Life Insurance Corporation (LIC) of India has increased its shareholding in Cairn India by 2.064% to 7.088%, according to a notification on Bombay Stock Exchange. The trade was executed through various brokers by a market purchase and was worth Rs 1,283 crore. The total number of shares now being held by LIC in Cairn India now stands at 135,376,217. Recently, the finance ministry had allowed LIC to hold over 30% stake in any listed company.
Sebi suspends Parklight Investments for 1 week
Market regulator Sebi has suspended stock broker, Parklight Investments, for one week following its alleged involvement in creating artificial volumes in the trading of Genus Commutrade shares. In its order dated December 31, Sebi suspended the certificate of registration of the noticee, Parklight Investments, a trading member of BSE for a period of one week. Sebi (Securities and Exchange Board of India) had conducted investigation into the trading Genus Commutrade Ltd (GCL)shares for the period May 14-July 20, 2001 on the basis of an internal probe carried out by the stock exchange BSE.
BofA-ML upgrades Tata Motors, sets target at R360
Bank of America-Merrill Lynch upgrades Tata Motors to buy from neutral and raises its target price to R360 from R285. BofA-ML cites expectations Tatas key unit Jaguar Land Rover would meet full-year sales expectations of 363,000 units and sustain momentum. At home, the investment bank says Tatas truck/bus unit is closer to a trough, while light commercial vehicles are growing ahead of peers and the utility vehicles segment is benefitting from a structural uptrend. The domestic cars unit may not recover, BofA-Merrill adds, but says lowered expectations have been built into forecasts.