SBI Life, ICICI Pru have seen their valuations increase by 33 per cent and 35 per cent recently. SBI Life Insurance has seen its valuation soar after just 3 months while ICICI Prudential's valuation has increased in just 5 months.
It is alleged that during the tenure of Chanda Kochhar, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies, in which in two cases she herself was on the sanctioning committees.
V Vaidyanathan joins a growing list of top executives getting a sumptuous sign-on bonus
In the first of a two-part series, Tamal Bandyopadhyay explains why the ICICI Bank's board first rushed to deny all allegations against Kochhar and then took the extreme steps against her.
Mutual funds (MFs) managed a record Rs 66.2 trillion in assets during the July-September quarter, marking a 12.3 per cent increase over the previous three-month period - the highest quarterly jump in MF assets in at least five years. During the April-June period, the average assets under management (AUM) stood at Rs 59 trillion. The sharp rise in AUM, according to experts, is driven by a robust equity market rally and record inflows into equity schemes.
Largecap, flexicap, and balanced advantage funds together recorded a net inflow of Rs 9,363 crore in August, representing a 70% increase from the previous month's total.
Arundhati Bhattacharya, chairman of country's largest lender State Bank of India said demonetisation of high value notes won't be a problem as the bank has done it before.
ICICI Bank CEO and MD Chanda Kochchar, Biocon founder Kiran Mazumdar-Shaw and film producer Ekta Kapoor are among the nine Indian women named in Forbes magazine's inaugural 'Asia Power Businesswomen list'.
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
The Reserve Bank has taken some steps to shore up the domestic currency.
The committee is considering 1,300 names for this year's awards from which it is likely to select 120.
'The government should refrain from 'adventurism' and 'megalomania'.' 'But this should be true of reckless government action against every Indian, whether or not they are wealthy or have access to the finance minister even when he is in hospital,' says Aakar Patel.
The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders. As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.
Private sector lender Axis Bank on Monday said its board has recommended the appointment of Shikha Sharma, currently chief of ICICI group's life insurance business, as its next managing director and CEO.
After the 25 basis point hike in the percentage of cash that banks must hold in reserve, bankers claim that liquidity will be comfortable but banks may hike interest rates. RBI has decided to increase Cash Reserve Ratio by 0.25 per cent to suck nearly Rs 9,000 crore (Rs 90 billion) surplus cash from the system, which would in turn temper demand for loans and help ease inflation. Some banks might pass it on to the customers. Banks would announce their decisions within few days
Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at Monday's US-India CEO Forum meeting, which will be jointly addressed by visiting US President Barack Obama and Prime Minister Narendra Modi.
India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
Among the Sensex firms, Bajaj Finance emerged as the biggest gainer by climbing 2.95 per cent. Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, State Bank of India, Larsen & Toubro, HDFC, HDFC Bank, Maruti, Reliance Industries and Bharti Airtel were the other major winners. HCL Technologies, Axis Bank, ICICI Bank, Tech Mahindra and Titan were among the laggards.
The CII perception of Indian economy is strong as incremental capital-output ratio at 4-fares is better than China and Brazil, the ICICI chief said.
After receiving the award, Chanda Kochhar said, "As I see the list of past recipients of this honour, I feel inspired to be counted as one among them.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
The index widened its loss towards the fag-end on emergence of intense selling in heavyweights like ITC, RIL and ICICI Bank. In percentage terms, however, Sun Pharma was the biggest loser with 9.39 per cent drop. Intra-day, the pharma major's shares tanked over 20 per cent.
The Prime Minister's call for austerity has taken corporate India off guard. MD & CEO, ICICI Bank, KV Kamath discusses the Prime Minister's comments and other issues facing the industry.
A nervous energy that keeps you going, a passion to do something different, and the grit to tide over any crisis are the ingredients, say panelists at the TiE Summit.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
YES Bank raises base rate; HDFC Bank, Axis hike deposit rates.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
CEOs of leading banks say third straight rate hike by RBI inevitable, though not desirable.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
In a career spanning over 29 years, Sharma has had a wide exposure across the entire spectrum of financial services and has held several leadership positions across various market-leading businesses, the bank said in a statement. Axis Bank is the third-largest private sector bank in India and its network spans across more than 840 offices and over 3,600 ATMs.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
RBI Governor Raghuram Rajan's decision to not seek a second term is a "personal one" which everybody should respect, Chanda Kochhar MD & CEO, ICICI Bank said.
'The Modi government needs some big private sector trophies to affirm its anti-corruption credentials before the polls.' 'So on whose neck will the sword fall next?' 'To that extent, the outing of the ICICI Bank-Videocon story is cathartic,' says Shekhar Gupta.
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
