Bharat Dynamics to hog limelight on debut

Shares of state-run defence equipment maker Bharat Dynamics debut on the stock exchanges today, 23 March 2018. The issue price is Rs 428 per share. The initial public offer (IPO) of the company that concluded last week was subscribed 1.3 times. The price band for the issue had been fixed at Rs 413 to Rs 428 per share.

Mahindra & Mahindra (M&M) announced that Mahindra and Ford signed five new memoranda of understanding (MoU) to co-develop midsize and compact SUV and electric vehicle, along with sharing powertrain portfolios. It also aims to embark on joint development of connected vehicle solutions. The agreement strengthens strategic collaboration between these two firms by focusing on product development for India and emerging markets. The MoUs, which are non-binding, mark the progress made by the two companies since announcing their alliance in September 2017. The announcement was made after market hours yesterday, 22 March 2018.

Infosys announced that it has made a follow-on investment of US$ 1.5 million through the Infosys Innovation Fund in Waterline Data Science, a leading provider of data discovery and data governance software. Infosys had made an initial investment of US$ 4 million in the company in January 2018. The announcement was made after market hours yesterday, 22 March 2018.

L&T Technology Services said that Germany's Covestro, a world-leading manufacturer of high-tech polymer materials, has chosen the company as one of its major engineering services partners to implement digitalization based Engineering Programs across Covestro's global locations. L&T Technology Services has been awarded a multi-million dollar contract by Covestro to execute these engineering transformational programs. The announcement was made after market hours yesterday, 22 March 2018.

Aarey Drugs & Pharmaceuticals said that the committee of the board has approved the allotment of 33 lakh equity shares at Rs 54.93 per share to eligible Qualified Institutional Buyers in the Qualified Institutional Placement, aggregating to Rs 18.12 crore. The post issue capital will be 2.33 crore equity shares. The announcement was made after market hours yesterday, 22 March 2018.

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