Tata Chemicals | CMP: Rs 967 | The stock ended in the red following mayhem in the Indian stock market. Section 19(2) of the Banking Regulation Act limits a bank's shareholding to 30 percent of a company's capital, unless the company is a subsidiary of the bank.
As of December 2022, ICICI Bank held a 48.02 percent stake in ICICI Lombard General Insurance. ICICI Lombard General Insurance | CMP: Rs 1,080.90 | The stock ended in the green after the Reserve Bank of India gave the nod to the ICICI Bank's request for extending the deadline for diluting its stake in the general insurer to less than 30 percent until September 9, 2024. “The Ministry of Defence, on March 10, 2023, signed a contract for procurement of six Domier-228 aircraft for the Indian Air Force (IAF) from Hindustan Aeronautics Limited (HAL) at a cost of Rs 667 crore,” the company said in a regulatory filing. The company announced winning a Rs 667 crore order from the defence ministry. Hindustan Aeronautics | CMP: Rs 2,801.90 | The scrip shed a percent on March 13. Brokerage firm ICICIdirect expects the company's expansion in new international markets to drive its long-term incremental growth as the rest of the world contributed nearly 50 percent to its revenue in FY22. ELGI Equipments | CMP: Rs 477.50 | The share price gained almost 2 percent after the company announced that its wholly owned US subsidiary Elgi Compressors USA Inc entered into an operating agreement to pick up 33.33 percent in CS Industrial Services LLC, a North Carolina limited liability company. The base size of the block deal was likely to be Rs 615 crore with a 60-day lock-up period on further sale of shares.
According to a CNBC-TV18 report, the floor price for the stake sale was likely to be set at Rs 355 a share, which is lower than the current market price. Mahindra CIE Automotive | CMP: Rs 363 | The stock price declined over 7 percent following reports of promoter Mahindra & Mahindra selling a 4.6 percent stake in the auto ancillary. It has trimmed the loan growth estimate by 100 basis points for FY24-25. According to Jefferies, the lower extension may mean a slight pullback on growth and a deferred re-rating. “In the current environment of tightening liquidity, the reappointment for only two years could place the bank at a disadvantage,” the broking firm said. Following this, JPMorgan downgraded the stock to a "neutral" rating and cut its target to Rs 1,060 a share. After six months, the RBI’s nod has come for only two years, contrary to Street expectations. The bank’s board had in September 2022 approved the re-appointment of Kathpalia with effect from Maup to March 23, 2026. IndusInd Bank | CMP: Rs 1,060.85 | The scrip fell over 7 percent after foreign brokerages were left puzzled following Sumant Kathpalia’s reappointment as IndusInd Bank managing director and chief executive officer for two more years instead of three. The equity benchmarks ended lower for the third consecutive session on March 13.
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