ICICI Bank

This was revealed after a special CBI court on Saturday remanded Chanda Kochhar and Deepak Kochhar to CBI custody till December 26. The CBI had arrested the couple on Friday in connection with their alleged role in the ICICI Bank-Videocon money laundering case. Venugopal Dhoot of Videocon Group is a co-accused in the case.

Earlier in the day, a special court in Mumbai sent Chanda Kochhar and her husband Deepak Kochhar to CBI custody till Monday in connection with the case. While arguing on the matter, public prosecutor of CBI said that loss of Rs 1,730 crore was caused to ICICI bank by the accused.

The Kochhars were arrested on Friday by the CBI in connection with a loan fraud case involving bank officials and the Videocon Group.

Pacific Capital Services Pvt Ltd is under inspection and a separate report is ready for submission by government agencies. In parallel, NuPower is also under inspection by another investigating officer in the Office of the Ministry of Corporate Affairs Regional Director western region, Mumbai. Ditto with Videocon International under probe by a separate I.O.

"We had filed an FIR for the offence of forgery, cheating, using fake documents as genuine, hatching a criminal conspiracy and having common intention against the bank officials and the Kochhars," the official said. Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd were also named as an accused in the FIR.

According to sources privy to developments, these companies were reportedly found to be availing input tax credit (ITC) without underlaying supply of goods and services. Sources informed that on the basis of specific inputs received against ICICI Prudential Insurance for reportedly availing ineligible ITC without underlaying supply of goods and services, certain other common intermediaries were also identified.

The rupee ended at 81.58 as against 81.62 at close of the previous trading session. On Monday, the rupee ended record low for the third straight session on risk-averse sentiments and unprecedented strength in the greenback following Fed tightening and recession worries.

"The recent cool off in key commodity prices viz. metals, crude among others, comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation," the report notes. Management commentary is upbeat on demand prospects and recovery in margin profile amid muted corporate earnings for Q1FY23, which witnessed low single digit QoQ growth in topline and double digit bottomline decline with pressure on gross margins.

Motilal Oswal's report said that the bank's annual report reaffirms our view that the bank is progressing well in its endeavour to strengthen its Balance Sheet, with a strong focus on the retail franchise. The private lender's retail portfolio has been leading the overall loan growth, the SME and Business Banking portfolio grew 39 per cent on-year in FY22 and constitutes 11 per cent of total loans.

The stock has surpassed its previous high of Rs 859.70, which had hit on October 25, 2021. At 2.48 p.m., shares of the bank were trading at Rs 860.25, up 11.50 or 1.35 per cent from its previous close. In the last one month, the stock of private lender has gained more than 12 per cent. Before ICICI Bank hitting Rs 6 lakh crore market-cap mark, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever have also hit this mark.