RBI asks Kotak Mahindra Bank to cut promoter stake
Posted on 27th May 2014 |
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| Mumbai: Reserve Bank of India (RBI) has asked Kotak Mahindra Bank Ltd to cut its promoter holding to 40% by September 2014 from 43.58%, the private sector lender said in a notice to the stock exchange. Promoter holding has to be further cut to 30% by 31 December, 2016, the bank said. Reducing promoter holding in banks is among the long-term plans of the central bank and is not a surprise, said Daljit Singh Kohli, head of research at India Nivesh Securities Ltd. Besides Kotak, Yes Bank Ltd with over 25% promoter holding and DCB Bank Ltd with over 18% holding may also be asked to reduce their promoter stake. The central bank wants to diversify promoter holding in banks away from individuals and make it more institutionalised. Even though mortgage lender Housing Development Finance Corp. Ltd owns more than 20% in HDFC Bank Ltd, it is not expected to reduce stake since the parent is already diversified. “I do not see any much impact of this on bank stocks because it.is already known and priced in by the market,” Kohli said. At 11.53am, Kotak Mahindra Bank was trading at Rs.858.80 on BSE, down 0.54%, while India’s benchmark Sensex fell 0.69% to 24,545.71 points. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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