Sensex ends around 34,300 mark; Nifty near 10,550; PNB crashes 13%

All that happened in the markets today.

3:49 PM

Sectoral watch: Nifty PSU Bank cracks over 1%

3:46 PM

Sensex losers and gainers

3:42 PM

Sector watch

3:35 PM

Market at close

The S&P BSE Sensex ended at 35,297, up 141 points while the broader Nifty50 index settled at 10,545, up 44 points.

 

 

 

3:08 PM

PNB Scam: Will not spare anyone who was involved, says MD CEO Sunil Mehta

Punjab National Bank MD & CEO Sunil Mehta on Thursday made it clear that the bank will not spare anyone, senior or junior, who was involved in the fraud, saying the second-largest bank will honour all their bona fide commitments.

 

He also said that the scam was detected by bank officials for the first time on January 25 and they had reported about it to the concerned agencies. "Working to bring the perpetrators to book. We are trying to safeguard the financial interests of the bank," the PNB MD said while addressing the media in the national capital. READ MORE

3:03 PM

Shree Cement gains on commencement of new cement grinding unit

 

Shree Cement has moved higher by 4% to Rs 17,550 on BSE in noon deal after the company announced that it has commissioned new cement grinding unit in Rajasthan. READ MORE

2:51 PM

Unichem Labs falls 9% as stock trades ex-share buyback

 

Unichem Laboratories has dipped 9% to Rs 344 on BSE in intra-day trade after the stock of pharmaceutical company turned ex-share buyback today. The company has fixed February 16, 2018 as the record date for the purpose of buyback of equity shares.

 

The board of Unichem Laboratories on January 8 had approved buyback of 20.6 million equity shares at a price of Rs 430 per share through the tender offer route. READ MORE

2:50 PM

PNB Fraud: Stock of Punjab National bank crashes 12%

2:46 PM

Sectoral Watch: Nifty PSU Bank down over 1.5%

2:41 PM

Why banks will likely fail to recover Rs 3 trillion from loan defaulters

The Reserve Bank of India’s (RBI’s) new framework for stressed loans that would classify any default in one lender bank as a default in all other lenders’ accounts has been labelled by the government as a way to speed up the bad loan resolution process. While this may help in cleaning up the books of many banks that have borne the brunt of loan defaulters, the amount of money recovered by banks to date through insolvency proceedings seems to indicate that banks might have to write off billions of dollars’ worth of loans in the times to come. READ MORE

2:40 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,330.77	+174.82	+0.51
S&P BSE SENSEX 50	11,013.81	+58.31	+0.53
S&P BSE SENSEX Next 50	34,670.30	-233.89	-0.67
S&P BSE 100	10,949.34	+37.11	+0.34
S&P BSE Bharat 22 Index	3,686.33	+10.12	+0.28

(Source: BSE)

2:38 PM

PNB Fraud: Won't hesitate from forensic audit if need arises, says PNB MD & CEO

2:37 PM

PNB Fraud: No direction from RBI in this matter so far, says PNB MD & CEO

2:37 PM

PNB Fraud: Recovery process has been initiated, says PNB MD & CEO

2:36 PM

PNB Fraud: Nirav Modi has written to us on a repayment plan, says PNB MD & CEO

2:36 PM

PNB Fraud: Nirav Modi has written to us on the repayment plan last week, but we have asked him to appear personally, says PNB MD & CEO

2:35 PM

PNB Fraud: Have requested accused to meet us & submit a written plan, says PNB MD & CEO

2:35 PM

PNB Fraud: The $1.8 billion fraud is the maximum amount we detected after scanning all the branches, says PNB MD & CEO

2:34 PM

PNB Fraud: Will follow RBI instructions on repayment to other banks, says PNB MD & CEO

2:33 PM

PNB Fraud: Fraud first detected in jan 3rd week; took 3-4 days for internal probe, says PNB MD & CEO

2:31 PM

PNB Fraud: May conduct forensic audit if the need arises, have not received any direction from RBI in this matter, says PNB MD & CEO

2:29 PM

PNB Fraud: Fraud was detected on January 25, says PNB MD & CEO

2:28 PM

PNB Fraud: PNB shares crash 9%

2:27 PM

PNB Fraud: Since the transaction was not entered into CBS, it did not reflect in any of the system. PNB MD & CEO

2:26 PM

PNB Fraud: Mainly, foreign branches of Indian banks were involved; Already informed lenders during the consortium meeting, says PNB MD & CEO

2:25 PM

PNB Fraud: We are committed to pursue clean & responsive banking; Will follow regulator's instructions on repayment of other banks, says PNB MD & CEO

2:24 PM

PNB Fraud: Bank will honour all its bonafide commitments; Bank has made employees involved, a part of the criminal complaint, says PNB MD & CEO

2:23 PM

PNB Fraud: This is a standalone incident in one of our branches. All our branches have been scanned for the possibility of a similar incident, PNB MD & CEO

2:23 PM

PNB Fraud: Have informed probe agencies about the fraud; Kept all lenders aware of developments on $1.77 billion fraud, says PNB MD & CEO

2:22 PM

PNB Fraud: Nirav Modi has come out with some vague offers, PNB MD & CEO