05 Jul , 2022 By : Monika Singh
Indian equity markets are likely to extend gains on Tuesday. Ahead of the session, SGX Nifty was up in the green, suggesting a gap-up start for benchmark indices BSE Sensex, NSE Nifty 50. Global cues were positive after Wall Street equity indices zoomed ahead on Monday. Asian stock markets mirrored the up-move. The short-term trend of Nifty continues to be positive with range movement, according to analysts. “Markets will take cues from US Fed minutes of meeting (Wednesday). The June quarter earnings season will kick-start with TCS reporting its numbers on 8th July – Friday followed by Avenue Supermarts on 9th (Saturday),” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Kotak Mahindra Bank: The Reserve Bank has imposed penalties of about Rs 1 crore on Kotak Mahindra Bank for deficiencies in regulatory compliance. A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for contravention of certain norms related to ‘The Depositor Education and Awareness Fund Scheme, 2014’ and for non-compliance with the directions on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, and ‘Loans and Advances – Statutory and Other Restrictions’, the banking regulator said.
HDFC-HDFC Bank: HDFC Bank on Monday said the Reserve Bank of India (RBI) has approved its amalgamation with Housing Development Finance Corporation (HDFC). Once all approvals are in place, HDFC Bank will become a 100% publicly owned institution, with HDFC’s 21% promoter holding getting extinguished. Sashidhar Jagdishan, who became MD & CEO of HDFC Bank in October ,2020 will lead the merged entity.
Vedanta: Vedanta on Monday reported a 3% increase in its aluminium production to 5,65,000 tonnes in the April-June quarter of the ongoing fiscal. Mined metal production at Zinc India increased by 14% to 2,52,000 tonnes due to higher ore production across all the mines and supported by better mill recovery. The production of saleable iron ore in Karnataka in the first quarter declined by 14% to 1.26 million tonnes over 1.46 MT on account of heavy rainfall which impacted ore handling. The company’s total production of saleable steel declined by 7% to 2,69,000 tonnes.
Tata Steel: The Centre on Monday completed the privatisation of Neelachal Ispat Nigam (NINL) by transferring it to Tata group company Tata Steel Long Products (TSLP). “The strategic disinvestment transaction of NINL completed today with transfer of 93.71% shares of the company by 6 JV partners and shareholders to TSLP, a subsidiary of Tata Steel,” department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey tweeted.
IndusInd Bank: The Reserve Bank on Monday said it has imposed penalties of about Rs 1 crore on IndusInd Bank for deficiencies in regulatory compliance. A penalty of Rs 1 crore has been imposed on IndusInd Bank for non-compliance with certain Know Your Customer (KYC) norms, the banking regulator said. Besides, the RBI has also imposed penalties on four co-operative banks.