Sugar sector is in a bear cycle. Wait for some more correction before bottom-fishing.

In its regulatory filing, ICICI Bank has also established that Kochhar will continue to hold the position of chief executive in the organisation.

Global ratings agency Fitch today said ICICI Bank and Axis Bank have \"gaps\" in their risk control mechanisms and has revised down its outlook on the latter to negative on sour assets worries.

There's much to cheer about the 7.7 per cent GDP growth rate in Q4 of 2017-18. Yet, there's still a lot that's not right with the economy. First, despite this smart recovery in Q4, the GDP for the entire fiscal was barely 6.7 per cent - 0.4 per cent lower than the previous financial year.

With this move, Moody's has become the second rating agency to downgrade the PNB. Last month, Fitch Ratings on Wednesday downgraded the viability rating of scam-hit Punjab National Bank from BB to BB-. The move was based on similar concerns - negative impact on bank's financials.

The agency said a favourable economic growth outlook continues to support India's credit profile, even though real GDP (Gross Domestic Product) growth fell to 6.6 per cent in the fiscal year ended March 31, 2018 (FY18) according to official preliminary estimates, from 7.1 per cent in FY17.

The statement comes a week after the ADB in a report pegged India's economic growth at 7.3 per cent in 2018 and to 7.6 per cent in 2019. Sen Gupta believes that India is still a marginal player in global trade and there is a lot of potential to increase exports.

On March 28, the stock closed at 278 level on BSE after the bank board countered allegations of a quid-pro-quo in sanctioning of Rs 3,250 crore loan to the Videocon Group,  and backed CEO Chanda Kochhar, saying that no individual employee, irrespective of his or her position, has the ability to influence credit decision at the bank.

The move was based on rating agency's assessment of how losses resulting from over Rs 14,000 crore fraud will affect the bank's financials. Fitch also fears that the potential losses will largely consume the recapitalisation money.

Global ratings agency Fitch on Monday warned the second largest private bank of a 'potential risk of financial penalties' if the probe agencies come up with findings against Chanda Kochhar.

The Central Bureau of Investigation has initiated a preliminary enquiry into the matter to check any wrongdoing, while other agencies, including the Enforcement Directorate, are also investigating the case.

Ratings agency Fitch on Monday said the investigation into ICICI Bank CEO Chanda Kochhar's potential conflict of interest in loans sanctioned to Videocon raises questions over the 'bank's governance' and 'creates reputational risks'.

Goldman Sachs' forecast came barely a week after US-based Fitch Ratings and World Bank both pegged India's GDP growth for FY 2018-19 at 7.3 per cent.