Kotak Mahindra Bank has received intimation from the RBI to bring down the shareholding of its promoters to 40 per cent by September 30, it said in a release to the bourses. This follows RBI’s earlier announcement dated June 27, 2012, to bring down the promoter shareholding in Kotak Mahindra Bank. The bank has to further reduce the stake to 30 per cent by December 31, 2016. Currently, promoters hold 43.58 per cent shares in the private sector bank.
Q4 Nos: Prestige Estates likely to remain resilient
Prestige Estates Projects, one of the major real estate developers from the South, has registered a 6.9 per cent rise in profit after tax in the fourth quarter of FY14. The company has major presence in Bangalore, a city that has shown rising real estate investment interest in the recent past. As the economy gears up for a revival under the new government, the sector is expected to remain on the radars of investors. Besides, the stock has shown resilience.
HPCL testing barrier with negative bias
Hindustan Petroleum Corporation is scheduled to announce its FY14 results on Wednesday. Taking support at ₹300 in early May, the stock accelerated. But it met with a key resistance at ₹434 last week and is testing this level. It has gained 32 per cent this month. Its daily indicators are weakening, projecting a reversal. A fall below ₹410 can pull the stock down to ₹380 or to ₹350. Conversely, a decisive break of ₹434 can take it to ₹460 and then to ₹475 in the short-term.