Indian share markets continued to trade lower in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty and metal stocks being the biggest losers. IT and oil and gas are among the few stocks trading in the green.
Most of the engineering stocks are trading in the green led by ABB Ltd and Alstom. As per a leading financial daily Titagarh Wagons Ltd (TWL) has entered into metro coach manufacturing business. The company recently won a contract for the midlife special repair and rehabilitation of seven rakes from the Kolkata Metro. The company is already present in manufacturing of passenger coaches- electrical multiple units. TWL has upgraded its facilities at Uttarpara (in West Bengal) to gear itself up for manufacture of all types of passenger coaches including metro coaches. TWL stock is presently trading up by 5%.
Private banking stocks are trading mixed today. While Federal Bank and Axis Bank are leading the pack of gainers, Kotak Mahindra Bank is trading weak. As per a leading business daily, Yes Bank has received shareholder's approval to raise capital to the tune of USD 500 m for its future growth plans. The bank will raise the capital through global qualified institutional placement. It will issue 53.5 m shares at Rs 550 per share. The issue will result in dilution of 12.9% of the bank's expanded capital base. The equity infusion will augment the bank's total capital adequacy ratio (CAR) to over 18% (from 14.4% as of March 2014), while the Tier I capital alone will increase to over 13%. Yes Bank grew its advances at a compounded annual growth rate of 25.8% YoY over the last 5 years. Yes Bank stock is trading higher by 0.8% today.