LIC to Raise Stake in Kotak Bank, Tata Chemicals' EV Push, and Buzzing Stocks Today

Tue, 30 Nov Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices trimmed early losses and ended in green backed by IT and healthcare stocks, amid lingering worries over the emergence of the new Covid variant.

At the closing bell yesterday, the BSE Sensex stood higher by 153 points (up 0.3%), at 57,260 levels.

Meanwhile, the NSE Nifty closed higher by 28 points (up 0.2%).

Cipla and Divi's Lab were among the top gainers.

BPCL and JSW Steel, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.9% and 1.9%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector, power sector and oil & gas sector witnessing most of the selling pressure.

IT stocks and consumer durables stocks, on the other hand, witnessed buying interest.

Shares of Torrent Pharma and Rajesh Exports hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 47,928 per 10 grams at the time of closing stock market hours yesterday.

Crude oil prices gained yesterday, recouping some losses after Friday's plunge of about US$10 a barrel.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Kotak Mahindra Bank.

Shares of Kotak Mahindra Bank rose as much as 4% on the BSE after the private lender informed exchanges that the country's central bank, Reserve Bank of India (RBI) has given its approval to Life Insurance Corporation of India (LIC) for acquiring shares in the bank.

The RBI has given approval to LIC to increase its holding in the bank up to 9.99%. Currently, LIC owns 4.96% stake in Kotak Mahindra Bank.

While announcing reformed rules on the structure of private sector banks, the RBI had on Friday said that non-promoter shareholdings would continue to be capped at 10% for individuals and non-financial institutions.

The approval by the central bank will be valid for one year.

In an exchange filing, the bank said,

• We wish to inform you that Kotak Mahindra Bank has received an intimation from Life Insurance Corporation of India stating that the Reserve Bank of India had granted its approval to UC, for increasing its holding in the bank up to 9.99% of the paid up equity share capital of bank.

LIC's raising of stake is subject to compliance with the provisions of the directions given by RBI in 2015 and required regulations by the market regulator.

The RBI norms mandate that every person or an entity who intends to make an acquisition in Private Banks of more than 5% stake, prior approval is needed from the central bank.

Voltas share price will also be in focus today.

Voltas is planning to set up a compressor manufacturing unit in partnership with an international partner and will invest around Rs 5 bn.

The leading domestic air-conditioner maker said it is planning to invest in a joint venture company, with an international partner, which requires PN3 (Press Note 3) approval.

The Tata group company's MD and CEO Pradeep Bakshi did not share any details of its international partner, but said it is one of the largest compressor manufacturers globally.

Here's what he told at an investors roundtable of PLI schemes on white goods.

• For that, we have already filed for PN3 approval and we are waiting for it. Once it is done, we will be setting up the plant.
  
  We plan to invest a minimum of Rs 3.5 bn on compressor manufacturing and another Rs 1.5-2 bn for air-conditioning.

The company is yet to decide on a place for its compressor manufacturing plant as it is still waiting for the finalisation of the PN3 application.

Note that the government has already approved the proposals of Voltas for manufacturing of Cross Flow Fan (CFF), Heat Exchangers and Plastic Moulding components under the PLI scheme.

RBI to Start Insolvency Process of Reliance Capital

The RBI has superseded the board of Reliance Capital as the company defaulted on various payment obligations to its creditors and the company will go under the insolvency process soon.

In a statement, RBI said,

• In exercise of the powers conferred under Section 45-IE (1) of the RBI Act, 1934, the Reserve Bank has superseded the board of directors of Reliance Capital (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively.

RBI said there were serious governance concerns which the board has not been able to address effectively.

The central bank has also appointed former Bank of Maharashtra director Y Nageswar Rao as the administrator of the company.

The Reserve Bank said it will shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy code.

Reliance Capital will become the third non-banking financial company (NBFC) to go under the insolvency procedure after DHFL and Srei Group companies.

Tata Chemicals Eyes Acquiring Battery Business of UK Firm in EV Push

Tata group is in talks to buy the battery materials business of a United Kingdom-based firm in a concerted effort to capitalise on the booming electric vehicle (EV) market in India.

Tata Chemicals is currently negotiating with British battery maker and sustainable technologies company Johnson Matthey.

The Tata group company has emerged as one of the frontrunners in taking over the battery business of the British chemicals major after the firm wanted to exit the business. The deal is expected to be valued at US$500-700 m.

Tata's acquisition of the battery business will give a further push to its EV dominance in one of the largest and fastest-growing EV markets in the world.

While Tata's EV portfolio with the likes of Nexon EV, Tigor EV and others has come to command 70.57% of the total sales in the first of the financial year 2022, the higher cost of EVs often leads to loss of customers.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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