SBI’s shares surged to a six-week high after it reported a record loss on Tuesday, after a similar contrarian market reaction by ICICI Bank Ltd. and Axis Bank Ltd. reported poorer-than-expected earnings.
Chanda Kochhar showed a lack of judgment in not recusing herself from the committee that cleared the loan to Videocon. ICICI, with a history of prior bank runs, can't afford a leader who's in the news for all the wrong reasons.
After the PNB-Nirav Modi scandal, there was an outburst of commentary calling for privatisation of public sector banks. It is far more complicated than that.
On Monday, Modi delivered an aggressive speech, which TV news pounced upon with relish, sensing a good fight ahead—‘PM tears into Opposition’, ‘belt treatment', 'big attack'.
December oil imports from Russia may drop nearly 50%, but Indian buyers already shifting to non-designated Russian entities and opaque trading channels to keep Russian oil flowing.
The helicopters produced by Lockheed Martin are known as ‘submarine hunters’. India ordered 24 of these aircraft in 2020 to replace the Sea King helicopters. 15 have been delivered till date.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
Barring the IT industry, business and government have always been in bed with each other. Some thought of managing the environment as a painful necessity, for others is was the escalator that was faster than the stairs. What is causing surprise now is that even in professionally, ie non promoter driven, managed companies like ICICI Bank, standards have fallen. One would like to believe that probity is still the norm in what were earlier called the FERA companies.
Barring the IT industry, business and government have always been in bed with each other. Some thought of managing the environment as a painful necessity, for others is was the escalator that was faster than the stairs. What is causing surprise now is that even in professionally, ie non promoter driven, managed companies like ICICI Bank, standards have fallen. One would like to believe that probity is still the norm in what were earlier called the FERA companies.