TOP CORPORATE NEWS:- 27 Nov 2017

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TOP Headlines Of The Day:- 27 Nov 2017

RBL Bank doubles stake in Swadhaar FinServe to 60.48%
Jewellery stocks gain; PC Jeweller zooms 3.5%
Ashok Leyland increases stake in Optare plc to 98.31% post debt conversion
Pennar Industries arm bags order worth Rs 210 cr
MindTree moves higher after rating upgrade by a foreign brokerage

RBL Bank doubles stake in Swadhaar FinServe to 60.48%
RBL Bank has increased its stake from 30% to 60.48% in Swadhaar FinServe – a captive business correspondent of RBL Bank engaged in offering services to the financial inclusion segment covering MSME & Micro banking in rural and semi-urban areas.
RBL Bank bought the additional 30.48% stake in Swadhaar FinServe, in line with its business strategy to leverage technologies and partnerships and extend its service offerings to the under-banked.
The Bank holds rights to increase its stake to 100% subject to regulatory approvals.

Jewellery stocks gain; PC Jeweller zooms 3.5%
Shares of jewelry’s stocks have surged in November so far on hopes that the government may soon announce a package for the industry to boost exports and jobs.
The commerce ministry is said to be working with industry experts on a package to revive the sector, which was hit hard by demonetization, and goods and services tax, as per media reports.
Shares of Gitanjali Gems, PC Jeweller, Tribhovandas Bhimji Zaveri, Titan Co, and Thangamayil Jewellery have risen 13-48% this month.

Ashok Leyland increases stake in Optare plc to 98.31% post debt conversion
The company, in its filing on BSE on November 24, 2017, has informed that its shareholding in Optare plc will increase from 75.11% to 98.31% consequent to conversion of loans into equity.
The conversion of loans into equity will have no impact on profits and cash flow for the current financial year of the company as the investments in the equity shares and the loans disbursed to Optare plc are fully impaired as of March 2017.
The conversion of debt into equity will help to strengthen the financial position of Optare plc. Upon conversion of loans lent by the company to Optare plc into equity, the company will consolidate its holding in Optare plc.

Pennar Industries arm bags order worth Rs210cr
Pennar Industries Ltd., one of India’s leading industrial organizations offering specialized, engineering steel solutions have announced major receipt of orders worth Rs210cr across its business units.
The company has bagged an order in different segments. It has received Solar MMS orders from Renew, L&T, and Cleanmax and also it has various Railway orders from Integral Coach Factory, Modern Coach Factory, and BEML Ltd.

MindTree moves higher after rating upgrade by a foreign brokerage
Shares of MindTree rose 3% to hit their three-month high after brokerage firm Credit Suisse Securities India upgraded the stock to ‘outperform’ and raised its price target by 30.5% to 600 rupees.
The brokerage sees industry-leading operating margin and revenue growth for the mid-sized information technology company in coming years.
Credit Suisse also said that challenges for revenue growth of the company are now behind as order book is stable.

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