Yes Bank in focus after RBI removes FII stock purchase curbs

Yes Bank will be watched after the Reserve Bank of India (RBI) on Tuesday, 2 July 2013, withdrew restrictions placed on the purchase of the bank's shares by foreign institutional investors (FIIs).

The RBI notified that the aggregate share holdings in Yes Bank by FIIs under the Portfolio Investment Scheme (PIS) have gone below the prescribed threshold limit stipulated under the extant FDI Policy. Hence, the restrictions placed on the purchase of shares of Yes Bank is withdrawn with immediate effect.

Shares of Hindustan Copper will be watched after the government announced an offer for sale (OFS) of the company's shares to comply with minimum public shareholding norms. It has announced a base price of Rs 70 for the issue after markets closed on Tuesday, 2 July 2013. The panel of ministers on disinvestment cleared 4.01% stake sale in Hindustan Copper and the issue will hit the market today, 3 July 2013. The stock fell 6.62% to Rs 72.65 on Tuesday, 2 July 2013. The government currently holds 94.01% in Hindustan Copper. The stake-sale would make the company complaint to the minimum 10% public holding norm of market regulator Sebi. Sebi has mandated minimum public shareholding of 10% for state-run firms by 8 August 2013. Telecom stocks will be in focus after the Telecom Commission has reportedly approved the enhancement of the foreign direct investment (FDI) limit in the telecom sector from 74% to 100%.

Neyveli Lignite Corporation will be watched after Coal Minister Sriprakash Jaiswal was quoted by media as saying on Tuesday, 2 July 2013, that the Tamil Nadu government's offer to buy 5% stake in the company has been referred to Sebi. The Minister also appealed to the trade unions of the company not to resort to any strike against the proposed share sale.

Hikal said after market hours on Tuesday, 2 July 2013 that it has signed a long term pharmaceutical supply contract with a global biopharmaceutical company. The agreement covers the production and supply from company's pharmaceutical division. The customer is a leading innovator company which serves markets globally for human health treatments. This new customer will diversify company's existing customer and product base of the pharmaceutical division. Commercial manufacturing has commenced and it is expected that this relationship will generate significant opportunities and benefits for Hikal in the near future, Hikal added in a statement.

Kalindee Rail Nirman (Engineers) said after market hours on Tuesday, 2 July 2013 that a meeting of board of directors of the company will be held on 5 July 2013, to consider, and if thought fit to approve, raising of money by way of equity/warrants on preferential basis in terms of applicable guidelines.

TTK Prestige turns ex-dividend today, 3 July 2013, for dividend of Rs 17.50 per share for the year ended 31 March 2013 (FY 2013).

Kolte-Patil Developers turns ex-dividend today, 3 July 2013, for final dividend of Rs 1.50 per share for the year ended 31 March 2013 (FY 2013).

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