Sensex, Nifty touch record levels as rupee recovers

Sensex, Nifty touch record levels as rupee recovers

Positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty 50 — to settle at fresh high levels on Monday.

On a intra-day basis, the BSE Sensex touched a fresh high of 38,340.69 points, while the Nifty50 climbed a peak of 11,565.30 points.

Index-wise, the wider NSE Nifty50 closed at 11,551.75 points, up 81 points or 0.71 per cent from its previous close of 11,470.75 points.

The benchmark BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75 points, higher by 330.87 points or 0.87 per cent from its previous close of 37,947.88 points. It touched an intra-day low of 38,050.69 points.

In the broader markets, the S&P BSE Mid-cap ended higher by 1.05 per cent and the S&P BSE Small-cap rose by 0.14 per cent.

The BSE market breadth was tilted towards the bulls with 1,437 advances and 1,307 declines.

“Positive global stocks, optimism over a trade resolution between the USA and China and strong institutional activity at home fuelled investor sentiment and pushed the bourses to close the day with gains,” Abhijeet Dey, Senior Fund Manager for equities at BNP Paribas Mutual Fund.

The two economic giants are expected to hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war, Dey added.

Accordingly, major Asian markets closed on a positive note, barring the Nikkei and Straits indices and European indices including FTSE 100, DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Besides, global cues, the appreciation in Indian rupee supported the indices’ upward movement.

On Monday, the Indian rupee appreciated by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per dollar on the previous trade session.

“The rupee has appreciated today as the US dollar index has witnessed profit booking,” Anand Rathi Shares and Stock Brokers’ Research Analyst Rushabh Maru told IANS.

“There is an optimism in the market that US and China would find a solution for ongoing trade conflict. So that has also supported the rupee.”

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 483.04 crore and the domestic institutional investors purchased stocks worth Rs 593.22 crore.

Sector-wise, the S&P BSE capital goods index rose 668.41 points, the metal index was up 332.36 points and the auto index rose by 244.22 points.

In contrast, the S&P BSE IT index declined by 188.84 points, consumer durables fell 127.24 points and Teck (entertainment, technology and media) index ended lower by 76.07 points from its previous close.

The major gainers on the Sensex were Larsen and Toubro, up 6.74 per cent at Rs 1,323.95; Tata Motors (DVR), up 5.74 per cent at Rs 143.80, Tata Motors, up 4.74 at Rs 269.55; ONGC up 3.34 per cent, at Rs 168.55; and Tata Steel, up 3.24 per cent at Rs 599.40 per share.

The majors losers were Infosys, down 3.22 per cent at Rs 1,385.20; Maruti Suzuki, down 0.79 per cent at Rs 9,075.90; ICICI Bank, down 0.50 per cent at Rs 338.35; Axis Bank, down 0.46 per cent at Rs 624.20; and Hindustan Unilever, down 0.30 at Rs 1,775.40 per share.

-PTI |21 August 2018 | Mumbai

Moody’s ups India’s rating to highest since 1991 reforms

Moody’s ups India’s rating to highest since 1991 economic reforms

Global ratings agency Moody’s revised the country’s sovereign ranking to Baa2 from Baa3 – its first upgrade in almost 14 years — citing implementation of a string of economic reforms, including demonetisation and rollout of the goods and services tax. The new rating, India’s highest since the 1991 reforms, comes as a huge boost for the government.

Moody’sThe action looks beyond the present slowdown in economic growth and a surge in bank bad loans, and bets on India’s medium- and longterm growth potential.

The markets cheered, with the rupee, bonds and equities all reacting positively. Although the rupee and the sensex gained over 1% intraday, both retracted some of their gains toward the close. The move comes close on the heels of the sharp improvement in India’s ranking in the World Bank’s ease of doing business survey.

Moody’s gives govt ammo to battle oppn

The ratings upgrade by Moody’s could position India as an attractive investment destination, apart from making it easier for companies to raise resources abroad. The ratings agency highlighted reforms such as the Goods and Services Tax (GST) and demonetisation, which it said would lead to greater formalisation of the economy. Besides upgrading India’s ratings, Moody’s also revised the outlook from positive to stable, indicating that the next upgrade might take a while coming.

“The government is midway through a wide-ranging programme of economic and institutional reforms. While a number of important reforms remain at the design phase, Moody’s believes that those implemented to date will advance the government’s objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth,” the agency said.

The ratings action comes days ahead of the crucial Gujarat assembly elections where the opposition Congress has sought to portray GST and demonetisation as triggers for the slowdown. The Moody’s upgrade is expected to provide ammunition to the government to blunt criticisim about its handling of the economy after growth slowed to a three-year low of 5.7% in the June quarter and rollout issues linked to GST triggered a political backlash.

Industry, stock brokers and bankers said the revised rating would accelerate fund flow to the country. “This move will now give India access to cheaper capital funds for investment, helping accelerate growth,” said Shikha Sharma, MD & CEO, Axis Bank. So far India’s cohorts in the rating table were countries like South Africa and Indonesia. With this upgrade, India has moved into the same league as Italy, Spain, Oman and the Philippines.

Moody’s Upgrade Lifts Mood On D-St & Main St

Sensex Rallies Over 400 Pts Intra-Day

The sensex started the session almost at the day’s high, rallied over 400 points (1.2%) to an intraday high at 33,521. But, due to weekend profit-taking, it closed 236 points higher at 33,343. Market players interpreted Moody’s decision as an approval by the ratings major’s for the Narendra Modiled government’s reforms-oriented initiatives, which would put the country back on a strong economic growth path. The day’s rally added about Rs 1.7 lakh crore to investors’ wealth with the BSE’s market capitalisation now just a tad above the Rs 150-lakh-crore mark.

A section of the market believes that the Moody’s action has helped changed the mood on Dalal Street, but its impact would not last long. Jimeet Modi, founder & CEO, Samco Securities said that although Moody’s upgrade has helped a pull-back in the benchmark indices, this would prove to be short-lived as economic fundamentals have not changed. “China’s substantial reduction of rating from Aa3 to A1 did not lead to a fall in the markets. On the contrary, the stock market rose 20% since the downgrade. Therefore, the current upgrade should not be read into too much, it is merely a short-term sentiment booster,” Modi said.

Riding on reforms, govt cracked the code

‘Action Should Have Come A Year Earlier’

Several key serving and former policymakers said the upgrade should have been announced one year ago given the spate of reforms. “They always said they would like the reforms to take deep roots and the reforms are sustainable. From the department of economic affairs (DEA) we had written a letter pointing out what we considered as deficiencies in their rating methodology. They had of course replied,” former economic affairs secretary Shaktikanta Das who had spearheaded the effort told TOI.

“But the fact that reforms are deep rooted and sustainable are also a matter of subjective assessment. Now, subjective assessments can vary but at the same time our point was that subjective assessments are based on objective facts. Therefore, we felt India deserved a credit rating upgrade much earlier. It has to be recognised that without this rating upgrade India was attracting a lot of investments. Now with this upgrade, together with improved ease of doing business, India emerges as a very attractive destination,” said Das.

The 2016-17 economic survey had also questioned the rating methodology of the agencies and used the rating of China and India to point out the flaws. While it was pointing out the gaps, North Block mandarins, such as Das and CEA Arvind Subramanian realized that trying too hard with the agencies may not work and instead it is better to focus on the job at hand. “We do what we do,” Subramanian was overheard telling his colleagues in the finance ministry in the afternoon, in what was probably a take on Raghuram Rajan’s latest book ‘I do what I do’.

Former NITI Aayog vice chairman Arvind Panagariya pointed to flawed methodology that rating agencies pursue. “Of course, our ratings continue to be well below what they ought to be. We have no record of ever defaulting and we are among the fastest growing large economies. But the ratings agencies seem to attach a huge negative weight to our low level of percapital income,” he said.

“Nevertheless, while we must rejoice the rare event, we must also reaffirm our resolve to continue moving ahead with reforms to create the New India that the PM envisages by 2022,” Panagariya said. Economic affairs secretary Subhas Chandra Garg said the upgrade is a credible stamp of approval of deep and comprehensive structural reforms undertaken by the government to put India on a sustainable high growth and institutional development path.

N K Singh, a former civil servant and a member of the now-wound up Planning Commission, echoed the sentiment. “It is a very strong vindication going beyond recognition of the government’s overall economic strategy. This is not the result of a single measure but a constellation of measures which includes continued fiscal consolidation, convergence of fiscal and monetary policies, and continuous fine tuning of GST.”

International borrowings to be cheaper for India Industries

“Usually, rating upgrades are anticipated 30-60 days in advance and the effect of the change lingers on till 30-60 days after the event. However, in the current case, as the change in ratings by Moody’s was completely unanticipated, the decrease in yields might materialise in a short duration,” said HDFC Bank chief economist Abheek Barua.

In its earlier rating of Baa3, India’s peers included South Africa, Hungary, Indonesia, Kazakhstan and Romania. The borrowing costs for these companies ranged between 4.3% and 9.3%. The cohorts under the new rating of Baa2 include Spain, Italy, Philippines and Oman. The borrowing costs for these countries range from 1.5% to 4.9%.

Bank of America president and India country head Kaku Nakhate said, “This ratings upgrade will help India Inc’s future external borrowings becoming cheaper, which in turn will lead to higher investments in manufacturing and infrastructure sector.” Following the ratings upgrade, prices of bonds issued by Indian corporates rose in the international markets.

‘Upgrade shows reforms may boost growth’

Moody’s Investors Service vice-president (sovereign risk group) William Foster explains to TOI the rationale behind the ratings upgrade. Foster also sounds upbeat about India’s prospects, although he says the fiscal deficit could be wider than expected this year. Excerpts:

William Foster

VP (SOVEREIGN RISK GROUP), MOODY’S

What prompted the ratings upgrade?

How do you expect growth to pan out?

Longer term, India’s growth potential is significantly higher than most other Baa-rated sovereigns. The reforms — aimed at improving the business environment, increasing formalisation of the economy or anchoring stable inflation — contribute to further enhancing the economy’s capacity to absorb shocks. We have revised our GDP growth forecast down to take into account the immediate impact of demonetisation and disruptions related to GST. We forecast real GDP growth to moderate to 6.7% in the year ending in March 2018. However, as disruption fades, we expect to see a rebound growth to 7.5% in the next fiscal year.

Will the reforms undertaken by the government be enough to tackle the problem in the banking sector and revive growth?

The recapitalisation of public sector banks announced last month should enable them to move forward with the resolution of NPLs (non-performing loans) through comprehensive write-downs of impaired loans and increase lending gradually. This represents a step forward in addressing a key weakness in India’s credit profile. Over the medium term, if met by rising demand for investment and loans, the measures will help foster more robust growth, in turn supporting fiscal consolidation.

When do you expect private sector investments to pick up?

Private sector investment has been weak, likely hampered by high corporate debt in investment-intensive sectors and ongoing challenges in the business environment and infrastructure gaps. Over time, measures implemented and planned such as GST removing barriers to trade within India, steps aimed at enhancing the business environment, encouraging foreign direct investment, providing greater visibility about future inflation will contribute to higher investment. Most of these measures will take time.

The FM has said that the fiscal glide path may be affected due to the structural changes India has undertaken. Do you think the fiscal deficit target for this year will be missed?

We forecast the general government budget deficit (state and Centre) at 6.5% of GDP this fiscal year, similar to the last two fiscal years. Lower government revenues than planned in the Budget and somewhat higher government spending could lead to a deficit somewhat wider than targeted. However, we think that the government’s commitment to fiscal consolidation remains. Over time, measures aimed at broadening the tax base and improving the efficiency of government spending will contribute to a gradual narrowing of the deficit. Together with robust and sustained nominal GDP growth, this would be conducive to a gradual decline in the government debt burden.

ENDORSES REFORMS

Moody’s upgrade is a hugely welcome endorsement of the govt’s reform policies, and the economy’s enormous potential. Key reforms will surely have large payoffs in the coming years. Economic cycle too is on an upswing

KUMAR M BIRLA | CHAIRMAN, AB GROUP

It’s a welcome development, but we also feel it was long overdue… it’s a recognition of the actions that the govt has undertaken. We also need to keep all these things in perspective

ARVIND SUBRAMANIAN | CEA

r s

Moody’s has noticed the seriousness of the government in carrying out the reforms like GST, which has been pending for 10 years. Some of these reforms are transformational

DEEPAK PAREKH | CHAIRMAN, HDFC

Borrowing costs are expected to come down for corporates. Banks are well poised to contribute to growth of economy. By January, some of the bad debt resolution plans should be in place

RAJNISH KUMAR | CHAIRMAN, SBI

A large part of capital allocation are ratings-led. It leads to lower credit premium for corporates and makes capital cheaper. Some more pension funds will now be able to invest in India

CHANDA KOCHHAR | MD & CEO, ICICI

It highlights the immense potential that India offers. More importantly, it also emboldens the government to stay true to the path of strong and transformational reforms

SUNIL MITTAL | CHAIRMAN, BHARTI ENTERPRISES

We believe private sector capital will still take some time to come back. The central & state governments and PSUs are expected to drive capital expenditure for another 9-12 months

S N SUBRAHMANYAN | CEO & MD, L&T

-Mumbai, 18 November, 2017

Nifty breaches 10,000 mark, Sensex at new high

Nifty breaches 10,000 mark, Sensex at new high on fund inflows 

Creating history, the NSE Nifty today breached the 10,000 level for the first time while the BSE Sensex hit another record high of 32,374.30 in opening trade led by rally in metal, banking, realty and FMCG stocks.
The 50-issue Nifty breached the historic 10,000 level by gaining 44.90 points, or 0.45 per cent, to trade at all-time high of 10,011.30, surpassing its previous intra-day high of 9,982.05 touched yesterday.
Brokers said sentiment was upbeat on sustained capital inflows and widespread buying by retail investors, driven by strong earnings by some more bluechip companies.
Image result for NSE Nifty
The flagship BSE Sensex too climbed 128.43 points, or 0.39 per cent, to trade at new record high of 32,374.30, breaking its previous record high of 32,320.86 reached in yesterday’s trade. The gauge rallied 341.47 points in the previous two sessions.
Besides, expectations of a rate cut by the Reserve Bank at its meeting next month too bolstered trading sentiments as participants indulged in raising their bets, they said.
Top performers during initial trade were Hero MotoCorpt, Bharti Airtel, HDFC Bank, Tata Steel, Power Grid, ICICI Bank, Kotak Bank, NTPC, Bajaj Auto, SBI, M&M, Dr Reddy’s, Adani Ports and ITC Ltd, rising by up to 1.28 per cent.

The 50-issue Nifty breached the historic 10,000 level by gaining 44.90 points, or 0.45 per cent, to trade at all-time high of 10,011.30, surpassing its previous intra-day high of 9,982.05 touched yesterday. Brokers said sentiment was upbeat on sustained capital inflows and widespread buying by retail investors, driven by strong earnings by some more bluechip companies. The flagship BSE Sensex too climbed 128.43 points, or 0.39 per cent, to trade at new record high of 32,374.30, breaking its previous record high of 32,320.86 reached in yesterday’s trade. The gauge rallied 341.47 points in the previous two sessions. Besides, expectations of a rate cut by the Reserve Bank at its meeting next month too bolstered trading sentiments as participants indulged in raising their bets, they said.

Among other Asian markets, Hong Kong’s Hang Seng index was up 0.09 per cent while Japan’s Nikkei shed 0.13 per cent. Shanghai Composite Index down 0.32 per cent.
 -25 July 2017 | PTI | Mumbai

GDP surprise takes market to 6-month high, Sensex soars 241 points

GDP surprise takes market to 6-month high, Sensex soars 241 points

Robust GDP data for the December quarter allayed market fears as the Sensex on Wednesday rallied over 241 points to end at about a six-month high of 28,985 amid firm global cues.

GDP, microstatThe impact was such that even the broader NSE Nifty took back the 8,900-mark.

The Central Statistic Office on Tuesday showed that GDP expanded by 7 per cent in the third quarter, belying all fears of the note ban derailing economic activity. It also retained its first advance growth estimate for the fiscal at 7.1 per cent.

The Sensex took off on a positive note and went past the key 29,000-mark to touch a high of 29,029.17 before settling up by 241.17 points, or 0.84 per cent, at 28,984.49, a level last seen on September 8 last year when it had closed at 29,045.28.

The gauge had lost 149.65 points in the previous two sessions.

The NSE Nifty also moved up 66.20 points, or 0.75 per cent, to 8,945.80 after shuttling between 8,960.80 and 8,898.60.

A monthly PMI survey showed that India’s manufacturing sector grew for the second straight month in February.

Meanwhile, U.S. President Donald Trump, in his address to the Congress, took a more measured tone, saying he is open to immigration reforms.

Moody’s Investors Service said demonetisation will be credit positive for India as it is likely to reduce tax avoidance and corruption, which cheered market players.

“A surprise growth of 7.1 per cent in third quarter GDP data and no negative comments in Trump’s speech have given a renewed buying interest in the market. The impact of cash crunch seems over—estimated. Prima facie, the February auto sales numbers are looking better as discretionary spending is gradually picking up,” said Vinod Nair, Head of Research, Geojit Financial Services.

 Both the key indices have rallied by almost 9 per cent in the past two months, largely on the back of a growth-oriented Budget, better-than-expected earnings from bluechip companies and strong global cues.

The government pegged GDP growth at a higher-than-expected 7.1 per cent for 2016-17 despite the cash blues, with manufacturing and agriculture doing exceptionally well, which in turn made India keep the tag of the world’s fastest growing large economy.

Better Chinese factory readings led to a higher closing in Asia and and a better opening in Europe.

Stocks of automobile companies led by M&M, Hero Motocorp and Bajaj Auto were in limelight and gained up to 3.13 per cent largely on the back of encouraging sales numbers for February.

Other prominent gainers included Tata Steel, Dr. Reddy’s, ITC Ltd, Sun Pharma, HDFC Ltd, Axis Bank, Infosys, SBI, Hindustan Unilever, ICICI Bank, Power Grid and Cipla, rising by up to 3.66 per cent.

Out of the 30-share Sensex pack, 21 ended higher while 9 led by GAIL, NTPC, Tata Motors, Bharti Airtel, RIL, Coal India, Lupin and Wipro ended lower, which limited the gains.

The BSE realty index gained the most by surging 3.46 per cent, followed by metal 1.91 per cent, FMCG 1.30 per cent, bank 0.96 per cent and healthcare 0.87 per cent.

In step with the trend, the small-cap index rose 0.45 per cent and mid-cap 0.13 per cent.

Meanwhile, foreign investors bought shares worth Rs 1,146.23 crore on Tuesday, showed provisional data.

-PTI, MUMBAI, MARCH 01, 2017

Sensex jumps 193 points; Nifty reclaims 7,900-mark as investors cheer nod to bankruptcy bill

Sensex jumps 193 points; Nifty reclaims 7,900-mark as investors cheer nod to bankruptcy bill

Sensex jumps 193 points; Nifty reclaims 7,900-mark as investors cheer nod to bankruptcy bill

 

Optimism following the passage of the bankruptcy bill in Parliament helped soothe jittery nerves over the revised tax treaty with Mauritius as the benchmark BSE Sensex recovered by 193.20 points to end at 25,790.22 Thursday, driven by banking stocks such as ICICI Bank and SBI.

The broader NSE Nifty too regained the key 7,900-mark.

Trading sentiment was also positive ahead of the release of key macroeconomic data — industrial production (IIP) for March and consumer price index (CPI) for April.

Banking stocks were in the limelight, largely on the nod to the much-awaited bankruptcy bill by Rajya Sabha. ICICI Bank gained the most among Sensex pack, surging 3.46 percent to Rs 231.85, while SBI gained 1.87 percent to Rs 188.40 and HDFC Bank rose 1.05 percent to Rs 1,149.90.

“The bill aims to provide a single unified law for the timely resolution of insolvency and bankruptcy related cases, which consequently will help creditors recover bad debts faster,” said Shreyash Devalkar Fund Manager -Equities, BNP Paribas MF.

This helped markets put behind the scare caused by revised Mauritius tax treaty, he added.

The broader markets too displayed a firm trend as retail investors widened their portfolios with the BSE small-cap index rising 0.93 percent and mid-cap gaining 0.69 percent.

The benchmark BSE Sensex surged 193.20 points or 0.75 percent to settle the session at 25,790.22 on widespread gains after shuttling between 25.827.03 and 25,620.27.

The index had lost 175.51 points yesterday over fears that equity inflows would take a hit after India’s move to impose capital gains tax on investment through Mauritius.

The broader NSE Nifty again went past 7,900-mark and touched a high of 7,916.05, before settling 51.55 points or 0.66 percent higher at 7,900.40.

Asian Paints, which reported a 19.87 percent jump in consolidated net profit for the March quarter, rose by 2.13 percent to Rs 926.75.

Regional markets showed a mixed trend with the indices in Japan and Singapore rising by 0.41 percent to 0.46 per cent while those in China, Hong Kong, South Korea and Taiwan fell by up to 0.70 percent.

Europe-based stocks reversed early losses on expectations that the Bank of England will keep interest rates on hold. Key indices in France and Germany rose by 0.27 percent and 0.37 percent, respectively, while the UK’s FTSE quoted lower by 0.17 percent.

Back home, 21 scrips, out of the 30-share Sensex pack ended higher while nine — Axis Bank, HUL, M&M, HDFC, Maruti, L&T, Hero MotoCorp, BHEL, Cipla — fell up to 1.19 percent.

Major gainers were Dr Reddy’s (3.65 percent), ICICI Bank (3.46 percent), Asian Paints (2.13 percent), TCS (1.96 percent), SBI (1.87 percent), Tata Motors (1.87 percent), RIL (1.66 percent), Bajaj Auto (1.40 percent), Lupin (1.28 percent) and HDFC Bank (1.05 percent).

Among BSE sectoral and industry indices, consumer durables rose by 1.41 percent followed by IT 1.12 percent, realty 1.12 percent, energy 1.07 percent, teck 1.04 percent, bankex 0.95 percent and finance 0.82 percent. While, capital goods fell 0.04 percent.

The market breadth turned positive as 1,569 stocks ended higher, 1,001 closed lower, while 183 ruled steady.

The total turnover rose to Rs 2,650.92 crore from Rs 2,574.47 crore yesterday.

Meanwhile, Foreign portfolio investors (FPIs) sold shares worth a net Rs 362.19 crore yesterday, as per provisional data released by the stock exchanges

-May 12, 2016, Mumbai

ICICI Bank launches ‘Money2World’ online service for outward remittances

ICICI Bank launches ‘Money2World’ online service for outward remittances

ICICI Bank has launched ‘Money2World,’ a fully online outward remittance service for resident Indians. With this, non-account holders of ICICI Bank can now transfer money online from any bank account in India to any bank account overseas in 16 major currencies, in a “convenient and fully secure” manner.

Stating that it is a first-of-its-kind service by any bank in India, ICICI Bank said it is available to users 24×7 on all days.  “To avail this service, a user has to carry out a simple, one-time online registration on www.money2world.com by uploading her/his KYC documents, thus avoiding the hassle of visiting a bank branch to fill and submit documents for every money transfer,” the bank said.

Funds can be transferred abroad for permissible purposes from any bank in India to any bank globally in 16 major currencies. Users can remit up to an equivalent of $25000 in a financial year through this online platform.

“Once registered, a user can initiate a request anytime, anywhere to remit money abroad, at a confirmed exchange rate, thereby eliminating the worries associated with currency fluctuations,” ICICI Bank said.

“Users can remit money overseas from India using ‘Money2World’ for an array of purposes including education, maintenance of close relatives, medical treatment and visa fee to emigration authorities or embassies, among others,” it said.

“We constantly strive towards finding new solutions that add to the convenience of customers. Now, with ‘Money2World’, we offer a unique service to resident Indians to transfer money across the world anytime, even beyond banking hours,” Vijay Chandok, president of ICICI Bank, said.

Users can register and start using ‘Money2World’ service in just four easy steps. They can log on to www.money2world.com and complete one-time registration by filling a simple online form and by uploading PAN and Aadhaar card details. The bank will verify the e-KYC details within one working day.

Users can add the bank accounts of self and beneficiary, initiate the money transfer request at the confirmed exchange rate of the chosen currency and transfer funds from the selected bank account to the ICICI Bank designated account, from where the funds will be remitted in the chosen currency to the beneficiary account. Remitters can track the status of their money transfer request on the Money2World website or by calling the ICICI Bank customer care in India.

, TNN | Oct 12, 2015