Business News Round-Up For The Week Ending July 11

Here's a quick look at the business news round-up from India and abroad.

Reliance Industries to sell 3.1 Per cent in Network18

Reliance Industries on Monday proposed to sell 3.25 crore shares of Network18 Media & Investments Limited ("NW18"), (representing 3.10% of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25%, Reliance Industries said in the press release.

United Spirits to sell stake in United Breweries

The Diageo-owned United Spirits exited United Breweries by selling its entire stake in the company to Heineken for Rs 827 crore.

United Spirits sold its stake to Heineken International BV at a price consideration of Rs 1,030 per share.

TCS Q1 Beats Estimates

Tata Consultancy Services, the leading IT services, consulting and business solutions firm reported 2.01 per cent rise in net profit at Rs 5,684 crore for the quarter ended June, 2015.

The company's net profit was up 53.1 per cent quarter on quarter(Q-O-Q) and 2.1 per cent on year on year(Y-O-Y).

Wipro Aquire Designit Firm

Wipro Digital, the digital business unit of Wipro Limited, on Thursday announced that it is planning to acquire Designit, an award winning and global strategic design firm

This investment marks a further stage in Wipro's move to evolve the digital offer it takes to market, combining its reputation and heritage in deep engineering and transformative technology with human centered-design methods.

Tech Mahindra Collabartes with PNMsoft

Tech Mahindra on Thursday rose after the company said that it has collaborated with PNMsoft, a global provider of Intelligent BPM Software solutions, to benefit from synergies in key vertical markets. Check company quotes here.

Tilak Nagar Industries was high on reports of Stake sale

There were reports that Kishore Allied Blenders & Distillers, which is controlled by the Kishore Chabbria group is planning to acquire a controlling stake in the company. Check quotes here.

Markets

Sensex this week lost around 600 points this week mostly weighed Chinese and Asian market. On Friday, the Sensex ended the day higher by 87 points at 27,661.50 pointsand Nifty closed higher by 32 at 8360.55 points.

Greece Issue

Greece's parliament backed the government's reform plan containing austerity measures to win a third bailout early today, but with the government suffering significant losses from dissenting lawmakers, reports PTI.

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