TOP CORPORATE NEWS- 21 Mar 2016

Persistent Systems, IBM tie-up to contribute 15-20% to revenue in FY17

Persistent Systems has tied-up with IBM to jointly work on the latter’s Internet of Things (IoT) platform.

The Company’s management stated that the partnership will be revenue accretive and will add about 15-20% to the company’s revenue in FY2017.The deal will also add close to 500 employees which includes experts from IBM. The Company has also set up subsidiaries in Mexico and Israel in collaboration with IBM.

ITC market share in instant noodles segment rises to 30-40%

ITC market share in instant noodles segment rises to 30-40% (from 20% earlier) - positive for ITC’s non-cigarette FMCG business.ITC sales of its instant noodles brand Yippee are recovering and its market share has risen in the range of 30 to 40% (from 20%). pre-Maggi controversy the industry sales were Rs 250-300 crore per month.The industry sales tanked to 5-10 per cent after the controversy broke, but now it is able to recover to nearly 50% of the original industry sales.

BHEL commissions another 270 MW coal-based unit in Punjab

State-run Bharat Heavy Electricals Ltd (BHEL) on Monday said it has commissioned second 270 MW coal-based unit in Punjab.The unit has been commissioned at the 2x270 MW Goindwal Sahib coal-fired thermal power project of GVK Power & Infra Ltd (GVKPIL), located in Goindwal Sahib in Tarn Taran district, near Amritsar, Punjab.

Aurobindo receives USFDA approval for Naproxen Sodium Tablets

Aurobindo receives final approval from USFDA to manufacture and market Naproxen Sodium Tablets (OTC). This product is expected to be launched in Q1 FY16-17. Naproxen Sodium Tablets is used in the treatment and prevention of osteoporosis in postmenopausal women.

Zee Entertainment in talks to acquire Reliance Broadcast

Zee Entertainment in talks to acquire Reliance Broadcast Network (RBNL)

ZEEL is in talks with Reliance Broadcast Network Ltd (RBNL) to acquire 49% stake in the latter's BIG FM radio business as well as a 100% stake in its television channels.

If the deals happen it will be a long term positive for ZEEL, as it will consolidate its positioning in broadcasting business and also foray into the Radio segment will expand its value chain in the Media and Entertainment space, though deal valuation will be crucial to gauge impact in near to medium term.

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