CAPITALSTARS:CORPORATE NEWS UPDATE

Karur Vysya Bank enters into Bancassurance agreement

The bank has entered into Bancassurance agreement with Max Bupa Health Insurance for distributing retail and group health insurance products to suit the needs of KVB customers.

Bharat Forge stock gains after picking strategic stake in UKs Tevva Motors

The company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.

Pursuant to agreement, the company has acquired 34.53% and Bharat Forge International, UK, a wholly owned subsidiary of company, has acquired 0.73% stake in Tevva, aggregating to combined stake of 35.26%.

Dish TV stock rises after block deal

Shares of Dish TV India Ltd are currently trading at Rs74.50 up by Rs1.85 or 2.55% from its previous closing of Rs72.65 on the BSE. About 41 million shares changed hands in six block deals in today’s trade. The stock has erased three day’s losses and gained after block deal.

The scrip opened at Rs73.80 and has touched a high and low of Rs76.35 and Rs71.25 respectively.

RIL completes acquisition of 73% stake in AI firm Embibe

Pursuant to the definitive agreements executed by Reliance Industries (RIL) to acquire majority shareholding from existing investors of Indiavidual Learning Pvt Ltd (Embibe), a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student, RIL, Embibe and the other stakeholders have completed all the closing conditions and have successfully completed the sale and purchase of the shareholding of the existing investors in Embibe to RIL.

With this transaction, RIL will hold 73% (on fully diluted basis) in Embibe. The founder and CEO of Embibe, Aditi Avasthi will continue in her leadership role and will drive the growth of the business.

TCS stock rises 2% after buyback plan

Tata Consultancy Services Tata Consultancy Services Ltd is currently trading at Rs1,812.90 up by Rs31.9 or 1.79% from its previous closing of Rs1,781 on the BSE.

The Board of Tata Consultancy Services will consider a proposal for buyback of equity shares of the company, at its meeting to be held on June 15, 2018.

However, the company did not disclose any further details about the buyback proposal.

On last year, the IT company had undertaken a Rs16, 000cr mega buyback offer, entailing 5.61cr shares at a price of Rs2, 850 per equity share.

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