This was the companies' highest loss in two years.
When Kamath took over the organisation, ICICI had 33 subsidiaries. He gradually brought them down to 24 and then to a dozen, preparing the organisation for an initial public offer in December 2005.
HDFC Bank, the country's second-largest private sector bank, has cut its base rate by 15 basis points (bps) to 9.70 per cent.
Global private equity (PE) firms are successfully offloading large equity stakes in domestic companies in the open market, taking advantage of buoyant conditions. Strong domestic liquidity support and an upward trending market have underpinned over a dozen PE exits worth $2.5 billion, data compiled by Business Standard shows. The figures exclude PE exits during maiden share sales and shares sold by strategic investors, such as SoftBank and Ant Group in new-age companies.
Mukesh Ambani has got company of at least 29 fellow corporate executives, including four from his own group Reliance Industries, in terms of annual salaries running into crores of rupees for the latest fiscal.
This is the first major change of guard at India's second largest information technology services company, in the wake of the retirement of co-founder and chairman, N R Narayana Murthy, last week.
Some of the public banks showed improvement; much more still needs to be done
The list has been topped by Amazon founder and CEO Jeff Bezos with Apple CEO Tim Cook coming in at the second place.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
India's largest carmaker, Maruti Suzuki India (MSIL), is focused on getting 50 per cent of its customers' car-financing transactions executed through its Smart Finance platform by next year. Shashank Srivastava, executive director-sales, MSIL, said this will help the company turn its website into a single-window channel through which customers can select their models, find dealers, and arrange financing. He said there is a likelihood that 100 per cent of its customers availing of financing will take it through Smart Finance. To date, the company has disbursed Rs 6,500-crore loans via Smart Finance to around 100,000 customers, accounting for 28 per cent of all finance-based car-purchase transactions for the company.
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
Three new directors including private sector lender ICICI Bank CEO Chanda Kochhar and Citigroup South Asia head Mark Robinson have joined the board of Indian School of Business (ISB).
While near-term performance is difficult to predict after a huge run-up, fund managers believe the PSU theme's prospects remain sound over the medium to long term.
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
Three Indians -- Pepsi Co chief Indra Nooyi, corporate honchos like India-born Pepsi Co chief Indra Nooyi, Axis Bank's chief executive Shikha Sharma and ICICI Bank's chief Chanda Kocchar -- have figured in the list of Forbes' 'The World's 100 Most Powerful Women' 2010' released on Thursday.
Many customers have had to deal with printouts saying 'transaction declined.' Customers using their own banks' ATMs did not, however, face similar problems. Transactions on a bank's home ATM network are processed through a different switching system, while inter-bank transactions go to NFS, the country's largest domestic network for authentication and routing payment details of various e-commerce transactions and e-government activities.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
Jefferies, IIFL, and JM Financial - none of which were in the top five last year - have now claimed the top spots in the league tables for equity capital markets (ECM) during the first nine months of calendar year 2023 (CY23), a period characterised by small- and mid-sized transactions. This shift marks a significant change, with these firms outperforming the bulge-bracket investment banks. According to data provided by Refinitiv, Jefferies leads the domestic ECM market, having handled share sales worth $2.3 billion, representing 12.4 per cent of the total volume of $18.4 billion for ECM transactions.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
Till a few days ago, executives at the banks that have been designated points of presence to register subscribers and receive contributions, did not even know about the scheme.
India has a long way to go before it develops a culture of professional boards accountable to institutional investors. There is, therefore, no realistic alternative to reforming and strengthening PSBs under government ownership, says T T Ram Mohan.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
India's premier software services company, Infosys Limited, has reached out to its banker, the non-executive chairman of ICICI Bank, K V Kamath, to step into the shoes of its founder N R Narayana Murthy.
Hitech Producers Pvt Ltd is recruiting Team Leaders, Sales Executives and Telemarketing Executives for its direct sales team.
Two corporate heads, Vikram Pandit and Mukesh Ambani, on Friday predicted great things about India's growth story. Particularly, the recent stress on inclusive growth.
The nominations committee of the board had earlier recommended Kamath's induction as an additional director. Kamath, at the end of April 2009, stepped down as CMD of ICICI Bank and is now the non-executive chairman.
Bankers and economists agree rates will soften, though the quantum would depend on banks' asset-liability profile
Asked if banks would hike their lending rates following the Reserve Bank raising its short-term key rates, Kamath said it depends upon several issues and each bank would take a call.
The RBI had on August 7 announced a five-member expert panel under former ICICI Bank chairman Kamath to make recommendations on the required financial parameters for recasting corporate loans.
In an exclusive interview with PaGaLGuY, K Ramkumar, executive director (human resources, customer service and operations) at ICICI Bank voices his views about the importance of MBA classroom diversity from a recruiter's perspective, where b-schools are going wrong and what they could do better.
K Ramkumar, Executive Director of ICICI bank hits out at the abysmal standards of today's B-schools
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
The visiting US treasury secretary Timothy F Geithner today said Washington will closely work with New Delhi to promote a more balanced and greater economic cooperation between the two nations.
The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders. As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.
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