Private sector lender ICICI Bank reported its first-ever loss amounting to Rs 1.2 billion for the June 2018 quarter (Q1) on Friday as provisions for bad loans doubled. The bank had made a net profit of Rs 20.49 billion in the same period last year.

The loss would have been higher if it weren’t for the Rs 11.1 billion profit on the sale of its 2 per cent stake in the life insurance arm, ICICI Prudential Life Insurance.

Share Market Today: Indian stock markets (Sensex and Nifty) surged to record highs in the late afternoon deals with BSE Sensex and NSE Nifty finishing at all-time highs following the sharp rally in the shares of ITC, RIL, ICICI Bank, HDFC, HDFC Bank and Axis Bank. Both the key indices Sensex and Nifty edged higher in the late trade on the sustained upsurge in the shares of ITC, RIL, HDFC, ICICI Bank, HDFC Bank.

The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar with the matter said.The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been is representations in the bank’s accounting, the people said, asking not to be identified.

SoftBank Group Corp today said it will launch a digital payments service in Japan, and has partnered Paytm for the service. The service PayPay will be launched by SoftBank’s joint venture PayPay Corporation (with Yahoo Japan) in fall this year, SoftBank said in a statement. “PayPay Corporation will team up with India’s largest digital payments company Paytm, a SoftBank Vision Fund portfolio company, to utilise Paytm’s technology and expertise in mobile payments,” it added.

To take the better of neck and neck competition in the telecom sector, Idea Cellular has launched a new offer for its prepaid customers. Idea Cellular is offering 300 minutes of free voice calls, 1GB of free 4g data in just Rs 75. Besides, users will also get up to 100 SMS messages per day. The plan will be valid for 28 days.

Hyundai Motor India Ltd (HMI), the Indian subsidiary of Korean automaker Hyundai Motor, plans to increase its Sriperumbudur facility's capacity by 37,000 units to 750,000 units.

Located near Chennai and spread over 535 acres of land, the plant is running at almost 100 per cent capacity utilisation. Its current capacity of 713,000 units will be expanded to 750,000 by 2019.

A Delhi court on Friday reserved for July 30 its order on whether to summon RJD supremo and former railway minister Lalu Prasad Yadav, his wife Rabri Devi and son Tejashwi Yadav as accused in a case related to alleged irregularities in granting operational contract of two IRCTC hotels to a private firm.

Mumbai: Reliance Industries Ltd (RIL) is likely to report an increase in its quarterly profit led by stronger petrochemical margins, offsetting weaker refining margins. RIL, which operates the world’s largest refining and petrochemicals complex at Jamnagar in Gujarat, will report its earnings on Friday. According to a Bloomberg poll of nine brokers, RIL is expected to post consolidated net sales of Rs 1.269 trillion crore for the first quarter ended 30 June.

Beating market expectations, cigarette-to-hotel-to-FMCG major ITC on Thursday reported a 10.08% year-on-year (y-o-y) rise in its standalone net profit to Rs 2,818.68 crore for the first quarter ended June 30, with total expenses falling and revenue from the non-cigarette FMCG business soaring during the period.

In the first quarter of the current financial year, Life Insurance Corporation of India (LIC), the largest investor in state-owned lenders, has pared its exposure in IDBI bank and Allahabad Bank.

LIC has reduced its stake in IDBI Bank from 10.82% in Q4FY18 to 7.98% in Q1FY19. In addition, it has trimmed its stake in Allahabad Bank from 12.37% to 9.89% in the said period.

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