TCS: S&P Global Ratings has revised its outlook on IT major Tata Consultancy Services (TCS) to stable from positive given the subdued global IT spending estimates. “We are revising our outlook on TCS to stable from positive. At the same time, we affirmed our ‘A’ long-term issuer credit rating on the company,” S&P Global Ratings said in a statement.

SBI: Moody’s Investors Service has downgraded State Bank of India’s (SBI) baseline credit assessment (BCA) by one notch from ba1 to ba2 citing an expected deterioration in asset quality and profitability. “The downgrade of SBI’s BCA to ba2 from ba1 reflects Moody’s view that the bank’s asset quality and profitability will deteriorate. The resultant weakening in internal capital generation will reverse improvements in the bank’s financial metrics achieved over the past two years,” the rating agency said in a statement.

Punjab National Bank: The Ministry of Corporate Affairs on Tuesday said Punjab National Bank has received over ₹24 crore as the first tranche of recoveries from bankruptcy proceedings of three Nirav Modi-promoted companies in the US.

NTPC: In what may help bring down the electricity price for consumers and provide on-demand power from wind and solar projects, Hyderabad-based Greenko Energies Pvt Ltd plans to partner with state run NTPC Ltd to develop ‘round-the-clock’ power supply. “The value proposition of the potential offering will be to meet the evolving bespoke requirements of Discoms and other power consumers in India in real-ti me,” the Greenko statement said.

FDC: Drug firm FDC Ltd has launched two variants of the COVID-19 drug Favipiravir under the brand names PiFLU and Favenza. Both the products are currently available across the country, the company said. The price per tablet is ₹55 for both the variants, it added.

Phoenix Mills: Two promoter entities of mall developer The Phoenix Mills Ltd, on Tuesday, sold shares worth ₹833 crore, representing around 8.14% stake in the company, through block deals, data from stock exchanges shows. Senior Advisory Services Pvt Ltd sold 1 million shares at a price of ₹671.76, aggregating to ₹67.1 crore while Radhakrishna Ramnarain Pvt Ltd sold 11.5 million shares at ₹666.1 per share, aggregating to ₹766 crore.

Bank of Maharashtra: The state-owned lender has allotted 73.6 crore equity shares for cash at issue price of Rs.11.29 per share to Government of India (President of India) aggregating to ₹831 crore on preferential basis. With this allotment, government’s holding has increased from 92.49% to 93.33%.

JMC Projects: The engineering firm has secured new orders worth ₹554 crore. The orders include a building project in South India totaling ₹315 crore and a factory project in Maharashtra of ₹239 crore.

Tata Motors: The auto major will significantly reduce its group automotive debt of ₹48,000 crore ($6.4 billion) over the next three years, the company’s chairman said during its annual shareholder meeting on Tuesday. Tata Motors is “deleveraging this business substantially” and has set targets to generate free cash flows, N Chandrasekaran said.

Ircon International: State-owned engineering and construction firm Ircon International Ltd reported a consolidated net profit of ₹34.46 crore for the quarter ended June. The company had clocked a consolidated net profit of ₹144.66 crore in the corresponding period a year ago.