Several major Indian banks, including Axis Bank, RBL Bank, HDFC Bank, Bandhan Bank, ICICI Bank, UCO Bank, Bajaj Housing Finance, and IndusInd Bank, have reported their Q2 earnings, with varying levels of success. While Axis Bank and Bajaj Housing Finance saw profits surge, RBL Bank and IndusInd Bank shares plunged due to disappointing earnings. HDFC Bank and ICICI Bank also reported positive but more modest profit increases, while UCO Bank saw an improvement in bad loan recovery through the NCLT process. The mixed results, combined with global market trends, are driving the overall market sentiment.
In a session marked by selling pressure in financial, auto, and FMCG shares, the Nifty50 and Sensex closed lower, with the Sensex down 0.3% and Nifty50 down 0.1%. The market saw only brief moves above the flatline, with the Nifty50 moving within the 24,900-25,000 range. The top losers in the Nifty50 basket included M&M, ICICI Bank, Cipla, Adani Enterprises, and Maruti Suzuki, while top gainers included Trent, Hindalco, HCLTech, Tech Mahindra, ONGC, and JSW Steel. Despite the overall weak market trend, midcap and smallcap shares bucked the trend, with gains of 0.5% each in the Nifty Midcap and Nifty Smallcap indices. Keep up with the latest stock market updates and all other business news on Zeebiz.com.
In the latest twist to the Madhabi Puri Buch controversy, Congress has raised more questions regarding her retiral income and a one-year gap in which she claims no benefits were offered by ICICI Bank. The party alleges that she received a staggering ₹16.80 crore between 2017 and 2024 from the bank, and demands answers from SEBI regarding her pension, retiral benefits, and salary. ICICI Bank has defended itself by saying that all payments were accrued during Buch's employment phase with the group, but Congress questions how her pension could exceed her salary.
The Congress party has raised fresh allegations of conflict of interest against former SEBI Chairperson Madhabi Buch, who is currently working with ICICI Bank. The party questioned the bank's statement that it did not pay Buch any salary after her retirement and alleged that she was receiving a non-uniform "retiral benefit" from the bank. The party's media and publicity head, Pawan Khera, pointed out discrepancies in the amount and frequency of payments made to Buch and questioned whether a person's retiral benefit can exceed their annual salary. The party has asked Prime Minister Narendra Modi, as the head of the Appointments Committee of the Cabinet, to clarify on Buch's appointment.
The Indian National Congress party has accused the Chairperson of SEBI, Madhabi Puri Buch, of violating conflict of interest laws by accepting income from ICICI Bank while she was a whole-time member and later as the chairperson of the market regulator. According to the allegations, Buch received a total of Rs 16.80 crore from ICICI Bank between 2017 and 2024, which is five times more than her income from SEBI during the same period. However, ICICI Bank denied these allegations, stating that they have not paid any salary or granted any ESOPs to Buch after her retirement from the bank. These allegations have sparked controversy regarding the appointment process of the SEBI chairperson.
The Securities and Exchange Board of India (SEBI) has settled a case with ICICI Securities, a subsidiary of ICICI Bank, after it paid over Rs 69 lakh as settlement fee. This came after the company was accused of violating SEBI's guidelines and conducting fraudulent activities. This settlement marks a potential shift in the way SEBI handles cases of misconduct by companies and may lead to more efficient resolution of such disputes in the future.
The Indian stock market indexes, Sensex and Nifty, remained steady on Wednesday amidst a mixed response from global markets. Stocks such as Tata Steel and ICICI Bank faced losses while companies like IndusInd Bank and Infosys showed growth. Meanwhile, the state-owned construction company, NBCC India, saw a surge of over 6% in its shares. Midcap and smallcap indices reached new highs, but sectors like banks and metals faced losses while media and IT companies saw buying trends. Market experts predict a consolidation phase with low volatility and a slight upward bias in the near future.
Vodafone Idea has received positive feedback from Nuvama Institutional Equities, Dixon Technologies and ICICI Securities, indicating a potential path to survival for the struggling telecom company. While Bharti Airtel rolled out a tariff hike on Friday, Vodafone Idea is expected to witness inflows of over $278 million and Suzlon Energy saw a significant increase in share price. Market experts discuss the potential opportunities in the telecom sector on Business Today TV's daily market show, with Vodafone Idea likely to opt for a payment plan to ease financial burden.
In a major move, Indian corporation Bharti Global announced its acquisition of a 24.5% stake in British telecommunications giant BT Group. This investment is seen as a significant vote of confidence in BT by the Indian company, as well as a reflection of increasing Indian investment abroad. This comes on the heels of other recent acquisitions by Indian businesses, including Bharti Enterprises selling shares in ICICI Lombard and Brookfield India REIT acquiring a stake in Bharti Assets.
The chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.