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The US stocks market finished session lower on Thursday, 03 June 2021, weighed down by profit booking amid renewed concerns about the Federal Reserve potentially shifting monetary policy after raft of upbeat data indicated a strong economic rebound is underway.
At the close of trade, the Dow Jones Industrial Average index fell 23.34 points, or 0.07%, to 34,577. The S&P 500 index dropped 15.27 points, or 0.36%, at 4,193. The tech-heavy Nasdaq Composite Index declined 141.82 points, or 1.03%, to 13,615.
Total 6 out of 11 S&P 500 sectors closed down, with consumer discretionary (down 1.22%) was worst performer, followed by information technology (down 0.91%), communication services (down 0.73%), industrials (down 0.29%), and real estate (down 0.2%) sectors. Utilities (up 0.52%) sector was top gainer, followed by and consumer staples (up 0.51%), healthcare (up 0.4%), and energy (up 0.31%) sectors.
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Tata Motors has completed the transfer of its defense business with effect from 1 April 2021 to Tata Advanced Systems (TASL) for an upfront consideration of Rs 227.7 crore.
The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad. Over the next several months, Tata Motors and TASL will work closely to ensure smooth transition of the Defense business.
TASL, a wholly owned subsidiary of Tata Sons Pvt., is focused on providing integrated solutions for aerospace, defense and homeland security. The sale of Defense business to TASL is in line with Tata Group s strategy of consolidating the defense businesses under a single entity to bring scale and synergy.