Indian benchmark stock indices, Sensex and Nifty, advanced for the second consecutive day, driven by softening crude oil prices and a positive trend in global markets. Despite some profit-taking in IT and metal shares, auto stocks outperformed, contributing to the overall gains.
Prudential plc has announced its acquisition of a 75 per cent stake in Bharti Life Insurance for approximately 3,500 crore, a strategic move to secure majority ownership in the Indian life insurance market. This acquisition necessitates Prudential reducing its holding in ICICI Prudential Life Insurance to below 10 per cent.
Indian benchmark indices Sensex and Nifty experienced a decline due to renewed geopolitical concerns in the Strait of Hormuz, a strained US-Iran ceasefire, and the rupee hitting a record low against the US dollar.
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.
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.
India's market landscape is undergoing significant shifts, with bank-backed brokerages potentially regaining dominance over discount platforms due to regulatory changes and increased taxes, while the IPO pipeline faces a slowdown amid heightened global volatility.
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.
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.
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.
ICICI Bank Ltd has reported a 26.61 per cent rise in net profit at Rs 430.74 crore (Rs 4.31 billion) for the first quarter ended June 30, 2004, compared to Rs 340.2 crore (Rs 3.40 billion) in the corresponding quarter last fiscal.
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.
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.
"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.
Top private lender ICICI Bank plans to open nearly 600 branches this year, but will not hire as part of the current workforce would be redeployed to manage the expanded network of 2,000 branches.
The introduction of more technology platforms has also helped.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
ICICI Bank has increased auto loan rates by 100 basis points with effect from Monday, a bank official told PTI.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Auction to be conducted at various branches across Uttar Pradesh on March 16.
Last week, Disha, the NGO front of the bank, launched the first of the series of its school comic books on banking.
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.
ICICI's board has denied any wrongdoing, highlighting that the loan was underwritten in accordance with the bank's credit standards and was extended as part of a consortium involving over 20 banks.
The ICICI Bank, India's largest consumer lender, on Thursday launched commercial operations in Sri Lanka, with an eye on the growing bilateral trade and inward remittances market.
ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
ICICI Bank on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. For fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.
Indian stock market benchmark indices Sensex and Nifty closed nearly one per cent higher, extending their winning streak for a second day. This rally was driven by softening crude oil prices, positive geopolitical developments, and significant buying in blue-chip IT stocks, despite a broader global tech sell-off.
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.
Eight of India's top-10 most valued firms saw their combined market valuation increase by Rs 1,87,497.45 crore last week, with Bharti Airtel emerging as the largest gainer, reflecting a positive trend in the equities market.
Indian equity benchmark indices Sensex and Nifty rallied in early trade, driven by reports of a second round of talks between the US and Iran, which are fostering hopes for a resolution to the West Asia conflict, coupled with Brent crude oil prices trading below the USD 100 per barrel mark.
ICICI Bank on Sunday priced its Rs 10,062 crore (Rs 100.62 billion) follow-on equity offer at Rs 940 a share.
In a bid to enhance its auto-finance business, ICICI Bank plans to acquire 100 per cent stake in Transamerica Apple Distribution Finance, an auto distribution finance company, in an all cash deal for Rs 74 crore.
The bank board had decided to launch an enquiry to be headed by an "independent and credible person", to examine and enquire into an anonymous whistle blower complaint alleging that the bank MD & CEO had not adhered to code of conduct
