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 Hence, the restrictions placed on the purchase of shares of Yes Bank is withdrawn with immediate effect.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 will make the firm compliant with 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.
Maruti Suzuki after market hours on Tuesday, 2 July 2013, said that it has introduced a limited edition of 'Swift RS', the sporty version of the popular 'Swift' car. The Swift RS comes with new styling and graphics, which give it a distinct sporty character and looks. Swift RS will be available only in limited numbers and for a short period.
Adani Ports and Special Economic Zone after market hours on Tuesday, 2 July 2013, said it has formed a joint venture (JV) with Switzerland-based MSC Mediterranean Shipping Company to operate the Adani International Container Terminal (AICTPL), in South Basin, the third container terminal at Mundra Port.
Mr. Gautam Adani, Chairman Adani Group said, "Adani Ports has been at the forefront of creating modern Port Infrastructure, catering to the EXIM and domestic needs for over 16 years. The new container terminal will enable the biggest and largest container vessels to seamlessly berth and operate at Mundra. With rapid access to North and West India hinterland, the trade at large will benefit from scale benefits of larger vessels calling at Mundra, in addition to proximity to hinterland markets, providing a compelling cost advantage to port users. The new container terminal will be a regional hub with Trans-shipment of international cargo being performed. These facilities, along with other terminals in Mundra and Hazira are poised to serve the nation's sorely needed infrastructure shortages. Furthermore, Adani Ports will be expanding capacity to serve the nation's port infrastructure needs, providing international standards of capability and cost efficiency".
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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