Tata Consultancy Services: TCS announced that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest. TCS plans to defend its position through a review petition or an appeal to the appropriate court.
Adani Enterprises: Gautam Adani and Adani Group companies increased their stake in Adani Enterprises by over 2% through open market purchases from September 2023 to June 2024. This increased their total shareholdings in Adani Enterprise from 71.95% to 73.95%.
Indus Tower, Vodafone Idea: Vodafone Group may sell its entire $2.3 billion stake in Indus Towers through block deals next week. This is part of Vodafone Idea’s strategy to raise funds for its ambitious 5G rollout and 4G coverage expansion plans.
Paytm and Zomato: Paytm, owned by One97 Communications, is in advanced talks with Zomato to sell its movie and events ticketing business as part of a strategy to revamp amid declining sales. The discussions are ongoing, and no final decision has been made. In separate news, Paytm has appointed former Indian Revenue Service (IRS) officer and SEBI whole-time member, Rajeev Krishna Muralilal Agarwal, as non-executive independent director, replacing Neeraj Arora, who resigned due to personal commitments.
Zydus Lifesciences: The company’s injectable manufacturing unit at Pharmez SEZ, Matoda, has been classified as Official Action Indicated (OAI) by the US FDA following a March inspection, indicating the need for further administrative sanctions and mandatory corrective actions.
Bharti Airtel: The company prepaid ₹7,904 crore to the Department of Telecom, clearing all deferred liabilities related to spectrum acquired in auctions from 2012 and 2015.
LIC: Life Insurance Corporation of India clarified that no formal proposal has been initiated to enter the health insurance market via acquisition. The company said it routinely evaluates various strategic opportunities, including inorganic growth options.
Biocon: The company’s API manufacturing facility in Visakhapatnam, Andhra Pradesh, received three observations from the US FDA following a GMP inspection on June 14, 2024. The company will respond within the stipulated time frame, it said in an exchange filing.
Lupin: The company plans to ramp up its contract manufacturing business for international clients and has appointed Abdelaziz Toumi as the CEO of its subsidiary Lupin Manufacturing Solutions (LMS).
Adani Ports & SEZ: APSEZ has received approval to more than double the capacity of Mundra port at an investment of ₹45,000 crore, reports said.
Brightcom Group: The company will publish its annual results by July 31. Trading of its shares has been suspended on both the BSE and the NSE until the company complies with the NSE’s master circular. The company has promised to declare their Q3 and Q4 FY24 results by June 11.
IIFL Securities: The company has granted 3,69,500 stock options to its identified employees under the ‘IIFL Securities Employee Stock Option Scheme - 2018’ (IIFL ESOS Scheme-2018), on June 14, 2024. The company’s Nomination and Remuneration Committee (NRC) approved this grant through a circular resolution.
Jubilant Pharma: Jubilant Draximage Inc., a subsidiary of Jubilant Pharma, will invest $50 million to expand its PET radiopharmacy network with six new locations across the U.S. These facilities will be operational by FY 2027-28.
SBI: SBI Chairman Dinesh Kumar Khara stated that the bank would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. The bank’s aim is to increase valuation and ensure better returns for the parent State Bank of India (SBI).
BigBloc Construction: SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat-based BigBloc Construction and Thailand’s SCG International Corporation, has commenced commercial production at its flagship facility in Kheda, Gujarat. This marks a significant entry into India’s construction industry with an investment of approximately ₹65 crore.
Som Distilleries and Breweries: Police have launched an investigation into Som Distilleries and Breweries Ltd after the government’s child rights agency found more than 50 children working at a distillery. A case under juvenile justice and bonded labour laws was filed on Sunday.
HFCL: The European Commission has exempted HFCL Ltd, a domestic telecom gear maker, from the provisional anti-dumping duties imposed on all other Indian optical fiber cable (OFC) manufacturers. The decision came after an investigation found no evidence of HFCL dumping OFC in European markets.
SpiceJet and IndiGo: In May, IndiGo’s local passenger market share increased to 61.6% from 60.6% in April, according to the Directorate General of Civil Aviation. SpiceJet’s share dropped to 4.0% from 4.7%.
Lodha: The company received the High Court’s final order on the stamp duty payable for one of its projects in Wadala. The stamp duty was assessed at ₹118.1 crore, which the company had already deposited.
Purvankara: Provident Housing Limited, a subsidiary of Puravankara Limited, acquired additional land within its existing project “Provident Adora De Goa” in Dabolim, Goa. The acquisition cost ₹90 crore and was financed through a loan from Piramal Enterprises.
Pidilite Industries: The company’s joint venture, ICA Pidilite Private Ltd, entered into an agreement with Industria Chimica Adriatica SPA (ICA) for the licensing of specific UV technology.
HDFC AMC: The mutual fund investment company announced on June 17 the appointment of Harish Narayanan as its chief marketing officer (CMO) and chief digital officer (CDO). Narayanan, an MBA from IIM Lucknow and a Computer Engineering graduate from Mumbai University, brings over 17 years of experience to the role, including positions at Upstox, Myntra, Google YouTube, and Procter & Gamble’s team in Singapore.
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