Facing multiple enquiries, ICICI Bank CEO Chanda Kochhar (in pic) has gone on long leave, but the allegations levelled regarding quid pro quo and conflict of interest reverberated in the bank’s annual general meeting (AGM) on Wednesday.
Reports of an economic review meeting to be chaired by the prime minister over the weekend helped the rupee make a dramatic recovery during the end of the trading hours on Wednesday, closing the session at 72.19 against the dollar.
In addition, a strong intervention by the central bank and exporters selling dollars helped the rupee to appreciate, said dealers.
Market regulator Sebi has intensified its probe into the NSEL scam of thousands of crores of rupees.
Air-India, the national carrier, is under-utilising its flagship Boeing Dreamliner fleet due to flight crew shortage as well as technical issues. Of the 27 Boeing 787-800 (Dreamliner), only 21 are being deployed for operations every day, an airline source said.
Samsung Electronics Co Ltd opened its biggest mobile store in the world in India on Tuesday as it tries to take pole position in the world’s second-biggest smartphone market amid fierce competition from Chinese brands.
The South Korean tech giant’s roughly 33,000 square foot (3,000 square meter) store in the southern tech hub of Bengaluru will help it extend its lead in India over global rival Apple Inc, which has yet to open any flagship stores in the country.
The Sensex’s near 1,000-point tumble in the two sessions this week has wiped out more than Rs 4 lakh crore of investor wealth in its wake. The market has seen surprisingly huge sell-off on Monday and Tuesday, as worries over an escalation in trade war and Indian macros hit investor sentiment.
The Sensex slumped 509 points on Tuesday to end at 37,413, while it lost 472 points the previous day, taking the two-day losses to 976 points.
European shares declined while most Asian shares ended lower as the spectre of a Sino-US trade war haunted investors.
With the rupee touching new lows everyday, big corporate firms are using the advantage of arbitrage between offshore non-deliverable forward (NDF) and the domestic market to make some quick bucks.
The one-month onshore forward expiring at the end of September was priced at 72.83 while at the DGCX the September future rate was 72.94, a difference of 11 paise.
The Indian markets have gained over 370 per cent from the low it hit almost a decade back following the global equity meltdown triggered by the Lehman crisis. The BSE Sensex which plunged to a low of 8,056 in January 2009, made an eye-popping comeback to claim a record peak of 38,989 in August 2018.
It has been almost two years since the Insolvency and Bankruptcy Code (IBC) was introduced and its success has been limited. In most of the cases the threshold of 270 days has been breached because of procedural inefficiencies, lack of infrastructure and other frivolous matters. “Not only does this jeopardise the basic premise of resolution within 270 days but also results in notional loss of interest income for lenders with every day of delay,” said a CII and PWC report titled ‘Decoding the Code-Survey of 21 months of IBC in India’.
In a major relief to foreign funds, a Sebi appointed panel has suggested relaxed FPI norms permitting NRIs, overseas citizens of India and resident Indians to hold non-controlling stakes in FPIs.
The committee headed by RBI deputy governor HR Khan has suggested major relaxations to the controversial April 10 circular issued by Sebi.
Experts said the panel has addressed all the major concerns raised by investors but the issue of identifying high risk jurisdictions is still hanging.