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Indian equity indices ended flat amid choppy trading, with IT stocks declining due to US tariff concerns, offsetting auto sector gains fueled by GST cut hopes. For the week, however, markets gained 1%. Positive global cues and expectations of US rate cuts are expected to support a recovery next week, though Nifty faces resistance at 25,000.
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News and Media
Kalyan Kumar is expected to lead Union Bank of India. Lalit Tyagi is likely to transfer to Central Bank of India. Asheesh Pandey is dropped from consideration for a top post. The Financial Services Institutions Bureau had recommended Pandey. Reserve Bank of India had previously raised concerns about Pandey. Union Bank has been without a head since June.
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Bank of Baroda has declared Reliance Communications' loan accounts, along with Anil Ambani, as fraudulent due to alleged fund misutilisation and improper transactions. This action follows similar declarations by SBI and Bank of India. Anil Ambani Group denies the allegations, asserting they will contest the claims in court, citing a consortium of 14 lenders and delayed proceedings.
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News and Media
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