Day: 23 March 2014

Federal Bank shares up after RBI allowed Foreign investors to purchase stake in the private bank up to 74 %. RBI said that restrictions placed on the purchase of Federal Bank shares have been withdrawn with immediate effect. The restrictions were removed as government approved increasing foreign investment in Federal Bank from 49 % to 74 % for its paid up equity share capital. Foreign Investment include investments by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI). The stock of Federal Bank closed at Rs 91.15 on the BSE. It hit a low of Rs 86.75 and a high of Rs 91.75 in the trade today.

UK Supermarket -  Tesco said that following receipt of approval from the Indian Foreign Investment Promotion Board, it has entered into a deal with Trent Limited to form 50:50 joint venture with  the operator of the Star Bazaar retail business, Trent Hypermarket Limited (THL). Tata Group firm, Trent Ltd shares rallied after the company formally announced 50:50 joint ventures with British retail giant Tesco to set up the very first foreign supermarket to enter the country's $500 billion pounds retail sector. The world's third-largest retailer, which since 2008 has had a franchise agreement to provide support to Star Bazaar, had made the application to India's FIPB in December. On completion of the transaction THL will operate 12 stores retailing a range of merchandise including food and ...