ICICI Bank, the country’s third-largest lender by assets, raised its marginal cost of funds-based lending rates (MCLRs) by 10 basis points (bps) across tenures. Its one-year MCLR now stands at 8.8%.

MCLRs for other tenures range between 8.55% and 8.75%. The revised rates came into effect on Saturday.

We see upside across DuPont metrics for SBI that should see the bank’s ROEs reflate back to 13% by FY20E and 16% by FY21E. This, combined with valuation normalisation to last-cycle P/B levels (1.5x), could drive a significant re-rating over the next two years, in our view.

Our base view for the banking sector remains that deposit franchises will rerate vs. lending franchises and that NPLs across the system should start trending down from here.

A Delhi court on Monday said it would pronounce on December 5 its order on the sentencing of former coal secretary H C Gupta and five others convicted for irregularities in the allotment of coal blocks to a private firm in West Bengal.

Special Judge Bharat Parashar concluded hearing on arguments on the quantum of punishment. The CBI sought a maximum of seven years imprisonment for the five convicted persons and imposition of heavy fine on the private firm.

Market regulator Sebi on Monday extended the deadline for transfer of shares of listed companies only in demat form to April 1.

The last date has been extended after taking into consideration representations from shareholders as the initial deadline was to end on December 5.

Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Microsoft Corp dethroned long-time leader Apple Inc .

Amazon rose as much as 4.7 percent, putting its market capitalisation at $865.0 billion. Apple traded up 2.1 percent, giving it a market capitalisation of $864.8 billion.

Anil Ambani’s debt-ridden Reliance Communications has furnished Rs 14 billion Corporate Guarantee that the Supreme Court had ordered the company to issue for its spectrum sale to Reliance Jio Infocomm.

The Supreme Court had on Friday asked the government to issue Reliance Communications (RCom) a no-objection certificate (NoC) for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 14 billion within two days.

TVS Motor Company has registered a 27 per cent growth in total sales, increasing from 251,965 units in November 2017 to 319,965 units in the month of November 2018.

Two-wheelers have registered a growth of 26% in sales during the month of November 2018 at 307,142 units as compared to 243,323 unit, a year ago.

Larsen & Toubro (L&T) Monday said its construction arm has won orders worth Rs 11.27 billion across two of its business segments.

In the metallurgical and material handling business, the company bagged contracts worth Rs 7.55 billion.

Ashok Leyland has reported an 18 per cent decline in M&HCV sales during the month of November 2018 at 8,718 units as against 10,638 units, a year ago. Light Commercial Vehicle (LCV) sales rose by 15 per cent to 4,403 units from 3,819 units, a year ago.

Total sales dropped by 9 per cent to 13,121 units from 14,457 units in November 2017.

Mumbai: Sun Pharmaceutical Industries Ltd founder and managing director Dilip Shanghvi and his brother-in-law Sudhir Valia engaged in financial irregularities with Dharmesh Doshi, a key figure from the 2001 Ketan Parekh scam, a whistleblower alleged. The whistleblower made the allegations in a 150-page letter sent to the Securities and Exchange Board of India (Sebi), which had banned Doshi and Parekh following the 2001 scam, India’s second biggest stock exchange scandal. Doshi is a former associate of Parekh.

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