Kotak Mahindra Bank: RBI approves FII Limit of 55%

It may be noted that the current limit for Foreign Institutional Investors (FIIs)/ sub-accounts of FIIs, Foreign Portfolio Investors (FPIs) and Qualified Foreign Investors (QFIs) approved by the Board of Directors remains at 40% 

Kotak Mahindra Bank, in an official statement, has said that the Reserve Bank of India, vide its letter dated March 22, 2016 has intimated that pursuant to the approval from the Foreign Investment Promotion Board (FIPB), they are taking the foreign investment limit in Kotak Mahindra Bank to 55% on their record.

"It may be noted that the current limit for Foreign Institutional Investors (FIIs)/ sub-accounts of FIIs, Foreign Portfolio Investors (FPIs) and Qualified Foreign Investors (QFIs) approved by the Board of Directors remains at 40%", the announcement added. 

Kotak Mahindra Bank Ltd is currently trading at Rs. 672.35, up by Rs. 8.3 or 1.25% from its previous closing of Rs. 664.05 on the BSE.

The scrip opened at Rs. 664.05 and has touched a high and low of Rs. 672.6 and Rs. 661.45 respectively. So far 221888(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 121778.91 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 744.45 on 21-Jul-2015 and a 52 week low of Rs. 586.5 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 669 and Rs. 635.5 respectively.

The promoters holding in the company stood at 33.74 % while Institutions and Non-Institutions held 39.13 % and 27.14 % respectively. The stock is currently trading below its 200 DMA.

Monsanto India zooms 12%

The board has approved Resignation of C. Ravishankar as Director from the Board of Directors of the Company w.e.f. March 22, 2016. 

Monsanto India Ltd stock was higher by 12% at Rs. 1805.  The Board of Directors of the Company at its meeting held on March 22, 2016, has taken the following decisions:

The board has approved Resignation of C. Ravishankar as Director from the Board of Directors of the Company w.e.f. March 22, 2016 and appointment of Piyush Nagar as an Additional Director of the Company w.e.f. March 23, 2016.

The board also approved Resignation of  Abdul Alim Sayed, Chief Financial Officer w.e.f. March 31, 2016.

Monsanto India Ltd is currently trading at Rs. 1805, up by Rs. 191.35 or 11.86% from its previous closing of Rs. 1613.65 on the BSE.

The scrip opened at Rs. 1600 and has touched a high and low of Rs. 1823.4 and Rs. 1600 respectively. So far 47892(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2785.6 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3376.55 on 24-Jul-2015 and a 52 week low of Rs. 1526.15 on 04-Mar-2016. Last one week high and low of the scrip stood at Rs. 1705 and Rs. 1604.9 respectively.

The promoters holding in the company stood at 72.14 % while Institutions and Non-Institutions held 7.34 % and 20.52 % respectively.

The stock is currently trading above its 200 DMA.

Ashok Leyland partners Lockheed Martin for army combat vehicles

The base platforms of Lockheed combat vehicles will be used to develop light specialist and light armoured multipurpose vehicles for the Indian Army. 

Ashok Leyland Defence Systems Ltd (ALDS) announced on Tuesday that it has tied up with US-based defence contractor Lockheed Martin Corp. to develop combat vehicles for the Indian Army.

The base platforms of Lockheed combat vehicles will be used to develop light specialist and light armoured multipurpose vehicles for the Indian Army.

“As the largest provider of logistics vehicles to the Indian Army, Ashok Leyland has a strong portfolio in the defence sector. This partnership will not just further India’s ambitions under the Make in India programme, but help us provide robust and meaningful solutions to armed forces across new domains and geographies," Ashok Leyland MD Vinod K. Dasari said in a statement.

"We are buoyant about the defence segment, and expect our play to increase manifold,” he added.

With the Indian armed forces looking to modernize their armoured vehicle fleet, there could be more opportunities ahead, according to Dasari.

“A combination of their (Lockheed Martin) technical expertise and our proven vehicle platforms will enable us to offer versatile solutions to armed forces across segments,” President, light combat vehicles & defence, Ashok Leyland Nitin Seth said. 

Kalpataru Power zooms 8% on order win

The company has received new orders of over Rs. 1,320 Crore.

Kalpataru Power Transmission Ltd stock was higher by 8% at Rs. 221. The company has received new orders of over Rs. 1,320 Crore.

The scrip opened at Rs. 220 and has touched a high and low of Rs. 223.7 and Rs. 216.15 respectively. So far 47085(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3143.42 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 291.8 on 06-Aug-2015 and a 52 week low of Rs. 160 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 206.45 and Rs. 184.35 respectively.

The promoters holding in the company stood at 59.45 % while Institutions and Non-Institutions held 31.41 % and 9.13 % respectively.

The stock is currently trading below its 200 DMA.

Top 17 stocks in focus today: United Breweries, Kalpataru Power, Cadila Healthcare

Check out the companies which will be in focus during trade today based on recent and latest news developments. 

United Breweries: United Breweries, who was seen as a likely candidate to buy the Kingfisher Airline brand, has said that it is not interested in owning the carrier's label, according to media reports.

Cadila Healthcare: The pharma company has announced that there have been some reports regarding the pre-qualification plant inspection of the vaccines facility by WHO in terms of the possible linkage with the company's oral solids and injectable facilities at the Moraiya manufacturing complex.

IDFC Bank, Ricoh India: IDFC Bank will replace Ricoh India in S&P BSE 500 from March 28, as per media reports. 

SBI: The bank said it has raised Rs. 500 crore from issue of bonds on a private placement basis.
 

Tata Motors: The month-long strike at Tata Motors' Sanand plant ended on Tuesday, with workers and management reaching a consensus over the issue of suspended workers following a meeting with state labour secretary Sanjay Prasad.

Kalpataru Power Transmission Ltd: The company has secured new orders worth Rs.1,320 crore.

Jay Shree Tea: Jay Shree Tea hopes to improve output and margins, globally the supply crunch may continue as India, Indonesia and Sri Lanka are unlikely to record higher output, says its Managing Director DP Maheshwari.

Ashok Leyland: Ashok Leyland Defence Systems Ltd (ALDS) announced on Tuesday that it has tied up with US-based defence contractor Lockheed Martin Corp. to develop combat vehicles for the Indian Army.

Jindal Steel and Power Limited: JSPL has commissioned a 1.4 MTPA Rebar Mill at Sohar, Oman. 

Corporation Bank: CARE Ratings has revised the credit ratings of state-owned Corporation Bank’s bonds. The bank’s lower tier II bonds has been revised to CARE AA (Double A) from CARE AA+ (Double A Plus) and its upper tier II bonds are revised by CARE AA - (Double A Minus) against its previous rating of CARE AA (Double A).

MIC Electronics: MIC Electronics has received Letter of Award (LoA) from M/s. Energy Efficiency Services Limited (A Joint Venture of PSUs of Ministry of Power, Government of India) and others. Total value of orders is Rs. 12 crore.

McNally Bharat: McNally Bharat Engineering Company Ltd has informed BSE that the Board of Directors of the company has approved in principle a proposal to merge the company, its subsidiary McNally Sayaji Engineering Limited and EMC Limited with Kilburn Engineering Limited.
 
Purvankara Projects: The company has announced its foray back into the Western Region with a proposed development of 30 acres in Mundhwa, Pune.

Tata Chemicals: Tata Chemicals Ltd has informed BSE that operations at the Company's fertiliser plant at Babrala will be temporarily shut down for the purpose of the planned, regular, major maintenance program generally taken once in two years. 

Wonderla Holidays: Wonderla Holidays announced that its most hi-tech amusement park in Hyderabad is likely to be inaugurated in the third week of April.

SpiceJet: SpiceJet, the country’s favourite low-cost carrier is all set to welcome the festival of colours - Holi in its own signature spicy style.

Rajesh Exports: Jewellery exporter and retailer Rajesh Exports today said it has won a Rs. 1,045 crore export order from Singapore.

Maruti Suzuki India: Maruti Suzuki India, India's leading passenger vehicle maker, today announced that it will start deliveries of its newly launched compact urban SUV, Vitara Brezza, to customers, from 25th March 2016.

Tata Communications: Tata Communications announces that it has partnered with Anam, the world’s fastest growing application-to-person (A2P) messaging monetisation service provider, to create an end-to-end solution that helps mobile network operators globally to tackle revenue loss caused by A2P SMS spam, fraud and ‘grey route’ messaging traffic – where message aggregators take advantage of non-contracted routes to send large volumes of A2P SMS messages.

Mawana Sugars Ltd: The company has announced that in its meeting held on March 21, 2016, the Board of Directors, has considered a process of restructuring its principal debt liabilities to lenders/ARC and has started such a debt restructuring program with Edelweiss Asset Reconstruction Company Limited which had taken over the debts of the company owed to State Bank of India and State Bank of Travancore. 

Mahindra & Mahindra: Mahindra Agri business has launched yet another product after their edible oil, and this time they are going after the dairy segment. The agri business vertical of the group company Mahindra & Mahindra has launched Saboro - branded dairy products.

Sensex, Nifty to open on a flat note

The Asian markets are trading with a bit of caution as well, Nikkei index in Japan is almost unchanged, the Hang Seng index is down by half a percent while the Shanghai index is also trading lower by 0.4%. 

Wish you a colourful Holi and a happy safe weekend in advance. Some fear has gripped the world following yet more terror attacks; this time on the airport and a rush-hour metro train in Brussels. It’s a different matter that equity market chose to put up some resilience as if to tell the terrorists that they can’t destabilize financial markets by such acts. The usual rush to gold and government bonds is a given in such situations. Travel-related and hospitality related companies often see a knee-jerk reaction in such cases and that explains the tumble of ADRs like makemytrip.
 
The outlook is a flat start. Today being the last trading day of the week, investors may choose to remain on the sidelines. A host of macro data is expected from overseas market during the ensuing Indian market holidays.

Nifty staged a sharp rally towards the end on Tuesday finding support around the 7640 levels. If global cues support later in the day, Nifty is likely to fill the gap up to 7721 mark. Should things turn better in the coming days, we see Nifty making a move towards the 200 DMA, which is placed at 7910.
 
US blue chip stock indices closed lower on Tuesday. The Dow lost 0.2%, S&P 500 index reversed small gains to finish flat while Nasdaq added 0.3%.Tuesday’s thin trading volumes suggested a pause at Wall Street after a strong advance. Meanwhile, Chicago Federal Reserve President Charles Evans said that the Fed should stick with a wait-and-see monetary response amid lack of wage increases and rising inflation.
 
India Ratings and Research expects the current account deficit (CAD) to come in close to 1.3% of gross domestic product (GDP) in FY16. CAD for 3QFY16 came in at USD7.1bn (1.3% of GDP), sequentially lower than USD8.7bn (1.7% of GDP) in 2QFY16, and also lower than USD7.7bn (1.5% of GDP) in 3QFY15.
 
Lower oil prices will slow growth and increase budget deficits in oil-exporting Gulf Cooperation Council (GCC) countries in 2016, says Moody's Investors Service.
 
Maruti Suzuki India announced that it will start deliveries of its newly launched compact urban SUV, Vitara Brezza, to customers, from 25th March 2016. The vehicles will be retailed from the Company's over 1,800 sales outlets spread across India.
 
The asset quality and capitalization of India's banking sector is likely to remain under pressure in the next 12 months because of tepid domestic industrial activity, and subdued profitability and high leverage in some corporate sectors. That's according to a report, titled "Indian Banks Face An Uphill Road This Year," that Standard &  Poor's Ratings Services.
 
Moody's Investors Service says that the growth outlook of ASEAN economies is likely to diverge in 2016 and 2017, against the backdrop of subdued global demand.
 
The Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan has expressed the confidence that the target of 10% reduction in import dependence in Oil & Gas will be achieved by 2022. 
 
Road Transport & Highways Minister Nitin Gadkari informed that there is a target to award road projects worth Rs. 1 lakh crore in the North East during the next five years.