TOP CORPORATE NEWS - 22 JUN 2016

Ramco Systems set up subsidiary in Philippines

Ramco Systems has set up a wholly-owned subsidiary (WOS) in Philippines under the name Ramco System Inc. As the second largest populated nation in ASEAN, Philippines has been witnessing the fastest economic growth among the ASEAN countries.

The company’s new office will employ local innovators, at a time when the Philippines IT sector moves beyond business process outsourcing - a pillar of economic growth in recent years - to include implementation of cloud-based technology to transform local enterprises in the area of ERP, HR, Payroll, Aviation and Logistics.

Tech Mahindra buys 100% stake in BIO

Tech Mahindra, a leading provider of IT solutions has said that it has acquired The BIO Agency (BIO), headquartered in the UK. The BIO Agency specializes in digital transformation and innovation, helping organizations change the way they engage with their customers.

Tech Mahindra has announced that the Investment Committee of Board of Directors of the company on June 21, 2016 approved the proposal to acquire 100% stake in The Bio Agency Limited, a UK based entity.

Tata Motors drops ahead of Brexit referendum

Shares of Tata Motors declined over 3%, touching to Rs470, ahead of the key Brexit referendum in the UK on Thursday

Tata Motors: Jaguar Land Rover (JLR) could face 1 billion pound (Rs10, 000 cr) hit in pre-tax profit in worst case scenario in four years if UK exits European Union.

Shrenuj & Company hits 5% upper circuit

Shrenuj & Company hits 5% upper circuit at Rs5.23, after company announced that it has undertaken an exercise to rationalise its manpower across all levels.

Shrenuj & Company said that as a part of strategy, the company has undertaken an exercise to rationalise its manpower across all levels. As a result, some of employees have started tendering their resignations, it said. Shrenuj said it is putting its every effort to retain the best talent in the organization. Alternative strategies are being considered to overcome the current challenges.

IDBI Bank seeks shareholder nod to raise capital

Public-sector lender, IDBI Bank has announced that it has sought shareholder’s nod to raise Rs8000 crore through an equity offer.

The bank will explore all routes including QIP, preference share issue, rights issue or follow-on public issue to raise the funds.

Furthermore, the bank is also seeking approval to raise up to Rs20000 crore through issuance of debt instruments in one or more tranches during fiscal 2017.

                              

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