Tech Mahindra rose 1.13% to Rs 471.70 after the company during market hours today, 23 August 2016, announced that FCA has approved the company's acquisition of Target Group, a financial services outsourcing and software provider. The transaction announced on 27 May 2016 will see the current management team of Target Group remain in business, ensuring continuity and acceleration of Target Group's ambitious growth strategy. Target's previous parent was Pollen Street Capital.
Shriram EPC surged 14.74% at Rs 25.30 after the company said that its wholly owned subsidiary Shriram EPC FZE, Sharjah was awarded an order worth $230 million (around Rs 1530 crore) from Moon Iron & Steel Co, Oman. The order entails constructing the Balance of Plant (BoP) for a 1.2 metric tonnes per annum (MTPA) mini mill project in Sohar, Sultanate of Oman and the project execution period will be 32 months. Moon Iron and Steel is an Oman based company with investments from Gulf Investment Corporation, Oman Development fund and Sultan's Special Forces Pension fund. The project debt is funded by a consortium of Omani banks. The announcement was made during market hours today, 23 August 2016.
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