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JSW Steel completes acquisition of 31% stake in Italy's GSI Lucchini SpA

JSW Steel's Italian subsidiary has completed the acquisition of remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for one million euros. "Pursuant to fulfilment of conditions precedent mentioned in the share purchase agreement, our subsidiary JSW Steel Italy Srl has on April 13 completed the acquisition of 30.73 per cent equity share capital of GSI," the steelmaker informed stock exchange in regulatory filings. The agreement to acquire GSI's remaining stake was signed in December last year. The balance share capital of GSI is already held by JSW Steel Italy Srl. The manufacturing unit of GSI is located at the port city of Piombino in Tuscany region, providing easy access to export markets.

Bharti Airtel to leverage existing 4G network assets to offer 5G service

Bharti Airtel has decided to leverage its existing 4G network assets to offer 5G network technology. The firm expects to launch commercial services across the country within four to five months of getting spectrum. It expects the auctions to happen sometime at the end of this year or early next year. Non-standalone (NSA) 5G is the first or interim stage in the evolution of 5G technology which enables telcos to use their existing 4G core — the nerve centre which controls a network. The technology enables telcos to amortise the investments made in 4G and leverage it.

April likely to be a washout for appliances as fresh Covid-19 curbs hit biz

April is turning out to be a challenge for appliances makers as curbs to curtail the spread of Covid-19 is hurting business badly. April is a crucial month in the annual calendar of appliances majors, since it kicks off their summer season sales. It contributes close to 15 per cent of sales in the June quarter. This is partly because of festivals such as Gudi Padwa in Maharashtra, Ugadi in Karnataka and Baisakhi in Punjab. This year will see Ramzan begin on Wednesday. On the other hand, Ram Navami will be celebrated next week.

Spectrum can be transferred but not without settling dues, says NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Tuesday said that spectrum, an intangible asset, can be subjected to insolvency proceedings. It can be transferred by the corporate debtor under such proceedings but not without clearing the dues of the government. In its findings, a three-judge Bench of the NCLAT, which was tasked with finding answers to the questions posed by the Supreme Court in the Aircel issue, said, defaulting telecom companies cannot be permitted to wriggle out of their liabilities.

Infosys net profit rises 17.5% in Q4, announces Rs 9,200-crore buyback

Information technology (IT) services major Infosys on Wednesday posted a 17.5 per cent jump in net profit for the March quarter on a year-on-year (YoY) basis, even though it was down 2.3 per cent sequentially. Infosys’s board also approved a share buyback of up to Rs 9,200 crore. The buyback will be done from the open market and the price per share will not exceed Rs 1,750 crore. This is part of the firm's capital return plan of Rs 15,600 crore, which also includes a final dividend of Rs 6,400 crore.

Aditya Birla Capital board approves initial public offering of AMC arm

The board of Aditya Birla Capital (ABCL) has given its nod for the initial public offering of subsidiary Aditya Birla Sun Life AMC, the firm said on Wednesday. The board has approved an offer for sale of up to 2.8 million shares at face value of Rs 5 held by the company in the AMC, the firm said in a notification to exchanges, according to reports

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