Nexxoft Infotel partners with SpinetiX

Nexxoft Infotel Ltd, an interactive software development company, said it has entered a strategic tie-up with Swiss-based SpinetiX,  to provide digital signage products in India . No financial details were provided.

Nexxoft Infotel will sell the products of SpinetiX in India, said the company in regulatory filing. With this international tie up, Nexxoft Infotel has entered the digital signage market.

On Wednesday, Nexxoft Infotel shares gained 0.9% to Rs184 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.8% up at 19,502 points.

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Tata Steel to buy 80% stake in Canadian iron ore project for Rs1,350 crore

Tata Steel Ltd said it will acquire 80% stake in an iron ore mining project in Canada for about Rs1,350 crore, a move which will help the steel maker boost its raw material supply. The Direct Shipping Ore (DSO) project is owned by Canada-based New Millennium Capital Corp, in which Tata Steel holds 27.4% stake.

The project contains 64.1 million tonnes of mineral reserves. More than a year ago, Tata Steel had entered a binding agreement with New Millennium, whereby the steel maker had the option to acquire 80% equity interest in the DSO project in the provinces of Newfoundland and Labrador and Quebec.

As per the joint venture agreement, Tata Steel would purchase all the iron ore products of a specified quality that would be produced from the DSO project. These products would be bought at global market prices.

Tata Steel is among the top ten global steel companies with an annual crude steel capacity of over 28 million tonnes per annum (mtpa).

On Wednesday, Tata Steel shares rose 1.3% up to Rs604 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.8% up at 19,502 points.

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United Spirits to buy 54.7% stake in Pioneer Distilleries

United Breweries group company United Spirits Ltd said it will make an open offer for buying additional 20% stake in Pioneer Distilleries Ltd following its purchase of 54.7% stake in Pioneer for Rs74 crore.

The company has entered a share purchase agreement with Pioneer Distilleries' existing promoters to buy 73.2 lakh shares representing 54.7% stake at Rs101 per share, United Spirits said in a filing to the Bombay Stock Exchange (BSE).
United Spirits will buy the shares at Rs101 a piece, translating into a premium of over 40% above the current market price. In accordance with the Securities and Exchange Board of India (SEBI) guidelines, the company will make an open offer to acquire an additional 20% stake in Pioneer Distilleries, the filing added.
Following the acquisition, United Spirit's in-house primary spirit distillation capacity will be enhanced up to 22.5% of its requirement.

On Wednesday, United Spirits shares gained 1% to Rs1,613 on the BSE, while Pioneer Distilleries shares jumped 5% to Rs76. The benchmark Sensex closed 0.8% up at 19,502 points.

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