Infosys announces long term strategic partnership with Toyota Material Handling Europe
Infosys, a global leader in next-generation digital services and consulting, announced a long term strategic partnership with Toyota Material Handling Europe (TMHE). As IT services partner, Infosys will help TMHE in its digital transformation journey by facilitating transformation to a scalable digital hybrid cloud platform, providing application services, digital workplace, infrastructure management and a dedicated data center operation.
Infosys will help drive innovation and optimization agenda backed by Next Generation AI and automation solutions and deliver a future ready landscape for TMHE.
Emami Group promoters divest 10% stake for Rs1,230cr in Emami
The promoters of Emami Group have undertaken a stake sale of 10% in Emami Limited for raising ~Rs1,230cr. This amount is intended to be used primarily for further reducing debt at the promoter level.
The stake sale occurred on the floor of the stock exchange to marquee institutional investors. The total promoter stake in Emami Limited subsequent to the stake sale, stands at a controlling majority of 52.74%. The promoters intend to maintain this controlling majority stake in Emami Limited without further diluting it.
NTPC signs joint venture pact with Power Grid
NTPC has signed a Joint Venture Agreement with Power Grid Corporation of India to incorporate a Joint Venture Company (JVC) with equity participation of 50:50, respectively with an objective to undertake the business for distribution of electricity in distribution circles in various States and Union Territories of India and other related activities
The Board of the proposed Joint Venture Company (JVC) shall be in the ratio of equity holding of NTPC and Power Grid.
As and when the JVC shall issue any further shares, the JVC shall offer such shares to the existing shareholders in proportion to the equity shares owned by each of them subject to the provisions of applicable laws, the NTPC said in the filing.
CG Power rises 2% after board approves Kanjurmarg land sale
Shares of CG Power & Industrial Solutions Ltd rose 2% in the afternoon session on the BSE after the company announced that it will sell its Kanjurmarg, Mumbai land that currently houses the transformer manufacturing unit, to Evie Real Estate Private Ltd. for Rs498.96cr.
"The company said the transformer manufacturing unit has a turnover of Rs443.62cr which was around 11.26% of the total revenue of Rs3, 938.26cr of the company as of December 31, 2018, the contribution to net-worth from such unit was Rs863.37cr as per the standalone financials of the company as of December 31, 2018.
IndiaMART IPO subscribed 12% on Day 1
IndiaMart InterMesh Limited was subscribed 12% in the afternoon trade on day 1 of the bidding process. The company has raised Rs213cr by allotting 21,95,038 equity shares to 15 anchor investors, including ICICI Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund, at the upper limit of the price band Rs970-973.
ICICI Securities Limited, Edelweiss Financial Services Limited and Jefferies India Private Limited are the Book Running Lead Manager to the Offer.
The equity shares of IndiaMart InterMesh Limited are proposed to be listed on BSE and the NSE.
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