India's largest private lender ICICI Bank expects 25 per cent growth in credit card business this fiscal, as it sees co-branded cards as an opportunity to expand its presence in the segment.
Among the Sensex firms, ICICI Bank and SBI led the index with the maximum gains of 4.68 per cent and 3.99 per cent, respectively. Other major gainers were Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank. On the other hand, Wipro and Tata Motors defied the trend and traded in negative.
Opinions vary, but fund managers remain bullish.
Subhiksha's founder and Managing Director R Subramanian, while refuting the allegations of ICICI Venture, said his company hasn't received any resignations from the nominees of ICICI even though the private equity firm claimed it had withdrawn its nominees.
Through ICICIACTIVE, Dish TV viewers would get information about various types of ICICI Bank accounts and deposits. Dish subscribers can access information on different products, EMI on loans, eligibility criteria, documentation, time required for processing a request, ATM/branch details.
HDFC Bank customers will be able to do 11 transactions on their Apple device using the `watchbanking' service.
Shares of ICICI Bank, Axis Bank and HDFC Bank on Friday tumbled as much as 4.5 per cent in morning trade following accusations that the lenders have indulged in money laundering.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
Mutual funds (MFs) are likely to surpass foreign portfolio investors (FPIs) in terms of anchor investments in initial public offerings (IPOs) for the second consecutive year. In calendar year 2023 so far, MFs have invested Rs 5,577 crore as anchor investors, compared to the Rs 5,417 crore invested by FPIs this year. In 2022, MFs put in Rs 9,026 crore as anchor investment, 21 per cent higher than the FPI tally of Rs 7,105 crore. This marked the first time since 2014 that MFs had outpaced FPIs in anchor investments.
The country's largest private sector lender, ICICI Bank, today said credit offtake will pick from July putting pressure on lending rates.
ICICI Bank, the country's largest private lender, on Wednesday ruled out any interest rate hike in the near future and said it was rebalancing its portfolio.
Srei Infra Finance group chief financial officer Sanjeev K Sancheti described the asset as a good buy as it is a fully secured debt.
ICICI Bank on Friday tied up with Europe's financial powerhouse Fortis for offering asset and wealth management, estate planning and corporate services to Non-Resident Indians worldwide.
Growing concerns over slower-than-expected margin recovery, amid weak deposit growth have caught HDFC Bank's investors off guard. HDFC Bank's stock on Wednesday plunged nearly 9 per cent to hit an intraday low of Rs 1,527 on the BSE after reporting weaker-than-expected earnings in the third quarter (October - December) of the current financial year (Q3FY24). The shares of India's biggest private lender closed at Rs 1,536.9, down 8.46 per cent.
The recent equity market weakness has sobered up investor mood, but the coming festive season is keeping analysts upbeat on stocks related to the consumption basket. Among the lot, fast-moving consumer goods (FMCG), retail, and consumer electronics segments are expected to do well over the next few months, and investors should thus selectively take bets in these pockets, analysts suggest. "We expect good volume growth for the FMCG sector during the festive season with some improvement in rural demand.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
Both the issues will be floated simultaneously either this month or the next month, subject to regulatory approvals, ICICI chief financial officer Vishakha Mulye said.
Foreseeing Indian economy back on a high-growth trajectory in the coming months, ICICI Bank is looking at expanding its fund-generation profile and revenue streams to capitalise on the forthcoming opportunities. Since 2007, as the global and Indian economic environment has changed rapidly, the bank has focused on a conscious strategy of capital conservation, risk containment and efficiency improvement.
However, total income of the bank on a consolidated basis rose to 31,914.82 crore as against Rs 30,190.54 crore a year ago.
Banking industry sources said the move by the lender is pre-emptive to protect its interest.
Leading private sector bank ICICI Bank has opened an office in South African city of Johannesburg with an aim to capitalise on India's growing ties with African countries.
The improving outlook for the power sector has caught the interest of dividend yield funds. In the first four months of the current financial year (2023-24, or FY24), five of the six largest dividend yield funds have shown a notable increase in their exposure to stocks within the power sector. Some have even introduced new stocks to their portfolios.
ICICI Securities will be the first subsidiary to be listed, followed by two insurance subsidiaries and the home finance business, he added.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
From the Sensex pack, Jio Financial Services fell the most by 4.99 per cent. Reliance Industries, Power Grid, Larsen & Toubro, JSW Steel, HCL Technologies, NTPC, Tata Steel, Wipro, Tata Consultancy Services and HDFC Bank also declined. IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle and Axis Bank were among the gainers.
In 2007-08, ICICI Bank was accused for violating RBI guidelines relating to opening of deposit accounts.
Shah Rukh Khan's image and popularity with the Non-Resident Indian segment will further reinforce ICICI Bank's global identity, the bank said in a statement.\n
On resolution of stressed cases, she said ICICI Bank has been taking the lead in several cases and was the first bank to refer a case to NCLT
Shares of Bajaj Finance sprinted 4.7 per cent to Rs 7,732 per share on the BSE in Thursday's (January 4) intra-day trade as the non-bank finance company's (NBFC's) December quarter business update reflected minimal impact of the Reserve Bank of India's ban on two of its lending products. The shares, eventually, ended 4.4 per cent higher at Rs 7,710 per share as against 0.69 per cent gain in the benchmark S&P BSE Sensex. The NBFC's asset under management (AUM) topped the Rs 3-trillion-mark at the end of December 2023, swelling by roughly Rs 20,700 crore (35 per cent year-on-year) to hit Rs 3.11 trillion-mark.
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
Car loans from ICICI Bank, the country's largest private sector lender, would be 50-75 basis points (bps) cheaper, while those from IDBI Bank would cost 100 bps less.
Nearly 90 per cent of the stocks comprising the National Stock Exchange Nifty 500 Index and 49 of the 50 stocks that make up the Nifty50 are trading above their respective 200-day moving averages (DMAs). The 200-DMA is considered one of the most relevant trend indicators by investors and traders. They believe that stocks and indices trading above this key level exhibit strength and are likely to rally, while those trading below this level are viewed as bearish, with the stock/index expected to see a selloff.
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
General insurer ICICI Lombard has structured the first ever weather insurance cover for a maximum sum insured of Rs 1.5 crore (Rs 15 million) for Gujarat Heavy Chemicals in the event of loss of salt production due to unseasonal rainfall at its Nagapa
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
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