Stock Market News 4.10.2018

Bears grip Dalal Street; Sensex falls 850 pts; ICICI Bank up after Chanda Kochhar quits

ICICI Bank up 5% as Chanda Kochhar Quits

The bank said Board of Directors accepted the request of Chanda Kochhar (MD and CEO) to seek early retirement from the Bank at the earliest.

The bank further said the enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.

Kochhar will also relinquish office from the board of directors of the bank's subsidiaries.

The board decided to appoint Sandeep Bakhshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.

Separately, due to health reasons MD Mallya, Independent Director, resigned from the board and the same was accepted, ICICI Bank said.

Mercator Record Coal Production & Dispatches for September 2018

Mercator said its total production of coal for the month of September 2018 stands at 183,485 MT, which is record production level from the present mines.

With this, the company has already achieved around 50 percent of its annual coal production guidance of approximately 2 million MT for FY19.

Additionally, the company has focused its efforts on higher production and Infrastructure throughput volumes going forward, it said.

Mercator has also surpassed its total internal monthly target with a record dispatch number of 378,312 MT through its coal handling infrastructure in September, including 3rd party dispatches.

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