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IT services major <keyword id="43217" type="COMPANY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> on Wednesday said its subsidiary has divested over 18.5 million shares in <keyword id="6159839" type="COMPANY" weightage="20" keywordseo="altiostar-networks">Altiostar Networks</keyword> for USD 45 million (about Rs 331 crore) to <keyword id="9986581" type="UNKNOWN" weightage="20" keywordseo="rakuten-USA">Rakuten USA</keyword>, Inc. "Tech Mahindra (Americas) Inc - an 100 per cent subsidiary of Tech Mahindra Ltd - divested its holding of 18,518,518 C1 Preferred shares in Altiostar Networks," Tech Mahindra said in a regulatory filing. Given that it is a minority investment, there is no contribution to turnover/revenue/income and net worth by Altiostar Networks, Inc during last financial year, it added. "The buyer is Rakuten USA, Inc," the filing said, adding the consideration received from the sale is USD 45 million. <keyword id="7347799" type="PERSON" weightage="20" keywordseo="Rakuten-Mobile">Rakuten Mobile</keyword> and Tech Mahindra have also signed an agreement, where the Indian tech firm will be a preferred partner and provide technologies as well as software capabilities to support the development and deployment of mobile networks for global customers of RCP (Rakuten Communications Platform). Through the agreement, Tech Mahindra will also provide managed IT, security and network services to Rakuten Mobile, a statement said. There are also plans to designate Tech Mahindra as an official reseller of RCP, it added. "This first of its kind collaboration with Rakuten Mobile not only strengthens our existing partnership with them but will also enable us to drive innovation in the telecom space, provide enhanced customer experience and lead the transformation in mobile network technology from the forefront," Tech Mahindra Managing Director and CEO <keyword id="351287" type="PERSON" weightage="20" keywordseo="C-P-Gurnani">C P Gurnani</keyword> said. <keyword id="8861444" type="PERSON" weightage="20" keywordseo="mickey-mikitani">Mickey Mikitani</keyword>, Chairman, President and CEO of Rakuten Inc, said that with a common vision for digital transformation of the telecommunications industry, the company is very excited about the potential of the partnership with Tech Mahindra in bringing more agile, responsive and efficient services to customers around the world. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/jeff-bezos-blue-origin-is-eyeing-the-commercial-space-station-business-wants-nasa-as-one-of-its-first-customers/articleshow/78272862.cms">Jeff Bezos' Blue Origin is eyeing the commercial space station business — wants NASA as one of its first customers</a> <a href="https://www.businessinsider.in/science/space/news/school-bus-sized-asteroid-is-scheduled-to-make-its-closest-approach-to-earth-on-september-24/articleshow/78271529.cms">A school bus-sized asteroid will make its closest approach to Earth tomorrow — safely zooming past the planet</a> <a href="https://www.businessinsider.in/tech/enterprise/news/microsoft-acquires-exclusive-license-for-elon-musks-largest-gpt-3-ai-language-model/articleshow/78269391.cms">Microsoft acquires exclusive license for Elon Musk’s largest GPT-3 AI language model</a>

Tech Mahindra subsidiary sells stake in Altiostar to Rakuten for $45 million

<ul><li>At 7:45 am, the SGX Nifty was down 1.14%, indicating a negative start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The Indian stock market is likely to open in red on Thursday, amid the weak sentiments from the global market. At 7:45 am, the SGX Nifty was down 1.14% pointing towards a negative start for Nifty50. In global markets, the US stocks resumed their heavy sell-off amidst weak macroeconomic indicators and overshadowed recovery outlook on Wednesday. The Dow Jones Industrial Average ended up 525.05 points lower, and the S&amp;P 500 was down 2.37%. These are the stocks to watch out for during the trading session on September 24: Zydus Wellness Zydus Wellness board has approved and authorised the opening of the Qualified Institutional Placement issue at ₹1,775.85 per share on September 23. The shares of Zydus Wellness ended 4% lower yesterday. HDFC Limited Housing Development Finance Corporation Ltd (HDFC) is looking to raise up to ₹5,000 crore by issuing bonds on a private placement basis. The issue size for the secured redeemable Non-Convertible Debentures (NCDs) will be ₹2,500 crore with an option to retain oversubscription of up to ₹2,500 crore, it said in a regulatory filing to stock exchanges. The shares of HDFC Limited ended 0.4% lower yesterday. Infrastructure Leasing &amp; Financial Services (<keyword id="6357293" type="UNKNOWN" weightage="20" keywordseo="ILFS">IL&amp;FS</keyword>) The government of India has extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&amp;FS group by one year. Kotak is also the managing director and chief executive officer of Kotak Mahindra Bank. The shares of IL&amp;FS Transportation Networks ended 4% lower yesterday. Tata Consultancy Services IT major Tata Consultancy Services (TCS) along with the US-based Yale University announced the launch of a new framework that could help ensure privacy and trust in peer-to-peer digital networks. The company said this would be a critical element in enhancing blockchain solutions for greater adoption by consumers. The shares of TCS ended 3% lower yesterday. Future Consumer Future Consumer promoter, Future Capital, invoked 36.6 lakh pledged equity shares. The shares of Future Consumer ended 4% lower yesterday. Sun Pharma Sun Pharma voluntarily recalled one lot of RIOMET ER (metformin hydrochloride for extended-release oral suspension), to the consumer level. The reason for the recall by Sun Pharma came after testing showed high levels of N-nitrosodimethylamine (NDMA), which is above the USFDA norms. The shares of Sun Pharma ended 1.3% lower yesterday. ONGC A fire broke out on Thursday morning at ONGC’s Surat plant. According to <a href="https://www.ndtv.com/india-news/massive-fire-breaks-out-at-ongc-plant-in-gujarats-surat-after-gas-pipeline-blast-2300194">reports</a>, three consecutive blasts took place at two terminals of the Hazira-based ONGC plant in Surat at around 3:30 am. The shares of ONGC ended 2.3% lower yesterday. Angel Broking IPO The ₹600 crore IPO of Angel Broking closes today. The issue was subscribed 1.45 times, a retail portion at 2.8 times on day 2, yesterday. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/airbnb-ceo-brian-chesky-on-the-companys-ipo-when-the-markets-ready-for-airbnb-it-will-go-public/articleshow/78276873.cms" data-type="tilCustomLink">Airbnb CEO Brian Chesky on the company's IPO⁠— 'When the market's ready for Airbnb, it will go public'</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-subsidiary-sells-stake-in-altiostar-to-rakuten-for-45-million/articleshow/78273567.cms" data-type="tilCustomLink">Tech Mahindra subsidiary sells stake in Altiostar to Rakuten for $45 million</a>

Top stocks to watch— TCS, Future Consumer, ONGC, Zydus Wellness, HDFC, IL&FS, Angel Broking, Sun Pharma and others

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Tech Mahindra subsidiary sells stake in Altiostar to Rakuten for $45 million

PTI

Top stocks to watch— TCS, Future Consumer, ONGC, Zydus Wellness, HDFC, IL&FS, Angel Broking, Sun Pharma and others

Navdeep Yadav

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