ICICI Bank's 9% rally helps Nifty close at record closing high; Sensex raises 231 pts

By: Swastika Investmart
 
INDORE, India - May 4, 2017 - PRLog -- Indian Share Market listed humble increases floated by optimistic assessment in European trading. The gauge index, the S&P BSE Sensex increased 210.85 points or 0.71 Percent at 30,105.65, according to the provisional shutting data. The Nifty 50 index sophisticated 45.95 points or 0.49% at 9,357.90, according to the temporary shutting information. The Sensex settled over the mental 30,000 level. It had regained that check in early trade subsequent to ending underneath that level amid the past trading session.

Investors' views was likewise helped in the wake of notes the Union Cabinet approved proclamation of a mandate to alter the Banking Regulation Act for determination of the awful loan crisis facing banks.

The Sensex increased 275.15 points or 0.92 Percent at the day's high of 30,169.95 in mid-evening trade, its most abnormal amount since 27 Apr 2017. It sophisticated 112.60 points or 0.37 Percent at the day's low of 30,007.40 in early afternoon trade.

The Nifty increased 53.70 points or 0.57 Percent at the day's high of 9,365.65 in mid- afternoon trade, its most abnormal amount since 27 Apr 2017. It sophisticated 11.30 points or 0.12 Percent at the day's low of 9,323.25 in early evening exchange.

Stocks of public banks rushed on notes the Union Cabinet affirmed declaration of a mandate to change the Banking Regulation Act for determination of the terrible loan crisis facing banks. Union Bank of India (gain 6.72 Percent), IDBI Bank (gain 2.46 Percent), State Bank of India (gain 3.39 Percent), Bank of Baroda (gain 3.06 Percent) and Punjab National Bank (gain 3.41 Percent) edged upper.

Stocks of private sector banks edged fall. RBL Bank (fall 2.61 Percent), Kotak Mahindra Bank (fall 1.1 Percent), IndusInd Bank (fall 0.53 Percent), HDFC Bank (fall 0.61 Percent) and Yes Bank (fall 0.31 Percent) fell. Axis Bank (gain 3.61 Percent) edged upper.

ICICI Bank rushed 9.17 Percent after net earnings hopped 188.5 Percent to Rs 2024.64 crore on 10.8 Percent decrease in entire income to Rs 16585.76 crore in fourth quarter(Q4) March 2017 over fourth quarter (Q4) March 2016. The result was declared later exchange hours yesterday, 3 May 2017.

The bank's gross non-performing assets (NPAs) increased to Rs 42551.54 crore as on 31 Mar 2017 as against Rs 38084.97 crore as on 31 Dec 2016 and Rs 26720.93 crore as on 31 Mar 2016.

The ratio of gross NPAs to gross advances remained at 7.89 Percent as on 31 Mar 2017 as against 7.2 Percent as on 31 Dec 2016 and 5.21 Percent as on 31 March 2016. The ratio of net NPAs to net advances remained at 4.89 Percent as on 31 March 2017 as against 3.96 Percent as on 31 Dec. 2016 and 2.67 Percent as on 31 March 2016.

The bank's provisions and possibilities fell 12.9 Percent to Rs 2898.22 crore in fourth quarter (Q4) March 2017 over fourth quarter (Q4) March 2016.

ICICI Bank's board suggested 1:10 reward issue of stocks i.e. one equity stock for each 10 stocks held.

Index heavyweight and housing finance major HDFC dropped 1 Percent at Rs 1,555.35 after net earnings drop 21.58 Percent to Rs 2044.20 crore on 7.7 Percent decrease in entire income to Rs 8514.51 crore in fourth quarter (Q4) March 2017 over fourth quarter (Q4) March 2016. The result was reported amid market hours today, 4 May 2017.

HDFC's board suggested a last profit of Rs 15 for every share for the year closed 31 March 2017 (financial Year 2017).

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