Pune-based Kalyani Group said it decided to sell its entire stake in its joint venture Tele Atlas Kalyani India Ltd to TomTom International BV. No financial details were provided.
Tele Atlas Kalyani India is responsible for the extensive map data of India. The restructured company will be fully aligned to the global structure of TomTom, Kalyani Group said in the statement.
The company will be renamed TomTom India Ltd and will leverage Tele Atlas' production platform to further enrich India map and navigable data products with extensive coverage and content, it said in a release.
IT firm Mahindra Satyam said it received an order from Insurance Regulatory and Development Authority (IRDA) to implement software solution to manage accounts and payroll related services. No financial details were provided.
The company will implement business software which will help IRDA to cut cost and help to manage payrolls, self-service portals, accounts and provide post implementation support, Mahindra Satyam (earlier known as Satyam Computers) said in a filing to the Bombay Stock Exchange (BSE).
On Thursday, Mahindra Satyam declined 2.7% to Rs86 on the BSE, while the benchmark Sensex closed 1.4% down at 20,589 points.
Mindteck (India) Ltd said that its consolidated net profit for the September quarter rose to Rs3.28 crore from to Rs52 lakh previous year.
During the September quarter, its revenues increased to Rs68.81 crore from Rs55.96 crore.
The company registered operating profit (EBITDA) of Rs4.76 crore compared to Rs1.78 crore in the corresponding period last year.
Pankaj Agarwal, managing director, Mindtrek, said, "Our renewed focus on select key industry verticals has resulted in significant successes. The momentum continues as we see progressively more growth and stability."
On Thursday, Mindteck ended 5% up at Rs44 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.4% down at 20,589 points.