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corporate news (2)

Opto Circuits enters into one-time settlement agreement with Yes Bank
Shares of Opto Circuits fell in the last hour of the trading session on Tuesday on the BSE. The company has entered into a one-time settlement (OTS) with Yes Bank for settling the total outstanding amount of Rs33.51cr, for a consolidated agreed amount of Rs8.5cr to be paid as per the structured instalments by April 2021. Opto Circuits (India) Ltd is currently trading at Rs8.03, down by Rs0.19 or 2.31% from its previous closing of Rs8.22 on the BSE. The scrip opened at Rs8.28 and has touched a high and low of Rs9.29 and Rs7.98 respectively.

Nifty PSU Bank gains 1% led by Canara Bank, Bank of India, Union Bank
The Nifty PSU Bank index was trading 1% high on Tuesday amid heavy buying in Canara Bank, Bank of India, Union Bank, Syndicate Bank, and Bank of Baroda. Shares of Canara Bank and Bank of India, which gained 3%, were leading the index gain. Shares of Union Bank were trading 2% higher, while those of Syndicate Bank, Bank of Baroda, J&K Bank, and PNB were trading 1% each. Meanwhile, equity benchmark indices were trading in the green on Tuesday after witnessing a volatile session in the early morning trade. The Sensex was trading 134 points higher at 38,834 levels and the Nifty gained 35 points to trade at 11,639 levels, struggling to hold its key level of 11,600. Besides, on the currency front, the Indian rupee gained 20 paise on Tuesday to trade at day high level of 69.47 against the dollar. The domestic unite opened marginally higher by 2 paise at 69.65/$.

Tech Mahindra to buy Infotek Software stake for Rs13cr; stock up 1%
Shares of Tech Mahindra gained 1% in the afternoon session on the BSE. The IT company board has approved the proposal to acquire 18.1% equity shares each of lnfotek Software and Systems Private Limited and Vitaran Electronics Private Limited. Infotek Software and Systems Pvt. Ltd. (Infotek) and Vitaran Electronics Pvt. Ltd. (Vitaran) are the two entities in which Tech Mahindra will be purchasing 18.1% equity stake in each of these entities, the company said in the BSE filing. For the 12-month period ending September 30, 2018, lnfotek had revenue of Rs29.28cr and Vitaran had revenue of Rs12.68cr, the company said. The company said the acquisition will get completed by April 09, 2019, for a cash consideration of Rs13cr, the filing added.

Usha Martin slips 7% on reports of Tata Steel to acquire Jamshedpur plant
Shares of Usha Martin were trading 7% down in Tuesday afternoon session after media reports stated that Tata Steel will acquire its Jamshedpur steel plant. As per media reports, the acquisition worth Rs4,600cr was agreed upon in September last year. Reports further suggest that the proceeds from the deal will be in an SBI escrow account and will be utilised to repay the wire rope manufacturer’s debt. All employees of Usha Martin will also be transferred as part of the divestment. Meanwhile, the company, in its filing after markets hours to the exchanges on Monday, informed that it has appointed Anirban Sanyal as Chief Financial Officer, who will replace Rohit Nanda with effect from April 9.

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