Most of private banking stocks are trading in the green with Axis Bank and Indusind Bank leading the gains. As per a financial daily, Axis Bank has appointed KPMG for forensic investigation into alleged money laundering case. KPMG is one of the large consulting firms and is appointed as external investigator by the bank. Reportedly, as the part of investigation 20 employees who have been suspected for the involvement of the issue were moved to administration department. On Tuesday, HDFC Bank, had suspended around 21 employees who were allegedly involved in the case. HDFC Bank is evaluating the suspension and will take decision once the final report by the investigators is given. HDFC Bank has also appointed Deloitte as the external investigator. It must be noted that it was around a month back that the three private banks viz., ICICI Bank, HDFC Bank and Axis Bank were probed for an alleged involvement in money laundering. Since then the said banks are working with various investigators to resolve the issue.
Majority of automobile stocks are trading in the green with Force Motors and Tata Motors being the major gainers. As per a leading financial daily, Maruti Suzuki India (MARUTI) is considering merging its seven wholly-owned subsidiaries with itself. The seven wholly-owned subsidiaries that are engaged in varied businesses are Maruti Insurance Business Agency, Maruti Insurance Agency Services, Maruti Insurance Distribution Services, Maruti Insurance Agency Logistics, Maruti Insurance Agency Solutions, Maruti Insurance Agency Network and Maruti Insurance Broker. The proposal for amalgamation is likely to be considered at the company's Board meeting to be held on 26th April 2013. This latest merger proposal has come at a time when there has been a change in the company's top management. The company's stock is currently up by 2.8%.