India's ICICI Bank posts slowest quarterly growth in four years

India's ICICI Bank Ltd posted its slowest quarterly profit growth in four years as the ability of corporate borrowers to repay loans declined and the amount of funds set aside for bad debt almost doubled.

India's biggest private sector lender, like rivals Yes Bank Ltd, HDFC Bank Ltd and IndusInd Bank Ltd , has had to contend with a wave of defaults by companies struggling to make ends meet as India's economy grows at its slowest pace in a decade.

As a result, banks have increased the proportion of funds they extend to consumers from whom demand for home and car loans in particular has picked up as banks open branches in new territories.

That shift helped ICICI on Wednesday report net profit of 25.3 billion rupees ($404.12 million) in October-December from 22.5 billion a year earlier. That compared with the 24.6 billion rupee mean estimate of 23 analysts polled by Thomson Reuters I/B/E/S.

Net interest income, or the difference between interest earned and paid, rose about 22 percent to 42.6 billion rupees.

Tax expense rose 45 percent to 12.1 billion rupees, hurting profit growth.Read more..

Source: Business News Hindi

From Reuters News

Sensex remains flat in noon trade; JSPL up; M&M down

Indian equities remained slightly lower in noon trade on Thursday. Auto, oil & gas and IT stocks registered a fall whereas capital goods stocks witnessed a rise.

At 12.39., the Sensex was trading down 1.41 points or 0.01% at 21,336.26 with 16 components falling. Meanwhile, the Nifty was trading lower by 7.75 points or 0.12% at 6,331.20 with 31 components falling.

Sensex Movers

I C I C I Bank contributed fall of 17.15 points in the Sensex. It was followed by Reliance Industries (16.77 points), Mahindra & Mahindra (14.85 points), Oil & Natural Gas Corporation (13.32 points) and Tata Consultancy Services (9.53 points).

However, Larsen & Toubro contributed rise of 26.92 points in the Sensex. It was followed by Housing Development Finance Corporation (15.27 points), Sun Pharmaceutical Industries (7.14 points), Bharti Airtel (7 points) and Infosys (7 points).

Major gainers in the 30-share index were Jindal Steel & Power (2.54%), Larsen & Toubro (2.51%), G A I L (India) (1.98%), Bharat Heavy Electricals (1.98%), Sun Pharmaceutical Industries (1.43%), and Bharti Airtel (1.34%).

On the other hand, Mahindra & Mahindra (2.72%), Oil & Natural Gas Corporation (1.42%), NTPC (1.06%), I C I C I Bank (1.01%), Tata Steel (1.01%), and Wipro (0.95%) were the major losers in the Sensex.

Mid & Small-cap Space

The BSE Midcap index was at 6578.07 down by 17.68 points or by 0.27%. The major losers were A B G Shipyard (4.24%), CORE Education and Technologies (2.23%), Aban Offshore (0.94%), Allahabad Bank (0.77%) and Alstom India (0.71%).

Sectors in Limelight

The Auto index was at 12,178.24, down by 95.44 points or by 0.78%. The major losers were Mahindra & Mahindra (2.72%), Bharat Forge (1.55%), Bajaj Auto (0.9%), Hero Motocorp (0.3%) and Tata Motors (0.25%).

The Oil & Gas index was at 8,663.65, down by 46.29 points or by 0.53%. The major losers were Oil & Natural Gas Corporation (1.42%), Reliance Industries (0.92%), Hindustan Petroleum Corporation (0.38%) and Castrol India (0.05%).  Read more..

Source: Breaking News in Hindi

From Myiris News

Ennore Port, Ford sign MoU for car exports

The Ennore Port Ltd (EPL), has signed a pact with Ford India, to export the company's vehicles from the port.

The port recently signed a similar agreement with Nissan for export of its cars, and between September 2010 and December 2013, 4,49,720 automobile units from companies like Ashok Leyland, Toyota and Honda have been exported from Ennore Port.

EPL recently developed a general cargo-cum-car terminal at a cost of Rs 140 crore, which includes a car parking yard across 35 acres for parking of 10,000 cars at a time, the biggest amongst the major ports in India, the Union minister for shipping, G K Vasan said. "Chennai has emerged as a major centre for export of automobiles. Ennore Port has played a key role in facilitating these exports," he said. Read more..

Source: Breaking News in Hindi

From TOI News

Uttar Pradesh on alert ahead of Republic Day

Security has been beefed up across Uttar Pradesh after Intelligence Bureau (IB) inputs warned that terrorists might slip in from the porous nepal" target="_blank">Indo-Nepal border and try to create trouble on the Republic Day.

Additional Director General (Law and Order) Mukul Goel has written to all district police chiefs asking them to step up vigil "in wake of the new tip-off" from the IB.

The tip-off to the state police is specifically about Indian Mujahideen (IM) terrorists Tehsin Akhtar and Pakistan-based Waqar, who is learnt to be holed up in Nepal and is trying to slip into the state.

The National Investigative Agency (NIA) recently released sketches of 15 terror suspects who are feared to be in the state as sleeper modules "ready to act".

Police are making posters of these terror suspects and these would be pasted on railway stations, bus depots, malls and markets, an official of the home department told IANS. Five of these terrorists had escaped from the Azamgarh prison last year. Read more..

Source: News in Hindi

 From BS News
 

Govt will take action on illegal tradesmen: Tan Chuan-Jin

Acting Manpower Minister Tan Chuan-Jin reiterated that it is illegal for foreigners on social visit pass to work in Singapore, when he was asked in Parliament on Tuesday about an informal sector of tradesmen from Malaysia who come to Singapore to work.

MP for Tampines GRC Baey Yam Keng said the workers are usually freelance plumbers, air con servicemen or electricians.

He asked if the ministry is able to track their movements.

Mr Tan added since they do not pay the foreign worker levy, such tradesmen are able to charge lower fees compared to locals, and therefore could contribute to a wage depression of local workers in similar trades.

Opposition MP Low Thia Khiang wanted to know what sort of enforcement action the ministry takes on such workers.

Mr Tan said authorities conduct random checks based on feedback and complaints, and action will be taken against such illegal tradesmen.

If convicted, they could be fined up to S$20,000, jailed up to two years and barred from entry into Singapore for up to two years.

Mr Tan said: "I think it's also important for us to encourage industry associations to play a role by raising awareness for consumers on the importance of turning to properly accredited and trained tradesmen. Read more...

Source: Latest News in Hindi

From CNA News

Cabinet meeting on the road for Arvind Kejriwal's government on the streets

Arvind Kejriwal's government on the streets is ready to hold "cabinet meetings on the road," the Aam Aadmi Party today said.

Mr Kejriwal and his six ministers have decided to continue their protest against the city's police, come what may, which means the Delhi government is being run from a road outside Rail Bhawan near India Gate. (LIVE updates)

"Arvind Kejriwal is signing files and doing all his work from there. If needed, a cabinet meeting will also be held on the road," said Yogendra Yadav, a senior leader of Aam Aadmi Party (AAP).

The entire cabinet is in fact, mostly seen sitting in a group at the protest site..

Mr Kejriwal and his ministers have been looking at files since yesterday.

"He is unwell. He could have done this in the comfort of his office. But he will work here," said PWD minster Manish Sisodia on Monday.

The ministers are usually surrounded by a massive crowd of supporters, spectators and policemen. Read more..

Source: Breaking News Hindi

From NDTV News