ITC shares rose, while Happiest Minds fell, after ITC Infotech announced plans to acquire and merge with the Bengaluru-based IT services firm. ITC Infotech will first buy a 22.1% stake from founder Ashok Soota for Rs 1,330 crore, followed by a share swap. After the merger, ITC will hold 73.4% of the combined entity, while Happiest Minds shareholders will own 19%. The deal will also give ITC Infotech a backdoor listing.
Bajaj Auto shares rise 3% after August sales jump 28% YoY
Bajaj Auto shares rose on Tuesday after the two- and three-wheeler maker reported a 28% year-on-year increase in August sales. Strong export growth drove the