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   Non-TechICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (102)2/10/2000 9:13:00 AM
From: Mohan Marette
   of 494
Bankers, financiers, techies meet

Bank Technology India

MadanMohan Rao

Bombay; February 5, 2000 (IndiaInfoline)

With the recent clearance of online stock trading in the country by the Securities and Exchange Board of India (SEBI), the full might of the online finance revolution will be soon be unleashed in India. Online banking was already launched in India over two years ago, and now the convergence between the Web, banking and financial services is complete.

Movers and shapers of information-age banking and finance gathered here at the World Trade Centre in Bombay for a high-powered three day conference called BankTech 2000 (, hosted by trade expo group Messe Frankfurt India.

As the world of finance undergoes drastic global transformation, banks will become increasingly important intermediary players in many finance markets -- but they will also face unprecedented competition, according to Dr D R Mehta, chairman of the Securities Exchange Board of India (SEBI).

In response to the winds of global change and requirements of efficiency and transparency, 23 exchanges in India are now fully computerised, said Mehta, claiming this 100 per cent computerisation ratio was more than that of New York and Hong Kong stock exchanges.

Mehta estimated that the total volume of exchanges per day in India is around Rs 12 - 15 thousand crores a day, up significantly from Rs 400 crores a day five years ago.

"The old private sector banks and most of the public sector banks do not yet seem to be in the IT-savvy league," said S Venkitaraman, former governor of the Reserve Bank of India (RBI). "It is unfortunate that trade unionism in the 1980s stopped the computerisation of Indian banks.

"We are paying the price for this Luddite view today," he said. Technological and regulatory changes will soon lead to the unification of RBI and SEBI into "one seamless web," Venkitaraman predicted.

This will of course lead to major human resource challenges at the staff and management levels, he said. The National Stock Exchange of India is poised to launch Internet broking services, said Viraj Savant, director of Web solutions company DBS Internet Services. Numerous content sites are also cropping up in India offering investor advice, such as

Miyuki Suzuki, managing director of Brokat Asia, said the Germany-based banking e-services company has now tied up with Mumbai based Ways India ( to offer security, digital signatures, and other value added solutions for Indian banks.

Their Twister platform, X-Agent realtime customer service feature, and X-PAY e-payment system have already been deployed by banks like Telecash Germany, CitiBank, ABN Amro, United Overseas Bank, Metro Europe and Development Bank of Singapore.

Girish Vaidya, vice president of Infosys Technologies, said Internet happening is alive and well in India, with at least five banks - ICICI Bank, Global Trust Bank, HDFC Bank, CitiBank and Federal Bank - offer some level of Internet and value-added online banking services such as account inquiry, funds transfer, mobile banking and bill payment. E-commerce in India last year accounted for over $100 million dollars, and several portals are already in place for the financial services sector; a lot of venture capital funding is also pouring in for Internet start-ups.

Huge opportunities are also opening up for Indian banks to get into alliances with utility companies and ISPs for direct bill payment, with infrastructure players like STD/PCO booths for PC-based banking services, and technology providers for advanced features.

Over Rs 1,500 crores have been spent by Indian banks during the last five years for branch computerisation and IT training, according to Vipul Jain, managing director of Kale Consultants. Enterprise Application Integration Solutions for banks are being deployed in India by Vitria, IBM, BEA, STC and TIBCO, he said.

Bart Pattyn, CEO of KBC Bank, said that in the Internet age competition for banks is coming from financial service portals, e-money facilitators, and virtual banks.

"IT integration in Indian banks is not as advanced as it should be, but luckily the country has a big pool of IT skills which can be harnessed for this purpose," Pattyn said.

A key challenge for the banking and finance sector is harnessing the knowledge of its employees scattered in branches across the country, according to Aruna Jayanthi, VP at Aptech Worldwide. "In the US and Europe, knowledge management (KM) is not a fad: the banking and finance sector currently is the leading adopter of KM tools and techniques," she said.

A Mumbai-based investment banking institute is already implementing a full-fledged KM system, according to Aruna. A special panel on cyberlaw focused on legal implications for online banking and finance. "The IT Bill should help clear the gray areas surrounding e-commerce today," said Vaibhav Parikh, technology law consultant at Nishith Desai Associates.

The key challenge for becoming Net savvy, most speakers concluded, was changing the mindset of bank culture and getting buy-in straight from the top management.Other topics addressed at the conference included structural changes in global banking, e-commerce cyberlaws, ATM banking, online investment services, bank security, and systems integration.

Exhibiting companies at BankTech 2000 included Aplab, Asset International, CMC, Cybermate Infotech, iDLX Technology Partners, Eiko Infotech, Kores, Logix Microsystems, Nucleus Software, Rincon India, Siemens Information Systems, Siri Technologies, SPSS South Asia, Strabus Software, Vinitec Electronics, and Zenith Infotech.

"New data communication and information technologies are turning the world of business upside down. This show has set a precedent by bringing the Indian banking, finance and IT sectors face to face with the new millenium," said Shammi Nagpal, managing director of Messe Frankfurt (India).
About the author

Dr Madanmohan Rao ( is Group Consultant at the Bangalore-based Microland e-services firm. He was formerly the Communications Director at the United Nations Inter Press Service bureau in New York. HE graduated from the Indian Institute of Technology at Bombay and the University of Massachusetts at Amherst, with an MS in computer science and a PhD. in communications.

Madan is a frequent speaker on the international conference circuit, and has given talks and lectures on Internet-related issues in over 25 countries. He has worked with online services in the US, Brazil, and India. Madan is also a journalist, and his articles have appeared in The Economic Times, Asia Internet Business, and New Asia Review. He is also on the board of editors of the magazines Electronic Markets (published from Switzerland) and On The Internet (published by the global Internet Society).

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To: Mohan Marette who wrote (103)2/11/2000 7:42:00 AM
From: Mohan Marette
   of 494
India Sensex Touches Record 6005 Pts On Blue-Chip Buying

Friday, February 11 5:36 PM SGT

BOMBAY (Dow Jones)--The Bombay Stock Exchange's Sensitive Index, or Sensex, India's benchmark index touched a record 6005 late Friday on all-round buying in blue chips, mainly in technology shares, due to the strong rally in technology shares on the Nasdaq Thursday.

At 0945 GMT (4:45 a.m. EST), the BSE Sensex was up 169.46 points, or 2.9%, at 5958.50. On the competing National Stock Exchange, the S&P CNX Nifty was up 42 points at 1753.

"There is likely to be some amount of profit-taking at these levels but the market will continue to rise with everyone buying technology shares," a dealer at UTI Securities said.

Dealers said with the continuing rise in technology shares, even the laggards including the cyclical and the consumer product stocks will start attracting investments.

"Our outlook is still positive. We are expecting a good (government) budget. Technology will still rule in line with the current global trend," said Saumil Sheth of executive sales at Kisan Ratilal Choksey & Co.

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To: Mohan Marette who wrote (104)2/11/2000 9:02:00 AM
From: Mohan Marette
   of 494
Indian Business Briefs -IDBI & US Principal Financial in JV

Friday, February 11 9:14 PM SGT

India Business Briefs: IDBI, US Principal Fincl In JV

BOMBAY (Dow Jones)--Principal Financial Services Inc. of the U.S. will acquire a 50% stake in IDBI Investment Management Co., currently a wholly owned subsidiary of Industrial Development Bank of India (P.IDB). IDBI will appoint the chairman and chief financial officer and Principal the chief executive of the joint venture.

India's SRF Ltd. (P.XBF) said Friday it has sold its entire holding of 1.65 million shares in Shri Ram Needle Bearing Ltd. (SNL) to NRB Bearings Ltd. for INR5 a share.

Indian information technology services provider NIIT Ltd. (P.NIT) said Friday it has launched India's first Internet Entrepreneurship Development project to prepare entrepreneurs to set up Internet-based businesses on their own.

-0- 11/02/00 13-13G

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To: Mohan Marette who wrote (105)2/11/2000 9:21:00 AM
From: Mohan Marette
   of 494
India Bonds End Higher Amid Market Hopes For 2% Rate Cut

Friday, February 11 9:26 PM SGT

BOMBAY (Dow Jones)--Indian bond prices ended higher Friday as tight liquidity failed to dent hopes for a generous interest rate cut, dealers said.

Liquidity is tight following the outflow of 50 billion rupees($1=INR43.63) Friday for Thursday's two bond auctions.

Bonds were steady early after a brief initial fall, when the call rate rose to a high of 18%. But prices recovered when the call rate fell below 10%. Call money ended the day at 8.75%, down from the previous close of 9.75%.

Dealers said investors have fresh expectations of a 2% cut in the bank rate, more than the previously hoped-for 1%. Bond prices continue to rise on these hopes, dealers said.

State-owned banks and primary dealers were the major buyers, said a dealer.

He added that state-owned banks, which usually lend their surplus cash in the call market, are now investing the surplus in the bond market,where prices have been rising by more than INR0.50 a day.

Dealers said they expect the bond market to respond closely to the call market rate. "As long as the call rate stays within the 10% level, there will be buying in bonds," a dealer said.

"I am comfortable borrowing money even at 10% and investing in the bond market because prices are continuously rising there," said a dealer.

The following are indicative prices of government securities at 1215 GMT Friday:

Security Maturity Current Price Previous
11.83% GOI 2014 108.20 107.79
12.30% GOI 2016 111.80 111.45

GOI: Government of India

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To: Mohan Marette who wrote (99)2/11/2000 10:56:00 AM
From: SouthFloridaGuy
   of 494
INFY, SIFY, wowowowie. IC needs a lift!

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To: SouthFloridaGuy who wrote (107)2/11/2000 10:58:00 AM
From: Mohan Marette
   of 494
I am telling ya Puffy, stick with the 'homeboys'.<g> Well, IC is moving some if you haven't noticed.

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To: Mohan Marette who wrote (108)2/11/2000 11:04:00 AM
From: stock4U
   of 494
IC touch $32.00 .

More to come.

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To: Mohan Marette who wrote (108)2/11/2000 11:32:00 AM
From: SouthFloridaGuy
   of 494
ICICI plans holding co for its dotcoms along lines of
Sourav Mukherjee & George Cherian
IT IS clearly a case of mind over matter. ICICI is drawing up
ambitious plans to float a new holding company for all its
business-to-business (B2B), business-to-consumer (B2C),
consumer-to-consumer (C2C) ventures on the lines of
US major CMGI Inc.
The new company, which will initially be a 100 per cent
subsidiary of ICICI, will subsequently raise funds through an
international listing on Nasdaq and/or placement of equity shares
to strategic foreign partners.
Parent ICICI will, however, continue to directly hold stakes in all
non-e companies within the group.
The project is part of ICICI chief KV Kamath?s dream to become
the czar of the Indian internet space and the largest domestic
provider of finance and other skills to Indian brainpower.
CMGI Inc, a Nasdaq-100 company, is in the business of creating
and managing the largest and most diverse network of internet
companies in the world. Compaq, Intel, Microsoft and Sumitomo
hold minority positions in the US company.
Among the 60-odd dot companies that CMGI has acquired or
built include household names like AltaVista , HotLinks , Lycos ,
Engage , AdForce, Critical Path, NaviSite , Silknet Software,
Chemdex , MotherNature and CarParts.
These holdings are bunched into four sub-groups of marketing
and advertising, content and community, e-commerce and
enabling technologies companies.
The new CMGI-type structure is aimed at unleashing maximum
value from all its in-house portals and consolidating all
internet-related companies within a more synergistic structure.
This will, however, exclude ICICI Infotech which is more focused
on providing all the technological backbone for the group.
ICICI insiders said that an Indian CMGI has been on Kamath?s
mind ever since he stepped on the gas a few months back to
make ICICI the most e-friendly and e-exposed group in the
country. This new-found avatar has already sent ICICI group
shares on a roll with both the ICICI and ICICI Bank scrips
touching new 52-week highs.
ICICI has already announced the launch of a joint venture with
Satyam Infoway for e-retailing ( ), a web trading
portal ( ) and an e-commerce payment gateway
(in collaboration with a Compaq-led consortium). It is also
drawing up plans to float a host of other financial and
non-financial portals besides looking at acquisitions on this front.

When contacted, ICICI officials were very tight-lipped on the
move. However, analysts said that the move would help unleash
immense shareholder value besides spread wealth across the
group?s employees and shareholders. All ICICI group employees
connected with the growth businesses are being compensated
for their work through stock options in these companies. The
unleashing of greater value through the holding company will also
come as a boon to ICICI shareholders as all gains made by the
new subsidiary would accrue to ICICI?s consolidated balance
?If ICICI?s strategy is closely monitored, it is making the best of
all opportunities. Very soon its internet business will be valued
several times over its traditional business of lending. At the same
time, the presence of so many ventures will enable ICICI
to cross-sell its products to a larger segment of netizens,? said
an analyst.

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To: stock4U who wrote (109)2/11/2000 1:13:00 PM
From: Mohan Marette
   of 494
ADR Report-Infosys ADRs surge, lead Asian issues up

Message 12845648

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To: Mohan Marette who wrote (111)2/11/2000 1:43:00 PM
From: Mohan Marette
   of 494
ICICI Bank's proposal for issue of ADRs cleared.

11-02-2000 18:53:48

FDI proposals worth Rs11.6bn cleared

The Commerce and Industry Ministry today approved 62 foreign direct investment (FDI) proposals worth Rs11.60bn ($266mn). A government statement said, the proposals cover various sectors like high quality seeds, bulk drugs, computer software, infrastructure development, Internet, banking, airlines, e-commerce.

It said ICICI Bank Ltd`s proposal for issue of American Depositary Receipts/Global Depositary Receipts has been cleared by the government. The statement added the FDI involved in the ICICI Bank proposal is Rs5.37bn.

It said the government had also allowed South African Breweries International Asia B.V. Netherlands to set up a joint venture holding company for further investment in the brewery sector. The total FDI is Rs2.12bn, and includes 60% foreign equity and 25% to be held by non-resident Indians.

Portals Ltd, England has been allowed to set up a banknote paper manufacturing utility involving FDI of Rs1.20bn. Portals would hold 74% of the equity, the statement said.

HSBC Electronics Data Processing India Ltd has been allowed to set up a wholly-owned data processing unit. The foreign investment in this proposal amounts to Rs225mn, the statement said.

BBDO Asia Pacific Ltd have been permitted to increase its equity to 49% from 20.10% in its venture to produce and market television serials. The foreign investment is worth Rs87mn.

A proposal by ModiLuft Ltd to bring in foreign investment worth Rs750mn in its domestic airline services has also been approved by the government.

A proposal by Metropolis Gas Company Ltd of the United States to develop a liquefied natural gas regassification terminal has been given the go-ahead. Metgas, a subsidiary of Enron Corp, has been established to set up a pipeline network in western India.

The government allowed Telnet Corporation of the United States to establish a wholly-owned independent e-service management center with an investment of Rs43mn.

Source: Reuters

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