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19-Mar2019

L&T, Voltas and Canara Bank to see some action today

Larsen & Toubro (L&T) has entered into a definitive Share Purchase Agreement (SPA) with V G Siddhartha and his related entities namely, Coffee Day Trading & Coffee Day Enterprises, to acquire 20.32% stake in Mindtree, a global technology services and digital transformation company. L&T will purchase this stake at a price of Rs 980 per share, aggregating to approximately Rs 32.69 billion.

Voltas has further strengthened its leadership position in the Cooling Products space, by launching its new range of Voltas Adjustable Inverter ACs. Voltas' Adjustable Inverter AC comes with the unique value proposition of 'Flexible Air Conditioning' that allows the user to switch from 1.5 Ton to 1 Ton capacity, and vice versa, depending on the ambient heat or number of people in the room; leading to savings and optimization of running cost.

Canara Bank is planning to raise long term foreign currency funds by issuing Senior Unsecured Bonds in the international markets to the extent of $500 million under its Medium Term Notes (MTN) Programme, depending on the market conditions. The proposed foreign currency funds raised through issue of Senior Unsecured Bonds (MTN) will be utilized for deploying in long term assets by the Bank's foreign branches.

Sagar Productions have bagged the worldwide theatrical distribution rights for the film 'Ram Ki Janmabhoomi'. The film potrays vividly fictional events since 1990 of the disputed Ram Janmabhoomi - Bahri Masjid site in Ayodhya and is shot majorly at important places of Ayodhya itself.

Thomas Cook (India) has reported a strong growth in 'Festival Tourism' as the Indian traveller seeks to combine spiritual elements with unique cultural experiences. This year, the Kumbh Mela and Holi have proved to be significant drivers, with over 20% growth from the previous year. The company has also recognized that a 'smart weekend holiday' concept (taking a day off from work to extend festival holidays) is creating a distinctive boost to travel demand.

The National Company Law Tribunal (NCLT), Chandigarh Bench, has sanctioned the Scheme which provides for the demerger of Prakash Industries' business of PVC Pipes & Fittings and Flexible Packaging into Prakash Pipes. The certified copy of the Order from the NCLT is awaited.

Vitesse Agro is planning to set up Corporate Office at Noida and increase in Authorised Share Capital. The meeting of the Board of Directors of the Company is scheduled to be held on March 20, 2019, to consider the same.


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