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Capsule sized Insights on Indian Share market & Business

Infosys Increases U.S. Hiring Commitment to 25,000 by 2022

Infosys today announced that it plans to hire 12,000 American workers over the next two years, bring

Infosys today announced that it plans to hire 12,000 American workers over the next two years, bringing its hiring commitment in the country to 25,000 over five years.

Full read: Infosys to hire 25000 Americans by 2025.pdf (293.63 kb)

Eicher Motors (Volvo Eicher - VE) - Auto sales update for August 2020

Eicher Motors (Volvo Eicher - VE) - Auto sales - August 2020  

Eicher Motors (Volvo Eicher - VE) - Auto sales - August 2020

 

Mahindra & Mahindra (Farm Equipment) - Auto sales update for August 2020

Mahindra & Mahindra (Farm Equipment) - Auto sales update for August 2020

Mahindra & Mahindra (Farm Equipment) - Auto sales update for August 2020

Mahindra & Mahindra (Auto Division) - Auto sales update for August 2020

Mahindra & Mahindra (Auto Division) - Auto sales update for August 2020

Mahindra & Mahindra (Auto Division) - Auto sales update for August 2020

Steel Strips Wheels receives new orders for 42,000 wheels from US & EU

Steel Strips Wheels has confirmed export orders for over 42,000 US & EU Trailer Market to be exe

Steel Strips Wheels has confirmed export orders for over 42,000 US & EU Trailer Market to be executed in the month of September & October from its Chennai plant.

Total value is around 455K USD.

Bharti Infratel and Indus Towers Merger updates

Vodafone Idea Limited (VIL), Vodafone Group Plc (Vodafone), Bharti Airtel Limited (Bharti Airtel), I

Vodafone Idea Limited (VIL), Vodafone Group Plc (Vodafone), Bharti Airtel Limited (Bharti Airtel), Indus Towers Limited (Indus) and Bharti Infratel Limited (Infratel) have agreed to proceed with completion of the merger of Indus and Infratel.

VIL has undertaken to sell its 11.15% stake in Indus for cash. The cash consideration payable by Infratel to VIL will be based on a formula linked to Infratel’s VWAP for the 60 trading day period closer to the merger. The Parties have also agreed to use the FY20 EBITDA and net debt as on the closing date for Indus and Infratel valuation, with certain agreed pre-closing adjustments. Based on Infratel’s VWAP during the last 60 trading days as on August 31, 2020, the value of VIL’s 11.15% stake equates to a cash consideration of approximately Rs. 40.4 billion (~US$ 551 million). The final determination will take place shortly before closing of the merger.

VIL has agreed to make a prepayment of Rs. 24 billion to the merged tower entity from the cash consideration to be received from Infratel at the time of closing. The prepayment amount will be adjusted to the extent of 50% of all undisputed and due amounts payable by VIL to the merged tower entity post-closing and VIL will be required to pay only the balance 50% of undisputed dues. The prepayment amount will accrue interest at 6% p.a. This will continue until the entire prepayment amount with accrued interest is fully adjusted.

The Parties have agreed to take appropriate steps to progress the approvals for the merger, the completion of the merger shall be subject to receipt of all such approvals. The merger scheme shall become effective on the date on which certified copy of the order of Hon'ble NCLT is filed with Registrar of Companies.

Mindtree Partners with Mölnlycke for Enterprise Application and Cloud Transformation Journey

Five-year contract with the Swedish medical solutions company to strengthen Mindtree’s presenc

Five-year contract with the Swedish medical solutions company to strengthen Mindtree’s presence in the European market with accelerated SAP-run transformation

Mindtree today announced that it has partnered with Mölnlycke to provide SAP application development and maintenance along with cloud operations. Mindtree will help migrate Mölnlycke’s on-premise SAP to Microsoft Azure and accelerate towards a platformled DevSecOps operating model ensuring faster response to business changes and reliable IT support.