder Chairman of the Company. Azim H Premji will retire from his current position as Executive Chairman and Managing Director effective July 30, 2019, the IT Company said in the filing.
Eros Media declines 13% after CARE Rating downgrades
Eros Media declined 13% on Friday after the company clarified that CARE Ratings downgraded the company's rating on account of a delay in servicing of Bank loans for the month of April 2019 and May 2019.
CARE Ratings has lowered the long-term loan facilities of the company to or default from BBB-, a plunge in grades by several notches reminiscent of the sharp downgrades at infrastructure conglomerate IL&FS, the company said in a press note on Thursday.
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