TOP CORPORATE NEWS - 15 SEP 2016

Apollo Tyres treads multi-product road to success

Apollo Tyres has chalked out a multi-product strategy to achieve its vision of becoming a leader in the segment in which it operates (commercial vehicles, tractors and passenger vehicles).

In the commercial vehicle space, it claims a market share of 27%, which is the highest in the segment, and has set a target to increase this to 30-33%.

Ashok Leyland to merge loss making Hinduja Foundries with itself

Ashok Leyland to merge loss making Hinduja Foundries with itself-negative read thru

The Board of automobile component firm Hinduja Foundries Ltd has given its nod for amalgamating the company with Ashok Leyland subject to regulatory and shareholders’ approval of both the companies.

The Board approved the exchange ratio on the amalgamation in which 100 equity shares of Rs10 each of Hinduja Foundries Ltd will get 40 shares at Rs 1 each fully paid of Ashok Leyland Ltd.

RComm-Aircel seal the deal for merger of wireless operations

Reliance Communication and Aircel deal sealed - Reliance Communications and Aircel announced the merger of their wireless operations to create a combined entity with assets worth Rs65,000 crore – debt of both the entities will be reduced by 2017

Reliance Communication and Aircel deal completed whereby the wireless business of Rcom would be combined with the wireless business of Aircel, with the combined revenue market share of around 12-13%, and the resultant company would be fourth by revenue.

Kaveri Seeds drops on weak Q1FY17 operating performance

Shares of Kaveri Seeds dropped over 2% to Rs345.55 on NSE after the company reported a weak set of numbers for Q1FY17.

The top line declined 8.4% YoY due to reduction in hybrid cotton seed price along with moderation in cotton seed volumes.

The raw material cost / sales has increased sharply to 55.6% on the back of higher inventory levels. Consequently, the OPM’s declined 980 BPS YoY to 32% for Q1FY17.

Hexaware collaborates with Oracle to transform digital Journey of insurers

Hexaware Technologies announced its association with Oracle Insurance Policy Administration (OIPA), a leader in the Life Insurance solution space.

The announcement highlights Hexaware's ongoing efforts to enable digital transformation of insurers by strengthening their Policy Administration, Rating, Underwriting and claims processing capabilities.

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