Hindustan Aeronautics in focus

Hindustan Aeronautics (HAL) has informed that the company has received a notice from International Court of Arbitration of the International Chamber of Commerce (ICC) on request for Arbitration from RUAG Aerospace Services GMBH. The company has initiated necessary action w.r.t. arbitration process. The amount in dispute partially quantified by the opponent party is US$ 21,872,500 (i.e. EUR 20,000,000) against alleged damages on breach of agreement regarding supply of structural parts for production of Dornier-228, by HAL.

Newgen Software Technologies announced that the US Patent Office has issued a patent for its mark detection system and methodology. The mark detection system is used to identify marks, like tick and cross marks, on document images.

Max Financial Services said the company will issue 7.54 crore shares to Mitsui Sumitomo at Rs 565.11 per share.

Canara Bank said CARE Ratings has assigned 'AAA' rating (Credit watch with developing implications) to the bank's Tier-II bonds.

HFCL said the company has received the purchase order worth Rs 196 crore from Larsen & Toubro for supply of Optical Fibre Cables (OFC) for construction of Telangana Fiber Grid (T-Fiber) by them under Bharat Net Phase-II Programme of the Government of India, in the State of Telangana.

Tech Mahindra said the company's subsidiary Comviva Technologies has agreed to sell its 100% shareholding in Terra Payment Services (Netherlands) BV along with its subsidiaries.

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