RBI allows to raise foreign holding up to 49% in BPCL
The Reserve Bank of India (RBI) has allowed that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors ( RFPIs) can now invest up to 49% of the paid up capital of Bharat Petroleum Corporation Ltd. under the Portfolio Investment Scheme (PIS).
HCL Tech inks two strategic partnerships for its smart vehicle offerings
HCL Technologies (HCL) has signed partnerships with two leading automotive solution providers to expand its offerings for the fast-growing smart vehicle ecosystem. Working to enhance HCL’s existing Smart Mobility and Vehicle Engineering Services, alliances with Movimento and Rightware will bring invaluable services to HCL’s clients.
Infosys falls 4% in weak market
Infosys declined over 4% to Rs1187.1, after the company's chief operating officer UB Pravin Rao was quoted as saying yesterday, (June 08, 2016), that the company would face volatility in revenue over the next few quarters.
Infosys chief operating officer (COO) UB Pravin Rao was quoted as saying at an investor conference in Mumbai that the overall demand remains volatile and Infosys does not expect a recovery in spending from the energy sector before 2017. He said that the company is little bit watchful with regard to the outlook for the retail sector too. Rao also reportedly said that the company is facing a slowdown in its enterprise resource planning (ERP) and business process outsourcing (BPO) businesses, adding that the company is working to turn around those businesses. Rao, however, said that the company remains on track to meet its full-year constant currency revenue growth guidance of 11.5%-13.5% for the year ending 31 March 2017 (FY 2017).
Granules enters into product in-licensing pact with US firm
Granules India’s wholly owned subsidiary - Granules Pharmaceuticals, Inc., ( GPI) has acquired the exclusive rights from USpharma Windlas, LLC to market and distribute four products in the USA. USpharma Windlas through its subsidiaries (First time US Generics and Liberty) holds Abbreviated New Drug Applications (ANDAs) for Fingolimod, Prasugrel, Dronedarone and Lurasidone. USpharma Windlas believes to be a first applicant to file ANDAs containing paragraph IV certifications for three of these products.
Motherson Sumi to raise $300 mn to repay debt, capex
Auto component maker Motherson Sumi Systems today said that its subsidiary Samvardhana Motherson Automotive Systems Group will raise $ 300 million (around Rs2,000 crore) through issue of notes due in December 2021 to repay debt and general corporate purposes.
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