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Axis Bank will be watched after naming Rakesh Makhija as non-executive chairman
13-Mar-19   08:16 Hrs IST

Axis Bank said that its board approved the appointment of Rakesh Makhija, independent director as the non-executive (part-time) chairman of the bank, for three years, with effect from 18 July 2019 upto 17 July 2022, subject to the approval of the Reserve Bank of India and the shareholders of the bank. The existing term of Dr. Sanjiv Misra, non-executive (part-time) chairman of the bank will expire with effect from the close of business hours on 17 July 2019. The announcement was made after market hours yesterday, 12 March 2019.

Infosys said that its wholly-owned subsidiary, Infosys Finacle, announced that Hatton National Bank (HNB), a leading private sector commercial bank operating in Sri Lanka, has selected Finacle Trade Connect to enable a blockchain-based domestic and cross-border trade finance network. The Finacle Trade Connect solution will be used by HNB to pilot a trade network with other corresponding banking partners and its corporate clients. The network is expected to help HNB and other participating entities substantially increase automation and transparency, while efficiently managing risks in trade and supply chain financing operations. The announcement was made after market hours yesterday, 12 March 2019.

Sun Pharma Advanced Research Company (SPARC) and HitGen announced a research collaboration to identify novel small molecule leads for targets of interest. Under this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for SPARC. Under the terms of the agreement, HitGen will receive upfront payment and will be eligible for certain milestone payments. The announcement was made before market hours today, 13 March 2019.

Raymond had entered into a development management agreement (DMA) with Colorplus Realty for developing its upcoming realty project, Raymond Realty Phase I. In order to gain better operational efficiencies and control on the project, the company intends to undertake the development on its own. Therefore, the said DMA has been terminated with mutual consent and an application has been made for modification of the RERA Registration. The termination of the DMA will not impact the development of the project and same is expected to progress as per schedule. The announcement was made after market hours yesterday, 12 March 2019.

TVS Motor Company has further invested Rs 30 crore in the equity capital of TVS Credit Services (TVS CS), a subsidiary company. Consequently, the company's direct holding in TVS CS increased to 10.29%. The announcement was made after market hours yesterday, 12 March 2019.

CMI said it executed its maiden export order from Mauritius for the supply of XLPE LV/HV underground power cables from the company's plant located at Baddi-Himachal Pradesh. The announcement was made after market hours yesterday, 12 March 2019.

V-Mart Retail said it has opened new stores in Himachal Pradesh, Jharkhand and Uttar Pradesh. This takes the total number of stores to 207 in 165 cities across 17 states. Total tally of Himachal Pradesh is 1 store, Jharkhand is 17 stores and Uttar Pradesh is 83 stores. The announcement was made after market hours yesterday, 12 March 2019.

Jet Airways (India) announced that an additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements. As mentioned earlier, the company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard. The company is also making all efforts to minimize disruption to its network due to the above and is proactively informing and re-accommodating its affected guests. The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard. The announcement was made after market hours yesterday, 12 March 2019.

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