The BSE benchmark Sensex Wednesday rallied over 250 points on heavy buying in metal, IT and banking stocks amid positive cues from other Asian markets ahead of US-China trade talks and US Fed policy meet outcome.

The 30-share index was trading 188.10 points or 0.5 per cent, higher at 35,780.60.

Similarly, the 50-share NSE Nifty jumped 51.55 points, or 0.48 per cent, to 10,703.75.

On Tuesday, the Sensex ended 64.20 points lower at 35,592, and the Nifty edged lower by over 9 points to close at 10,652.

In morning session on Wednesday, Axis Bank was the biggest gainer on both indices, rallying over 6 per cent after the third largest private sector lender Axis Bank Tuesday reported a 131 per cent surge in net income for the December quarter at Rs 1,681 crore boosted by a huge jump in recoveries from written-off accounts.

Shares of ICICI Bank too rallied 4 per cent ahead of its quarterly results, scheduled to be released later in the day.

Tata Steel, Yes Bank, Bajaj Finance, Vedanta, Tata Motors, Reliance and M&amp;M were the other top gainers, rallying up to 4 per cent.

While, HDFC Bank, ONGC, PowerGrid, Hero MotoCorp, Bajaj Auto, HDFC, Kotak Bank and HUL were the biggest losers, shedding up to 1.07 per cent. 
On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed.

"With the interim budget set to be announced this Friday; expectation of the government breaching the fiscal deficit is high in order to boost the rural sector," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

The Market may take it in its stride even if the fiscal deficit target is breached by a small amount, provided that the government is able to convincingly back its actions with a push for growth-oriented policies and display its reforms orientation to be intact, he added.

Global investor sentiment was positive, but the gains were capped as investors were cautious ahead of crucial talks crucial trade talks between American and Chinese officials on January 30 and 31.

The market is also awaiting the outcome of the US Federal Reserve's meeting later in the day.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.20 per cent, Shanghai Composite Index was up 0.09 per cent higher, Kospi gained 0.58 per cent, while Japan's Nikkei dropped 0.53 per cent in early trade.

On Wall Street, Dow Jones Industrial Average ended 0.21 per cent higher on Tuesday.

The rupee, meanwhile, was trading depreciated 21 paise against US $ to 71.32.

The benchmark Brent crude futures rose 0.44 per cent to US $ 61.47 per barrel. 
&nbsp;

The BSE benchmark Sensex Wednesday rallied over 250 points on heavy buying in metal, IT and banking stocks amid positive cues from other Asian markets ahead of US-China trade talks and US Fed policy meet outcome.

The BSE benchmark Sensex Wednesday rallied over 250 points on heavy buying in metal, IT and banking stocks amid positive cues from other Asian markets ahead of US-China trade talks and US Fed policy meet outcome. The 30-share index was trading 188.10 points or 0.5 per cent, higher at 35,780.60. Similarly, the 50-share NSE Nifty jumped 51.55 points, or 0.48 per cent, to 10,703.75. On Tuesday, the Sensex ended 64.20 points lower at 35,592, and the Nifty edged lower by over 9 points to close at 10,652. In morning session on Wednesday, Axis Bank was the biggest gainer on both indices, rallying over 6 per cent after the third largest private sector lender Axis Bank Tuesday reported a 131 per cent surge in net income for the December quarter at Rs 1,681 crore boosted by a huge jump in recoveries from written-off accounts. Shares of ICICI Bank too rallied 4 per cent ahead of its quarterly results, scheduled to be released later in the day. Tata Steel, Yes Bank, Bajaj Finance, Vedanta, Tata Motors, Reliance and M&M were the other top gainers, rallying up to 4 per cent. While, HDFC Bank, ONGC, PowerGrid, Hero MotoCorp, Bajaj Auto, HDFC, Kotak Bank and HUL were the biggest losers, shedding up to 1.07 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed. "With the interim budget set to be announced this Friday; expectation of the government breaching the fiscal deficit is high in order to boost the rural sector," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. The Market may take it in its stride even if the fiscal deficit target is breached by a small amount, provided that the government is able to convincingly back its actions with a push for growth-oriented policies and display its reforms orientation to be intact, he added. Global investor sentiment was positive, but the gains were capped as investors were cautious ahead of crucial talks crucial trade talks between American and Chinese officials on January 30 and 31. The market is also awaiting the outcome of the US Federal Reserve's meeting later in the day. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.20 per cent, Shanghai Composite Index was up 0.09 per cent higher, Kospi gained 0.58 per cent, while Japan's Nikkei dropped 0.53 per cent in early trade. On Wall Street, Dow Jones Industrial Average ended 0.21 per cent higher on Tuesday. The rupee, meanwhile, was trading depreciated 21 paise against US $ to 71.32. The benchmark Brent crude futures rose 0.44 per cent to US $ 61.47 per barrel.

Sensex rallies over 250 points, Nifty tests 10,700 level

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct.

The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.

The board of the bank based on the report has decided to treat her resignation as 'Termination for Cause' under the bank's internal policies.

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct. The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct. The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part. The board of the bank based on the report has decided to treat her resignation as 'Termination for Cause' under the bank's internal policies.

Chanda Kochhar violated bank's code of conduct: Srikrishna panel report

The<a href="http://www.wionews.com/india-news/cbi-conducts-raids-in-videocon-icici-bank-loan-case-registers-case-against-chanda-kochhar-192470"> CBI officer-in-charge</a> who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by<a href="http://www.wionews.com/india-news/icici-bank-shares-surge-6-chanda-kochhar-quits-169384"> the ICICI bank</a> has been transferred out.

The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case.

Sudhanshu Dhar Mishra, who was Superintendent of Police (SP) of Banking and Securities Fraud Cell of CBI, Delhi, was transferred to CBI’s Economic Offences Branch in Ranchi, Jharkhand.

He had signed FIR against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot and others on January 22 in connection with ICICI-Videocon case.

On January 24, CBI booked former Chanda Kochhar, her businessman husband Deepak Kochhar and Videocon MD Venugopal Dhoot in a case of alleged irregularities in the sanctioning of loans by the ICICI bank.

Kochhar had quit the ICICI on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company`s founders had invested in a company of her husband Deepak Kochhar.

The CBI filed cases against the three along with some others after conducting raids at four premises in Maharashtra, the investigating agency had said.

The preliminary enquiry apparently showed that from June 2009 to October 2011, ICICI Bank had allegedly sanctioned six high-value loans to various Videocon Group companies, CBI sources said.

Chanda Kochhar had taken over the post of the Managing Director of the ICICI Bank on May 1, 2009. The companies M/S Nupower Renewables Limited (NRL) and M/S Supreme Energy Private Limited (SEPL) have also been named in the case registered by CBI.

It is alleged that SEPL was initially incorporated by Dhoot and his associate Vasant Kakade and the ownership of the company was later transferred to Deepak Kochhar by selling the shares of the company to Pinnacle Energy Trust (PET) which was owned by Kochhar.

It was also alleged that Dhoot had invested a large amount of funds in Deepak Kochhar-owned Nupower months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in 2012.

The CBI officer-in-charge who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by the ICICI bank has been transferred out. The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case.

The CBI officer-in-charge who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by the ICICI bank has been transferred out. The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case. Sudhanshu Dhar Mishra, who was Superintendent of Police (SP) of Banking and Securities Fraud Cell of CBI, Delhi, was transferred to CBI’s Economic Offences Branch in Ranchi, Jharkhand. He had signed FIR against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot and others on January 22 in connection with ICICI-Videocon case. On January 24, CBI booked former Chanda Kochhar, her businessman husband Deepak Kochhar and Videocon MD Venugopal Dhoot in a case of alleged irregularities in the sanctioning of loans by the ICICI bank. Kochhar had quit the ICICI on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company`s founders had invested in a company of her husband Deepak Kochhar. The CBI filed cases against the three along with some others after conducting raids at four premises in Maharashtra, the investigating agency had said. The preliminary enquiry apparently showed that from June 2009 to October 2011, ICICI Bank had allegedly sanctioned six high-value loans to various Videocon Group companies, CBI sources said. Chanda Kochhar had taken over the post of the Managing Director of the ICICI Bank on May 1, 2009. The companies M/S Nupower Renewables Limited (NRL) and M/S Supreme Energy Private Limited (SEPL) have also been named in the case registered by CBI. It is alleged that SEPL was initially incorporated by Dhoot and his associate Vasant Kakade and the ownership of the company was later transferred to Deepak Kochhar by selling the shares of the company to Pinnacle Energy Trust (PET) which was owned by Kochhar. It was also alleged that Dhoot had invested a large amount of funds in Deepak Kochhar-owned Nupower months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in 2012.

ICICI-Videocon loan case: CBI officer who lodged FIR against Chanda Kochhar transferred

The CBI has registered an FIR in connection with alleged irregularities in the Rs 3,250 crore ICICI Bank-Videocon loan case and is carrying out searches Thursday at the group headquarters in Mumbai and offices in Aurangabad, officials said.

The search operation started Thursday morning and also covered offices of Nupower, a company operated by ICICI Bank's former CEO Chanda Kochhar's husband Deepak Kochhar and Supreme Energy, they said.

It is alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of Rupees in Nupower months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012, they said.

The agency had registered a preliminary enquiry against Videocon promoter Venugopal Dhoot, Deepak Kochhar and unidentified others in March last year, they said.

A PE is a precursor before the agency lodges an FIR to probe criminal charges on the basis of evidence collected during the former exercise.

The agency has now converted it into an FIR which means a full blown investigation has been started by the agency after registration of a case. 
The details of the FIR and names of the accused are awaited, they said.&nbsp;

The CBI has registered an FIR in connection with alleged irregularities in the Rs 3,250 crore ICICI Bank-Videocon loan case and is carrying out searches Thursday at the group headquarters in Mumbai and offices in Aurangabad, officials said.

The CBI has registered an FIR in connection with alleged irregularities in the Rs 3,250 crore ICICI Bank-Videocon loan case and is carrying out searches Thursday at the group headquarters in Mumbai and offices in Aurangabad, officials said. The search operation started Thursday morning and also covered offices of Nupower, a company operated by ICICI Bank's former CEO Chanda Kochhar's husband Deepak Kochhar and Supreme Energy, they said. It is alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of Rupees in Nupower months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012, they said. The agency had registered a preliminary enquiry against Videocon promoter Venugopal Dhoot, Deepak Kochhar and unidentified others in March last year, they said. A PE is a precursor before the agency lodges an FIR to probe criminal charges on the basis of evidence collected during the former exercise. The agency has now converted it into an FIR which means a full blown investigation has been started by the agency after registration of a case. The details of the FIR and names of the accused are awaited, they said.

CBI registers FIR in ICICI Bank-Videocon loan case

The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low.

After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60.

The fall was led by L&amp;T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent.

On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor.

Infosys was also among the top gainers, rising 2.58 per cent, after the company, Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy.

Other gainers include Sun Pharma, Bajaj Finance, Maruti and Tata Motors, rising up to 1.68 per cent.

According to experts, overall investor sentiment was weak after the government on Friday released the industrial output growth numbers, which dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed.

On the macro front, the rupee depreciated 32 paise to 70.81 against the US dollar.

Brent crude futures were trading 1.49 per cent lower at $59.58 per barrel.

Elsewhere in Asia, Korea's Kospi fell 0.53 per cent, Shanghai Composite Index slipped 0.71 per cent, and Hong Kong's Hang Seng dropped 1.38 per cent. While Japan's Nikkei jumped 0.97 per cent.

In Europe, Frankfurt's DAX was down 0.55 per cent, Paris CAC 40 fell 0.77 per cent, and London's FTSE shed 0.73 per cent.&nbsp;

After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56.

The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low. After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60. The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent. On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor. Infosys was also among the top gainers, rising 2.58 per cent, after the company, Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy. Other gainers include Sun Pharma, Bajaj Finance, Maruti and Tata Motors, rising up to 1.68 per cent. According to experts, overall investor sentiment was weak after the government on Friday released the industrial output growth numbers, which dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed. On the macro front, the rupee depreciated 32 paise to 70.81 against the US dollar. Brent crude futures were trading 1.49 per cent lower at $59.58 per barrel. Elsewhere in Asia, Korea's Kospi fell 0.53 per cent, Shanghai Composite Index slipped 0.71 per cent, and Hong Kong's Hang Seng dropped 1.38 per cent. While Japan's Nikkei jumped 0.97 per cent. In Europe, Frankfurt's DAX was down 0.55 per cent, Paris CAC 40 fell 0.77 per cent, and London's FTSE shed 0.73 per cent.

Sensex drops over 150 points on weak macro cues

Five of the top-10 most valued firms together added Rs 43,689.89 crore in <a href="http://www.wionews.com/business-economy/top-10-most-valued-companies-including-tcs-ril-hdfc-bank-lose-rs-38153-cr-in-m-cap-188578">market valuation</a> last week, with ITC and Infosys contributing most to the overall gain.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday.

The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore.

ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore.

The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore.

On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore.

Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore.

HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore.

In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank.

Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation.

Five of the top-10 most valued firms together added Rs 43,689.89 crore in market valuation last week, with ITC and Infosys contributing most to the overall gain. Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday. The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore. ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore. The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore. On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore. Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore. HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore. In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank. Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Five of 10 most valued firms add Rs 43,689 crore in market cap last week

Notwithstanding the positive signs in the Indian banking sector, fundamentals still remain a long way from returning to "healthy level", a DBS report said on Friday.

According to the global financial services major, the recent second quarter earnings of Indian banks showed some positive signs with a slight improvement in asset quality.

Overall, most banks showed a reduction in gross non-performing loans (NPLs) and lower formation of new NPLs. Some banks also expect further improvement in asset quality in the coming quarters, noted the report.

Lower credit costs also helped the bottom line of the banks, as the countries two leading lenders - State Bank of India and ICICI Bank - returned to profit in the September quarter after reporting losses in the prior quarter.

"Gross NPL ratio of our sample remains above 10 per cent while capitalisation remains just about adequate (Tier I ratio of 9-10 per cent)," DBS said in a research note adding, the government is expected to maintain capital levels of banks through periodic equity injection.

The report further noted that asset quality issues are unlikely to be resolved without "exceptional measures", and hence will remain a long-term issue.

DBS, however, cautioned that the recent improvements seen could slow down as recoveries from ongoing bankruptcy resolutions get more challenging once the better quality assets are sold.

The valuation of American bonds held by Indian banks remains relatively expensive and do not offer much upside from current levels. Hence, the bonds have not reacted to the second quarter results unlike equities of the banks which have seen a rally.

"That said, bond valuations are driven by government ownership and supported by the strong technicals (absence of new bond supply). At best, Indian bank bonds are suitable for buy and hold investors for coupon carry," the report said.

Notwithstanding the positive signs in the Indian banking sector, fundamentals still remain a long way from returning to "healthy level", a DBS report said on Friday.

Notwithstanding the positive signs in the Indian banking sector, fundamentals still remain a long way from returning to "healthy level", a DBS report said on Friday. According to the global financial services major, the recent second quarter earnings of Indian banks showed some positive signs with a slight improvement in asset quality. Overall, most banks showed a reduction in gross non-performing loans (NPLs) and lower formation of new NPLs. Some banks also expect further improvement in asset quality in the coming quarters, noted the report. Lower credit costs also helped the bottom line of the banks, as the countries two leading lenders - State Bank of India and ICICI Bank - returned to profit in the September quarter after reporting losses in the prior quarter. "Gross NPL ratio of our sample remains above 10 per cent while capitalisation remains just about adequate (Tier I ratio of 9-10 per cent)," DBS said in a research note adding, the government is expected to maintain capital levels of banks through periodic equity injection. The report further noted that asset quality issues are unlikely to be resolved without "exceptional measures", and hence will remain a long-term issue. DBS, however, cautioned that the recent improvements seen could slow down as recoveries from ongoing bankruptcy resolutions get more challenging once the better quality assets are sold. The valuation of American bonds held by Indian banks remains relatively expensive and do not offer much upside from current levels. Hence, the bonds have not reacted to the second quarter results unlike equities of the banks which have seen a rally. "That said, bond valuations are driven by government ownership and supported by the strong technicals (absence of new bond supply). At best, Indian bank bonds are suitable for buy and hold investors for coupon carry," the report said.

Indian banks showing positive signs but fundamentals still weak: Report

ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the quarter ended September 2018.

The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing.

However, total income of the bank on a consolidated basis rose to 31,914.82 crore as against Rs 30,190.54 crore a year ago.&nbsp;

On a standalone basis, its net profit fell by 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017.

The bank had reported a net loss of Rs 119.55 crore in the first quarter of the ongoing fiscal.

Total income of the ICICI Bank on a standalone basis stood at Rs 18,262.12 crore during the September quarter, down from Rs 18,763.29 crore in the year-ago period.

Its shares closed at Rs 315.05 apiece on the BSE, down 1.45 per cent from their previous close.

ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the quarter ended September 2018. The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.

ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the quarter ended September 2018. The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing. However, total income of the bank on a consolidated basis rose to 31,914.82 crore as against Rs 30,190.54 crore a year ago. On a standalone basis, its net profit fell by 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017. The bank had reported a net loss of Rs 119.55 crore in the first quarter of the ongoing fiscal. Total income of the ICICI Bank on a standalone basis stood at Rs 18,262.12 crore during the September quarter, down from Rs 18,763.29 crore in the year-ago period. Its shares closed at Rs 315.05 apiece on the BSE, down 1.45 per cent from their previous close.

ICICI Bank Q2 net profit dives 42% to Rs 1,205 crore

In mid-February, a lobby group chose Chanda Kochhar, the then head of ICICI Bank, for an interactive session with the visiting Canadian prime minister Justin Trudeau. A little over a month later, the toast of the town was battling allegations of impropriety that led to a multi-agency probe and an eventually forced leave-of-absence.

The 56-year-old Kochhar, who rose to occupy the corner office at the largest private sector lender, was mired in allegations of conflicts of interest, lack of disclosures and quid-pro-quo while extending loans to the now-bankrupt Videocon Industries. She, in fact, was the first woman to head a large lender in the country.

Kochhar, a favourite of the then group chairman KV Kamath, joined ICICI, an infrastructure lender in its earlier avatar, as a management trainee in 1984 and rose to play an important part in its transformation into a retail-focused lender and when it turned into a commercial bank in the early 1990s.

After the exit of the larger-than-life KV Kamath, she was chosen in 2009 to succeed the illustrious leader as the managing director and chief executive despite a strong leadership bench.

Her elevation also led to the exit of Shikha Sharma (Axis Bank chief), who was senior to her in ranking from the group. Before her elevation to the corner office, she was a key member of the bank's setting up, oversaw the retail business and was also the chief financial officer.

She consolidated activities at ICICI Bank, the only domestic lender to be impacted in the post-Lehman crisis, and ensured it speaks little and it is only her who does the talking all the time.

While Kamath faced many bank runs during his tenure, Kochhar's brute control on the institution has led to a complete arrest of such negative press. There was just one run-on during her tenure.

When an RBI review in 2015 found a high amount of under-reported dud assets with the bank, she announced a new strategy of concentrating only on the well-rated borrowers.

She championed many social causes but it was her inspiring rise to the top that was most admired. Yet, she perplexed many with her contrarian views that girls lack quantitative analytical skills, blaming it on the limited number of women in B-schools.

Over the years her leadership of the bank became a hyphenated relationship, wherein she came to define the bank, till it was broken Thursday with the announcement of her formal exit, six months after allegations of impropriety first cropped up against her, though she has been on an indefinite leave from May after the board was forced to appoint an external probe into the entire issue.

The reasons for her ouster pertain to the loan to Videocon and the business dalliances between its promoter Venugopal Dhoot and her husband Deepak Kochhar.

Dhoot had invested in and subsequently exited a power company promoted by Deepak and Chanda Kochhar did not recuse herself or disclose this when a loan was granted by ICICI Bank to Videocon as part of a consortium.

Initially, she enjoyed full backing of the board but lost support as the list of allegations kept growing with more names like an Essar group shell company of the Ruias also emerging among those with whom the Kochhar family had a relationship.

However, the gains from the Ruia ties were only a fraction of Videocon's loan of Rs 3,250 crore in FY11 which soon turned dud.

These allegations led to probes by multiple agencies, including the CBI, ED and SFIO, and also questioning of the Kochhar family members.

Finally, it was a complaint by a whistleblower who is yet to be named, which proved to be her undoing.

After exonerating her initially in the face of Videocon allegations, the bank launched an independent probe by retired judge BN Srikrishna and Kochhar went on indefinite leave pending the enquiry. This led to Sandeep Bakhshi being made the chief operating officer to oversee the day-to-day operations.

Kochhar had six months to go before her current term expires in March 2019. Regulations allow private sector bank chiefs to continue till the age of 70. Her offer to resign was accepted with immediate effect Thursday and Bakhshi was elevated to succeed her. The probe against her will continue and its outcome will determine the compensation she gets, the bank said in a statement.

In the past few months, shareholders have sought clarity on the issue at annual meetings and also raised concerns over the bank's move to appoint her as the chairman of group's securities arm. Kochhar, who maintained a huge public profile, has been away from public glare since May.

From a performance perspective, when she took over ICICI Bank was the second largest in the system and the largest among its private sector peers. But at the end of her actual carrier at the bank, it was reduced to a distant No 3 in the system and the second largest private sector lender after HDFC Bank by a wide margin.

The bank closed fiscal 2018 with advances of Rs 5.12 trillion on a deposit of Rs 56.1 trillion and net income of a paltry Rs 1,142 crore. In FY10 (her first full year at the helm), the bank had reported a net income of Rs 4,025 crore on a much smaller balance-sheet of Rs 2.02 trillion in deposits and Rs 1.81 trillion in advances.

Investors cheered the announcement, probably because of the clarity it brings in. The bank scrip closed 4.07 per cent up at Rs 315.95 on the BSE as against a 2.24 per cent plunge in the benchmark.

In mid-February, a lobby group chose Chanda Kochhar, the then head of ICICI Bank, for an interactive session with the visiting Canadian prime minister Justin Trudeau.

In mid-February, a lobby group chose Chanda Kochhar, the then head of ICICI Bank, for an interactive session with the visiting Canadian prime minister Justin Trudeau. A little over a month later, the toast of the town was battling allegations of impropriety that led to a multi-agency probe and an eventually forced leave-of-absence. The 56-year-old Kochhar, who rose to occupy the corner office at the largest private sector lender, was mired in allegations of conflicts of interest, lack of disclosures and quid-pro-quo while extending loans to the now-bankrupt Videocon Industries. She, in fact, was the first woman to head a large lender in the country. Kochhar, a favourite of the then group chairman KV Kamath, joined ICICI, an infrastructure lender in its earlier avatar, as a management trainee in 1984 and rose to play an important part in its transformation into a retail-focused lender and when it turned into a commercial bank in the early 1990s. After the exit of the larger-than-life KV Kamath, she was chosen in 2009 to succeed the illustrious leader as the managing director and chief executive despite a strong leadership bench. Her elevation also led to the exit of Shikha Sharma (Axis Bank chief), who was senior to her in ranking from the group. Before her elevation to the corner office, she was a key member of the bank's setting up, oversaw the retail business and was also the chief financial officer. She consolidated activities at ICICI Bank, the only domestic lender to be impacted in the post-Lehman crisis, and ensured it speaks little and it is only her who does the talking all the time. While Kamath faced many bank runs during his tenure, Kochhar's brute control on the institution has led to a complete arrest of such negative press. There was just one run-on during her tenure. When an RBI review in 2015 found a high amount of under-reported dud assets with the bank, she announced a new strategy of concentrating only on the well-rated borrowers. She championed many social causes but it was her inspiring rise to the top that was most admired. Yet, she perplexed many with her contrarian views that girls lack quantitative analytical skills, blaming it on the limited number of women in B-schools. Over the years her leadership of the bank became a hyphenated relationship, wherein she came to define the bank, till it was broken Thursday with the announcement of her formal exit, six months after allegations of impropriety first cropped up against her, though she has been on an indefinite leave from May after the board was forced to appoint an external probe into the entire issue. The reasons for her ouster pertain to the loan to Videocon and the business dalliances between its promoter Venugopal Dhoot and her husband Deepak Kochhar. Dhoot had invested in and subsequently exited a power company promoted by Deepak and Chanda Kochhar did not recuse herself or disclose this when a loan was granted by ICICI Bank to Videocon as part of a consortium. Initially, she enjoyed full backing of the board but lost support as the list of allegations kept growing with more names like an Essar group shell company of the Ruias also emerging among those with whom the Kochhar family had a relationship. However, the gains from the Ruia ties were only a fraction of Videocon's loan of Rs 3,250 crore in FY11 which soon turned dud. These allegations led to probes by multiple agencies, including the CBI, ED and SFIO, and also questioning of the Kochhar family members. Finally, it was a complaint by a whistleblower who is yet to be named, which proved to be her undoing. After exonerating her initially in the face of Videocon allegations, the bank launched an independent probe by retired judge BN Srikrishna and Kochhar went on indefinite leave pending the enquiry. This led to Sandeep Bakhshi being made the chief operating officer to oversee the day-to-day operations. Kochhar had six months to go before her current term expires in March 2019. Regulations allow private sector bank chiefs to continue till the age of 70. Her offer to resign was accepted with immediate effect Thursday and Bakhshi was elevated to succeed her. The probe against her will continue and its outcome will determine the compensation she gets, the bank said in a statement. In the past few months, shareholders have sought clarity on the issue at annual meetings and also raised concerns over the bank's move to appoint her as the chairman of group's securities arm. Kochhar, who maintained a huge public profile, has been away from public glare since May. From a performance perspective, when she took over ICICI Bank was the second largest in the system and the largest among its private sector peers. But at the end of her actual carrier at the bank, it was reduced to a distant No 3 in the system and the second largest private sector lender after HDFC Bank by a wide margin. The bank closed fiscal 2018 with advances of Rs 5.12 trillion on a deposit of Rs 56.1 trillion and net income of a paltry Rs 1,142 crore. In FY10 (her first full year at the helm), the bank had reported a net income of Rs 4,025 crore on a much smaller balance-sheet of Rs 2.02 trillion in deposits and Rs 1.81 trillion in advances. Investors cheered the announcement, probably because of the clarity it brings in. The bank scrip closed 4.07 per cent up at Rs 315.95 on the BSE as against a 2.24 per cent plunge in the benchmark.

Chanda Kochhar: The fall of a feisty woman who broke the glass ceiling

ICICI Bank on Thursday elevated its Chief Operating Officer (COO) Sandeep Bakhshi as managing director and CEO in place of Chanda Kochhar who quit after a nine-year stint as the head of the bank.

Bakhshi has been appointed for a period of five years till October 3, 2023. He was earlier associated with the group's insurance firm ICICI Prudential Life Insurance Co Ltd as managing director &amp; CEO.

He was brought to the bank for a smooth functioning as Kochhar was forced to go on an indefinite leave since June pending an external enquiry instituted by the country's largest private sector bank on allegations of favouring in family members in granting loans to a few corporate houses.

Bakhshi had joined the ICICI group on December 1, 1986, in the project financing division and was responsible for wholesale banking &amp; small and medium enterprises business.

He was appointed managing director &amp; CEO of ICICI Lombard General Insurance Company on April 2002 and was instrumental in scaling up the private sector general insurance offerings in the country.

Bakhshi also remained as the Deputy Managing Director and handled both the Retail and Corporate Banking business of ICICI Bank from May 1, 2009 to July 31, 2010. Thereafter, he took charge as Managing Director &amp; CEO of ICICI Prudential Life Insurance Company on August 1, 2010.

A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.

ICICI Bank on Thursday elevated its Chief Operating Officer (COO) Sandeep Bakhshi as managing director and CEO in place of Chanda Kochhar who quit after a nine-year stint as the head of the bank.

ICICI Bank on Thursday elevated its Chief Operating Officer (COO) Sandeep Bakhshi as managing director and CEO in place of Chanda Kochhar who quit after a nine-year stint as the head of the bank. Bakhshi has been appointed for a period of five years till October 3, 2023. He was earlier associated with the group's insurance firm ICICI Prudential Life Insurance Co Ltd as managing director & CEO. He was brought to the bank for a smooth functioning as Kochhar was forced to go on an indefinite leave since June pending an external enquiry instituted by the country's largest private sector bank on allegations of favouring in family members in granting loans to a few corporate houses. Bakhshi had joined the ICICI group on December 1, 1986, in the project financing division and was responsible for wholesale banking & small and medium enterprises business. He was appointed managing director & CEO of ICICI Lombard General Insurance Company on April 2002 and was instrumental in scaling up the private sector general insurance offerings in the country. Bakhshi also remained as the Deputy Managing Director and handled both the Retail and Corporate Banking business of ICICI Bank from May 1, 2009 to July 31, 2010. Thereafter, he took charge as Managing Director & CEO of ICICI Prudential Life Insurance Company on August 1, 2010. A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.

Meet Sandeep Bakhshi, the man who replaces Chanda Kochhar as ICICI Bank head

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.&nbsp;

"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said Thursday.&nbsp;

The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer, the report added.&nbsp;

His appointment will be for a period of five years until October 3, 2023, subject to various approvals.&nbsp;

Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers.&nbsp;

The Central Bureau of Investigation (CBI) is probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.&nbsp;

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing. "The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said Thursday. The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer, the report added. His appointment will be for a period of five years until October 3, 2023, subject to various approvals. Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers. The Central Bureau of Investigation (CBI) is probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.

ICICI MD Chanda Kochhar quits bank, Sandeep Bakhshi to replace her

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI.

Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE.

On NSE, shares of the company jumped 5.77 per cent to Rs 321.25.

The stock was the top gainer among the blue chips on both the key indices during the afternoon trade, the report added.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI.

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI. Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE. On NSE, shares of the company jumped 5.77 per cent to Rs 321.25. The stock was the top gainer among the blue chips on both the key indices during the afternoon trade, the report added. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

ICICI Bank shares jump 6 per cent as Chanda Kochhar quits 

As multi-agency probe continues in India into alleged lapses involving ICICI Bank's chief Chanda Kochhar and her family members, the matter has also come under the scanner of the US markets regulator SEC.

Besides, the Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts including in Mauritius as part of their own probes, officials said.

When asked about its probe into matters related to ICICI Bank and Kochhar, a spokesperson for the SEC Office of Public Affairs declined to comment. 
The queries sent to ICICI Bank also remained unanswered. The bank has already instituted an independent enquiry into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers. 
Earlier in March, when the reports first surfaced in this regard, the bank had said that its board has "full confidence and reposes full faith" in Kochhar.

Sources said the SEC (Securities and Exchange Commission) is actively looking into the matter as ICICI Bank is listed in the US also and it may seek further details from its Indian counterpart the Securities and Exchange Board of India (Sebi), which has already issued show-cause notices to ICICI Bank and Kochhar as part of its probe.

Officials said the Sebi has been approached for some clarificatory details which would be provided to the bank and its CEO, among others to whom notices have been served.

Those looking into the matter also include the banking regulator RBI and the corporate affairs ministry, while the CBI had earlier registered a preliminary enquiry against Kochhar's husband, among others, and extensively questioned her brother-in-law in April.

The cases under scanner include the bank's Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members in the restructuring of the loan.

Last week, interim finance minister Piyush Goyal said the law will take its own course in the alleged case of nepotism at ICICI Bank, even though it is a good bank with "very robust processes" and there was no cause for concern for any of the stakeholders of ICICI Bank per se.

There are allegations of impropriety in ICICI Bank extending loans to some companies and enjoying reciprocal benefits.

It has been alleged that family members of the bank's chief, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.

It was also alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar.

Sebi has served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.

There are also allegations that NuPower got investments of Rs 325 crore from Mauritius-based Firstland Holdings, a company owned by Nishant Kanodia, son-in-law of Essar Group co-founder Ravi Ruia.

An independent probe was ordered by ICICI Bank board after fresh allegations of quid pro quo were levelled by activist and whistle-blower Arvind Gupta, who also accused Ruia brothers of Essar group of having got undue favours from the bank for "round-tripping" investments into NuPower Group.

The allegations have been dismissed as "motivated" by the Essar Group, which maintains it has no business interest in Firstland Holdings.

The Ministry of Corporate Affairs is looking into companies involved in the ICICI Bank controversy of an alleged conflict of interest in Chanda Kochhar's dealings with certain borrowers, according to a senior official.

The official also said the affairs of ICICI Bank are not being looked into by the ministry as that is completely under the purview of the Reserve Bank of India (RBI).

"The ministry is looking at allegations with respect to fraudulent, preferential or under-valued transactions... (related to) those companies which have come into controversy in the light of ICICI Bank issue," the official said.

The ICICI bank has already instituted an independent enquiry into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers.

As multi-agency probe continues in India into alleged lapses involving ICICI Bank's chief Chanda Kochhar and her family members, the matter has also come under the scanner of the US markets regulator SEC. Besides, the Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts including in Mauritius as part of their own probes, officials said. When asked about its probe into matters related to ICICI Bank and Kochhar, a spokesperson for the SEC Office of Public Affairs declined to comment. The queries sent to ICICI Bank also remained unanswered. The bank has already instituted an independent enquiry into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers. Earlier in March, when the reports first surfaced in this regard, the bank had said that its board has "full confidence and reposes full faith" in Kochhar. Sources said the SEC (Securities and Exchange Commission) is actively looking into the matter as ICICI Bank is listed in the US also and it may seek further details from its Indian counterpart the Securities and Exchange Board of India (Sebi), which has already issued show-cause notices to ICICI Bank and Kochhar as part of its probe. Officials said the Sebi has been approached for some clarificatory details which would be provided to the bank and its CEO, among others to whom notices have been served. Those looking into the matter also include the banking regulator RBI and the corporate affairs ministry, while the CBI had earlier registered a preliminary enquiry against Kochhar's husband, among others, and extensively questioned her brother-in-law in April. The cases under scanner include the bank's Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members in the restructuring of the loan. Last week, interim finance minister Piyush Goyal said the law will take its own course in the alleged case of nepotism at ICICI Bank, even though it is a good bank with "very robust processes" and there was no cause for concern for any of the stakeholders of ICICI Bank per se. There are allegations of impropriety in ICICI Bank extending loans to some companies and enjoying reciprocal benefits. It has been alleged that family members of the bank's chief, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank. It was also alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar. Sebi has served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower. There are also allegations that NuPower got investments of Rs 325 crore from Mauritius-based Firstland Holdings, a company owned by Nishant Kanodia, son-in-law of Essar Group co-founder Ravi Ruia. An independent probe was ordered by ICICI Bank board after fresh allegations of quid pro quo were levelled by activist and whistle-blower Arvind Gupta, who also accused Ruia brothers of Essar group of having got undue favours from the bank for "round-tripping" investments into NuPower Group. The allegations have been dismissed as "motivated" by the Essar Group, which maintains it has no business interest in Firstland Holdings. The Ministry of Corporate Affairs is looking into companies involved in the ICICI Bank controversy of an alleged conflict of interest in Chanda Kochhar's dealings with certain borrowers, according to a senior official. The official also said the affairs of ICICI Bank are not being looked into by the ministry as that is completely under the purview of the Reserve Bank of India (RBI). "The ministry is looking at allegations with respect to fraudulent, preferential or under-valued transactions... (related to) those companies which have come into controversy in the light of ICICI Bank issue," the official said.

ICICI Bank, Chanda Kochhar face US regulatory probe; Indian agencies may seek foreign help

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

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

Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter.

The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE.

At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. 
The stock was the biggest gainer on both Sensex and Nifty during the morning trade.

ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged.

The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17.

Total income on a consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore.

On the standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore.

Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.&nbsp

ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged.

Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter. The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE. At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. The stock was the biggest gainer on both Sensex and Nifty during the morning trade. ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged. The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17. Total income on a consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore. On the standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore. Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.

ICICI Bank shares soar nearly 9% post Q4 results

The benchmark BSE Sensex rose 147 points and Nifty reclaimed 10,600 marks in early trade today on sustained buying by domestic institutional investors amid firm Asian cues.

Encouraging earnings by a blue-chip company also added to the uptrend.

The 30-share index rose 147.25 points, or 0.42 percent, to 34,598.02. The gauge had gained 35.19 points in the previous session.

The NSE Nifty was up 23.90 points, or 0.22 percent, to 10,608.60.

Major gainers were Yes Bank, ICICI Bank, M&M, HUL, Axis Bank, ITC, RIL, Adani Ports, Maruti Suzuki, Dr Reddy's, ONGC, Sun Pharma and Bajaj Auto, rising up to 2 percent.

Brokers said sustained buying by domestic institutional investors, firm trend other Asian bourses and encouraging earnings by some blue chips company boosted the sentiment here.

Sectoral indices, led by realty, FMCG, auto, bankex and consumer durables, were trading in the positive zone with gains of up to 0.93 percent.

On the other hand, shares of Bharti Airtel fell 0.94 percent and IDFC Bank dropped 0.10 percent, ahead of their Q4 results scheduled to be announced today.&nbsp;

Metal stocks cracked as aluminium prices continued to fall after the US softened its stance on sanctions against Russian metals giant United Company Rusal, leading to a record plunge in aluminium prices.

Nalco, Hindalco, Vedanta and Jindal Steel were among the top losers in the BSE metal index, diving by up to 8 percent.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 387.26 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 259.08 crore yesterday, per provisional data showed.

Among other Asian markets, Japan's Nikkei was up 0.67 percent, while Hong Kong's Hang Seng index rose 1.20 percent in early trade. Shanghai Composite Index gained 1.95 percent.

US stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports. The yield on the 10-year Treasury note climbed, settling just below the 3 percent level. 
 
The US Dow Jones Industrial Average ended 0.06 percent down in yesterday's trade.

The 30-share index rose 147.25 points, or 0.42 percent, to 34,598.02. The gauge had gained 35.19 points in the previous session

The benchmark BSE Sensex rose 147 points and Nifty reclaimed 10,600 marks in early trade today on sustained buying by domestic institutional investors amid firm Asian cues. Encouraging earnings by a blue-chip company also added to the uptrend. The 30-share index rose 147.25 points, or 0.42 percent, to 34,598.02. The gauge had gained 35.19 points in the previous session. The NSE Nifty was up 23.90 points, or 0.22 percent, to 10,608.60. Major gainers were Yes Bank, ICICI Bank, M&M, HUL, Axis Bank, ITC, RIL, Adani Ports, Maruti Suzuki, Dr Reddy's, ONGC, Sun Pharma and Bajaj Auto, rising up to 2 percent. Brokers said sustained buying by domestic institutional investors, firm trend other Asian bourses and encouraging earnings by some blue chips company boosted the sentiment here. Sectoral indices, led by realty, FMCG, auto, bankex and consumer durables, were trading in the positive zone with gains of up to 0.93 percent. On the other hand, shares of Bharti Airtel fell 0.94 percent and IDFC Bank dropped 0.10 percent, ahead of their Q4 results scheduled to be announced today. Metal stocks cracked as aluminium prices continued to fall after the US softened its stance on sanctions against Russian metals giant United Company Rusal, leading to a record plunge in aluminium prices. Nalco, Hindalco, Vedanta and Jindal Steel were among the top losers in the BSE metal index, diving by up to 8 percent. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 387.26 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 259.08 crore yesterday, per provisional data showed. Among other Asian markets, Japan's Nikkei was up 0.67 percent, while Hong Kong's Hang Seng index rose 1.20 percent in early trade. Shanghai Composite Index gained 1.95 percent. US stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports. The yield on the 10-year Treasury note climbed, settling just below the 3 percent level. The US Dow Jones Industrial Average ended 0.06 percent down in yesterday's trade.

Sensex gains 147 points on firm global cues, Nifty opens over 10,600

Benchmark BSE Sensex advanced over 130 points today, continuing its rising streak for the fourth straight day, on firm global leads after Chinese President Xi Jinping's speech eased worries over a trade war.

The 30-share Sensex was trading higher by 130.31 points, or 0.38 per cent, at 33,918.85, with all the sectoral indices rising up to 1.80 per cent.

The gauge had gained 774.47 points in the previous three sessions.

The NSE Nifty breached the 10,400-mark, up 38.80 points, or 0.37 per cent, at 10,418.15.

Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 359.35 crore yesterday, while foreign portfolio investors (FPIs) remained sellers and offloaded shares worth Rs 1,300.93 crore as per provisional data.

A firm trend in other Asian markets after Chinese President Xi Jinping eased worries over a simmering US trade conflict by promising new measures to open his country's massive economy "wider and wider" boosted investor sentiment here, brokers said.

The rupee's appreciation against the dollar and widening of bets by investors amid optimism ahead of earnings season also supported the uptrend, they said.

Major gainers included Axis Bank, Adani Ports, Tata Steel, L&T, ICICI Bank, Yes Bank, Kotak Bank, TCS, Power Grid, Bajaj Auto, Sun Pharma and Reliance Industries, gaining up to 2.41 per cent.

In the Asian region, Japan's Nikkei gained 1.08 per cent and Shanghai Composite rose 0.75 per cent in early trading today while Hong Kong's Hang Seng was up 0.82 per cent.

The US Dow Jones Industrial Average ended 0.19 per cent higher in yesterday's trade.&nbsp; 
&nbsp;

Benchmark BSE Sensex advanced over 130 points today, continuing its rising streak for the fourth straight day, on firm global leads after Chinese President Xi Jinping's speech eased worries over a trade war

Benchmark BSE Sensex advanced over 130 points today, continuing its rising streak for the fourth straight day, on firm global leads after Chinese President Xi Jinping's speech eased worries over a trade war. The 30-share Sensex was trading higher by 130.31 points, or 0.38 per cent, at 33,918.85, with all the sectoral indices rising up to 1.80 per cent. The gauge had gained 774.47 points in the previous three sessions. The NSE Nifty breached the 10,400-mark, up 38.80 points, or 0.37 per cent, at 10,418.15. Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 359.35 crore yesterday, while foreign portfolio investors (FPIs) remained sellers and offloaded shares worth Rs 1,300.93 crore as per provisional data. A firm trend in other Asian markets after Chinese President Xi Jinping eased worries over a simmering US trade conflict by promising new measures to open his country's massive economy "wider and wider" boosted investor sentiment here, brokers said. The rupee's appreciation against the dollar and widening of bets by investors amid optimism ahead of earnings season also supported the uptrend, they said. Major gainers included Axis Bank, Adani Ports, Tata Steel, L&T, ICICI Bank, Yes Bank, Kotak Bank, TCS, Power Grid, Bajaj Auto, Sun Pharma and Reliance Industries, gaining up to 2.41 per cent. In the Asian region, Japan's Nikkei gained 1.08 per cent and Shanghai Composite rose 0.75 per cent in early trading today while Hong Kong's Hang Seng was up 0.82 per cent. The US Dow Jones Industrial Average ended 0.19 per cent higher in yesterday's trade.

Sensex rises over 100 points on firm global cues, Nifty tops 10,400

Videocon Group Chairman Venugopal Dhoot has said loans were sanctioned by ICICI Bank based on the merit of projects in the oil and gas sector, as he sought to reject allegations of quid pro quo in loan received from the lender.

His comments come against the backdrop of reports alleging quid pro quo between the group and the bank's CEO Chanda Kochhar and her family members in giving the loans. Amid the controversy, the lender has come out in defence of Kochhar, saying it has full faith and confidence in her.

It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of ICICI Bank CEO and Managing Director Chanda Kochhar.

"When NuPower Renewables started, I invested around Rs 2.5 lakh worth shares in NuPower Renewables, but, immediately I sold my entire investment of Rs 2.5 lakh worth shares and exited from NuPower Renewables," Dhoot told PTI.

He also denied reports that his group had invested Rs 64 crore in NuPower Renewables.

"This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables," he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company.

On loans given to Videocon group by the bank, he said, "There was no quid pro quo from ICICI Bank to Videocon as ICICI Bank has under the consortium arrangement (with other lenders and leader bank being SBI) and which is less than 10 per cent loan to Videocon group...

"...The sanction by the ICICI Bank has been done on the merit of the projects and therefore, there is no question of any quid pro quo."

Observing that at that time, oil price was above USD 100 a barrel, Dhoot said, "Videocon was a rated company and all the banks were chasing for investment into Videocon. So, investment by ICICI Bank cannot be construed as a favour to Videocon."

The group had "huge quality oil and gas assets in Brazil, Mozambique and Indonesia and other domestic good assets, which were appraised by the two lead banks, SBI and IDBI Bank and thereafter ICICI Bank has sanctioned the above loan (Rs 3,000 crore) to the company", he added.

"We have not transferred any money....It is very unfair to drag Videocon into the so called allegation or controversy about ICICI Bank dealing with Videocon," Dhoot said.

On the Rs 660-crore loan given to Tuskar Overseas Inc, a group company of Videocon, Dhoot said it was given to the company 12 years ago by the previous management of the bank and was paid back without any default.

He also said Videocon was successful in challenging a show cause notice issued by the Enforcement Directorate to Videocon with regard to the Rs 660-crore loan and proved that there was no violation of FEMA by the group.

&nbsp;

It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar

Videocon Group Chairman Venugopal Dhoot has said loans were sanctioned by ICICI Bank based on the merit of projects in the oil and gas sector, as he sought to reject allegations of quid pro quo in loan received from the lender. His comments come against the backdrop of reports alleging quid pro quo between the group and the bank's CEO Chanda Kochhar and her family members in giving the loans. Amid the controversy, the lender has come out in defence of Kochhar, saying it has full faith and confidence in her. It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of ICICI Bank CEO and Managing Director Chanda Kochhar. "When NuPower Renewables started, I invested around Rs 2.5 lakh worth shares in NuPower Renewables, but, immediately I sold my entire investment of Rs 2.5 lakh worth shares and exited from NuPower Renewables," Dhoot told PTI. He also denied reports that his group had invested Rs 64 crore in NuPower Renewables. "This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables," he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company. On loans given to Videocon group by the bank, he said, "There was no quid pro quo from ICICI Bank to Videocon as ICICI Bank has under the consortium arrangement (with other lenders and leader bank being SBI) and which is less than 10 per cent loan to Videocon group... "...The sanction by the ICICI Bank has been done on the merit of the projects and therefore, there is no question of any quid pro quo." Observing that at that time, oil price was above USD 100 a barrel, Dhoot said, "Videocon was a rated company and all the banks were chasing for investment into Videocon. So, investment by ICICI Bank cannot be construed as a favour to Videocon." The group had "huge quality oil and gas assets in Brazil, Mozambique and Indonesia and other domestic good assets, which were appraised by the two lead banks, SBI and IDBI Bank and thereafter ICICI Bank has sanctioned the above loan (Rs 3,000 crore) to the company", he added. "We have not transferred any money....It is very unfair to drag Videocon into the so called allegation or controversy about ICICI Bank dealing with Videocon," Dhoot said. On the Rs 660-crore loan given to Tuskar Overseas Inc, a group company of Videocon, Dhoot said it was given to the company 12 years ago by the previous management of the bank and was paid back without any default. He also said Videocon was successful in challenging a show cause notice issued by the Enforcement Directorate to Videocon with regard to the Rs 660-crore loan and proved that there was no violation of FEMA by the group.

No quid pro quo, ICICI Bank gave loan on merit: Videocon chief Venugopal Dhoot

The Reserve Bank of India has imposed a monetary penalty on ICICI Bank Ltd for flouting rules related to the sale of securities.

The regulator said that a monetary penalty of Rs 58.9 crore has been imposed on the lender.&nbsp

The penalty has been imposed due to non-compliance with rules related to the sale of securities held in the bank’s Held To Maturity (HTM) portfolio.&nbsp

The RBI did not specify what rules had been flouted.

"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.

As per the RBI’s rules, securities acquired by the banks with the intention to hold them up to maturity are classified under the HTM bucket. The RBI prescribes limits upto which banks can transfer and sell securities held under this category.

The RBI prescribes limits upto which banks can transfer and sell securities held under this category.

The Reserve Bank of India has imposed a monetary penalty on ICICI Bank Ltd for flouting rules related to the sale of securities. The regulator said that a monetary penalty of Rs 58.9 crore has been imposed on the lender. The penalty has been imposed due to non-compliance with rules related to the sale of securities held in the bank’s Held To Maturity (HTM) portfolio. The RBI did not specify what rules had been flouted. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said. As per the RBI’s rules, securities acquired by the banks with the intention to hold them up to maturity are classified under the HTM bucket. The RBI prescribes limits upto which banks can transfer and sell securities held under this category.

RBI imposes Rs 58.9 crore penalty on ICICI Bank

Market benchmark BSE Sensex extended losses for the third straight day by shedding over 66 points in early trade today on selling by domestic institutional investors and foreign funds amid mixed Asian cues.

Also, selling pressure in oil &amp; gas, FMCG, metal, PSU, bank and power stocks amid a depreciating rupee to weighed on market sentiment.

The BSE 30-share index slipped 66.48 points, or 0.19 per cent, to 33,769.26. The benchmark had lost 82.20 points in the previous two sessions.

Major laggards were Hindustan Unilever, NTPC, ONGC, ICICI Bank, Reliance Industries and Tata Steel, falling by up to 0.75 per cent.

NSE Nifty was trading down by 21.05 points, or 0.20 per cent, at 10,389.85.

Gitanjali Gems stock continued its downturn, cracking 4.78 per cent to Rs 12.95.

Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 432.03 crore, and foreign portfolio investors (FPIs) also sold shares of Rs 258.98 crore yesterday.

Asian markets were trading lower following a decline on Wall Street overnight. Japan&#39;s Nikkei shed 0.47 per cent, while Hong Kong&#39;s Hang Seng edged up 0.03 per cent. Shanghai Composite Index was down 0.04 per cent in early trade.

The US Dow Jones Industrial Average also ended 1 per cent lower yesterday

Market benchmark BSE Sensex extended losses for the third straight day by shedding over 66 points in early trade today on selling by domestic institutional investors and foreign funds amid mixed Asian cues

Market benchmark BSE Sensex extended losses for the third straight day by shedding over 66 points in early trade today on selling by domestic institutional investors and foreign funds amid mixed Asian cues. Also, selling pressure in oil & gas, FMCG, metal, PSU, bank and power stocks amid a depreciating rupee to weighed on market sentiment. The BSE 30-share index slipped 66.48 points, or 0.19 per cent, to 33,769.26. The benchmark had lost 82.20 points in the previous two sessions. Major laggards were Hindustan Unilever, NTPC, ONGC, ICICI Bank, Reliance Industries and Tata Steel, falling by up to 0.75 per cent. NSE Nifty was trading down by 21.05 points, or 0.20 per cent, at 10,389.85. Gitanjali Gems stock continued its downturn, cracking 4.78 per cent to Rs 12.95. Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 432.03 crore, and foreign portfolio investors (FPIs) also sold shares of Rs 258.98 crore yesterday. Asian markets were trading lower following a decline on Wall Street overnight. Japan's Nikkei shed 0.47 per cent, while Hong Kong's Hang Seng edged up 0.03 per cent. Shanghai Composite Index was down 0.04 per cent in early trade. The US Dow Jones Industrial Average also ended 1 per cent lower yesterday

Sensex extends losses, down 66 pts; Nifty below 10,400

<a href="http://www.wionews.com/india-news/inx-media-case-karti-chidambarams-cbi-custody-extended-by-3-days-34895" target="_blank">INX Media case: CBI custody of Karti Chidambaram extended by 3 days</a>

A special CBI Court on Tuesday extended the agency&#39;s custody of Karti Chidambaram by three more days in the infamous INX Media case, after his previous five-day custody expired today.

<a href="http://www.wionews.com/world/no-need-for-nuclear-weapons-if-we-have-security-guarantee-north-korea-34896" target="_blank">No need for nuclear weapons if we have security guarantee: North Korea</a>

North Korea is open to denuclearisation if the safety of Kim Jong Un&rsquo;s regime is guaranteed, a South Korean official said Tuesday.

<a href="http://www.wionews.com/south-asia/sri-lanka-imposes-10-day-emergency-in-kandy-due-to-communal-tension-34868" target="_blank">Sri Lanka declares </a><a href="http://www.wionews.com/south-asia/sri-lanka-imposes-10-day-emergency-in-kandy-due-to-communal-tension-34868" target="_blank">emergency</a><a href="http://www.wionews.com/south-asia/sri-lanka-imposes-10-day-emergency-in-kandy-due-to-communal-tension-34868" target="_blank"> to quell Buddhist-Muslim riots, curfew imposed in Kandy</a>

Sri Lanka declared a nationwide state of emergency for 10 days on Tuesday to stop the spread of communal violence, a government spokesman said, after clashes erupted between majority Buddhists and members of the minority Muslim community.

<a href="http://www.wionews.com/india-news/neiphiu-rio-appointed-nagaland-chief-minister-by-governor-pb-acharya-34900" target="_blank">Neiphiu Rio appointed </a><a href="http://www.wionews.com/india-news/neiphiu-rio-appointed-nagaland-chief-minister-by-governor-pb-acharya-34900" target="_blank">c</a><a href="http://www.wionews.com/india-news/neiphiu-rio-appointed-nagaland-chief-minister-by-governor-pb-acharya-34900" target="_blank">hief</a><a href="http://www.wionews.com/india-news/neiphiu-rio-appointed-nagaland-chief-minister-by-governor-pb-acharya-34900" target="_blank"> minister of Nagaland</a>

Nagaland Governor PB Acharya has appointed Neiphiu Rio as chief minister under clause (1) of Article 164 of the Constitution.&nbsp;

<a href="http://www.wionews.com/india-news/pnb-scam-icicis-chanda-kochhar-axis-banks-shikha-sharma-summoned-by-sfio-34893" target="_blank">PNB scam: ICICI&#39;s Chanda Kochhar, Axis Bank&#39;s Shikha Sharma summoned by Serious Fraud Investigation Office</a>

ICICI Bank chief Chanda Kochhar and Axis Bank chief Shikha Sharma have been summoned by the Serious Fraud Investigation Office (SFIO) in connection with the over Rs 13,000-crore PNB scam.&nbsp;

INX Media case: CBI custody of Karti Chidambaram extended by 3 days A special CBI Court on Tuesday extended the agency's custody of Karti Chidambaram by three more days in the infamous INX Media case, after his previous five-day custody expired today. No need for nuclear weapons if we have security guarantee: North Korea North Korea is open to denuclearisation if the safety of Kim Jong Un’s regime is guaranteed, a South Korean official said Tuesday. Sri Lanka declares emergency to quell Buddhist-Muslim riots, curfew imposed in Kandy Sri Lanka declared a nationwide state of emergency for 10 days on Tuesday to stop the spread of communal violence, a government spokesman said, after clashes erupted between majority Buddhists and members of the minority Muslim community. Neiphiu Rio appointed chief minister of Nagaland Nagaland Governor PB Acharya has appointed Neiphiu Rio as chief minister under clause (1) of Article 164 of the Constitution. PNB scam: ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned by Serious Fraud Investigation Office ICICI Bank chief Chanda Kochhar and Axis Bank chief Shikha Sharma have been summoned by the Serious Fraud Investigation Office (SFIO) in connection with the over Rs 13,000-crore PNB scam.

WION Evening News Brief, March 6, 2018

The benchmark BSE Sensex opened lower today after a five-session record-setting spree as investors cashed profits in metal, capital goods, consumer durables, power and banking shares ahead of January month expiry in the derivatives segment tomorrow.

The BSE 30-share barometer dropped by 54.30 points or 0.15 per cent to 36,085.68 in opening trade as index major Reliance Industries, ICICI Bank and Bharti Airtel declined.

The gauge had rallied 1,368.93 points in the previous five back-to-back record-setting sessions on sustained foreign fund inflows. It had <a href="http://www.wionews.com/india-news/sensex-closes-at-36140-nifty-ends-above-11000-mark-30507" target="_blank">closed at a record high</a> of 36,139.98 yesterday after touching an intra-day high of 36,170.83.

The NSE Nifty index too retreated, falling by 26.45 points, or 0.23 per cent, at 11,057.25. Yesterday, it had closed at record high of 11,083.70 points after scaling an all-time high (intra- nay) of 11,092.90.

Brokers said investors turned cautious and preferred to log gains at record levels ahead of tomorrow&#39;s January expiry in the derivatives segment, pulling down the key indices from record highs.

Besides, a weak trend at most of other Asian markets too weighed on the sentiments here, they added.

The laggards were Bharti Airtel, ICICI Bank, Tata Motors, Coal India, Adani Ports, Tata Steel, Asian Paint, Reliance Industries, Infosys, L&amp;T and M&amp;M, falling up to 3.18 per cent.

Meanwhile, foreign portfolio investors (FPIs) continued their buying activity on the domestic bourses here. They bought shares worth a net Rs 1,229.35 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 169.03 crore yesterday, provisional data showed.

Globally, in the Asian region, Japan&#39;s Nikkei fell 0.56 per cent, while Hong Kong&#39;s Hang Seng shed 0.35 per cent in their early deals. Shanghai Composite Index, however, was up 0.09 per cent.

The US Dow Jones Industrial Average also ended a shade lower in yesterday&#39;s trade.

The Sensex had closed at a record high of 36,139.98 Tuesday after touching an intra-day high of 36,170.83

The benchmark BSE Sensex opened lower today after a five-session record-setting spree as investors cashed profits in metal, capital goods, consumer durables, power and banking shares ahead of January month expiry in the derivatives segment tomorrow. The BSE 30-share barometer dropped by 54.30 points or 0.15 per cent to 36,085.68 in opening trade as index major Reliance Industries, ICICI Bank and Bharti Airtel declined. The gauge had rallied 1,368.93 points in the previous five back-to-back record-setting sessions on sustained foreign fund inflows. It had closed at a record high of 36,139.98 yesterday after touching an intra-day high of 36,170.83. The NSE Nifty index too retreated, falling by 26.45 points, or 0.23 per cent, at 11,057.25. Yesterday, it had closed at record high of 11,083.70 points after scaling an all-time high (intra- nay) of 11,092.90. Brokers said investors turned cautious and preferred to log gains at record levels ahead of tomorrow's January expiry in the derivatives segment, pulling down the key indices from record highs. Besides, a weak trend at most of other Asian markets too weighed on the sentiments here, they added. The laggards were Bharti Airtel, ICICI Bank, Tata Motors, Coal India, Adani Ports, Tata Steel, Asian Paint, Reliance Industries, Infosys, L&T and M&M, falling up to 3.18 per cent. Meanwhile, foreign portfolio investors (FPIs) continued their buying activity on the domestic bourses here. They bought shares worth a net Rs 1,229.35 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 169.03 crore yesterday, provisional data showed. Globally, in the Asian region, Japan's Nikkei fell 0.56 per cent, while Hong Kong's Hang Seng shed 0.35 per cent in their early deals. Shanghai Composite Index, however, was up 0.09 per cent. The US Dow Jones Industrial Average also ended a shade lower in yesterday's trade.

Sensex opens 54 points lower on profit booking

The benchmark Sensex staged a strong come back in early trade today gaining over 158 points on widespread buying by participants in banking, auto, pharma and oil and gas stocks.

Asian stocks notched moderate gains, tracking sizable increases seen on Wall Street overnight also boosted the sentiments.

The 30-share index was trading higher by 158.35 points, or 0.46 per cent at 33,970.61.

All the sectoral indices led by metal, consumer durables, power, bank and infrastructure were trading in the green with gains up to 0.79 per cent.

The 30-share Sensex had lost 244.57 points in the previous two sessions.

Also, the NSE Nifty went up by 43.30 points or 0.41 per cent to 10.485.50.

Major gainers were ICICI Bank, Reliance industries, SBI, Adani Ports, TCS, Tata Steel and Power Grid, rising up to 1.84 per cent.

Brokers said buying by domestic institutional investors (DIIs) and foreign funds amid a firm trend at other Asian bourses following yet another record close on Wall Street improved the market sentiment.

In the Asian region, Hong Kong&#39;s Hang Seng was up 0.23 per cent and Shanghai Composite Index by 0.82 per cent in early trade. Japan&#39;s Nikkei remained closed today.

The US Dow Jones Industrial Average ended 0.42 per cent higher yesterday.&nbsp;

The NSE Nifty was up by 43.30 points or 0.41 per cent to 10.485.50

The benchmark Sensex staged a strong come back in early trade today gaining over 158 points on widespread buying by participants in banking, auto, pharma and oil and gas stocks. Asian stocks notched moderate gains, tracking sizable increases seen on Wall Street overnight also boosted the sentiments. The 30-share index was trading higher by 158.35 points, or 0.46 per cent at 33,970.61. All the sectoral indices led by metal, consumer durables, power, bank and infrastructure were trading in the green with gains up to 0.79 per cent. The 30-share Sensex had lost 244.57 points in the previous two sessions. Also, the NSE Nifty went up by 43.30 points or 0.41 per cent to 10.485.50. Major gainers were ICICI Bank, Reliance industries, SBI, Adani Ports, TCS, Tata Steel and Power Grid, rising up to 1.84 per cent. Brokers said buying by domestic institutional investors (DIIs) and foreign funds amid a firm trend at other Asian bourses following yet another record close on Wall Street improved the market sentiment. In the Asian region, Hong Kong's Hang Seng was up 0.23 per cent and Shanghai Composite Index by 0.82 per cent in early trade. Japan's Nikkei remained closed today. The US Dow Jones Industrial Average ended 0.42 per cent higher yesterday.

Sensex rises 158 points in early trade

The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI&#39;s policy announcement later in the day.

The rupee&#39;s weakness against the dollar too dampened the overall mood.

The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37, with sectoral indices of banking, auto, metal and PSU trading dropping up to 1.76 per cent.

The gauge had lost 67.28 points in the previous session.

The NSE Nifty too shed 39.15 points, or 0.38 per cent, to settle at 10,079.10.

Brokers said sentiment remained somewhat subdued as investors kept their positions at a low ebb amid expectation that the central bank may keep rates unchanged.

Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro.

Among the Asian bourses, Hong Kong&#39;s Hang Seng was down 1.12 per cent while Japan&#39;s Nikkei shed 0.90 per cent. Shanghai Composite Index too fell 0.61 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.45 per cent lower yesterday.

The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37

The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI's policy announcement later in the day. The rupee's weakness against the dollar too dampened the overall mood. The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37, with sectoral indices of banking, auto, metal and PSU trading dropping up to 1.76 per cent. The gauge had lost 67.28 points in the previous session. The NSE Nifty too shed 39.15 points, or 0.38 per cent, to settle at 10,079.10. Brokers said sentiment remained somewhat subdued as investors kept their positions at a low ebb amid expectation that the central bank may keep rates unchanged. Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro. Among the Asian bourses, Hong Kong's Hang Seng was down 1.12 per cent while Japan's Nikkei shed 0.90 per cent. Shanghai Composite Index too fell 0.61 per cent in early trade today. The US Dow Jones Industrial Average ended 0.45 per cent lower yesterday.

Sensex down 100 points as RBI policy decision looms

Police registered a case&nbsp;against a married couple on Saturday in Hyderabad&#39;s Banjara Hills for submitting a fake death certificate and documents to claim an insurance of Rs 1 Crore.

Police said that they received a complaint from ICICI prudential life insurance policy management stating that Syed Shakeel Alam and his wife Nazia Shakeel had taken one crore insurance policy in 2012 on the latter&#39;s name.

Earlier this month, the couple created fake death certificate and documents of the wife and soon after claimed the insurance policy.

After a few days, when a staff of the ICICI went to inquire at their residence, to his surprise, he was received by Nazia.

&quot;Accused Nazia has been arrested and is in our custody while her husband is on the run. A search operation is on,&quot; said police.

A case has been registered under sections 406, 420, 471 and 468 of the Indian Penal Code (IPC). 
&nbsp;

The couple resided in Banjara Hills in Hyderabad.?

Police registered a case against a married couple on Saturday in Hyderabad's Banjara Hills for submitting a fake death certificate and documents to claim an insurance of Rs 1 Crore. Police said that they received a complaint from ICICI prudential life insurance policy management stating that Syed Shakeel Alam and his wife Nazia Shakeel had taken one crore insurance policy in 2012 on the latter's name. Earlier this month, the couple created fake death certificate and documents of the wife and soon after claimed the insurance policy. After a few days, when a staff of the ICICI went to inquire at their residence, to his surprise, he was received by Nazia. "Accused Nazia has been arrested and is in our custody while her husband is on the run. A search operation is on," said police. A case has been registered under sections 406, 420, 471 and 468 of the Indian Penal Code (IPC).

Hyderabad: Man fakes wife's death, claims Rs 1 crore insurance

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day.

Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month.

Investors have been eagerly awaiting the last quarter&#39;s results after strong gains in share markets this year pushed valuations for the NSE index&#39;s price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8.

The results also come at a time when the economy has slowed to a more than three-year low due&nbsp;to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax.

&quot;People are expecting earnings to match the valuations this quarter,&quot; said Jayant Manglik, president, Religare Securities.

&quot;This will be a litmus test for financial stocks to see the final effect of demonetisation.&quot;

The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd.

The Sensex was 0.33 per cent higher at 32,614.44.

Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months.

The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday&#39;s close.

Indiabulls Housing Finance Ltd&#39;s shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day. Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month. Investors have been eagerly awaiting the last quarter's results after strong gains in share markets this year pushed valuations for the NSE index's price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8. The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax. "People are expecting earnings to match the valuations this quarter," said Jayant Manglik, president, Religare Securities. "This will be a litmus test for financial stocks to see the final effect of demonetisation." The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd. The Sensex was 0.33 per cent higher at 32,614.44. Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months. The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday's close. Indiabulls Housing Finance Ltd's shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

Sensex, Nifty gain in early trade, sentiment positive ahead of HDFC Bank, Infosys results

The BSE Sensex fell over 100 points to 32,508.42 at the start of the last trading session of the Samvat year 2073 on Wednesday, hit by muted quarterly earnings by some bluechips and profit booking by participants at record levels.

The trend remained mixed in global markets.

The 30-share index fell by 100.74 points, or 0.31 per cent, to 32,508.42, with banking, PSU, capital goods, auto, healthare and oil &amp; gas stocks dropping up to 6.6 per cent.

The broad-based Nifty slipped from record by falling 29.30 points, 0.29 per cent, to 10,205.15.

Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers.

Markets will conduct a special &#39;Muhurat&#39; trading session on Thursday between 1830 hrs and 1930 hrs on the auspicious occasion of Diwali.

Private sector lender Axis Bank plunged 6.64 per cent after it reported spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect.

Other losers were ICICI Bank, SBI, Cipla, Lupin, Bajaj Auto, Bharti Airtel, Asian Paint, Tata Motors, Infosys, Sun Pharma and Coal India.

Investors were cautious with today being the last session of Hindu Samvat Year 2073.

Hong Kong&#39;s Hang Seng was down 0.09 per cent while Japan&#39;s Nikkei rose 0.13 per cent in early trade today. Shanghai Composite gained 0.27 per cent.

The US Dow Jones Industrial Average ended 0.18 per cent higher on Tuesday.

The trend remained mixed in global markets.

The BSE Sensex fell over 100 points to 32,508.42 at the start of the last trading session of the Samvat year 2073 on Wednesday, hit by muted quarterly earnings by some bluechips and profit booking by participants at record levels. The trend remained mixed in global markets. The 30-share index fell by 100.74 points, or 0.31 per cent, to 32,508.42, with banking, PSU, capital goods, auto, healthare and oil & gas stocks dropping up to 6.6 per cent. The broad-based Nifty slipped from record by falling 29.30 points, 0.29 per cent, to 10,205.15. Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers. Markets will conduct a special 'Muhurat' trading session on Thursday between 1830 hrs and 1930 hrs on the auspicious occasion of Diwali. Private sector lender Axis Bank plunged 6.64 per cent after it reported spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect. Other losers were ICICI Bank, SBI, Cipla, Lupin, Bajaj Auto, Bharti Airtel, Asian Paint, Tata Motors, Infosys, Sun Pharma and Coal India. Investors were cautious with today being the last session of Hindu Samvat Year 2073. Hong Kong's Hang Seng was down 0.09 per cent while Japan's Nikkei rose 0.13 per cent in early trade today. Shanghai Composite gained 0.27 per cent. The US Dow Jones Industrial Average ended 0.18 per cent higher on Tuesday.

Sensex drops 100 points on muted earnings, profit booking

After four cash deposits or withdrawals a month, HDFC bank will charge customers a minimum of Rs 150 on every cash transaction.&nbsp;

The charges will be levied on both savings and salary accounts but they will be applicable only on cash transactions at bank branches, not on ATM transactions.&nbsp;

HDFC made the announcement today in a circular. The charges will be effective immediately.&nbsp;

Some other banks, including ICICI bank and Axis bank, had started imposing the fee in early January.&nbsp;

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Banks such as ICICI and Axis had already levied the charges in January, whereas HDFC has now done the same. The charges will be applicable only on cash transactions at bank branches and not ATM&#39;s (WION)
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HDFC has also decided to cap third party cash transactions at Rs 25,000 per day, while cash handling charges have been withdrawn. For basic accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

ICICI bank website stated there will be no charge for first four transactions in a month at branches in a person&#39;s home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

or non-home branches, ICICI bank would not charge anything for first cash withdrawal during the month but Rs 5 per thousand rupees would be levied thereafter, subject to a minimum of Rs 150.&nbsp;ICICI has kept the third party limit at Rs 50,000 per day.

For cash deposits elsewhere, ICICI bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of charge for first cash deposit in the month and Rs 5 per thousand thereafter.&nbsp;

At Axis bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

However, there is still no information on whether the public sector banks will also impose these new charges.

(WION with PTI inputs)

The banks will charge a minimum of Rs 150 on every cash deposit and withdrawal after the first four transactions

After four cash deposits or withdrawals a month, HDFC bank will charge customers a minimum of Rs 150 on every cash transaction. The charges will be levied on both savings and salary accounts but they will be applicable only on cash transactions at bank branches, not on ATM transactions. HDFC made the announcement today in a circular. The charges will be effective immediately. Some other banks, including ICICI bank and Axis bank, had started imposing the fee in early January. Banks such as ICICI and Axis had already levied the charges in January, whereas HDFC has now done the same. The charges will be applicable only on cash transactions at bank branches and not ATM's (WION) × HDFC has also decided to cap third party cash transactions at Rs 25,000 per day, while cash handling charges have been withdrawn. For basic accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits. ICICI bank website stated there will be no charge for first four transactions in a month at branches in a person's home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. or non-home branches, ICICI bank would not charge anything for first cash withdrawal during the month but Rs 5 per thousand rupees would be levied thereafter, subject to a minimum of Rs 150. ICICI has kept the third party limit at Rs 50,000 per day. For cash deposits elsewhere, ICICI bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of charge for first cash deposit in the month and Rs 5 per thousand thereafter. At Axis bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher. However, there is still no information on whether the public sector banks will also impose these new charges. (WION with PTI inputs)

HDFC, ICICI, Axis Bank to impose charges on cash transactions

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