HCL Tech signs new five-year IT transformation deal with Aegon
As per the exchange notification, HCL Tech has announced a new five-year contract with multinational life insurance, pensions, and asset management company, Aegon.
The application services deal will see HCL Tech continue as Aegon’s digital transformation partner, helping it accelerate innovation by establishing and managing a new multi-vendor ecosystem. HCL Tech will also help implement an agile delivery model to reduce Aegon’s time to market and introduce greater efficiencies through improved application lifecycle management and automation.
Tata Motors Group global wholesales down 7% yoy in Nov due to overall weakness
Tata Motors Limited (TML) sold 1,04,964 vehicles globally in November 2018, down 7% yoy. Sales were 4% lower compared to October 2018. The combined sales of Jaguar and Land Rover (JLR) were 49,312 vehicles, 9% lower than November 2017 and 5% higher than October 2018.
At 66,429 vehicles, total passenger vehicle sales were 7% lower yoy and 2% higher mom. Commercial vehicle sales, which were riding on a cyclical upswing, faltered in November 2018 due to weak festive sales in India. Consequently, CV volumes were lower 6% yoy and 13% mom at 38,535 units.
Lupin’s Pithampur unit-3 receives EIR from USFDA
Lupin, in its filing to the exchanges on Monday, informed that its Unit-3 in Indore received the Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). Despite this, shares of the company slumped 3%.
The inspection at the site was conducted between June 12, 2017 and June 16, 2017. "This was a pre-approval inspection for Albuterol Sulfate Inhalation product. Lupin’s Pithampur (Unit 3) facility manufactures Dermatological Products, Dry Product Inhalers and Metered Dose Inhalers," the company said in a press note.
Kotak Mahindra tanks ~6% after it files petition against RBI
Shares of Kotak Mahindra Bank have fallen by ~6% following the news that it has moved the Bombay High Court after the Reserve Bank of India restricted it from reducing promoter holding using preference shares. The bank said that it has filed a writ petition to “protect its interests” as a “matter of abundant caution.”
In August, Uday Kotak proposed to reduce his promoter holding in the bank using preference shares rather than bringing down his share of common equity. Within 10 days of the proposal, the RBI told Kotak that the Perpetual Non-Convertible Preference Shares (PNCPS) route to dilute promoter shareholding was not acceptable.
Escorts enters into JV with Kubota (Japan) for manufacturing high-end tractors
India’s leading agriculture equipment maker Escorts Ltd (Escorts) has entered into JV with Kubota Corporation, Japan, for developing high-end tractors for the domestic and export markets.
As per Escort’s press release to exchanges, the new JV will be formed with an initial investment of Rs300cr. Kubota will own 60% in the JV while Escorts will own the remaining 40%. The plant will have an initial manufacturing capacity of 50,000 tractors and will come up in FY21.
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