Latest news with #SumantKathpalia
India Today
a day ago
- Business
- India Today
Under a cloud of fraud
May 22 was indeed a grim day for 76-year-old Ashok P. Hinduja, chairman of IndusInd International Holdings Ltd (IIHL) and promoter of IndusInd Bank. For the first time in nearly two decades, the bank reported a quarterly net loss—an alarming Rs 2,328 crore. The causes: accounting discrepancies, suspected fraud and mounting stress in its microfinance portfolio. Spooked investors sent the bank's shares tumbling. Both CEO Sumant Kathpalia and deputy CEO Arun Khurana had stepped down in April. On May 28, the Securities and Exchange Board of India (Sebi) passed an interim order against the duo over alleged insider trading, restraining them from accessing the securities market. Six days before, Sebi chief Tuhin Pandey had said the matter was actually 'RBI's remit'—the central bank was already on the case since March. Sebi would concern itself only 'if there are any egregious violations by anyone', Pandey said. Subsequent events imply something on those lines may have indeed gone on.
The Print
2 days ago
- Business
- The Print
ICAI to review financial statements of IndusInd Bank
'It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25,' ICAI President Charanjot Singh Nanda told PTI on Thursday. The institute's Financial Reporting Review Board (FRRB) will carry out the review. New Delhi, May 29 (PTI) The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding Rs 674 crore incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. PTI RAM NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
2 days ago
- Business
- Hans India
Benchmark indices rebound after 2-day fall
Mumbai: Benchmark stock indices Sensex and Nifty rebounded on Thursday after two days of decline, mirroring a rally in global markets as a US court blocked President Donald Trump's reciprocal tariffs. The 30-share BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02 in a volatile session amid monthly expiry in derivative contracts. During the day, it jumped 504.57 points or 0.62 per cent to 81,816.89. The 50-share NSE Nifty went up by 81.15 points or 0.33 per cent to 24,833.60. The index swung sharply in both directions on the monthly expiry day before ending with gains. Metal, realty, pharma and IT sector indices were major gainers. Among Sensex firms, IndusInd Bank climbed 2.41 per cent a day after markets regulator Sebi barred its former CEO, SumantKathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. Sun Pharma, Adani Ports, Eternal, Tata Steel, Tech Mahindra and Axis Bank were also among the gainers. Bajaj Finance, ITC, Bajaj Finserv and Asian Paints were among the laggards. Investors rejoiced a US federal court's decision to block President Donald Trump's sweeping reciprocal tariffs on imports. 'Global sentiment improved after a US court struck down Trump's reciprocal tax policy. However, the domestic market remained mostly rangebound during the day due to rising oil prices and higher US 10-year bond yields. Some recovery was seen toward the end of the session, driven by F&O expiry-led covering. 'Export-focused sectors like IT and Pharma performed well, supported by hopes of easing trade tensions,' Vinod Nair, Head of Research, Geojit Investments Limited, said. The BSE midcap gauge climbed 0.48 per cent and smallcap index went up by 0.39 per cent. Among sectoral indices, realty jumped the most 1.21 per cent, followed by metal (0.89 per cent), BSE Focused IT (0.79 per cent), services (0.69 per cent), teck (0.65 per cent), consumer discretionary (0.55 per cent) and commodities (0.53 per cent). FMCG emerged as the only laggard. As many as 2,022 stocks advanced while 1,954 declined and 135 remained unchanged on the BSE. 'While markets witnessed sideways movement in the first half, key indices rebounded on selective buying amid short covering on the monthly derivatives expiry day,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. 'Strong Asian and European cues also aided sentiment, even as investors await the release of the minutes of the US FOMC (Federal Open Market Committee) meeting,' Tapse said. Foreign Institutional Investors (FIIs) bought equities worth Rs 4,662.92 crore on Wednesday, according to exchange data. Also, the Reserve Bank said that the country is poised to remain the fastest-growing major economy in the world even in FY26. India's industrial production growth slowed to 2.7 per cent in April 2025 due to poor performance of manufacturing, mining and power sectors, according to official data released on Wednesday. The 30-share BSE barometer declined 239.31 points or 0.29 per cent to settle at 81,312.32 on Wednesday. The Nifty dropped 73.75 points or 0.30 per cent to 24,752.45.
Hans India
2 days ago
- Business
- Hans India
Trade Setup May 30: Nifty rebounds sharply ahead of May 30; Buying opportunity in dips
The broader market staged a strong comeback on May 29 even as monthly derivatives expiry imparted early volatility. After an initial sell-off, the Nifty 50 rallied more than 200 points from session lows to close at 24,834—up 81 points—remaining comfortably above the 24,800 mark. IT shares led the rebound, bolstered by positive global cues after a U.S. court struck down blanket tariffs imposed by the Trump administration. Mid- and small-caps outperformed again, with the Nifty Midcap 100 and Smallcap 100 rising 0.55% and 0.59%, respectively. Among sectoral indices, Metals, Realty, Pharma and IT saw notable gains; only FMCG and PSU Banks ended in the red. IndusInd Bank was the day's top Nifty gainer, climbing 2% despite SEBI barring five key executives—including former MD & CEO Sumant Kathpalia—from securities trading amid insider-trading proceedings. Looking ahead to May 30, analysts see room for further consolidation with dips providing buying opportunities. HDFC Securities' Devarsh Vakil notes that the 20-day EMA, now at 24,618, should offer immediate support, while the 24,900–25,000 zone caps upside moves. Asit C. Mehta's Hrishikesh Yedve recommends a 'buy on dips' approach, pointing to resistance near 25,000–25,100. Bajaj Broking expects the Nifty to maintain its positive bias toward 25,200–25,300, provided it holds above 24,700–24,650 short-term support (with deeper support at 24,400–24,500). Conversely, LKP's Rupak De warns that a breach below 24,670 could trigger a sharp correction toward 24,400/24,300, whereas a hold above that level might spark a swift recovery back to 25,000–25,150. On the banking front, the Nifty Bank index ended at 55,546, up 129 points. SAMCO Securities' Om Mehra says a break above 55,900 could pave the way for retesting record highs, while a slide below 55,100 may invite mild selling pressure. Yedve adds that as long as the 21-day DEMA around 54,900 holds, a relief rally toward 56,000 remains on the cards; resistance looms at 56,000–56,100. Corporate earnings will be in focus next, with quarterly results due from Apollo Hospitals, Vodafone Idea, Nykaa, AstraZeneca Pharma, Genus Power & Infra, Titagarh Rail Systems, KNR Constructions, EaseMyTrip, Inox Wind, Inox Green Energy, Bajaj Auto, Mazagon Dock, NBCC, Lemon Tree Hotels and Amara Raja.
The Print
2 days ago
- Business
- The Print
Stock markets rebound after 2-day fall as US court blocks reciprocal tariffs; Sensex up 320 pts
The 50-share NSE Nifty went up by 81.15 points or 0.33 per cent to 24,833.60. The index swung sharply in both directions on the monthly expiry day before ending with gains. Metal, realty, pharma and IT sector indices were major gainers. The 30-share BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02 in a volatile session amid monthly expiry in derivative contracts. During the day, it jumped 504.57 points or 0.62 per cent to 81,816.89. Mumbai, May 29 (PTI) Benchmark stock indices Sensex and Nifty rebounded on Thursday after two days of decline, mirroring a rally in global markets as a US court blocked President Donald Trump's reciprocal tariffs. Among Sensex firms, IndusInd Bank climbed 2.41 per cent a day after markets regulator Sebi barred its former CEO, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. Sun Pharma, Adani Ports, Eternal, Tata Steel, Tech Mahindra and Axis Bank were also among the gainers. Bajaj Finance, ITC, Bajaj Finserv and Asian Paints were among the laggards. Investors rejoiced a US federal court's decision to block President Donald Trump's sweeping reciprocal tariffs on imports. 'Global sentiment improved after a US court struck down Trump's reciprocal tax policy. However, the domestic market remained mostly rangebound during the day due to rising oil prices and higher US 10-year bond yields. Some recovery was seen toward the end of the session, driven by F&O expiry-led covering. 'Export-focused sectors like IT and Pharma performed well, supported by hopes of easing trade tensions,' Vinod Nair, Head of Research, Geojit Investments Limited, said. The BSE midcap gauge climbed 0.48 per cent and smallcap index went up by 0.39 per cent. Among sectoral indices, realty jumped the most 1.21 per cent, followed by metal (0.89 per cent), BSE Focused IT (0.79 per cent), services (0.69 per cent), teck (0.65 per cent), consumer discretionary (0.55 per cent) and commodities (0.53 per cent). FMCG emerged as the only laggard. As many as 2,022 stocks advanced while 1,954 declined and 135 remained unchanged on the BSE. 'While markets witnessed sideways movement in the first half, key indices rebounded on selective buying amid short covering on the monthly derivatives expiry day,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. 'Strong Asian and European cues also aided sentiment, even as investors await the release of the minutes of the US FOMC (Federal Open Market Committee) meeting,' Tapse said. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory. Markets in Europe were trading higher. US markets ended lower on Wednesday. Foreign Institutional Investors (FIIs) bought equities worth Rs 4,662.92 crore on Wednesday, according to exchange data. Also, the Reserve Bank said that the country is poised to remain the fastest-growing major economy in the world even in FY26. India's industrial production growth slowed to 2.7 per cent in April 2025 due to poor performance of manufacturing, mining and power sectors, according to official data released on Wednesday. Global oil benchmark Brent crude jumped 1.42 per cent to USD 65.82 a barrel. The 30-share BSE barometer declined 239.31 points or 0.29 per cent to settle at 81,312.32 on Wednesday. The Nifty dropped 73.75 points or 0.30 per cent to 24,752.45. PTI SUM MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
