RBI's deadline for Kotak promoter stake dilution today
Shares of Kotak Bank ended ~1% higher on Monday with the Reserve Bank of Indias (RBI) deadline to reduce promoter stake in the bank being today. As per the central bank's guidelines for new banks, Kotak Mahindra Bank was required to bring down promoter holding to 20% by December 31, 2018. Besides, the RBI requires the shareholding to fall to 15% by 2020 to reduce the promoters control over the bank, media reports said.
Marico slips on report Govt hikes MSP for Copra
Shares of Marico are trading lower by 1% on the BSE in the last hour of trading session amid media reports that the Cabinet has approved a hike in the minimum support price (MSP) for Copra by more than Rs2,000 per quintal for the 2019 season. The stock is among the top losers on the BSE FMCG index.
The cabinet increased the MSP for copra, which accounts for 40-50% of Marico's material costs, by Rs2,000 per quintal for 2019. The MSP of Copra has been increased from Rs7,511 per quintal to Rs9,521, reports added.
BHEL wins Rs3,500cr order for 660MW thermal power plant
Bharat Heavy Electricals Ltd (BHEL) has bagged a major order for setting up a 660MW supercritical thermal power plant in West Bengal valued at ~Rs3,500cr. The order for setting up the 1x660MW Sagardighi Thermal Power Project Extension Unit-5 at Manigram village in Murshidabad district of West Bengal has been placed on BHEL by West Bengal Power Development Corporation (WBPDCL).
Cadila Healthcare gains 1% as USFDA grants approval for Acne Gel
Shares of Cadila Healthcare were trading 1% higher on Monday as the company received approval from the USFDA to market Clindamycin Phosphate and Benzoyl Peroxide Gel.
The combination medication is used to treat a certain type of acne (inflammatory acne vulgaris), the company said in a press note to the exchanges on Saturday. Cadila will manufacture this gel at the groups topical manufacturing facility at Ahmedabad.
Reliance Industries acquires Kanoda energy systems
Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries, has entered into a binding agreement with Kanoda Energy Systems Private Limited ("KESL") for the acquisition of equity shares for a cash consideration not exceeding Rs75cr.
The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The complete acquisition is likely to be completed by March 2020.
The investment will assist in the Reliance's initiatives to use renewable energy sources.
L&T Construction wins orders worth Rs2,084cr
The construction arm of L&T has won orders worth Rs2,084cr.
The Power Transmission and Distribution Business of L&T Construction has secured EPC orders worth Rs2,084cr, as per BSE filing. On the international front, the business has won a major order in the Kingdom of Saudi Arabia for the construction of 115kV Substations with associated transmission lines and cable circuits, the filing added.
