NEW DELHI: Private lender Kotak Mahindra Bank today said its board has approved raising the ceiling for investment by foreign institutional investors to 42 per cent.
"The board of directors of the bank has approved, subject to statutory and regulatory approvals as may be necessary, increase in ceiling limit for investment by FIIs/sub-accounts of FIIs, FPIs, QFIs, NRIs and PIOs in the equity share capital of the bank, from 40 per cent to 42 per cent," Kotak Mahindra BankBSE 0.83 % said in a BSE filing.
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India will produce 20.3 million tonnes of sugar in the year to September 2017, a leading industry body said on Tuesday, 5 percent lower than a previous forecast.Lower sugar output in India, the world’s biggest producer behind Brazil, could exacerbate shortages and further push up prices of the sweetener.
Sugar output would fall after two straight droughts ravaged cane crops in states such as Maharashtra, Karnataka, Andhra Pradesh and Telangana, the Indian Sugar Mills Association said.
Since sugar is the cheapest source of energy for India’s millions of poor, any spike in prices sparks anger and draws criticism.
Indians, known for their penchant for anything sweet, consume about 25 million tonnes of sugar a year.
BULLS vs. BEARS
Estimation of higher crops-Bear
Rise in demand at lower level -Bull
Imposed stock limits-Bear
Fall in area under cultivation-Bull
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