Motherson Sumi BSE 3.51 % Systems: The company has agreed to buy Finnish truck wire maker PKC Group for 571 million euros ($609 million).
Gallantt Ispat: Gallantt IspatBSE -0.82 % on Thursday reported 13.95 per cent rise in net profit at Rs 9.31 crore for the quarter ended December 31, 2016 against Rs 8.17 crore in the corresponding quarter last year.
Alembic Ltd: The company reported a net profit of Rs 0.68 crore for the quarter ended December 31, 2016 against net loss of Rs 3.91 crore in the same quarter last year.
Orient Green Power Company BSE 4.55 % (OGPL): OGPL on Thursday announced that the Board of Directors of the company has approved entering into exclusive discussions with IL&FS Wind Energy to evaluate a potential merger of the wind energy generation businesses of both entities. The resultant merged entity will have 1.2 GW of operating wind capacity, and will be by far the largest listed renewable energy company in India.
Bharti Airtel: The telcom major plans to raise funds via a private placement of bonds as India’s No. 1 telco builds a war chest to take on newcomer Reliance Jio Infocomm amid intense pressure on financials. The board of directors will consider the issue of debentures or bonds through private placement at a meeting on January 24, the company said in a notice to stock exchanges Thursday.
Cement companies: The competition watchdog has held seven cement companies guilty of bid rigging and cartelisation and imposed a total fine of nearly Rs 206 crore on them. The companies are Shree CementBSE 2.40 %, UltraTech CementBSE 0.92 %, Jaiprakash AssociatesBSE 0.00 %, JK Cement, Ambuja CementsBSE -0.14 %, ACCBSE 0.22 % and JK Lakshmi CementBSE -1.14 %. The ruling relates to a tender floated by a Haryana agency in 2012.
Mindtree: Mid-sized IT firm Mindtree’s net profit for the December quarter tumbled 8.75 per cent to Rs 103.1 crore, impacted by currency movement, seasonality of business and lower profitability from its Bluefin and Magnet 360 business. The Bengaluru-based firm had posted a net profit of Rs 94.80 crore in the corresponding quarter last year.
Cholamandalam Investment BSE 1.40 % and Finance: According to reports, private equity (PE) firm Apax Partners Llp sold its remaining stake in Cholamandalam Investment for Rs 525.8 crore.
Quick Heal: The company has chosen Dell EMC’s market-leading XtremIO all-flash storage array to help accelerate its virtual machine environment to support the expansion of its enterprise security business.
Lakshmi Vilas Bank: Private sector Lakshmi Vilas BankBSE 0.87 % has witnessed about Rs 450 crore worth of ‘stressed’ loans getting prepaid during the demonetisation drive announced by the Centre in November, according to PTI.