After opening in red, markets have turned flat in the morning trades as gains in oil and metal shares cap losses in the defensive stocks.

At 10.40 AM, the 30-share Sensex is down 3 points at 26,465 and the 50-share Nifty has gained 1 point at 7,913.

Reliance Industries chairman Mukesh Ambani, committing himself to PM Narendra Modi's 'Make In India' project, on Thursday said the long term GDP growth potential of india is eight to ten percent and that India is poised on high growth trajectory.

Ambani said 'Make in India'is a coinage typical of "narendra bhai modiji". It is about present and future, and not past as described by "made in India".

In a bid to increase the liquidity of its stock, State Bank of India (SBI) has decided to split its share in the ratio of 1:10. This means, one equity share with a face value Rs 10 will be split into 10 shares of Re 1 each.

“The central board of SBI at its meeting has approved to reduce the face value of equity shares of the bank from Rs 10 per share to Re 1 per share and to increase the number of issued shares in proportion thereof,” the bank said in a statement on Wednesday.

Private sector lender ICICI Bank on Wednesday launched a savings account for minors above 10 years of age.

The account will offer a personalised cheque book and a debit card with a picture of his or her choice, the bank said in a statement.

NEW DELHI: Export-Import Bank of China (China Exim Bank) and China Development Bank Corporation (CDB) today signed various agreements with SBI, ICICI Bank BSE 0.00 % and Axis Bank BSE -1.54 % to facilitate trade between the two countries.

SBI signed an agreement with China Exim Bank for a Line of Credit of $ 1.8 billion for imports of raw material, energy, equipment, mechanical and electronic products, among others from China.

ICICI Bank, the country’s largest private-sector lender, on Tuesday announced that its board had approved the splitting of each equity share into five. This is the first time ICICI Bank has gone for a share split.

“The board has considered and approved the sub-division (split) of one equity share of the bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each,” the bank said in a statement.

MUMBAI: ICICI Bank has brought back fixed-rate mortgages. The bank is offering home loans up to 10 years at a fixed rate of up to 10.25%, which is close to 10.15% it charges its floating-rate customers. The move is aimed at locking into a sizeable home loan portfolio which can be funded by floating infrastructure bonds.

Market leader HDFC offers partially fixed-rate loans where rate is set at 10.25% for first two years, which is close to pricing of its floating-rate loans of 10.15%.

Markets continue to trade near their day's highs in late morning deals with capital goods and bank shares leading the gains on better-than-expected GDP growth in the first quarter ended June 30, 2014.

At 11:50AM, the 30-share Sensex was up 168 points at 26,808 and the 50-share Nifty was up 56 points at 8,010.

ICICI Bank, in a move to take ahead its financial inclusion strategy, is planning to add another 1.5 million bank accounts in this financial year.

“We have around 18.5 million zero basic savings bank deposit accounts and by the end of this year, we expect to have close to 20 million such accounts,” said Rajiv Sabharwal, executive director, ICICI Bank, the country’s largest private sector lender.

ICICI Bank, the country’s largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.

The EMI option, which was so far limited to credit card holders, will now allow even debit card holders to convert their high-value transactions into equated monthly instalments.

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