ICICI Bank Ltd has acquired 3.6 crore shares, aggregating 12.65 per cent of Himachal Futuristic Communications Ltd, due to a default in loan payment by the latter.
The agency has also named companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries limited as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of prevention of corruption act.
"We always do not jump to hike in lending rates. We will see the overall impact before taking a call." \n
ICICI Bank has emerged as the single Indian entity considered worth investing by Libyan dictator Muammar Gaddafi and the investment has given an impressive return of over 25 per cent in past one year alone.
Among Sensex firms, Trent, HDFC Bank, Adani Ports, ICICI Bank, Bajaj Finserv, Bharat Electronics, Titan and Asian Paints were the major laggards. However, State Bank of India, Infosys, Axis Bank and Maruti were among the gainers.
ICICI Bank, India's second largest commercial bank, beat market expectations on Friday with a quarterly profit of Rs 3.38 billion, driving its shares up more than one percent.
ICICI Bank, India's largest private sector bank, has been fined Rs 2 lakh (Rs 200,000) for knocking at the judiciary's door on false pretext by a Delhi court which asked it to have a sense of responsibility matching its size.
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From the Sensex firms, Tata Steel tanked the most by 4.57 per cent. ICICI Bank, Power Grid, HCL Tech, Tech Mahindra, Infosys and Kotak Mahindra Bank were also among the laggards. Mahindra & Mahindra, State Bank of India, ITC and Bharat Electronics were among the gainers.
Neeraj Gambhir of ICICI Bank says that bond prices are surging due to auction and the Fed's move.
ICICI Bank has reversed its decision to raise the minimum monthly average balance (MAB) for new savings accounts in metro and urban locations to Rs 50,000, revising it instead to Rs 15,000, effective August 1. The MAB for new savings accounts in semi-urban locations has been revised from Rs 25,000 to Rs 7,500, and for rural locations from Rs 10,000 to Rs 2,500.
ICICI Bank on Thursday hiked interest rates on deposits of Non-Resident Indians.
The proportion of retail assets is higher, so NPAs from that part would be higher, says Kochhar.
ICICI Bank, the country's largest private sector bank, has scaled down its overseas operations, especially in the United States and Sri Lanka. It has also recalled some employees from its international offices now that the businesses of fund-raising and merger and acquisitions have shrunk.
The younger Ambani sibling had a two-hour meeting with K V Kamath, chief of ICICI Bank and a friend of the family, who is said to be working out a formula to end the feud at the behest of Kokilaben Ambani.
Corporate India is not bothered about the subprime crisis. I have not seen any large business house walk away from a deal on account of lack of funding.
ICICI Bank on Friday said it has revised interest rates on foreign currency NRE fixed and FCNR deposits from July 1.
Analysts on average had expected a net profit of Rs 26.93 billion for ICICI Bank, which is also listed in New York.
The second half of the financial year will be an important milestone for ICICI Bank.
We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees," ICICI Bank's managing director and chief executive, Chanda Kochhar, told reporters after inaugurating the 2000th branch of ICICI Bank in Mumbai on Monday.
Benchmark indices Sensex and Nifty ended lower on Thursday, snapping a three-day rally, amid a weak trend in global stock markets.
ICICI Bank, one of India's leading home loan providers, on Monday announced a reduction in interest rates on its adjustable (floating) rate home loan products.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, HUL, Asian Paints, Titan and SBI.
In a significant judgment, the Commission deprecated the "audacity and impunity" with which the banks have been effecting forcible possession of vehicles and ordered ICICI Bank also to pay Rs 50 lakh to a consumer, who was mercilessly beaten by the recovery agents while they snatched a loaned car from him.
Worries about global politics and trade are pulling the Nifty 50 down. Experts say the market could drop further low.
ICICI Bank, the country's second largest bank, is planning a $1 billion overseas syndicated loan. This is the third time in four months that the bank will tap the overseas market for funds.
Vishal Goyal, Banking Analyst at Edelweiss Capital, says that the interest rate increase is not that harmful for banks' bottomline.
The bank's net profit on standalone basis was Rs 2,652 crore (Rs 26.52 billion) in the forth quarter of the 2013-14 fiscal, up 15.01 per cent from Rs 2,304 crore (Rs 23.04 billion) in the year-ago period, ICICI Bank said in a statement.
ICICI Bank is understood to have deferred the sale of its holding in Firstsource Solutions, a Mumbai-based pure-play business process outsourcing entity. The bank along with its subsidiaries owns close to 27 per cent stake in the BPO firm.
Kamath's success is the envy of bankers everywhere, but his feat of taking a small bank and turning it into the country's second largest lender is hard to match.
"We would continue to focus more on home, car loans," ICICI Bank managing director & CEO Chanda Kochhar told reporters on the sidelines of a conference on Tuesday.
The People's Bank of China has picked up a 0.006 per cent stake in ICICI Bank by investing Rs 15 crore in the private sector lender's Rs 15,000 crore qualified institutional placement (QIP) exercise which concluded last week.
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