ICICI Financial Services, ICICI Bank's subsidiary which owns its insurance and asset management businesses, will offload 5.9 per cent stake to five investors for around Rs 2,650 crore (Rs 26.50 billion).
Among the Sensex firms, UltraTech Cement, Reliance Industries, ICICI Bank, HDFC Bank, Bharti Airtel, IndusInd Bank, State Bank of India, Tata Consultancy Services, Larsen & Toubro, Kotak Mahindra Bank and State Bank of India were the major gainers. In contrast, Tata Motors, Maruti, Axis Bank, Mahindra & Mahindra, ITC, NTPC, Tata Steel and Bajaj Finserv were the major laggards.
From the 30 Sensex firms, Mahindra & Mahindra, JSW Steel, Maruti, Tata Steel, Larsen & Toubro, ICICI Bank, Power Grid, Nestle, Bharti Airtel and Adani Ports were the biggest gainers. Tata Consultancy Services emerged as the only laggard.
Axis Bank and ICICI Bank consumed 37-59 per cent of their operating profit for COVID-19 provisioning, while the figure is 24 per cent in case of Kotak Mahindra Bank and 10-12 per cent for IndusInd Bank and HDFC Bank.
Seven of the 10 most valued domestic companies witnessed a combined erosion of Rs 1,07,566.64 crore from their market valuation last week, with Reliance Industries accounting for around half of the losses. Last week, the 30-share BSE benchmark Sensex declined 849.74 points or 1.70 per cent. Only Tata Consultancy Services (TCS), Hindustan Unilever Limited and HDFC from the top-10 list saw a rise in their market capitalisation.
Former ICICI Bank veteran Shikha Sharma will take home a hefty pay packet as Axis Bank managing director and CEO that will be in excess of Rs 2 crore (Rs 20 million) a year, if one counts allowances and other perquisites.
Mutual funds (MFs) scooped up smallcap shares across sectors such as healthcare, banking and financial services in March 2024 amid a near 4.5 per cent fall in key smallcap indices. Aster DM Healthcare, NLC India, and Aavas Financiers topped the list of most-bought stocks in the Rs 10,000-40,000 crore market capitalisation (mcap) bracket, according to a study by Nuvama Alternative & Quantitative Research. Aster and Aavas had corrected by 13 per cent and 10 per cent in March, respectively, while NLC India ended the month with a 2.5 per cent gain.
Investors have gained Rs 3,93,349.08 crore in four days following a strong rally in the equity markets amid a declining trend in COVID-19 cases. In four consecutive sessions of gains, the 30-share BSE Sensex has climbed 1,299.91 points or 2.56 per cent. The BSE benchmark index on Monday closed at 51,937.44, a gain of 514.56 points or 1 per cent. In four days, the market capitalisation of BSE-listed companies zoomed Rs 3,93,349.08 crore to close at a record high of Rs 2,22,99,810.27 crore on Monday.
Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains. NSE Nifty rallied 203.65 points to 11,095.25.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
Despite a complex interface, online banking is fast gaining acceptance.
Bajaj Finserv, ICICI Bank, Nestle, UltraTech Cement, Bajaj Finance, Maruti, Tata Consultancy Services, IndusInd Bank and State Bank of India were the major laggards. Infosys, JSW Steel, NTPC and Power Grid were the gainers.
ICICI Bank Ltd, India's biggest private sector lender, posted its slowest quarterly growth in four years as asset quality worsened and funds set aside for bad loans and contingencies almost doubled from a year earlier.
Among the 30 Sensex companies, Mahindra & Mahindra, Power Grid, Sun Pharma, Nestle, UltraTech Cement, NTPC, ITC, ICICI Bank, Titan, Bajaj Finserv, Bharti Airtel, and HDFC Bank were among the biggest gainers. IndusInd Bank, Adani Ports, Tata Steel, Reliance Industries, Axis Bank and Bajaj Finance were among the laggards.
In a daring daylight robbery, armed men on Friday decamped with the cash van of a private bank from a posh south Delhi locality, after waylaying the vehicle and shooting its guard. Four men in a car waylaid the cash van of an agency, filling ATMs of ICICI bank, in the posh Defence Colony area. They then opened fire at the guard and fled with the vehicle, which is believed to be carrying nearly Rs five crore.
Among major Sensex gainers, Mahindra & Mahindra rose the most by 3.29 per cent. Adani Ports gained 1.26 per cent, Tata Motors by 1.14 per cent, and Axis Bank by 0.92 per cent. Nestle, NTPC, Reliance, ITC Titan, Kotak Bank, Infosys and TCS also gained. HCL Tech, Tech Mahindra, and ICICI Bank were the losers.
From the Sensex basket, Mahindra & Mahindra, Larsen & Toubro, JSW Steel, NTPC, IndusInd Bank, Sun Pharma, UltraTech Cement, State Bank of India, Reliance Industries, and Maruti were the major gainers. Nestle, Tata Consultancy Services, Axis Bank, ICICI Bank, Bajaj Finance, ITC, and Asian Paints were among the laggards.
Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, UltraTech Cement, HCL Technologies and HDFC Bank were among the major gainers. Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank were among the laggards.
Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit. Exchange-traded funds are also likely to press the exit button.
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday morning, a day after the Bombay high court granted them interim bail in a loan fraud case, a police official said. Chanda Kochhar walked out of the Byculla women's prison in Mumbai, while her husband was released from the Arthur Road jail, the official said. The CBI arrested Kochhars on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
ICICI Bank's move to amalgamate Bank of Rajasthan (BoR) with itself at a 1:4.72 ratio indicates the bank would pay a premium of 89.4 per cent to Bank of Rajasthan's closing stock price on Tuesday.
From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, UltraTech Cement, ITC, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers. Tata Steel, Axis Bank, NTPC, ICICI Bank and IndusInd Bank were the major laggards.
Soon after the lifting of the 13-day moratorium at 6 pm, some customers took to social media complaining that they were not able to access certain services, including internet and mobile banking.
Credit card spends jumped 57 per cent year-on-year (YoY) in September, aided by the festive season. According to the latest Reserve Bank of India (RBI) data, in September, credit card spends totalled Rs 80,477.18 crore compared to Rs 77,981 crore in August, thereby registering a 3.2 per cent growth sequentially, despite the high base. In the corresponding period last year, credit card spend was to the tune of Rs 51,356.68 crore.
M&M was the top laggard in the Sensex pack, cracking over 4 per cent, followed by Axis Bank, IndusInd Bank, Hero MotoCorp, Sun Pharma and ICICI Bank. On the other hand, Bharti Airtel, Asian Paints, Tata Steel, NTPC, HUL and Reliance ended with gains.
People are availing far more of certain kinds of unsecured loans than was the case before the pandemic. Bank lending for buying consumer durables and funding of credit cards and other personal loans have risen by Rs 6.9 trillion between August 2019 and August 2023, shows a Business Standard analysis of data from the Reserve Bank of India (RBI). These loans are typically unsecured, which means they are provided without collateral.
618 companies were part of the billion dollar club when the markets reached all-time highs on September 26, 2024. That number has fallen to 500 following a $1 trillion wipeout in India's market capitalisation amid relentless selling by FPIs.
Among the Sensex firms, NTPC, Power Grid, Reliance Industries, Bajaj Finserv, Axis Bank, Tech Mahindra, ICICI Bank, Bharti Airtel and IndusInd Bank were the biggest gainers. JSW Steel, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Infosys and Titan were among the laggards.
Tata Steel, Bajaj Finance, Mahindra & Mahindra, JSW Steel, NTPC, Adani Ports, Bajaj Finserv and Larsen & Toubro were also among the laggards. However, Power Grid, HCL Technologies, Infosys, Tech Mahindra, Tata Consultancy Services and ICICI Bank were among the gainers.
A District Consumer Disputes Redressal Forum bench presided by V K Gupta held ICICI bank guilty of deficiency in service and also criticised the private bank for misbehaviour of its staff with the consumer.
Among Sensex shares, Tech Mahindra fell by over 6 per cent after the company reported a 60 per cent decline in net profit to Rs 510.4 crore in the December quarter. Bharti Airtel, ITC, HCL Technologies, Asian Paints, Wipro, HDFC Bank, Nestle, Tata Steel, Tata Consultancy Services and Maruti were among the other major laggards. NTPC, ICICI Bank, IndusInd Bank, Reliance Industries, JSW Steel, Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra were among the gainers.
Yes Bank was the biggest gainer in the Sensex pack, climbing 4.08 per cent, followed by Tata Motors, ICICI Bank, Bajaj Auto, Coal India, Hero MotoCorp, HCL Tech, Vedanta, Sun Pharma, Axis Bank, Maruti, ITC, IndusInd Bank, TCS, HUL and SBI, rising up to 2.67 per cent.
SBI was the biggest loser in the Sensex pack, tumbling 3.29 per cent, followed by Tata Steel, ICICI Bank and Maruti, which shed up to 2.76 per cent.
South Indian Bank is likely to name a new managing director (MD) and chief executive officer (CEO) by May end, said the Thrissur-based lender on Wednesday. The bank's shares dipped some 14 per cent at one point after MD and CEO Murali Ramakrishnan said he will not apply for an extension when his tenure ends on September 30, citing personal reasons. The bank's board on Tuesday considered Ramakrishnan's request for not intending to continue on his post and appointed a search committee for his replacement.
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards. HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra & Mahindra were the gainers.
ICICI Bank said on Friday its follow-on public offer to raise Rs 8,750 crore would open on June 19 and close on June 22. The public issue seeks to mop up Rs 8,750 crore (Rs 87.5 billion).
Ajit Mishra answers reader queries on the stock market.
