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TOP CORPORATE NEWS- 14 SEP 2017

TOP HEADLINES (1)

August WPI inflation rises to 3.24%

August WPI inflation rises to 3.24%The annual rate of inflation, based on monthly WPI, stood at 3.24% (provisional) for the month of August, 2017 (over August,2016) as compared to 1.88% (provisional) for the previous month and 1.09% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 1.41% compared to a build-up rate of 3.25% in the corresponding period of the previous year.

WPI inflation consists of primary articles (weight 22.62%), fuel and power (weight 13.15%) and manufactured products (weight 64.23%).

The index for Primary Articles rose by 1.9 percent to 134.9 (provisional) from 132.4 (provisional) for the previous month. The index for Fuel & Power group rose by 0.9 percent to 89.2 (provisional) from 88.4 (provisional) for the previous month. The index for Manufactured Products group rose by 0.2 percent to 112.9 (provisional) from 112.7 (provisional) for the previous month.

TCS Japan launches ignio, AI for IT operations

Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, announced the launch of ignio in Japan, the company’s award-winning cognitive automation solution for IT operations.

Ignio’s pre-built knowledge on IT applications and infrastructure enables it to focus on delivering smarter and faster decision-making by building contextual awareness of the business environment in which it is deployed.

BHEL and Kawasaki to make rolling stock for bullet train

Bharat Heavy Electricals and Kawasaki will make rolling stock for the bullet train from Ahmedabad to Mumbai, reported a leading business channel on Thursday.

The stock of Bharat Heavy Electricals (BHEL) soared over 7% during Thursday’s trade on the BSE. It witnessed a spurt in volume by more than 3.35 times.

Godrej Properties enters into JV with Nirmal Ventures

The share of Godrej Properties surged by nearly 2% during Thursday’s trading session after the company announced that it has entered into a joint venture with Nirmal Ventures for developing a residential project located at in Thane, near Mumbai.

This project will be constructed under a development management agreement. The project is strategically located with easy access to the Eastern Express Highway. The location offers extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls and residential and commercial spaces in close proximity.

Cyient to sell its entire stake in Infotech Aerospace Services

Cyient announced that it has signed a definitive agreement on September 14, 2017, to sell its entire stake of 49% in Infotech Aerospace Services Inc. (IASI) to United Technologies Corporation (UTC) Group Company.

IASI is a Puerto Rico-based company and 49% owned associate company of Cyient Ltd. The completion of the sale is expected to be completed within 45 days from the date of signing, said the company in a BSE filing on Thursday.

The company has received a consideration of USD 1.8 million from the sale.

Wipro turns ex-buyback

Wipro’s offer consists of buy-back of up to 34, 37, 50,000 fully paid-up equity shares of the company of face value of Rs 2 at a price of Rs 320 per equity share on a proportionate basis through tender offer process.

September 15, 2017 is the record date for the purpose of determining the entitlement and the names of the equity shareholders who are eligible to participate in the buyback.

The buyback represents 7.06% of the total paid-up equity share capital of the company at a price of Rs 320 per equity share, payable in cash for an aggregate amount of up to Rs 11,000 crore.

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