Keep an eye on PNB, Kotak Mahindra, Airtel and Maruti

Banking stocks: All bank stocks may sulk today. PNB default list & StanChart results to impact. PNB declares 904 defaulters wilful, amount owed Rs 10,896 crore. Bank regularly publishes wilful defaulters list. Bank had declared 345 defaulters owing Rs 9,203 crore in September 2015 and declared 764 defaulters owing Rs 10,869 crore in February 2016. Winsome Diamonds, Forever Precious Jewellery among some defaulters. Zoom Developers, NAFED, Ramsarup Wires, S Kumar among some defaulters.Strike at Tata Motors Sanand Plant: 300 workmen on illegal flash strike on February 22. Demand for re-instatement of workmen suspended for serious misconduct. Continued agitation for further monetary increases. Stock impact limited, sentiment hit only. Domestic revenue contributes only 13 percent to consolidated revenues. Domestic EBITDA contributes only 5 percent to consolidated revenues. Maruti: Maruti resumes production of vehicles in Gurgaon & Manesar. Production resumed yesterday in second half. Supply of components started gradually. Total production loss due to Jat agitation is 10,000 units.Kotak- Airtel deal sealed: Kotak Mahindra Bank will buy 19.9 percent stake worth Rs 98 crore in Airtel M Commerce Services Ltd (AMSL), which last year has been granted in-principle approval by RBI to convert itself into a payments bank.
AMSL is a 100 percent subsidiary of Bharti Airtel.

Kotak Mahindra has signed a share subscription and shareholders agreement on February 23, 2016 with AMSL and Bharti Airtel for agreeing to acquire 9,83,82,022 equity shares at Rs 10 each aggregating to Rs 98.38 crore being 19.90 percent of the paid-up capital of AMSL, the bank said in a regulatory filing to BSE.

The bank said it has obtained approval from RBI for acquiring equity stake in AMSL.NCC exits Bangalore elevated project. NCC sells entire 38 percent stake to IDFC Alternatives Fund. Transaction at EV of Rs 750 crore. FY15 revenue contribution: Rs 28 crore. Consolidated debt at Rs 3,500 crore.Standard Chartered: India's largest foreign lender in terms of branches. 2015 India Loss before tax: Rs 6,729 crore versus Profit of Rs 3,848 crore. Impairment losses on loans & other credit risk provisions down by 8 times. Management says financial performance to remain subdued in 2016 as well.