Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, UltraTech Cement, HCL Technologies and HDFC Bank were among the major gainers. Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank were among the laggards.
HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
A day after downgrading its rating of public sector lender SBI's financial strength, Moody's on Wednesday re-affirmed its rating for ICICI Bank and said the private sector lender continues to maintain a robust franchise and a strong liquidity, capitalisation and earnings profile.
ICICI Lombard General Insurance on Tuesday launched a travel insurance scheme for students going abroad for studies.\n\n
Do not, however, enter expecting quick returns.
ICICI Securities Ltd on Monday announced that Madhabi Puri-Buch has taken over as the managing director and CEO from S Mukherji, who retired on completion of his term of office. Mukherji was with the firm for 5 years.
"At present, our credit card base is 7.5 million," he said. Sachin Khandelwal, senior general manager for retail assets, however, declined to comment on specific details, such as the magnitude of the reduction in the bank's credit card business over the past year. The country's second-largest lender, which spearheaded the growth of retail finance in the country, has also been going slow on retail loans for the past few years.
As the fight for deposits intensifies, the cost of money will rise and the margin will be under further pressure, points out Tamal Bandyopadhyay.
The consolidated net rose 22 per cent year-on-year.
Move comes as stringent regulation chokes biz growth.
Amid a string of interest rate cuts by state-run banks since April 1, country's biggest private lender ICICI Bank today said chances of it reducing rates are less unless government bond yields come down.
ICICI Bank has raised its interest rates on non-resident external rupee savings account, NRE fixed deposits and foreign currency non-resident deposits.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
ICICI Bank, India's second largest bank, was awarded 'The Best Retail Internet Bank Award in India-2004' and 'The Best Corporate/Institutional Internet Bank Award in India-2004' by internationally acclaimed Global Finance magazine.
As part of its rural initiative, ICICI Bank is developing a low cost ATM to cater to the villages in India.
With more players, products and rising consciousness about the need for insurance, the market has to grow. As for the team, the existing management team continues (at ICICI Prudential) to be there. The team has built a solid business, an excellent brand. The systems are in place, so it is a good stepping stone, says Vaidyanathan.
ICICI Bank has cut floating benchmark lending rate for home loans by 50 basis points to 13.25 per cent and deposit rate by 25-50 basis points.
A spokesperson of ICICI Bank, which had approached the regulator seeking a probe into what they called 'beating down' of their shares by vested elements, declined to comment.
JPMorgan said it had hired Kalpana Morparia, one of India 's most senior domestic bankers, to run its operations in the country.
HDFC Bank, India's second-largest private bank, has overtaken ICICI Bank, the largest private player, in terms of market capitalisation to top the rankings among private banks.
"The corporate pipeline is still strong, which will lead growth. We expect to maintain a 15-16 per cent year-on-year credit growth," ICICI Bank's Joint Managing Director Chanda Kochhar told reporters in Mumbai on Tuesday. On ICICI Bank's microfinance portfolio, she said that the bank has covered more than 3-million customers under this portfolio.
Analysts on average had expected a net profit of Rs 26.93 billion for ICICI Bank, which is also listed in New York.
ICICI Bank plans to raise $300 million through issuance of Eurobonds in the international markets as the first tranche of its $1 billion medium term notes programme.
Since MAAFs invest across multiple asset classes, they offer diversification.
The country's largest private lender ICICI Bank on Monday said that interest rates are expected to come down in the next one-and-a-half months.
ICICI OneSource is looking for Customer Service Associates.
Small and midcap schemes may impose restrictions on redemptions, cap employee withdrawals, and increase the exit load, while ensuring a proportionate liquidation of the portfolio during market crises to safeguard the interests of all investors. These measures have been outlined in the investor protection policies recently put out by mutual fund (MF) trustees. The policies for small and midcap schemes were prepared by MF trustees following directives from the Securities and Exchange Board of India (Sebi) earlier this month.
Only investors with a higher risk appetite should enter these funds.
The country's largest private sector bank, ICICI Bank on Monday ruled out any acquisition abroad and said it would wait for another 2-4 weeks to decide on whether to revise the interest rates further.
The overall market breadth was positive as 1,796 stocks advanced against 1,023 declining ones, on the BSE.
