Shares of Kotak Bank, Vedanta, HDFC, Tata Steel IndusInd Bank and HDFC Bank in Brief July 5

Indian stock markets are expected to extend their gains on Tuesday. Heading into the session, SGX Nifty was up in the green, suggesting an early gap for the benchmarks BSE Sensex, NSE Nifty 50. Global indices were positive after Wall Street stock indexes soared on Monday. Asian stock markets reflected the rise. Nifty’s short-term trend continues to be positive with range movement, analysts say. “Markets will be guided by the minutes of the US Fed meeting (Wednesday). The June quarter earnings season will kick off with TCS reporting its numbers for July 8 through Friday, followed by Avenue Supermarts on the 9th (Saturday) said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.

Focus on stocks on July 5, Tuesday

Kotak Mahindra Bank: The Reserve Bank imposed fines of around Rs 1 crore on Kotak Mahindra Bank for regulatory compliance failures. A fine of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for violating certain standards related to the “Depositor Education and Awareness Fund Scheme, 2014” and for failing to comply with instructions on “Protection Customers – Limitation of Customer Liability in Unauthorized Cases”. Electronic Banking Transactions” and “Loans and Advances – Statutory and Other Restrictions,” the banking regulator said.

HDFC-HDFC Bank: HDFC Bank announced on Monday that the Reserve Bank of India (RBI) has approved its merger with Housing Development Finance Corporation (HDFC). Once all approvals are in place, HDFC Bank will become a 100% public institution, with the HDFC promoter’s 21% stake ceasing. Sashidhar Jagdishan, who became Managing Director and CEO of HDFC Bank in October 2020, will lead the merged entity.

Vedanta: Vedanta on Monday reported a 3% increase in aluminum production to 5.65,000 tonnes in the April-June quarter of the current fiscal year. Mined metal production at Zinc India increased by 14% to 2,52,000 tonnes due to higher ore production at all mines and supported by better mill recovery. Marketable iron ore production in Karnataka in the first quarter decreased by 14% to 1.26 million tonnes from 1.46 MT due to heavy rains which affected ore handling. The company’s total salable steel production fell by 7% to 2,69,000 tonnes.

Tata Steel: The Center on Monday finalized the privatization of Neelachal Ispat Nigam (NINL) by selling it to the Tata group company Tata Steel Long Products (TSLP). “NINL’s strategic divestiture transaction was completed today with the transfer of 93.71% of the company’s shares by 6 JV partners and shareholders to TSLP, a subsidiary of Tata Steel,” the Secretary of the Board tweeted. Department of Investment and Public Assets Management (DIPAM), Tuhin Kanta Pandey.

IndusInd Bank: The Reserve Bank said on Monday it had imposed penalties of about Rs 1 crore on IndusInd Bank for regulatory compliance failures. A penalty of Rs 1 crore has been imposed on IndusInd Bank for failing to meet certain Know Your Customer (KYC) standards, the banking regulator has said. In addition, the RBI also imposed sanctions on four cooperative banks.

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