Sensex, Nifty under pressure amid rupee weakness, higher crude oil prices

Capitalstars Financial Research Pvt. Ltd.

The board of directors of Mahindra Logistics approved an investment of an amount upto Rs 7 crore in Transtech Logistics Private Limited.

Transtech Logistics Private Limited (TLPL) provides transport management solution to third party logistics companies (3PLs), shippers and transporters on a ‘software as a service’ model (SaaS) under the brand name ShipX.

MLL has been a customer to ShipX for more than three years and using the product for its supply chain management Vertical.

The proposed investment in TLPL, which has built a technology platform, is expected to bring operational efficiencies in SCM function of the company. Further, it would also provide opportunities to the company to offer technology solutions to its customers and business partners.

This is part of the larger end-to-end digitisation plan for the company. This investment will help TLPL in developing more product features and strengthening the organisation.

hares of Tata Chemicals declined 2.2 percent intraday after ICICI Prudential Life Insurance has reduced its stake in the company.

ICICI Prudential Life Insurance sold 52,13,678 shares (more than 2 percent) of the company at an average price of Rs 414.21 per share which were worth Rs 216 crore.Its stake in the company reduced to 2.97 percent from 5.02 percent earlier.

ICICI Prudential was holding 3.99 percent and 3.59 percent in the company for the quarter ended March 2018 and June 2018 respectively.

Share price of Greaves Cotton touched 52-week high of Rs 159.90, rising 9.5 percent in morning trade as company board approved acquisition of majority stake in Ampere Vehicles.

The board has approved the proposal of investment in Ampere Vehicles by acquiring 67 percent in the first phase and further 13 percent in a span of three years.

This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses, company said in release.

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