Key benchmark indices could see a flat opening today, 21 November 2014. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 1 point at the opening bell.
Kotak Mahindra Bank's board of directors at its meeting held yesterday, 20 November 2014, considered and granted its approval for the amalgamation of ING Vysya Bank with Kotak Mahindra Bank. The board has approved the share swap ratio of 725 equity share of Rs 5 each of Kotak Mahindra Bank for every 1000 equity shares of Rs 10 each held in ING Vysya Bank. Post-amalgamation, shareholders of ING Vysya Bank will receive shares of Kotak Mahindra Bank in the aforementioned ratio, resulting in change in shareholding of Kotak Mahindra Bank.
The proposed consolidation is founded on leveraging significant complementarities that exist between both the banks, particularly relating to branch network, product offerings and customer segments, Kotak Mahindra Bank said. This revenue synergy led and growth oriented amalgamation, adopting best practices of banking, governance and prudence from both banks, is expected to result in a superior platform benefitting from efficiencies of size and scope over time for all stakeholders such as shareholders, customers, and employees, Kotak Mahindra Bank said. The amalgamation does not fall within the purview of related party transactions, the bank added.
Meanwhile, the board of ING Vysya Bank approved the proposed amalgamation with Kotak Mahindra Bank. The board has approved the share swap ration of 725 equity share of Rs 5 each of Kotak Mahindra Bank for every 1000 equity shares of Rs 10 each held in ING Vysya Bank.
Tech Mahindra after market hours yesterday, 20 November 2014 said that it has signed a definitive agreement to acquire global network services, leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. The transaction is expected to close by Q4 of Tech Mahindra's 2015 fiscal year, the company said in a statement. Headquartered in McLean, Virginia, LCC is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry, with more than 5,000 employees in over 50 countries.
NHPC after market hours yesterday, 20 November 2014 said that due to some fault in one of the GSU transformer of Unit 2 of Uri II power station, a fire has broken out in the power station on 20 November 2014. It has resulted in a thick blanket of smoke inside the power house. The power station has been immediately shutdown. All the operating staff came out safely, NHPC said. Fire fighting system/fire tenders have been mobilized from Srinagar & Uri I power station, the company added. People are not able to go inside the power house due to heavy smoke. Efforts are being made to control the fire by taking the help of fire department of J&K, NHPC said.
Yes Bank will be watched after the Reserve Bank of India (RBI) on Thursday, 20 November 2014, notified that the aggregate share holdings in Yes Bank by Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect. Equity shares of Yes Bank can now be purchased through primary market and stock exchanges, RBI said in a statement.
In a sudden reversal, key benchmark indices staged a sharp recovery in late trade on Thursday, 20 November 2014. The S&P BSE Sensex advanced 34.71 points or 0.12% to settle at 28,067.56, its highest closing level since 18 November 2014. The CNX Nifty rose 19.60 points or 0.23% to settle at 8,401.90, its highest closing level since 18 November 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Thursday, 20 November 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 477.15 crore on that day.
Asian markets were mixed Friday, 21 November 2014, with a record close on Wall Street unable to lift investors at the end of a disappointing week that saw Japan plunge into recession. Key benchmark indices in China, Hong Kong, Indonesia and Japan were off 0.01% to 0.78%. Key benchmark indices in Singapore, South Korea and Taiwan were up 0.04% to 0.68%.
US stocks edged higher on Thursday, 20 November 2014, afternoon as data showed further strength in the US economy and Intel gave an upbeat forecast.
Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained.
Tech shares helped to lead the day's gains after Intel's revenue outlook for 2015 was above Wall Street's expectations and the company also raised its dividend. Intel shares climbed 3.8% to $35.65, giving a boost to all three major indexes.
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