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The BSE index surged 218.91 points or 0.62 per cent to 35,446.17 and the NSE index climbed 61.30 points or 0.57 per cent to 10,757.50.

Domestic sentiment was buoyed as the Indian economy registered a growth rate of 7.7 per cent for the January-March quarter, the fastest it has grown since April-June 2016-17.

Asian shares rose to their highest level in two-and-a-half-weeks as strong US jobs data offset worries that tariff wars between the United States and the rest of the world could drag on global economic growth.

Hero MotoCorp, L&T, Bajaj Finance, Titan Company, HDFC Bank, ICICI Bank, Dr Reddy's Labs, IndusInd Bank, HPCL, Tata Motors, BPCL, GAIL, IOC, HDFC and Coal India gained up to 2.5 percent.

Asian shares rose to their highest level in two-and-a-half-weeks as strong US jobs data offset worries that tariff wars between the United States and the rest of the world could drag on global economic growth.

The BSE index surged 218.91 points or 0.62 per cent to 35,446.17 and the NSE index climbed 61.30 points or 0.57 per cent to 10,757.50. Domestic sentiment was buoyed as the Indian economy registered a growth rate of 7.7 per cent for the January-March quarter, the fastest it has grown since April-June 2016-17. Asian shares rose to their highest level in two-and-a-half-weeks as strong US jobs data offset worries that tariff wars between the United States and the rest of the world could drag on global economic growth. Hero MotoCorp, L&T, Bajaj Finance, Titan Company, HDFC Bank, ICICI Bank, Dr Reddy's Labs, IndusInd Bank, HPCL, Tata Motors, BPCL, GAIL, IOC, HDFC and Coal India gained up to 2.5 percent.

Sensex surges 219 points; Nifty jumps to 10,757 on global cues

Crude oil futures lost more ground&nbsp;on Friday, with the US&nbsp;market set for a second week of decline on pressure from record US&nbsp;production and expectations of OPEC boosting output.

US&nbsp;West Texas Intermediate crude lost 16 cents, or 0.2 per cent, to $66.88 a barrel by 0423 GMT, after falling almost 2 per cent&nbsp;on Thursday.

Global benchmark Brent crude, which was little changed in the previous session, was down 9 cents, or 0.1 per cent, to $77.47 per barrel.

For the week, WTI is on track for a 1.5 per cent fall, adding to last week's near 5 per cent decline, while Brent is set to rise 1.3 per cent, widening the spread between the two benchmarks.

US&nbsp;crude production has been rising to record-high levels since late last year. In March it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration (EIA) said&nbsp;on Thursday.

"US&nbsp;production is growing, the line is growing straight up when you look at US&nbsp;production," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.

"The big thing is the increasing spread between Brent and WTI. Financially it makes sense for buyers to take WTI as it is so cheap."

On Thursday, the premium for Brent over WTI surpassed $11 a barrel, the largest since early 2015. It has doubled in less than a month, as a lack of pipeline capacity in the United States has trapped a lot of output inland.

"A drop in inventories in the US&nbsp;was overshadowed by US&nbsp;output which jumped to a record-high level," ANZ said in a note.

U.S. crude stockpiles fell 3.6 million barrels last week, the EIA said, exceeding expectations for a decline of 525,000 barrels.

Brent hit a three-week low below $75 a barrel&nbsp;on Monday&nbsp;after OPEC and its allies, including Russia, indicated they could adjust their deal to curb supplies and increase production, but recovered later in the week.

OPEC and non-OPEC producers have committed to cut output by 1.8 million bpd until the end of 2018, but are ready to make gradual supply adjustments to deal with shortages, a Gulf source familiar with Saudi thinking told Reuters late&nbsp;on Wednesday.

Sources told Reuters last week that Saudi Arabia, the effective leader of OPEC, and Russia were discussing boosting output by about 1 million bpd to compensate for losses in supply from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output.

Russia would be able to raise its oil output back to pre-cut levels within months if there is a decision to unwind the price-protection deal with OPEC and other producers, a Russian energy ministry official said.

Concerns about US&nbsp;bottlenecks are contributing to the decline in US&nbsp;futures as well. Prices for physical barrels of US&nbsp;light sweet crude delivered at Midland are at their largest discount to the benchmark US&nbsp;futures price in almost four years.

US West Texas Intermediate crude lost 16 cents, or 0.2 per cent, to $66.88 a barrel

Crude oil futures lost more ground on Friday, with the US market set for a second week of decline on pressure from record US production and expectations of OPEC boosting output. US West Texas Intermediate crude lost 16 cents, or 0.2 per cent, to $66.88 a barrel by 0423 GMT, after falling almost 2 per cent on Thursday. Global benchmark Brent crude, which was little changed in the previous session, was down 9 cents, or 0.1 per cent, to $77.47 per barrel. For the week, WTI is on track for a 1.5 per cent fall, adding to last week's near 5 per cent decline, while Brent is set to rise 1.3 per cent, widening the spread between the two benchmarks. US crude production has been rising to record-high levels since late last year. In March it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration (EIA) said on Thursday. "US production is growing, the line is growing straight up when you look at US production," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. "The big thing is the increasing spread between Brent and WTI. Financially it makes sense for buyers to take WTI as it is so cheap." On Thursday, the premium for Brent over WTI surpassed $11 a barrel, the largest since early 2015. It has doubled in less than a month, as a lack of pipeline capacity in the United States has trapped a lot of output inland. "A drop in inventories in the US was overshadowed by US output which jumped to a record-high level," ANZ said in a note. U.S. crude stockpiles fell 3.6 million barrels last week, the EIA said, exceeding expectations for a decline of 525,000 barrels. Brent hit a three-week low below $75 a barrel on Monday after OPEC and its allies, including Russia, indicated they could adjust their deal to curb supplies and increase production, but recovered later in the week. OPEC and non-OPEC producers have committed to cut output by 1.8 million bpd until the end of 2018, but are ready to make gradual supply adjustments to deal with shortages, a Gulf source familiar with Saudi thinking told Reuters late on Wednesday. Sources told Reuters last week that Saudi Arabia, the effective leader of OPEC, and Russia were discussing boosting output by about 1 million bpd to compensate for losses in supply from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output. Russia would be able to raise its oil output back to pre-cut levels within months if there is a decision to unwind the price-protection deal with OPEC and other producers, a Russian energy ministry official said. Concerns about US bottlenecks are contributing to the decline in US futures as well. Prices for physical barrels of US light sweet crude delivered at Midland are at their largest discount to the benchmark US futures price in almost four years.

Crude oil eases on record US production, OPEC supply hopes

Canada hit back at steep US tariffs on aluminum and steel&nbsp;on Thursday, announcing retaliatory duties on up to Can$16.6 billion (US$12.8 billion) in American imports.

Prime Minister Justin Trudeau told a news conference the US tariffs were "totally unacceptable."

"These tariffs are an affront to the long standing security partnership between Canada and the United States, and in particular, an affront to the thousands of Canadians who have fought and died alongside their American brothers in arms," he said, noting the US national security justification for its measures.

"We have to believe that at some point, common sense will prevail. But we see no sign of that in this action today by the US administration," the prime minister said.

The Canadian tariffs, which Foreign Minister Chrystia Freeland said are proportional to the US duties, will be applied to US steel and aluminum as well as consumer products from&nbsp;July 1.

These items include yogurt, coffee, sugar, toilet paper, sailboats, mattresses, washing machines and lawn mowers -- all aimed at exerting pressure on key US states that export a lot to Canada.

At the same time, Ottawa will challenge the "illegal and counterproductive" US measures under the North American Free Trade Agreement (NAFTA) and at the World Trade Organization, said Freeland.

The tit-for-tat trade spat comes after nine months of negotiations between Canada, Mexico and the United States to revamp NAFTA bogged down.

Washington had granted Canada and Mexico an exemption on the metal tariffs to give the parties time to successfully negotiate a new free trade deal.

But Washington rejected the latest offer from its neighbors to accept a larger US share of North American auto manufacturing in exchange for the US dropping other contentious demands.

Trudeau said he spoke with US President Donald Trump last week and offered to fly to Washington and sit down with him to hammer out the "final details of NAFTA because there were broad lines of a decent win-win-win deal on the table."

But Vice President Mike Pence called back this week to set a NAFTA sunset clause as a precondition for the meeting, which both Canada and Mexico had rejected.

Trudeau said he replied that "there was no possibility of any Canadian prime minister signing a NAFTA deal that included a five-year sunset clause."

"Obviously, the visit didn't happen," he said.

Late&nbsp;Thursday, President Donald Trump said in a statement it was made clear to Trudeau that the US "will agree to a fair deal, or there will be no deal at all."

"The United States has been taken advantage of for many decades on trade.&nbsp;Those days are over," he said.

Meanwhile, last month and earlier&nbsp;Thursday, Ottawa also unveiled measures to stop transshipments of steel and aluminum into the North American market, hoping to satisfy US concerns and avert a trade war.

But hope faded when US Commerce Secretary Wilbur Ross announced that the United States would impose tariffs of 25 percent on steel and 10 percent on aluminum from Canada and others from&nbsp;Friday.

Freeland noted that the United States has a US$2 billion trade surplus with Canada in steel, and that "roughly half" of all US steel exports go to Canada.

Prime Minister Justin Trudeau told a news conference the US tariffs were "totally unacceptable."

Canada hit back at steep US tariffs on aluminum and steel on Thursday, announcing retaliatory duties on up to Can$16.6 billion (US$12.8 billion) in American imports. Prime Minister Justin Trudeau told a news conference the US tariffs were "totally unacceptable." "These tariffs are an affront to the long standing security partnership between Canada and the United States, and in particular, an affront to the thousands of Canadians who have fought and died alongside their American brothers in arms," he said, noting the US national security justification for its measures. "We have to believe that at some point, common sense will prevail. But we see no sign of that in this action today by the US administration," the prime minister said. The Canadian tariffs, which Foreign Minister Chrystia Freeland said are proportional to the US duties, will be applied to US steel and aluminum as well as consumer products from July 1. These items include yogurt, coffee, sugar, toilet paper, sailboats, mattresses, washing machines and lawn mowers -- all aimed at exerting pressure on key US states that export a lot to Canada. At the same time, Ottawa will challenge the "illegal and counterproductive" US measures under the North American Free Trade Agreement (NAFTA) and at the World Trade Organization, said Freeland. The tit-for-tat trade spat comes after nine months of negotiations between Canada, Mexico and the United States to revamp NAFTA bogged down. Washington had granted Canada and Mexico an exemption on the metal tariffs to give the parties time to successfully negotiate a new free trade deal. But Washington rejected the latest offer from its neighbors to accept a larger US share of North American auto manufacturing in exchange for the US dropping other contentious demands. Trudeau said he spoke with US President Donald Trump last week and offered to fly to Washington and sit down with him to hammer out the "final details of NAFTA because there were broad lines of a decent win-win-win deal on the table." But Vice President Mike Pence called back this week to set a NAFTA sunset clause as a precondition for the meeting, which both Canada and Mexico had rejected. Trudeau said he replied that "there was no possibility of any Canadian prime minister signing a NAFTA deal that included a five-year sunset clause." "Obviously, the visit didn't happen," he said. Late Thursday, President Donald Trump said in a statement it was made clear to Trudeau that the US "will agree to a fair deal, or there will be no deal at all." "The United States has been taken advantage of for many decades on trade. Those days are over," he said. Meanwhile, last month and earlier Thursday, Ottawa also unveiled measures to stop transshipments of steel and aluminum into the North American market, hoping to satisfy US concerns and avert a trade war. But hope faded when US Commerce Secretary Wilbur Ross announced that the United States would impose tariffs of 25 percent on steel and 10 percent on aluminum from Canada and others from Friday. Freeland noted that the United States has a US$2 billion trade surplus with Canada in steel, and that "roughly half" of all US steel exports go to Canada.

Canada hits US with billions in retaliatory tariffs in steel row

China will cut import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, in a bid to boost imports as part of efforts to open up the economy.

The move would be in step with Beijing's pledge to its trade partners - including the United States - that China will take steps to increase imports, and offers a boon to global brands looking to deepen their presence in China.

The finance ministry published a detailed list of products affected and their new reduced tax rates&nbsp;on Thursday, following early announcements of the broader plan.

Starting next month, the average tariff rate on 1,449 products imported from most favoured nations will be reduced to 6.9 per cent from 15.7 per cent, which is equivalent to a cut of about 60 per cent, the finance ministry said in a statement on its website.

That followed an announcement from the State Council, or the country's Cabinet,&nbsp;on Wednesday&nbsp;that China will cut import tariffs on consumer items including apparel, cosmetics, home appliances, and drugs.

The tariff cuts this time are more broad-ranging than previous reductions.

Import tariffs for apparel, footwear and headgear, kitchen supplies and fitness products will be more than halved to an average of 7.1 per cent from 15.9 per cent, with those on washing machines and refrigerators slashed to just 8 per cent, from 20.5 per cent.

Tariffs will also be cut on processed foods such as aquaculture and fishing products and mineral water, from 15.2 per cent to 6.9 percent.

Cosmetics, such as skin and hair products, and some medical and health products, will also benefit from a tariff cut to 2.9 per cent from 8.4 per cent.

In particular, tariffs on drugs ranging from penicillin, cephalosporin to insulin will be slashed to zero from 6 per cent before.

In the meantime, temporary tariff rates on 210 imported products from most favoured nations will be scrapped as they are no longer favourable compared with new rates.

In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 per cent on average from 17.3 per cent, according to the finance ministry.

The move would be in step with Beijing's pledge to its trade partners - including the United States

China will cut import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, in a bid to boost imports as part of efforts to open up the economy. The move would be in step with Beijing's pledge to its trade partners - including the United States - that China will take steps to increase imports, and offers a boon to global brands looking to deepen their presence in China. The finance ministry published a detailed list of products affected and their new reduced tax rates on Thursday, following early announcements of the broader plan. Starting next month, the average tariff rate on 1,449 products imported from most favoured nations will be reduced to 6.9 per cent from 15.7 per cent, which is equivalent to a cut of about 60 per cent, the finance ministry said in a statement on its website. That followed an announcement from the State Council, or the country's Cabinet, on Wednesday that China will cut import tariffs on consumer items including apparel, cosmetics, home appliances, and drugs. The tariff cuts this time are more broad-ranging than previous reductions. Import tariffs for apparel, footwear and headgear, kitchen supplies and fitness products will be more than halved to an average of 7.1 per cent from 15.9 per cent, with those on washing machines and refrigerators slashed to just 8 per cent, from 20.5 per cent. Tariffs will also be cut on processed foods such as aquaculture and fishing products and mineral water, from 15.2 per cent to 6.9 percent. Cosmetics, such as skin and hair products, and some medical and health products, will also benefit from a tariff cut to 2.9 per cent from 8.4 per cent. In particular, tariffs on drugs ranging from penicillin, cephalosporin to insulin will be slashed to zero from 6 per cent before. In the meantime, temporary tariff rates on 210 imported products from most favoured nations will be scrapped as they are no longer favourable compared with new rates. In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 per cent on average from 17.3 per cent, according to the finance ministry.

China to slash import tariffs on many consumer products by 60 per cent

The ICICI Bank board on Friday denied that it has asked its MD and CEO Chanda Kochhar to go on indefinite leave.

In a statement, a bank spokesperson said,”The ICICI Bank Board denies having asked Ms&nbsp;Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor.”

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI&nbsp;&nbsp;Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.

ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group. Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.

The ICICI Bank board on Friday denied that it has asked its MD and CEO Chanda Kochhar to go on indefinite leave. In a statement, a bank spokesperson said,”The ICICI Bank Board denies having asked Ms Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor.” Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter. ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group. Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.

Chanda Kochhar on 'annual', not indefinite leave: ICICI Bank

Prices of Liquefied petroleum gas (LPG) were increased by Rs 48 and Rs 2 point 34 for non-subsidised and subsidised cylinders respectively in the national capital on Friday.

The new price for subsidised (14.2 Kg) cylinder in Delhi is Rs 493.55, while that of non-subsidised cylinder is Rs 698.50.

Besides Delhi, the new rates for subsidised cylinder are Rs 496.65 in Kolkata, Rs 491.31 in Mumbai and Rs 481.84 in Chennai respectively.

Non-subsidised LPG cylinders, on the other hand, are being sold at Rs 723.50 in Kolkata, Rs 671.50 in Mumbai and Rs 712.50 in Chennai.

Thie hike comes amid criticism that the government has been receiving for not curbing rising fuel prices for 16 consecutive days until May 30, when prices were brought by just 1 paisa. On Thursday, petrol prices were reduced by 7 paise, and another 6 paise on Friday.

In Delhi, Petrol now costs Rs 78.29 per litre, while diesel price has been revised to Rs 69.20 a litre.

(With inputs from ANI)

Non-subsidised LPG cylinders, on the other hand, are being sold at Rs 723.50 in Kolkata, Rs 671.50 in Mumbai and Rs 712.50 in Chennai.

Prices of Liquefied petroleum gas (LPG) were increased by Rs 48 and Rs 2 point 34 for non-subsidised and subsidised cylinders respectively in the national capital on Friday. The new price for subsidised (14.2 Kg) cylinder in Delhi is Rs 493.55, while that of non-subsidised cylinder is Rs 698.50. Besides Delhi, the new rates for subsidised cylinder are Rs 496.65 in Kolkata, Rs 491.31 in Mumbai and Rs 481.84 in Chennai respectively. Non-subsidised LPG cylinders, on the other hand, are being sold at Rs 723.50 in Kolkata, Rs 671.50 in Mumbai and Rs 712.50 in Chennai. Thie hike comes amid criticism that the government has been receiving for not curbing rising fuel prices for 16 consecutive days until May 30, when prices were brought by just 1 paisa. On Thursday, petrol prices were reduced by 7 paise, and another 6 paise on Friday. In Delhi, Petrol now costs Rs 78.29 per litre, while diesel price has been revised to Rs 69.20 a litre. (With inputs from ANI)

Non-subsidised LPG price gets Rs 48 jump, subsidised dearer by Rs 2.34

Benchmark indices started off last day of the week on a flat note despite better-than-expected fourth quarter GDP data.

BSE Sensex traded higher by 4.39 points, or 0.01%, to 35,326.77, while the Nifty 50 rose 12 points, or 0.11%, to 10,748.15.

Oil & Natural Gas Corp. Ltd shares fell 2.3% to Rs173.20 after PTI reported that the government may ask ONGC to bear fuel subsidy to help cut petrol and diesel prices.

BSE Sensex traded higher by 4.39 points, or 0.01%, to 35,326.77, while the Nifty 50 rose 12 points, or 0.11%, to 10,748.15.

Benchmark indices started off last day of the week on a flat note despite better-than-expected fourth quarter GDP data. BSE Sensex traded higher by 4.39 points, or 0.01%, to 35,326.77, while the Nifty 50 rose 12 points, or 0.11%, to 10,748.15. Oil & Natural Gas Corp. Ltd shares fell 2.3% to Rs173.20 after PTI reported that the government may ask ONGC to bear fuel subsidy to help cut petrol and diesel prices.

Sensex, Nifty flat in opening amid trade war fears

In a major setback to the Air India disinvestment process, the government today said no initial bids were received for the proposed stake sale and various options would be explored for the future of the debt-laden national carrier.

The deadline for submission of Expression of Interest (EoI) ended today with not a single bidder evincing interest in the airline, nearly one year after the Prime Minister Narendra Modi-led NDA government gave its nod for the stake sale.

In nearly two decades, this is the second time that Air India stake sale has not taken off. Back in 2001, during the then NDA government, the disinvestment process was scrapped.

"As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet.

"Further course of action will be decided appropriately," it added.

EY is the transaction adviser for the process.

Civil Aviation Secretary R N Choubey said the government was expecting better participation for the Air India stake sale and indicated that there could be a re-think on the strategy.

The alternative mechanism headed by the finance minister would decide the future course of action on Air India disinvestment, Choubey said, even as he emphasised that the government would not like the airline to lose the market share.

A joint forum of Air India employee unions claimed "victory" as the government failed to attract bidders.

To a query on the possible impact on the government's fiscal deficit and disinvestment target, Economic Affairs Secretary Subhash Chandra Garg said, "We would need to look at what these options are whichever option is chosen... will have an implication for the current year".

The government has proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players, as per the preliminary information memorandum.

The transaction would involve Air India, its low-cost arm Air India Express and Air India SATS Airport Services Pvt Ltd. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.

Under the proposed disinvestment process, around Rs 33,000 crore debt would have remained with Air India. The national carrier's debt burden was about Rs 50,000 crore at the end of March 2017.

Earlier this month, the government had extended the EoI submission deadline to May 31 from the previous date of May 14. The qualified interested bidders were to be intimated on June 15.

"The buzz we received (about Air India stake sale) was certainly encouraging... The transaction adviser will be finding out what is it that they (potential bidders) still found to be a deterrent. We will sit together and take stock," he noted.

Choubey said the entire process has been a great learning experience and we are in a much better position to judge what the market wants.

"We, again and again, informed the market that the government has no intention of doing any kind of control other than whatever is the limited rights that we will get as part of shareholders' agreement. We did not leave it ambiguous. Our impression is that we were very very clear which ought to have given the comfort that the new buyer can run exactly as it wants," he said.

The government would retain 24 per cent stake in the national carrier, the winning bidder would be required to stay invested in the airline for at least three years, as per the memorandum that was issued on March 28.

Indicating that there would be a re-think on disinvestment strategy, Choubey said the government would factor in all the learnings, including those related to employees and debt while deciding the future course of action.

The government will ensure that the airline does not face "any operational difficulties following the latest developments", Choubey said.

He was responding to a query on whether the airline would now be having more financial uncertainties as there are decisions linked to the outcome of the disinvestment process.

In April, both IndiGo and Jet Airways had said that they would not be participating in the Air India disinvestment process. IndiGo was the first to evince interest in Air India disinvestment when the government had mooted the plan last year.

Explaining about the next steps, Choubey said the process involves going to the evaluation committee -- which is an inter-ministerial grouping -- under the Department of Investment and Public Asset Management (DIPAM), then to the Core Group on Disinvestment headed by Cabinet Secretary and finally to the alternative mechanism.

The alternative mechanism on Air India is likely to take up the matter in a couple of weeks, he added.

"Various options are available and the alternate mechanism would take a call," he said, adding that current bid process cannot go forward since there are no EoIs.

Air India is staying afloat on a bailout package worth over Rs 30,000 crore approved by the previous UPA regime in 2012.

Aviation consultancy CAPA urged the government to carry out a comprehensive restructuring of debt-ridden Air India and followed by 100 per cent divestment with less complex terms.

A joint forum of Air India employee unions claimed "victory" as the government failed to attract bidders.

In a major setback to the Air India disinvestment process, the government today said no initial bids were received for the proposed stake sale and various options would be explored for the future of the debt-laden national carrier. The deadline for submission of Expression of Interest (EoI) ended today with not a single bidder evincing interest in the airline, nearly one year after the Prime Minister Narendra Modi-led NDA government gave its nod for the stake sale. In nearly two decades, this is the second time that Air India stake sale has not taken off. Back in 2001, during the then NDA government, the disinvestment process was scrapped. "As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet. "Further course of action will be decided appropriately," it added. EY is the transaction adviser for the process. Civil Aviation Secretary R N Choubey said the government was expecting better participation for the Air India stake sale and indicated that there could be a re-think on the strategy. The alternative mechanism headed by the finance minister would decide the future course of action on Air India disinvestment, Choubey said, even as he emphasised that the government would not like the airline to lose the market share. A joint forum of Air India employee unions claimed "victory" as the government failed to attract bidders. To a query on the possible impact on the government's fiscal deficit and disinvestment target, Economic Affairs Secretary Subhash Chandra Garg said, "We would need to look at what these options are whichever option is chosen... will have an implication for the current year". The government has proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players, as per the preliminary information memorandum. The transaction would involve Air India, its low-cost arm Air India Express and Air India SATS Airport Services Pvt Ltd. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd. Under the proposed disinvestment process, around Rs 33,000 crore debt would have remained with Air India. The national carrier's debt burden was about Rs 50,000 crore at the end of March 2017. Earlier this month, the government had extended the EoI submission deadline to May 31 from the previous date of May 14. The qualified interested bidders were to be intimated on June 15. "The buzz we received (about Air India stake sale) was certainly encouraging... The transaction adviser will be finding out what is it that they (potential bidders) still found to be a deterrent. We will sit together and take stock," he noted. Choubey said the entire process has been a great learning experience and we are in a much better position to judge what the market wants. "We, again and again, informed the market that the government has no intention of doing any kind of control other than whatever is the limited rights that we will get as part of shareholders' agreement. We did not leave it ambiguous. Our impression is that we were very very clear which ought to have given the comfort that the new buyer can run exactly as it wants," he said. The government would retain 24 per cent stake in the national carrier, the winning bidder would be required to stay invested in the airline for at least three years, as per the memorandum that was issued on March 28. Indicating that there would be a re-think on disinvestment strategy, Choubey said the government would factor in all the learnings, including those related to employees and debt while deciding the future course of action. The government will ensure that the airline does not face "any operational difficulties following the latest developments", Choubey said. He was responding to a query on whether the airline would now be having more financial uncertainties as there are decisions linked to the outcome of the disinvestment process. In April, both IndiGo and Jet Airways had said that they would not be participating in the Air India disinvestment process. IndiGo was the first to evince interest in Air India disinvestment when the government had mooted the plan last year. Explaining about the next steps, Choubey said the process involves going to the evaluation committee -- which is an inter-ministerial grouping -- under the Department of Investment and Public Asset Management (DIPAM), then to the Core Group on Disinvestment headed by Cabinet Secretary and finally to the alternative mechanism. The alternative mechanism on Air India is likely to take up the matter in a couple of weeks, he added. "Various options are available and the alternate mechanism would take a call," he said, adding that current bid process cannot go forward since there are no EoIs. Air India is staying afloat on a bailout package worth over Rs 30,000 crore approved by the previous UPA regime in 2012. Aviation consultancy CAPA urged the government to carry out a comprehensive restructuring of debt-ridden Air India and followed by 100 per cent divestment with less complex terms.

No bidders for Air India stake sale; govt likely to re-think strategy

Markets saw a price correction on the first session of the new June series derivatives on Friday, with the Sensex losing over 95 points and the Nifty closing below the 10,700-mark.

Weakness in banking stocks offset gains in auto despite robust GDP numbers for the January-March quarter amid sustained foreign fund outflows.

Leads from other Asian markets too were not supportive on renewed global trade war worries.

The 30-share Sensex closed lower by 95.12 points, or 0.27 per cent, at 35,227.26 after shuttling between 35,438.22 and 35,177.35 on alternate bouts of buying and selling.&nbsp;

It had rallied 416.27 points yesterday on optimistic buying by participants ahead of GDP numbers.

Also, the NSE Nifty shed 39.95 points, or 0.37 per cent, to finish at 10,696.20. During the session, it moved between 10,764.75 and 10,681.50.

Markets started on a positive note after data showed that India's January-March 2018 GDP growth soared to a seven-quarter high of 7.7 per cent, spurred by robust performance of manufacturing, construction and service sectors, helping it retain the tag of the fastest growing major economy.

However, early gains were completely wiped-off after selling emerged in the later part of the session.

Both the Sensex and Nifty, however, registered gains for the week.&nbsp;

The Sensex climbed 302.39 points, or 0.87 per cent, while the Nifty gained 91.05 points, or 0.86 per cent, during this week.

Leads from other Asian markets too were not supportive on renewed global trade war worries

Markets saw a price correction on the first session of the new June series derivatives on Friday, with the Sensex losing over 95 points and the Nifty closing below the 10,700-mark. Weakness in banking stocks offset gains in auto despite robust GDP numbers for the January-March quarter amid sustained foreign fund outflows. Leads from other Asian markets too were not supportive on renewed global trade war worries. The 30-share Sensex closed lower by 95.12 points, or 0.27 per cent, at 35,227.26 after shuttling between 35,438.22 and 35,177.35 on alternate bouts of buying and selling. It had rallied 416.27 points yesterday on optimistic buying by participants ahead of GDP numbers. Also, the NSE Nifty shed 39.95 points, or 0.37 per cent, to finish at 10,696.20. During the session, it moved between 10,764.75 and 10,681.50. Markets started on a positive note after data showed that India's January-March 2018 GDP growth soared to a seven-quarter high of 7.7 per cent, spurred by robust performance of manufacturing, construction and service sectors, helping it retain the tag of the fastest growing major economy. However, early gains were completely wiped-off after selling emerged in the later part of the session. Both the Sensex and Nifty, however, registered gains for the week. The Sensex climbed 302.39 points, or 0.87 per cent, while the Nifty gained 91.05 points, or 0.86 per cent, during this week.

Sensex sheds 95 points; banking, PSU stocks slip

Diesel and petrol prices by 5 paise and 6 paise per litre, respectively, after automobile fuel prices reached record highs on Tuesday.

In Delhi, Petrol now costs Rs 78.29 per litre, while diesel price has been revised to Rs 69.20 a litre.

Besides Delhi, the revised petrol prices in other metro cities are - Rs 80.92 in Kolkata, Rs 86.10 in Mumbai and Rs 81.28 in Chennai.

Meanwhile, the revised Diesel price was Rs 71.75 in Kolkata, Rs 73.67 in Mumbai and 73.06 in Chennai.

Petrol prices were raised daily since 14 May after three state-run firms—Indian Oil, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—refrained from increasing prices since 24 April and paused it while the Karnataka election campaign was going on.

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

Diesel and petrol prices by 5 paise and 6 paise per litre, respectively, after automobile fuel prices reached record highs on Tuesday. In Delhi, Petrol now costs Rs 78.29 per litre, while diesel price has been revised to Rs 69.20 a litre. Besides Delhi, the revised petrol prices in other metro cities are - Rs 80.92 in Kolkata, Rs 86.10 in Mumbai and Rs 81.28 in Chennai. Meanwhile, the revised Diesel price was Rs 71.75 in Kolkata, Rs 73.67 in Mumbai and 73.06 in Chennai. Petrol prices were raised daily since 14 May after three state-run firms—Indian Oil, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—refrained from increasing prices since 24 April and paused it while the Karnataka election campaign was going on.

Petrol price cut by 6 paise per litre, diesel by 5 paise

Amid threats of imminent tariffs on metals and auto imports, escalating trade tensions between Europe and the United States were casting a shadow over a meeting of finance ministers from the world's top economies.

Long a bastion of multilateralism, the Group of Seven ministerial in a Canadian mountain resort will serve as the latest battleground for the discord now at the heart of the global economy.

As the US engages in a multi-front trade battle, with allies and adversaries alike, US Commerce Secretary Wilbur Ross&nbsp;on Wednesday&nbsp;rejected calls to extend exemptions on punishing import tariffs on steel and aluminum and warned that duties for massive US imports of automobiles were on the horizon.

This means the metals tariffs would take effect&nbsp;on Friday, the second&nbsp;day of the G7 meeting as frustration mounts in Europe, the single-largest source of US steel imports.

The Wall Street Journal reported&nbsp;on Wednesday&nbsp;that Washington would allow the EU exemption to expire, after weeks of talks failed to yield a compromise, such as a quota arrangement.

The harsh duties imposed in March to combat global overcapacity of the metals and boost domestic production, were only one part of a dizzying pace of developments, coinciding with a political crisis in Italy, which this week has roiled markets fearful for the future of the euro and bringing turmoil to the European Union, the G7's largest economic bloc.

US Treasury Secretary Steven Mnuchin is due to hold meetings with his European counterparts to discuss President Donald Trump's confrontational trade agenda, officials said.

But Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics, told AFP that the agenda Canada, the current G7 chair, set for the meeting -- which included uncontroversial themes such as inclusive development and innovation in finance -- would be swept aside amid raw relations between America and its traditional allies.

"Hopefully they can agree to keep talking about these issues, although that is unlikely," he said, adding that Trump's recent actions proved to US allies that Washington would not de-escalate the dispute.

"I think the only thing you can hope for is no further harm."

In recent weeks, Trump has repeatedly switched course on key foreign policy and trade issues, first imposing then easing sanctions on Chinese telecoms equipment firm ZTE, and declaring a "hold" on a looming trade war with Beijing but then announcing he would press ahead with $50 billion in tariffs on China's tech sector.

Last week, the administration also launched a national security-based investigation that could result in stinging tariffs on the hundreds of billions of autos the US imports annually, just as it has for the smaller aluminum and steel industries.

And Ross also vetoed a traditional joint statement at an annual economic meeting in Paris this week which denounced protectionism, further angering US allies.

Relations among G7 nations represent particularly high stakes as they account for more than 60 percent of global GDP.

And the sectors where Trump has chosen to wage his battles are key to trade in the economic bloc.

More than 60 percent of US auto imports -- an industry that closely binds US and Canadian manufacturing -- come from G7 countries, as well as more than 50 percent of aluminum imports and nearly 36 percent of steel.

Stephanie Segal, deputy director of the Simon Chair in political economy at the Center for Strategic and International Studies, said Washington's many about-faces meant consensus in the near-term was an increasingly dim prospect.

"It doesn't feel particularly constructive to me and I have to believe that the end game is not to create market instability, which is precisely what something like this does," she told AFP.

The Italian crisis, she said, demonstrated that there already were pressing matters facing the G7 even without the man-made ones now dominating the trans-Atlantic conversation.

"It's an opportunity to focus the mind on the fact that there are plenty of real crises out there, that creating a crises with a trade war on-off and antagonizing allies is probably not where we should be spending our energy."

Long a bastion of multilateralism, the Group of Seven ministerial in a Canadian mountain resort will serve as the latest battleground for the discord now at the heart of the global economy

Amid threats of imminent tariffs on metals and auto imports, escalating trade tensions between Europe and the United States were casting a shadow over a meeting of finance ministers from the world's top economies. Long a bastion of multilateralism, the Group of Seven ministerial in a Canadian mountain resort will serve as the latest battleground for the discord now at the heart of the global economy. As the US engages in a multi-front trade battle, with allies and adversaries alike, US Commerce Secretary Wilbur Ross on Wednesday rejected calls to extend exemptions on punishing import tariffs on steel and aluminum and warned that duties for massive US imports of automobiles were on the horizon. This means the metals tariffs would take effect on Friday, the second day of the G7 meeting as frustration mounts in Europe, the single-largest source of US steel imports. The Wall Street Journal reported on Wednesday that Washington would allow the EU exemption to expire, after weeks of talks failed to yield a compromise, such as a quota arrangement. The harsh duties imposed in March to combat global overcapacity of the metals and boost domestic production, were only one part of a dizzying pace of developments, coinciding with a political crisis in Italy, which this week has roiled markets fearful for the future of the euro and bringing turmoil to the European Union, the G7's largest economic bloc. US Treasury Secretary Steven Mnuchin is due to hold meetings with his European counterparts to discuss President Donald Trump's confrontational trade agenda, officials said. But Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics, told AFP that the agenda Canada, the current G7 chair, set for the meeting -- which included uncontroversial themes such as inclusive development and innovation in finance -- would be swept aside amid raw relations between America and its traditional allies. "Hopefully they can agree to keep talking about these issues, although that is unlikely," he said, adding that Trump's recent actions proved to US allies that Washington would not de-escalate the dispute. "I think the only thing you can hope for is no further harm." In recent weeks, Trump has repeatedly switched course on key foreign policy and trade issues, first imposing then easing sanctions on Chinese telecoms equipment firm ZTE, and declaring a "hold" on a looming trade war with Beijing but then announcing he would press ahead with $50 billion in tariffs on China's tech sector. Last week, the administration also launched a national security-based investigation that could result in stinging tariffs on the hundreds of billions of autos the US imports annually, just as it has for the smaller aluminum and steel industries. And Ross also vetoed a traditional joint statement at an annual economic meeting in Paris this week which denounced protectionism, further angering US allies. Relations among G7 nations represent particularly high stakes as they account for more than 60 percent of global GDP. And the sectors where Trump has chosen to wage his battles are key to trade in the economic bloc. More than 60 percent of US auto imports -- an industry that closely binds US and Canadian manufacturing -- come from G7 countries, as well as more than 50 percent of aluminum imports and nearly 36 percent of steel. Stephanie Segal, deputy director of the Simon Chair in political economy at the Center for Strategic and International Studies, said Washington's many about-faces meant consensus in the near-term was an increasingly dim prospect. "It doesn't feel particularly constructive to me and I have to believe that the end game is not to create market instability, which is precisely what something like this does," she told AFP. The Italian crisis, she said, demonstrated that there already were pressing matters facing the G7 even without the man-made ones now dominating the trans-Atlantic conversation. "It's an opportunity to focus the mind on the fact that there are plenty of real crises out there, that creating a crises with a trade war on-off and antagonizing allies is probably not where we should be spending our energy."

Escalating trade battle embroils G7 finance meet

Asian equities bounced back&nbsp;Thursday&nbsp;from the previous day's mauling while the euro held on to a recovery as fears of turmoil in Italy were soothed by conciliatory noises from the country's two biggest populist parties.

The head of the anti-establishment Five Star Movement said he was prepared to offer a compromise candidate for the finance ministry after President Sergio Mattarella's decision to veto an avowed eurosceptic led to the collapse of the fledgling coalition government.

Later, the rightwing League's leader was said to be willing to discuss the issue.&nbsp;

Wednesday's&nbsp;news provided relief to global markets that were sent spinning by the crisis in Italy -- the eurozone's third biggest economy -- which many feared could lead to fresh elections that could essentially become a referendum on euro membership.

US and European markets rallied while the euro, which was wallowing around 10-month lows against the dollar, surged, helped by a surprise surge in German inflation.

"What a difference a day makes," said Greg McKenna, chief markets strategist at AxiTrader. "My hypothesis that the players... got the shock of their lives from the market's reaction to their posturing and the turmoil that ensued has proved correct."

"Italy may not be headed for a summer election. And that means the EU may not face a referendum on its future. Phew, storm in a teacup, nothing to see here, move along, please. At least that's the take markets appear to go with last night."

The gains continued in Asia, with Tokyo ending the morning session 0.4 percent higher, while Sydney added 0.5 percent, Singapore climbed 0.7 percent and Seoul put on 0.5 percent.&nbsp;

Hong Kong added 0.5 percent and Shanghai gained 0.8 percent, supported by data indicating a bigger-than-expected rise in Chinese factory activity in April.

Wellington, Taipei, Manila, Kuala Lumpur and Jakarta were also comfortably higher.

Oil prices were down slightly but holding up after they also rallied&nbsp;Wednesday&nbsp;in response to a report that said OPEC would likely lift output gradually, soothing concerns about a new supply glut.

Crude markets have been hammered since OPEC kingpin Saudi Arabia and Russia last week indicated they could lift a cap on production, which has supported prices for two years, as an oversupply crisis eases.

Investors are now looking forward to the release&nbsp;Friday&nbsp;of key US jobs figures, which could provide some idea about the Federal Reserve's plans for raising interest rates.

Payrolls firm ADP estimated US private sector job growth at 178,000 in May, down from 204,000 in April and slightly below analysts' expectations.

However, while sentiment is positive, analysts warned that ongoing geopolitical issues and the unresolved China-US trade row continue to dog trading floors.

"We are going to be filled with tremendous uncertainty over the course of the summer," David Ader, chief macro strategist at Informa Financial Intelligence, told Bloomberg Television.

"If you look at things like the various economic surprise indices out there they have been slowing down, but on the other hand, you still have a Fed hike coming in June. I see a lot of uncertainty, which results in a lot of volatility."

US and European markets rallied while the euro, which was wallowing around 10-month lows against the dollar, surged, helped by a surprise surge in German inflation

Asian equities bounced back Thursday from the previous day's mauling while the euro held on to a recovery as fears of turmoil in Italy were soothed by conciliatory noises from the country's two biggest populist parties. The head of the anti-establishment Five Star Movement said he was prepared to offer a compromise candidate for the finance ministry after President Sergio Mattarella's decision to veto an avowed eurosceptic led to the collapse of the fledgling coalition government. Later, the rightwing League's leader was said to be willing to discuss the issue. Wednesday's news provided relief to global markets that were sent spinning by the crisis in Italy -- the eurozone's third biggest economy -- which many feared could lead to fresh elections that could essentially become a referendum on euro membership. US and European markets rallied while the euro, which was wallowing around 10-month lows against the dollar, surged, helped by a surprise surge in German inflation. "What a difference a day makes," said Greg McKenna, chief markets strategist at AxiTrader. "My hypothesis that the players... got the shock of their lives from the market's reaction to their posturing and the turmoil that ensued has proved correct." "Italy may not be headed for a summer election. And that means the EU may not face a referendum on its future. Phew, storm in a teacup, nothing to see here, move along, please. At least that's the take markets appear to go with last night." The gains continued in Asia, with Tokyo ending the morning session 0.4 percent higher, while Sydney added 0.5 percent, Singapore climbed 0.7 percent and Seoul put on 0.5 percent. Hong Kong added 0.5 percent and Shanghai gained 0.8 percent, supported by data indicating a bigger-than-expected rise in Chinese factory activity in April. Wellington, Taipei, Manila, Kuala Lumpur and Jakarta were also comfortably higher. Oil prices were down slightly but holding up after they also rallied Wednesday in response to a report that said OPEC would likely lift output gradually, soothing concerns about a new supply glut. Crude markets have been hammered since OPEC kingpin Saudi Arabia and Russia last week indicated they could lift a cap on production, which has supported prices for two years, as an oversupply crisis eases. Investors are now looking forward to the release Friday of key US jobs figures, which could provide some idea about the Federal Reserve's plans for raising interest rates. Payrolls firm ADP estimated US private sector job growth at 178,000 in May, down from 204,000 in April and slightly below analysts' expectations. However, while sentiment is positive, analysts warned that ongoing geopolitical issues and the unresolved China-US trade row continue to dog trading floors. "We are going to be filled with tremendous uncertainty over the course of the summer," David Ader, chief macro strategist at Informa Financial Intelligence, told Bloomberg Television. "If you look at things like the various economic surprise indices out there they have been slowing down, but on the other hand, you still have a Fed hike coming in June. I see a lot of uncertainty, which results in a lot of volatility."

Asian markets recover with Euro as Italy fears ease

The BSE Sensex rebounded over 246 points to quote above the 35,000-mark in opening trade today, tracking a firm trend in the global markets amid sustained buying by domestic institutional investors.

Short-covering of bets, today being the last session of May expiry in the derivatives segment, kept the overall tempo up.

Optimistic buying by participants ahead of GDP data scheduled to be released later today too buoyed trading sentiments, brokers said.

The 30-share index, which had lost 259.37 points in the previous two sessions, recovered by 246.06 points, or 0.70 per cent, at 35,152.17.

The NSE Nifty too was trading higher by 61.75 points, or 0.58 per cent, at 10,676.10.

Meanwhile, the Met department yesterday said the entire country is likely to get normal monsoon this year, except the east and northeast India, which is likely to witness "below normal" rainfall.

Domestic institutional investors (DIIs) bought shares worth Rs 492.46 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 1,286.91 crore yesterday, provisional data showed.

Major gainers were Coal India, HDFC Bank, Bharti Airtel, HUL, ONGC, Tata Steel, L&T, Kotak Bank, HDFC Ltd, NTPC, Wipro, RIL, Infosys and M&M, with gains of up to 2.81 per cent.

However, shares of the country's largest private lender ICICI Bank plunged 1.49 per cent after the bank ordered an independent probe into allegations against its MD and CEO Chanda Kochhar's dealing with certain borrowers.

Brokers said continued pumping of funds by DIIs and a firming trend at over Asian bourses, tracking recoveries in the US and Europe as fears of a political crisis in Italy abated, spurred fresh round of buying on the domestic bourses.

Globally, Hong Kong's Hang Seng was up 0.95 per cent, Japan's Nikkei gained 0.60 per cent while Shanghai Composite index rallied 1.20 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.26 per cent higher yesterday.

Short-covering of bets, today being the last session of May expiry in the derivatives segment, kept the overall tempo up

The BSE Sensex rebounded over 246 points to quote above the 35,000-mark in opening trade today, tracking a firm trend in the global markets amid sustained buying by domestic institutional investors. Short-covering of bets, today being the last session of May expiry in the derivatives segment, kept the overall tempo up. Optimistic buying by participants ahead of GDP data scheduled to be released later today too buoyed trading sentiments, brokers said. The 30-share index, which had lost 259.37 points in the previous two sessions, recovered by 246.06 points, or 0.70 per cent, at 35,152.17. The NSE Nifty too was trading higher by 61.75 points, or 0.58 per cent, at 10,676.10. Meanwhile, the Met department yesterday said the entire country is likely to get normal monsoon this year, except the east and northeast India, which is likely to witness "below normal" rainfall. Domestic institutional investors (DIIs) bought shares worth Rs 492.46 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 1,286.91 crore yesterday, provisional data showed. Major gainers were Coal India, HDFC Bank, Bharti Airtel, HUL, ONGC, Tata Steel, L&T, Kotak Bank, HDFC Ltd, NTPC, Wipro, RIL, Infosys and M&M, with gains of up to 2.81 per cent. However, shares of the country's largest private lender ICICI Bank plunged 1.49 per cent after the bank ordered an independent probe into allegations against its MD and CEO Chanda Kochhar's dealing with certain borrowers. Brokers said continued pumping of funds by DIIs and a firming trend at over Asian bourses, tracking recoveries in the US and Europe as fears of a political crisis in Italy abated, spurred fresh round of buying on the domestic bourses. Globally, Hong Kong's Hang Seng was up 0.95 per cent, Japan's Nikkei gained 0.60 per cent while Shanghai Composite index rallied 1.20 per cent in early trade today. The US Dow Jones Industrial Average ended 1.26 per cent higher yesterday.

Sensex soars on global cues, rebounds over 246 points

International Data Corporation forecast&nbsp;Wednesday&nbsp;that global smartphone sales would cool this year before heating up with help from new 5G networks and India's vibrant market.

An IDC Worldwide Mobile Phone Tracker expected smartphone sales to slip two-tenths of a&nbsp;per cent&nbsp;this year to total 1.462 billion in a second straight year of slight decline.

But IDC predicted that the smartphone market would reignite next year, growing about 3&nbsp;per cent&nbsp;annually to 1.654 billion in the year 2022.

The "biggest driver" of the downturn last year was said by IDC to be the China market, which&nbsp;is&nbsp;expected to be down 7.1&nbsp;percent&nbsp;this year after shrinking 4.9&nbsp;percent&nbsp;last year.

IDC forecast that the smartphone market in China would flatten out next year, while sales in India were expected to continue to boom on low-priced handsets sold by Chinese companies.

"China remains the focal point for many given that it consumes roughly 30&nbsp;per cent&nbsp;of the world's smartphones," IDC Worldwide Quarterly Mobile Device&nbsp;Tacker&nbsp;program vice president Ryan Reith said in a release.

"But, plenty of pockets of growth can be found beyond China."

A "catalyst to watch" will be&nbsp;arrival&nbsp;next year of smartphones tailored for ultra-fast 5G telecommunications networks, according to IDC.

While smartphone shipments will ebb this year, the average selling price will rise more than 10&nbsp;per cent&nbsp;to $345 and remain on an upward trend, said IDC research manager Anthony Scarsella.

"This year will continue to focus on the ultra-high-end segment of the market as we expect a surge of premium flagship devices to launch in developed markets," Scarsella said.

A trend toward premium smartphones would play to Apple's strength, and IDC expected iPhone sales to grow 2.6&nbsp;per cent&nbsp;to 221 million total this year and to climb to 242 million by the year 2022.

Handsets powered by Google-backed Android mobile were expected to continue to dominate the smartphone market, with a share of about 85&nbsp;per cent&nbsp;remaining relatively stable during the coming five years.

"There is no question that Android is the OS (operating system) of choice for the mass market and nothing leads us to believe this will change," IDC said in its forecast.

IDC predicted that the smartphone market would reignite next year, growing about 3 per cent annually to 1.654 billion in the year 2022

International Data Corporation forecast Wednesday that global smartphone sales would cool this year before heating up with help from new 5G networks and India's vibrant market. An IDC Worldwide Mobile Phone Tracker expected smartphone sales to slip two-tenths of a per cent this year to total 1.462 billion in a second straight year of slight decline. But IDC predicted that the smartphone market would reignite next year, growing about 3 per cent annually to 1.654 billion in the year 2022. The "biggest driver" of the downturn last year was said by IDC to be the China market, which is expected to be down 7.1 percent this year after shrinking 4.9 percent last year. IDC forecast that the smartphone market in China would flatten out next year, while sales in India were expected to continue to boom on low-priced handsets sold by Chinese companies. "China remains the focal point for many given that it consumes roughly 30 per cent of the world's smartphones," IDC Worldwide Quarterly Mobile Device Tacker program vice president Ryan Reith said in a release. "But, plenty of pockets of growth can be found beyond China." A "catalyst to watch" will be arrival next year of smartphones tailored for ultra-fast 5G telecommunications networks, according to IDC. While smartphone shipments will ebb this year, the average selling price will rise more than 10 per cent to $345 and remain on an upward trend, said IDC research manager Anthony Scarsella. "This year will continue to focus on the ultra-high-end segment of the market as we expect a surge of premium flagship devices to launch in developed markets," Scarsella said. A trend toward premium smartphones would play to Apple's strength, and IDC expected iPhone sales to grow 2.6 per cent to 221 million total this year and to climb to 242 million by the year 2022. Handsets powered by Google-backed Android mobile were expected to continue to dominate the smartphone market, with a share of about 85 per cent remaining relatively stable during the coming five years. "There is no question that Android is the OS (operating system) of choice for the mass market and nothing leads us to believe this will change," IDC said in its forecast.

Smartphone market to stay cool this year: Report

India has retained the tag of fastest growing economy in the January-March quarter, with its Gross Domestic Product (GDP) clocking an impressive 7.7 per cent growth rate as against 5.6 per cent, 6.3 per cent and 7.0 per cent respectively, in the first three quarters of 2017-18.

According to government data released on Thursday evening, India surpassed China's growth of 6.8 per cent in the January to March quarter..

Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth, according to the government data.

The growth forecast for the coming financial year is however tapered down to 6.7 per cent. At the sectoral level, the growth rate for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively.

Thursday's data is likely to be a welcomed by Prime Minister Narendra Modi, who is set to seek a second term next year.

To help businesses tide over multiple taxation, his government launched a nation-wide goods and services tax but a widely-criticised implementation of the GST nearly scuttled India's growth prospects in the near term.

"Seems like we have moved beyond the teething troubles related to GST implementation," said Tushar Arora, a senior economist at HDFC Bank. "The pick-up in investment activity is also a good sign."

The faster pace of growth in the latest quarter might also strengthen expectations for a rate hike by the Indian central bank when it reviews monetary policy next week.

The growth forecast for the coming financial year is however tapered down to 6.7 per cent.

India has retained the tag of fastest growing economy in the January-March quarter, with its Gross Domestic Product (GDP) clocking an impressive 7.7 per cent growth rate as against 5.6 per cent, 6.3 per cent and 7.0 per cent respectively, in the first three quarters of 2017-18. According to government data released on Thursday evening, India surpassed China's growth of 6.8 per cent in the January to March quarter.. Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth, according to the government data. The growth forecast for the coming financial year is however tapered down to 6.7 per cent. At the sectoral level, the growth rate for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively. Thursday's data is likely to be a welcomed by Prime Minister Narendra Modi, who is set to seek a second term next year. To help businesses tide over multiple taxation, his government launched a nation-wide goods and services tax but a widely-criticised implementation of the GST nearly scuttled India's growth prospects in the near term. "Seems like we have moved beyond the teething troubles related to GST implementation," said Tushar Arora, a senior economist at HDFC Bank. "The pick-up in investment activity is also a good sign." The faster pace of growth in the latest quarter might also strengthen expectations for a rate hike by the Indian central bank when it reviews monetary policy next week.

India fastest growing economy now with 7.7 per cent GDP growth rate

Oil&nbsp;prices&nbsp;eased slightly on Thursday following a rally in the previous session, as investors eyed a surprise increase in US&nbsp;crude&nbsp;oil&nbsp;inventories and looked to a possible rise in output when OPEC and other producers meet in June.

Oil&nbsp;prices&nbsp;rebounded on Wednesday as Russia's central bank expressed caution on plans to boost&nbsp;oil&nbsp;supply, while some analysts see positive market fundamentals despite the possibility of rising supplies.

"Though crude&nbsp;oil&nbsp;has receded significantly in the charts, market fundamentals remain supportive as robust global demand and declining stockpiles bolster&nbsp;prices&nbsp;upwards," Benjamin Lu, commodities analyst at Singapore-based broker Phillip Futures, said in a note.

Brent crude was down 38 cents, or 0.5 per cent, at $77.12 per barrel at 0643 GMT, after settling the last session up 2.8 per cent.

US&nbsp;West Texas Intermediate crude was down 20 cents, or 0.3 per cent, at $68.01 a barrel.

In the previous session, it settled up $1.48, or 2.2 per cent, at $68.21 per barrel.

Global inventories have been broadly falling, but US&nbsp;crude stockpiles rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute (API).

That beat analyst expectations for a decrease of 525,000 barrels.

Data from the Energy Information Administration is due at 11 am&nbsp;EDT (1500 GMT) on Thursday, a day later than usual due to a US&nbsp;public holiday on Monday.

A possible output increase by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members including Russia has been in focus.

Saudi Arabia, de facto leader of OPEC, and Russia have discussed boosting output by some 1 million barrels per day (bpd).

OPEC and some non-OPEC producers have committed to curbing their output by about 1.8 million bpd until the end of 2018, but they will meet in Vienna on June 22 to discuss whether their commitment should remain unchanged.

"With the OPEC meeting still another three weeks away,&nbsp;oil&nbsp;prices&nbsp;are likely to remain sensitive to headlines," ANZ bank said in a note.

A Gulf source familiar with the thinking of Saudi Arabia said OPEC and its allies aim to continue their agreement to cut&nbsp;oil&nbsp;output through the end of the year, but they are ready to make adjustments to offset any supply shortfall.

"We expect for&nbsp;oil&nbsp;prices&nbsp;to stand tall in the current week as OPEC 'talk&nbsp;prices&nbsp;up' before the Vienna meet," said Lu of Phillip Futures.

In Asia, Shanghai September crude&nbsp;oil&nbsp;futures rose 2.2 per cent by the midday break on Thursday, with open interest rising to a record on a weaker yuan and the rally in Brent and WTI overnight.

Data from the Energy Information Administration is due at 11 am EDT (1500 GMT) on Thursday, a day later than usual due to a US public holiday on Monday

Oil prices eased slightly on Thursday following a rally in the previous session, as investors eyed a surprise increase in US crude oil inventories and looked to a possible rise in output when OPEC and other producers meet in June. Oil prices rebounded on Wednesday as Russia's central bank expressed caution on plans to boost oil supply, while some analysts see positive market fundamentals despite the possibility of rising supplies. "Though crude oil has receded significantly in the charts, market fundamentals remain supportive as robust global demand and declining stockpiles bolster prices upwards," Benjamin Lu, commodities analyst at Singapore-based broker Phillip Futures, said in a note. Brent crude was down 38 cents, or 0.5 per cent, at $77.12 per barrel at 0643 GMT, after settling the last session up 2.8 per cent. US West Texas Intermediate crude was down 20 cents, or 0.3 per cent, at $68.01 a barrel. In the previous session, it settled up $1.48, or 2.2 per cent, at $68.21 per barrel. Global inventories have been broadly falling, but US crude stockpiles rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute (API). That beat analyst expectations for a decrease of 525,000 barrels. Data from the Energy Information Administration is due at 11 am EDT (1500 GMT) on Thursday, a day later than usual due to a US public holiday on Monday. A possible output increase by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members including Russia has been in focus. Saudi Arabia, de facto leader of OPEC, and Russia have discussed boosting output by some 1 million barrels per day (bpd). OPEC and some non-OPEC producers have committed to curbing their output by about 1.8 million bpd until the end of 2018, but they will meet in Vienna on June 22 to discuss whether their commitment should remain unchanged. "With the OPEC meeting still another three weeks away, oil prices are likely to remain sensitive to headlines," ANZ bank said in a note. A Gulf source familiar with the thinking of Saudi Arabia said OPEC and its allies aim to continue their agreement to cut oil output through the end of the year, but they are ready to make adjustments to offset any supply shortfall. "We expect for oil prices to stand tall in the current week as OPEC 'talk prices up' before the Vienna meet," said Lu of Phillip Futures. In Asia, Shanghai September crude oil futures rose 2.2 per cent by the midday break on Thursday, with open interest rising to a record on a weaker yuan and the rally in Brent and WTI overnight.

Oil prices ease after sharp gains; eyes on OPEC supply moves

After a mere 1 paisa cut in fuel prices on Wednesday, petrol and diesel costs saw a further drop on Thursday morning. Fuel prices dropped by 7 paisa in Delhi, Mumbai, Kolkata and Chennai, settling at Rs 78.35, Rs 86.16, Rs 80.98 and Rs 81.35 per litre respectively.&nbsp;

Diesel prices for the four metropolitan cities came down by 5 paisa with the fuel selling at Rs 69.25 per litre in Delhi, Rs 73.73 for a litre in Mumbai. For Chennai, diesel prices on Thursday came down to Rs 73.12 a litre while people in Kolkata will be required to shell out Rs 71.80 per litre for the fuel.&nbsp;

<table border="1" cellpadding="1" cellspacing="1">
	<tbody>
		<tr>
			<td>Date</td>
			<td>Delhi (petrol in Rs/per litre)</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 31</td>
			<td>78.35</td>
			<td>86.16</td>
			<td>80.98</td>
			<td>81.35</td>
		</tr>
		<tr>
			<td>May 30</td>
			<td>78.42</td>
			<td>86.23</td>
			<td>81.05</td>
			<td>81.42</td>
		</tr>
		<tr>
			<td>May 29</td>
			<td>78.43</td>
			<td>86.24</td>
			<td>81.06</td>
			<td>81.43</td>
		</tr>
		<tr>
			<td>May 28</td>
			<td>78.27</td>
			<td>86.08</td>
			<td>80.91</td>
			<td>81.26</td>
		</tr>
		<tr>
			<td>May 27</td>
			<td>78.12</td>
			<td>85.93</td>
			<td>80.76</td>
			<td>81.11</td>
		</tr>
		<tr>
			<td>May 26</td>
			<td>77.97</td>
			<td>85.78</td>
			<td>80.61</td>
			<td>80.95</td>
		</tr>
		<tr>
			<td>May 25</td>
			<td>77.83</td>
			<td>85.65</td>
			<td>80.47</td>
			<td>80.80</td>
		</tr>
		<tr>
			<td>May 24</td>
			<td>77.47</td>
			<td>85.29</td>
			<td>80.12</td>
			<td>80.42</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>77.17</td>
			<td>84.99</td>
			<td>79.83</td>
			<td>80.11</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>76.87</td>
			<td>84.70</td>
			<td>79.53</td>
			<td>79.79</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>76.57</td>
			<td>84.40</td>
			<td>79.24</td>
			<td>79.47</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>76.24</td>
			<td>84.07</td>
			<td>78.91</td>
			<td>79.13</td>
		</tr>
	</tbody>
</table>

On Wednesday, the Indian Oil Corporation revised its fuel rates cutting prices by just a paisa. The oil company clarified that the revised price was actually 1 paisa and not 60 paisa as previously reported, blaming it on a "clerical error".

<table border="1" cellpadding="1" cellspacing="1">
	<tbody>
		<tr>
			<td>Date&nbsp;</td>
			<td>Delhi (diesel in Rs/per litre)</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 31</td>
			<td>69.25</td>
			<td>73.73</td>
			<td>71.80</td>
			<td>73.12</td>
		</tr>
		<tr>
			<td>May 30</td>
			<td>69.30</td>
			<td>73.78</td>
			<td>71.85</td>
			<td>72.17</td>
		</tr>
		<tr>
			<td>May 29</td>
			<td>69.31</td>
			<td>73.79</td>
			<td>71.86</td>
			<td>73.18</td>
		</tr>
		<tr>
			<td>May 28</td>
			<td>69.17</td>
			<td>73.64</td>
			<td>71.72</td>
			<td>73.03</td>
		</tr>
		<tr>
			<td>May 27</td>
			<td>69.06</td>
			<td>73.53</td>
			<td>71.61</td>
			<td>72.91</td>
		</tr>
		<tr>
			<td>May 26</td>
			<td>68.90</td>
			<td>73.36</td>
			<td>71.45</td>
			<td>72.74</td>
		</tr>
		<tr>
			<td>May 25</td>
			<td>68.75</td>
			<td>73.20</td>
			<td>71.30</td>
			<td>72.58</td>
		</tr>
		<tr>
			<td>May 24</td>
			<td>68.53</td>
			<td>72.96</td>
			<td>71.08</td>
			<td>72.35</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>68.34</td>
			<td>72.76</td>
			<td>70.89</td>
			<td>72.14</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>68.08</td>
			<td>72.48</td>
			<td>70.63</td>
			<td>71.87</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>67.82</td>
			<td>72.21</td>
			<td>70.37</td>
			<td>71.59</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>67.57</td>
			<td>71.94</td>
			<td>70.12</td>
			<td>71.32</td>
		</tr>
	</tbody>
</table>

After over a fortnight of continuous hike in fuel prices, petrol and diesel costs across India saw minor reductions on Wednesday.&nbsp;

On Wednesday, the Indian Oil Corporation revised its fuel rates cutting prices by just a paisa

After a mere 1 paisa cut in fuel prices on Wednesday, petrol and diesel costs saw a further drop on Thursday morning. Fuel prices dropped by 7 paisa in Delhi, Mumbai, Kolkata and Chennai, settling at Rs 78.35, Rs 86.16, Rs 80.98 and Rs 81.35 per litre respectively. Diesel prices for the four metropolitan cities came down by 5 paisa with the fuel selling at Rs 69.25 per litre in Delhi, Rs 73.73 for a litre in Mumbai. For Chennai, diesel prices on Thursday came down to Rs 73.12 a litre while people in Kolkata will be required to shell out Rs 71.80 per litre for the fuel. Date Delhi (petrol in Rs/per litre) Mumbai Kolkata Chennai May 31 78.35 86.16 80.98 81.35 May 30 78.42 86.23 81.05 81.42 May 29 78.43 86.24 81.06 81.43 May 28 78.27 86.08 80.91 81.26 May 27 78.12 85.93 80.76 81.11 May 26 77.97 85.78 80.61 80.95 May 25 77.83 85.65 80.47 80.80 May 24 77.47 85.29 80.12 80.42 May 23 77.17 84.99 79.83 80.11 May 22 76.87 84.70 79.53 79.79 May 21 76.57 84.40 79.24 79.47 May 20 76.24 84.07 78.91 79.13 On Wednesday, the Indian Oil Corporation revised its fuel rates cutting prices by just a paisa. The oil company clarified that the revised price was actually 1 paisa and not 60 paisa as previously reported, blaming it on a "clerical error". Date Delhi (diesel in Rs/per litre) Mumbai Kolkata Chennai May 31 69.25 73.73 71.80 73.12 May 30 69.30 73.78 71.85 72.17 May 29 69.31 73.79 71.86 73.18 May 28 69.17 73.64 71.72 73.03 May 27 69.06 73.53 71.61 72.91 May 26 68.90 73.36 71.45 72.74 May 25 68.75 73.20 71.30 72.58 May 24 68.53 72.96 71.08 72.35 May 23 68.34 72.76 70.89 72.14 May 22 68.08 72.48 70.63 71.87 May 21 67.82 72.21 70.37 71.59 May 20 67.57 71.94 70.12 71.32 After over a fortnight of continuous hike in fuel prices, petrol and diesel costs across India saw minor reductions on Wednesday.

Fuel prices drop further, petrol by 7 paisa and diesel by 5

India's sugar output is likely to scale record highs in the next marketing season, with farmers choosing to plant the crop despite falling prices and around 200 billion rupees ($2.96 billion) in delayed payments from mills for the current harvest.

Farmers such as Mohan Sawant, who this year planted cane on two acres of land, say they will be sticking with the crop in the marketing season that kicks off on October 1 as it still offers larger profits than alternatives such as wheat.

"Sugarcane gives me better returns ... I would wait for payment instead of getting lower profit from other crops," said Sawant in the district of Sangli, around 375 km south of Mumbai.

Industry officials and traders said that farmers' devotion to cane would drive sugar production to a fresh peak in the next marketing season. Although they said it was too far out to make estimates on the amount by which output would exceed the 32 million-tonne record expected in the current marketing season.

"It is difficult to give an exact production number right now, but certainly next year output would be higher than this year," said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories (NFCSF).

That output would likely stoke a glut that has weighed on local markets, potentially pushing the country to try to ship more of the sweetener overseas and dragging on global prices that have already fallen 17 per cent in 2018.

Farmers were cultivating cane on 4.87 million hectares as of last week, slightly higher than 4.79 million hectares at the same time in 2017, government data shows.

Apart from new plantings, large amounts of so-called ratoon crops will also be available due to the low cost of taking the second harvest, Naiknavare said.

Ratoon is the root stub of cane that remains after a first crop and can grow again for a second harvest.

Better late than never?

Local sugar prices have dropped over a quarter in the past year to their lowest since September 2015, dragged down by the supply glut.

That has made it "impossible" for mills to pay farmers on time for cane, said B.B. Thombre, president of the Western India Sugar Mills Association.

Mills have delayed payments for cane of more than 200 billion rupees, in some cases by as much as four months, said a government official, declining to be identified as he was not allowed to speak to media.

To reduce sugar stockpiles and support local prices, India made it mandatory for mills to export 2 million tonnes of sugar in March, but they have so far failed to ship large quantities due to lower prices overseas, industry officials said.

Exports need to be ramped up with government help as inventory is going to rise further in the coming season, said Ashok Jain, president of the Bombay Sugar Merchants Association (BSMA).

The country could start next marketing year with carry-forward stocks of 11 million tonnes, said Jain.

But any move to increase exports could be hindered after fellow producers Brazil and Australia initiated a legal investigation into whether India's support for its sugar sector has violated World Trade Organization restrictions.

Industry officials and traders said that farmers' devotion to cane would drive sugar production to a fresh peak in the next marketing season.

India's sugar output is likely to scale record highs in the next marketing season, with farmers choosing to plant the crop despite falling prices and around 200 billion rupees ($2.96 billion) in delayed payments from mills for the current harvest. Farmers such as Mohan Sawant, who this year planted cane on two acres of land, say they will be sticking with the crop in the marketing season that kicks off on October 1 as it still offers larger profits than alternatives such as wheat. "Sugarcane gives me better returns ... I would wait for payment instead of getting lower profit from other crops," said Sawant in the district of Sangli, around 375 km south of Mumbai. Industry officials and traders said that farmers' devotion to cane would drive sugar production to a fresh peak in the next marketing season. Although they said it was too far out to make estimates on the amount by which output would exceed the 32 million-tonne record expected in the current marketing season. "It is difficult to give an exact production number right now, but certainly next year output would be higher than this year," said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories (NFCSF). That output would likely stoke a glut that has weighed on local markets, potentially pushing the country to try to ship more of the sweetener overseas and dragging on global prices that have already fallen 17 per cent in 2018. Farmers were cultivating cane on 4.87 million hectares as of last week, slightly higher than 4.79 million hectares at the same time in 2017, government data shows. Apart from new plantings, large amounts of so-called ratoon crops will also be available due to the low cost of taking the second harvest, Naiknavare said. Ratoon is the root stub of cane that remains after a first crop and can grow again for a second harvest. Better late than never? Local sugar prices have dropped over a quarter in the past year to their lowest since September 2015, dragged down by the supply glut. That has made it "impossible" for mills to pay farmers on time for cane, said B.B. Thombre, president of the Western India Sugar Mills Association. Mills have delayed payments for cane of more than 200 billion rupees, in some cases by as much as four months, said a government official, declining to be identified as he was not allowed to speak to media. To reduce sugar stockpiles and support local prices, India made it mandatory for mills to export 2 million tonnes of sugar in March, but they have so far failed to ship large quantities due to lower prices overseas, industry officials said. Exports need to be ramped up with government help as inventory is going to rise further in the coming season, said Ashok Jain, president of the Bombay Sugar Merchants Association (BSMA). The country could start next marketing year with carry-forward stocks of 11 million tonnes, said Jain. But any move to increase exports could be hindered after fellow producers Brazil and Australia initiated a legal investigation into whether India's support for its sugar sector has violated World Trade Organization restrictions.

Indian sugar output likely to hit record next season as farmers stay sweet on cane

European&nbsp;shares&nbsp;will&nbsp;end&nbsp;2018&nbsp;just&nbsp;ahead of their&nbsp;January&nbsp;peak, recovering from current levels as a resilient economy gradually overcomes a temporary slowdown and corporate earnings continue to rise, a&nbsp;Reuters&nbsp;poll&nbsp;showed.

The&nbsp;poll&nbsp;was taken May 15-30, largely before a mounting political crisis in Italy sparked worries over a possible breakup of the euro zone, triggering a heavy sell-off in Italian assets.

The pan-European&nbsp;STOXX 600 benchmark index is expected to reach 406 points by year-end, according to the&nbsp;poll&nbsp;of 29 brokers, fund managers and analysts, up 5.6 percent from Tuesday's close and 4.3 percent on the year.

That will be enough for the index to surpass a 29-month high of 403.7 points it reached in January.

Eurozone blue-chips are expected to rise a bit further, up 7.9 percent from Tuesday's close to 3,700 points, according to the median of 37 responses.

Prospects for&nbsp;European&nbsp;shares&nbsp;faded at the beginning of the year as economic growth slowed more than expected, raising concerns there will be no return to boom.

But analysts were optimistic economic activity should be robust enough to modestly prop up shares&nbsp;and company earnings.

"For now, synchronized economic expansion, solid earnings growth and still relatively low volatility levels look supportive for global equity markets", Deutsche Asset Management analysts said.

According to Thomson&nbsp;Reuters&nbsp;IBES estimates, earnings for STOXX 600 companies are expected to grow 8.7 percent in&nbsp;2018&nbsp;on revenues up 5.1 percent.

A majority of investors in Europe answered "yes" when asked if they thought global stocks would continue to rise in&nbsp;2018.

Among the risks identified by investors are Italy, Brexit talks, a US-China trade war, oil prices surging&nbsp;above&nbsp;100 dollars a barrel or international tensions involving Iran or North Korea.

"The economic picture stays positive but political risks are the top concern," said Tomas Hildebrandt, senior portfolio manager at Evli Bank in Helsinki.

A faster-than-expected acceleration in US&nbsp;inflation and interest rates is also seen as a threat after a rise in American wages took the market by surprise in February.

With the current rise in the dollar, investors said they believed the biggest risk of a sell-off was in emerging markets, where returns looked less attractive given rising US&nbsp;government bond yields.

A mounting political crisis in Italy sparked worries over a possible breakup of the eurozone, triggering a heavy sell-off in Italian assets

European shares will end 2018 just ahead of their January peak, recovering from current levels as a resilient economy gradually overcomes a temporary slowdown and corporate earnings continue to rise, a Reuters poll showed. The poll was taken May 15-30, largely before a mounting political crisis in Italy sparked worries over a possible breakup of the euro zone, triggering a heavy sell-off in Italian assets. The pan-European STOXX 600 benchmark index is expected to reach 406 points by year-end, according to the poll of 29 brokers, fund managers and analysts, up 5.6 percent from Tuesday's close and 4.3 percent on the year. That will be enough for the index to surpass a 29-month high of 403.7 points it reached in January. Eurozone blue-chips are expected to rise a bit further, up 7.9 percent from Tuesday's close to 3,700 points, according to the median of 37 responses. Prospects for European shares faded at the beginning of the year as economic growth slowed more than expected, raising concerns there will be no return to boom. But analysts were optimistic economic activity should be robust enough to modestly prop up shares and company earnings. "For now, synchronized economic expansion, solid earnings growth and still relatively low volatility levels look supportive for global equity markets", Deutsche Asset Management analysts said. According to Thomson Reuters IBES estimates, earnings for STOXX 600 companies are expected to grow 8.7 percent in 2018 on revenues up 5.1 percent. A majority of investors in Europe answered "yes" when asked if they thought global stocks would continue to rise in 2018. Among the risks identified by investors are Italy, Brexit talks, a US-China trade war, oil prices surging above 100 dollars a barrel or international tensions involving Iran or North Korea. "The economic picture stays positive but political risks are the top concern," said Tomas Hildebrandt, senior portfolio manager at Evli Bank in Helsinki. A faster-than-expected acceleration in US inflation and interest rates is also seen as a threat after a rise in American wages took the market by surprise in February. With the current rise in the dollar, investors said they believed the biggest risk of a sell-off was in emerging markets, where returns looked less attractive given rising US government bond yields.

European shares to end 2018 just above January peak: Report

China's Heilongjiang Province allocated and transported 15 million yuan in cash to Russia&nbsp;on Tuesday, marking the official establishment of a land route of transporting cash from&nbsp;China&nbsp;to Russia.

The trucks loaded with boxes of cash left&nbsp;China&nbsp;for Russia through Dongning Port in the city of Dongning, northeast&nbsp;China's Heilongjiang Province.

The cash transport is designed to meet the growing demand for the Chinese currency in Russia's Far East. The use of the renminbi will not only reduce foreign exchange costs and risks, bus also reduce the fees charged on cash payments in the renminbi market in Russia.

"Cross-border RMB settlements have changed the previous mode in which the US dollar is the only settlement currency in Sino-Russian economic and trade activities, achieving a diversified settlement mode for renminbi and ruble," said Wang Shoubin, the Director of the Finance Office of Dongning City.

Heilongjiang reported a 47.7 per cent annual growth in its trade with Russia in the first quarter of the year, with trade value reaching 27.1 billion yuan (about 4.3 billion US&nbsp;dollars).

"The thriving of Sino-Russian border trade has become a key driving force in promoting the healthy economic and social development in the neighbouring areas of&nbsp;China&nbsp;and Russia," Wang added.

According to Zhang Jianhui, chairman of Longjiang Bank, the cash transport will become more and more regular, to satisfy Russia's demand for renminbi cash.

The trucks loaded with boxes of cash left China for Russia through Dongning Port in the city of Dongning

China's Heilongjiang Province allocated and transported 15 million yuan in cash to Russia on Tuesday, marking the official establishment of a land route of transporting cash from China to Russia. The trucks loaded with boxes of cash left China for Russia through Dongning Port in the city of Dongning, northeast China's Heilongjiang Province. The cash transport is designed to meet the growing demand for the Chinese currency in Russia's Far East. The use of the renminbi will not only reduce foreign exchange costs and risks, bus also reduce the fees charged on cash payments in the renminbi market in Russia. "Cross-border RMB settlements have changed the previous mode in which the US dollar is the only settlement currency in Sino-Russian economic and trade activities, achieving a diversified settlement mode for renminbi and ruble," said Wang Shoubin, the Director of the Finance Office of Dongning City. Heilongjiang reported a 47.7 per cent annual growth in its trade with Russia in the first quarter of the year, with trade value reaching 27.1 billion yuan (about 4.3 billion US dollars). "The thriving of Sino-Russian border trade has become a key driving force in promoting the healthy economic and social development in the neighbouring areas of China and Russia," Wang added. According to Zhang Jianhui, chairman of Longjiang Bank, the cash transport will become more and more regular, to satisfy Russia's demand for renminbi cash.

China transports15 million yuan in cash to Russia

Benchmark Sensex declined by over 214 points in opening trade today, extending yesterday's fall, tracking a weak trend in global markets amid fresh concerns of a possible China-US trade war.

Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiments.

There was caution among investors ahead of the May month derivatives expiry tomorrow.

The 30-share index, which had lost 216.24 points in the previous session, drifted down by 214.13 points, or 0.61 per cent, to 34,735.11.

The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 per cent, to 10,563.85.

All sectoral indices led by bank, oil & gas and capital goods were in the negative zone, slipping up to 1.02 per cent.

Brokers said sustained foreign funds outflows, weak trend at other Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy, mainly triggered selling here.

Major losers included Hero MotoCorp, Tata Motors, ICICI Bank, Axis Bank, SBI, Bajaj Auto, Bharti Airtel, Adani Ports, Yes Bank, Dr Reddy's and HDFC Ltd, falling by up to 1.92 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed.

Globally, Hong Kong's Hang Seng index was down 1.62 per cent, while Japan's Nikkei shed 1.79 per cent in early trade today. Shanghai Composite too was down by 2.04 per cent.

The US Dow Jones ended 1.58 per cent lower in yesterday's trade.&nbsp

The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 per cent, to 10,563.85

Benchmark Sensex declined by over 214 points in opening trade today, extending yesterday's fall, tracking a weak trend in global markets amid fresh concerns of a possible China-US trade war. Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiments. There was caution among investors ahead of the May month derivatives expiry tomorrow. The 30-share index, which had lost 216.24 points in the previous session, drifted down by 214.13 points, or 0.61 per cent, to 34,735.11. The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 per cent, to 10,563.85. All sectoral indices led by bank, oil & gas and capital goods were in the negative zone, slipping up to 1.02 per cent. Brokers said sustained foreign funds outflows, weak trend at other Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy, mainly triggered selling here. Major losers included Hero MotoCorp, Tata Motors, ICICI Bank, Axis Bank, SBI, Bajaj Auto, Bharti Airtel, Adani Ports, Yes Bank, Dr Reddy's and HDFC Ltd, falling by up to 1.92 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed. Globally, Hong Kong's Hang Seng index was down 1.62 per cent, while Japan's Nikkei shed 1.79 per cent in early trade today. Shanghai Composite too was down by 2.04 per cent. The US Dow Jones ended 1.58 per cent lower in yesterday's trade.

Sensex suffers more losses, slides 214 points on global cues

As public-sector banks across the country announced a two-day-long strike, banking services are likely to be impacted today and tomorrow. The nation-wide strike press for wage revision. As the two per cent wage hike failed to convince the bank unions, nearly 1 million bank employees will go on strike which kicks off today.

On May 5, the Indian Banks' Association (IBA) offered a 2 per cent hike which was rejected by unions calling it unjust. The latest round of wage revision for all banks is due from 1 November 2017.

The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions, has called for a nationwide bank strike against wage hike proposed by the Indian Banks' Association (IBA).

Vice-President of National Organisation of Bank Workers, Ashwani Rana told ANI, "On 30 and 31st May, 10 lakh bank employees all over India will be on strike over the issue of wage revision."

Withdrawal and cash deposit in the branches of public sector banks would be affected. Reportedly, the ATM security guards are also likely to participate in the protest. As protest dates coincide&nbsp;with the end of the month, salary withdrawals may get affected too.

Private banks, like ICICI, HDFC, Axis, Kotak Mahindra, among others are expected to operate normally except for delays in cheque clearances.

As many as 21 public sector banks control nearly 75 per cent of the total business in the country.

On May, the Indian Banks' Association (IBA) offered a 2 per cent hike which was rejected by unions calling it unjust

As public-sector banks across the country announced a two-day-long strike, banking services are likely to be impacted today and tomorrow. The nation-wide strike press for wage revision. As the two per cent wage hike failed to convince the bank unions, nearly 1 million bank employees will go on strike which kicks off today. On May 5, the Indian Banks' Association (IBA) offered a 2 per cent hike which was rejected by unions calling it unjust. The latest round of wage revision for all banks is due from 1 November 2017. The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions, has called for a nationwide bank strike against wage hike proposed by the Indian Banks' Association (IBA). Vice-President of National Organisation of Bank Workers, Ashwani Rana told ANI, "On 30 and 31st May, 10 lakh bank employees all over India will be on strike over the issue of wage revision." Withdrawal and cash deposit in the branches of public sector banks would be affected. Reportedly, the ATM security guards are also likely to participate in the protest. As protest dates coincide with the end of the month, salary withdrawals may get affected too. Private banks, like ICICI, HDFC, Axis, Kotak Mahindra, among others are expected to operate normally except for delays in cheque clearances. As many as 21 public sector banks control nearly 75 per cent of the total business in the country.

2-day bank strike from today, banking services likely to take hit

India's state-run banks posted a combined loss of 853.7 billion rupees or 8.5 lakh crore ($12.65 billion) in the fiscal year ended this March, according to data compiled by Reuters, as their provisions for bad loans surged following stricter central bank rules.

All but two of the 21 banks in which India owns a majority plunged into losses in the March quarter after the Reserve Bank of India in February withdrew half a dozen loan restructuring schemes and put in place other curbs.

For the fourth quarter alone, total losses in the state-run banking sector were 626.81 billion rupees or 6.26 lakh crore ($9.30 billion) - negating modest profits at Indian Bank and Vijaya Bank.

To be sure, state banks as a whole posted losses in the prior two years too, hurt mostly by bad loans. But the 2017/18 loss is the highest ever in their history.

Gross non-performing loans at the 21 banks rose about 15 per cent from three months earlier to 8.96 trillion rupees ($133 billion) at the end of March. Bad loans as a percentage of total loans also rose at most banks, with IDBI Bank clocking the highest bad-loan ratio of 27.95 per cent, followed by Indian Overseas Bank's 25.28 per cent.

The bad-loan surge and the record losses come at a time when New Delhi has drawn up a 2.11 trillion-rupee, two-year, plan to recapitalise the state lenders which account for two-thirds of the country's banking assets in its efforts to kick-start lending growth.

However, some fear that most of the banks will be left with no funds for growth after meeting provision requirements and higher capital ratios mandated by global Basel III banking rules to be fully effective by March 2019.

For the fourth quarter alone, total losses in the state-run banking sector were 626.81 billion rupees or 6.26 lakh crore.

India's state-run banks posted a combined loss of 853.7 billion rupees or 8.5 lakh crore ($12.65 billion) in the fiscal year ended this March, according to data compiled by Reuters, as their provisions for bad loans surged following stricter central bank rules. All but two of the 21 banks in which India owns a majority plunged into losses in the March quarter after the Reserve Bank of India in February withdrew half a dozen loan restructuring schemes and put in place other curbs. For the fourth quarter alone, total losses in the state-run banking sector were 626.81 billion rupees or 6.26 lakh crore ($9.30 billion) - negating modest profits at Indian Bank and Vijaya Bank. To be sure, state banks as a whole posted losses in the prior two years too, hurt mostly by bad loans. But the 2017/18 loss is the highest ever in their history. Gross non-performing loans at the 21 banks rose about 15 per cent from three months earlier to 8.96 trillion rupees ($133 billion) at the end of March. Bad loans as a percentage of total loans also rose at most banks, with IDBI Bank clocking the highest bad-loan ratio of 27.95 per cent, followed by Indian Overseas Bank's 25.28 per cent. The bad-loan surge and the record losses come at a time when New Delhi has drawn up a 2.11 trillion-rupee, two-year, plan to recapitalise the state lenders which account for two-thirds of the country's banking assets in its efforts to kick-start lending growth. However, some fear that most of the banks will be left with no funds for growth after meeting provision requirements and higher capital ratios mandated by global Basel III banking rules to be fully effective by March 2019.

Hurt by bad loans, India's public sector banks post highest ever loss of Rs 8.5 lakh crore in 2017-18

Around one million bank employees <a href="http://www.wionews.com/business-&-economy/bank-strike-may-hit-transactions-worth-rs-20k-crore-assocham-140991">went on strike</a> across India on Wednesday, a union representative said, demanding better pay and a government crackdown on companies who wilfully default on loan payments.

Some 5,000 workers chanted slogans and waved banners at a protest in the financial capital Mumbai, head of the bank union Devidas Tuljapurkar said, as they claimed they were paying the price for India's mountain of bad debts.

The Asian giant's troubled lenders have some of the highest levels of debt in emerging markets, weighed down by billions of dollars of non-performing assets (NPAs) also known as <a href="www.wionews.com/india-news/rbi-discovers-rs-47000-crore-bad-loan-at-five-biggest-state-run-banks-140756">bad loans</a>.

The two-day strike, which ends on Thursday, led to tens of thousands of branches of public sector and commercial banks downing their shutters, paralysing operations in some parts of the country.

The strikers are unhappy with a proposed two per cent wage rise which they have been offered, noting that it is well below India's inflation rate of around 4.5 per cent.

"Bankers justification in offering the meagre wage rise is losses to the banks," Tuljapurkar, convenor of India's United Forum of Bank Unions, said in a statement.

"(However)... It is big corporates who are attributable for losses to the banks. But for no fault on their part ordinary employees and officers are being denied their due share in profits," he added.

India's bad loan problem received national attention in March 2016 when beer and airline tycoon Vijay Mallya fled to the UK to avoid paying nearly $1 billion in loans that he owed banks.

Earlier this year the government said banks' bad loans were worth more than $120 billion.

High debts mean banks are stretched too thin to lend funds for fresh investments, holding back economic growth.

The government is trying to help state-owned banks clean up their books and in October approved a $32 billion recapitalisation plan for struggling lenders.

It has also given India's central bank greater powers to intervene in cases of bad loans, and to order lenders to deal with their debts under new bankruptcy laws.

"We have been consistently demanding that the government should come down heavily against those big corporates (who default on payments). Without which Indian banking cannot be revived," Tuljapurkar said.

The union chief also said that bank employees' workloads had increased since Prime Minister Narendra Modi was elected four years ago and implemented a number of economic initiatives.

A sudden move in late 2016 to devalue 86 per cent of India's currency sparked long lines at ATMs and chaotic scenes at banks.

Many poorer Indians, reliant on cash, were left scrambling to buy basic necessities as their meagre savings evaporated in an instant.

Earlier this year the government said banks' bad loans were worth more than $120 billion.

Around one million bank employees went on strike across India on Wednesday, a union representative said, demanding better pay and a government crackdown on companies who wilfully default on loan payments. Some 5,000 workers chanted slogans and waved banners at a protest in the financial capital Mumbai, head of the bank union Devidas Tuljapurkar said, as they claimed they were paying the price for India's mountain of bad debts. The Asian giant's troubled lenders have some of the highest levels of debt in emerging markets, weighed down by billions of dollars of non-performing assets (NPAs) also known as bad loans. The two-day strike, which ends on Thursday, led to tens of thousands of branches of public sector and commercial banks downing their shutters, paralysing operations in some parts of the country. The strikers are unhappy with a proposed two per cent wage rise which they have been offered, noting that it is well below India's inflation rate of around 4.5 per cent. "Bankers justification in offering the meagre wage rise is losses to the banks," Tuljapurkar, convenor of India's United Forum of Bank Unions, said in a statement. "(However)... It is big corporates who are attributable for losses to the banks. But for no fault on their part ordinary employees and officers are being denied their due share in profits," he added. India's bad loan problem received national attention in March 2016 when beer and airline tycoon Vijay Mallya fled to the UK to avoid paying nearly $1 billion in loans that he owed banks. Earlier this year the government said banks' bad loans were worth more than $120 billion. High debts mean banks are stretched too thin to lend funds for fresh investments, holding back economic growth. The government is trying to help state-owned banks clean up their books and in October approved a $32 billion recapitalisation plan for struggling lenders. It has also given India's central bank greater powers to intervene in cases of bad loans, and to order lenders to deal with their debts under new bankruptcy laws. "We have been consistently demanding that the government should come down heavily against those big corporates (who default on payments). Without which Indian banking cannot be revived," Tuljapurkar said. The union chief also said that bank employees' workloads had increased since Prime Minister Narendra Modi was elected four years ago and implemented a number of economic initiatives. A sudden move in late 2016 to devalue 86 per cent of India's currency sparked long lines at ATMs and chaotic scenes at banks. Many poorer Indians, reliant on cash, were left scrambling to buy basic necessities as their meagre savings evaporated in an instant.

How strike by 1 million bank workers affected India on Day 1

Shares ended lower for the second day, weighed down by jittery global stocks on fears of repeat elections in the euro zone's third-largest economy, Italy, with investors trimming exposure to riskier assets.

Benchmark Sensex slipped over 43 points in volatile trade to end at 34,906.11 with no let-up in selling by investors ahead of May derivatives expiry amid weak global cues.

The cut in India's 2018 GDP growth forecast by Moody's also affected sentiment, brokers said.

The 30-share Sensex opened on a bearish note at 34,876.13 and slipped further to hit a low of 34,735.11 largely on sustained foreign fund outflows amid a global sell-off on political uncertainty in Italy and concerns of a possible China-US trade war.

However, short-covering by speculators ahead of May derivatives expiry tomorrow and recovery in the rupee reversed the early losses, with the gauge scaling a high 35,017.45. It finally ended at 34,906.11, down 43.13 points, or 0.12 per cent.

The Sensex swung over 280 points intra-day.

The barometer had lost 216.24 points in the previous session.

The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between 10,648.70 and 10,558.45.

Moody's Investors Service today cut India's 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, saying the economy is in cyclical recovery but higher oil prices and tighter financial conditions will weigh on the pace of acceleration.

Brokers said the market sentiment was subdued due to lacklustre performance across the Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed.

The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between 10,648.70 and 10,558.45.

Shares ended lower for the second day, weighed down by jittery global stocks on fears of repeat elections in the euro zone's third-largest economy, Italy, with investors trimming exposure to riskier assets. Benchmark Sensex slipped over 43 points in volatile trade to end at 34,906.11 with no let-up in selling by investors ahead of May derivatives expiry amid weak global cues. The cut in India's 2018 GDP growth forecast by Moody's also affected sentiment, brokers said. The 30-share Sensex opened on a bearish note at 34,876.13 and slipped further to hit a low of 34,735.11 largely on sustained foreign fund outflows amid a global sell-off on political uncertainty in Italy and concerns of a possible China-US trade war. However, short-covering by speculators ahead of May derivatives expiry tomorrow and recovery in the rupee reversed the early losses, with the gauge scaling a high 35,017.45. It finally ended at 34,906.11, down 43.13 points, or 0.12 per cent. The Sensex swung over 280 points intra-day. The barometer had lost 216.24 points in the previous session. The 50-share NSE Nifty too settled 18.95 points, or 0.18 per cent, lower at 10,614.35. During the session, it moved between 10,648.70 and 10,558.45. Moody's Investors Service today cut India's 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, saying the economy is in cyclical recovery but higher oil prices and tighter financial conditions will weigh on the pace of acceleration. Brokers said the market sentiment was subdued due to lacklustre performance across the Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed.

Markets end lower for 2nd day; Sensex closes at 34,906.11

ICICI Bank Ltd said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar.

ICICI, India's third-biggest lender by assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest".

ICICI had on May 25 said that Securities and Exchange Board of India (SEBI) had sought responses from the company and Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements) Regulations, 2015'".

According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on May 24.

As per the securities market regulator's LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges.

The notice by SEBI had been issued "based on information furnished by the bank or its MD and CEO to diverse queries made by SEBI concerning dealings between the bank and <a href="http://www.wionews.com/india-news/no-quid-pro-quo-icici-bank-gave-loan-on-merit-videocon-chief-venugopal-dhoot-127583">Videocon Group</a> and certain dealings allegedly between Videocon Group and <a href="http://www.wionews.com/india-news/icici-videocon-case-cbi-questions-cfo-of-nupower-renewables-131233">Nupower</a>, an entity in which Deepak Kochhar, spouse of MD and CEO has economic interests," the bank said.

The bank said that appropriate responses would be submitted to SEBI in accordance with regulation.

The SEBI notice comes more than a month after nepotism and conflict of interest allegations were levelled against Kochhar. It has been alleged that Kochhar had wrongfully granted a loan to Videocon Group and that her husband's company - NuPower Renewables - received a loan from the Videocon Group's Chairman Venugopal Dhoot on a quid-pro-quo basis.

Chanda Kochhar on May 7 had said that private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies.

The bank has backed Kochhar, calling the rumours "malicious and unfounded".

ICICI, India's third-biggest lender by assets, said the probe will be headed by an independent person.

ICICI Bank Ltd said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar. ICICI, India's third-biggest lender by assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest". ICICI had on May 25 said that Securities and Exchange Board of India (SEBI) had sought responses from the company and Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements) Regulations, 2015'". According to a BSE filing, SEBI sought the reply via a notice issued to the private lender and its MD and CEO on May 24. As per the securities market regulator's LODR regulations, all listed entities are mandated to immediately disclose relevant and important information to stock exchanges. The notice by SEBI had been issued "based on information furnished by the bank or its MD and CEO to diverse queries made by SEBI concerning dealings between the bank and Videocon Group and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar, spouse of MD and CEO has economic interests," the bank said. The bank said that appropriate responses would be submitted to SEBI in accordance with regulation. The SEBI notice comes more than a month after nepotism and conflict of interest allegations were levelled against Kochhar. It has been alleged that Kochhar had wrongfully granted a loan to Videocon Group and that her husband's company - NuPower Renewables - received a loan from the Videocon Group's Chairman Venugopal Dhoot on a quid-pro-quo basis. Chanda Kochhar on May 7 had said that private lender works under and abides by all regulatory norms and that it has been fully cooperating with regulatory and investigative agencies. The bank has backed Kochhar, calling the rumours "malicious and unfounded".

ICICI Bank to probe allegations against CEO Chanda Kochhar