Despite the uncertainties created by rising bond yields and oil prices, fund managers have been proactively deploying fresh flows into the equity market. The cash available with equity fund managers, which has remained lower at around 5 per cent in the past few months, hit a 16-month low of 4.8 per cent in September, shows a Motilal Oswal Financial Services report. Cash holdings in equity schemes had topped 6 per cent in February amid subdued equity market sentiment.
The Reserve Bank of India is widely expected to reduce the repo rate for the first time in nine months when it announces its third quarter policy review.
Total income declined to Rs 14,176.84 crore (Rs 141.76 billion) during the October-December quarter, from Rs 16,922.73 crore (Rs 169.22 billion) in the year- ago period, ICICI Bank said in a filing to the Bombay Stock Exchange.
ICICI Bank has asked the government not to take into account overseas securities like ADR and GDR when deciding on whether a bank is Indian or foreign.
Its total income during the September quarter also slipped to Rs 30,191 crore, as against Rs 32,435 crore in the year-ago period
Describing the third quarterly performance of the bank as 'very positive', ICICI Bank managing director and CEO Chanda Kochhar said on Monday the bank has emerged stronger on all parameters recording an operating profit of 22 per cent minus treasury income.
Hari Pandey, who founded ICICI Bank in Canada in March 2003, is among the 11 awardees in various categories who would be felicitated at function here on Saturday, ICCC said.
'Sell in May, go away' is a popular market adage. But 'Don't sell any new shares in May' is the best kept secret of Dalal Street that's set to break. Sample this: the last four General Election election cycles starting 2004 have not seen a single initial public offering (IPO) launch during the month of May.
The country's largest private bank, ICICI Bank, on Friday said it is focussing on the home loan segment as the real estate segment is witnessing a comeback after the economic slowdown.
Private sector lenders ICICI Bank and Kotak Mahindra on Tuesday announced low rates of 8.25 per cent and 8.49 per cent respectively for home loans, intensifying the cut-throat competition sparked by SBI and HDFC.
Investors may have to wait a little longer for Unified Payments Interface (UPI)-based block mechanism in the secondary market even as the market regulator has set the effective launch date as January 1, 2024. Several brokerage firms said they may take a few months more to implement it. Investors will be able to register for this facility only if the stock broker has opted for the UPI block facility.
ICICI Lombard General Insurance on Tuesday launched a travel insurance scheme for students going abroad for studies.\n\n
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.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
Even as net flows into smallcap funds in March turned negative, for the first time in 30 months, they remained a big draw for new investors. The smallcap fund category saw a net of 360,000 investment accounts, or folios, getting added last month, the second-most among all active equity categories. Smallcap funds' continued traction could be driven by their strong performance across timeframes, say experts.
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.
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.
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.
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.
As part of its rural initiative, ICICI Bank is developing a low cost ATM to cater to the villages in India.
The police said that the threat email was sent from the accused, Mohammed Arshil's ID.
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.
'Investors should focus on largecap funds, flexicap funds, business cycle funds, or hybrid-category funds.'
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.
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
JPMorgan said it had hired Kalpana Morparia, one of India 's most senior domestic bankers, to run its operations in the country.
