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   Non-TechICICI Ltd - (Nyse: IC)

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To: stock4U who wrote (92)2/9/2000 10:12:00 AM
From: Mohan Marette
   of 494
Well here is a piece of news-icici unit denies U.S listing plans.

Wednesday February 9, 9:23 am Eastern Time

ICICI unit denies U.S. listing plans

BOMBAY, Feb 9 (Reuters) - ICICI Web Trade, a subsidiary of Indian financial services firm ICICI Ltd (NYSE:IC - news)(NYSE:ICd - news) on Wednesday denied press reports that it was planning to get its shares listed in the U.S..

``It is clarified that the company has not initiated any procedures for a U.S. listing,' a statement from the company said. ICICI Web Trade is yet to finalise a launch date for its operations but it was likely to receive the necessary approvals

by the end of February, the statement said.

``At the time of the launch these services would be available to resident Indians....(it) would be offered to non-resident Indians on receipt of certain approvals,' ICICI Web Trade said.

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To: Mohan Marette who wrote (93)2/9/2000 11:59:00 AM
From: Mohan Marette
   of 494
India Fund Manager Survey For 1Q2000 -Bulls on the rampage

05 Feb 2000

Bulls on the rampage; Thumbs up for the BJP government


This the third in our series of quarterly Fund Manager Survey, the only one of its kind conducted in India. In our continued efforts to reach the institutional investor closer to the retail public, we conducted our Survey for the 1Q through the last ten days of January. The results of the India Fund Manager Survey for 1Q2000 are presented below.

Who are the respondents?

We have received responses from a total of 29 fund managers ? eight foreign and twenty one domestic funds. 40% of the foreign funds are global funds and regional and dedicated funds equally make up the balance response. Total equity funds managed in India by the polled fund managers will add to over USD14bn. Equity funds managed by them regionally and globally will be well in excess of USD600bn. In terms of size of equity funds, twenty-two of the fund manager?s polled manage in excess of US$100mn. 40% of the fund managers employ the growth style of investing.

Summary of Findings

The mood is overwhelmingly bullish. 61% of the fund managers expect the Sensex to be between 5500-6000 in the next six months. No one expects it to be below 5500. The bullish stance is reinforced by the fact that 93% of the funds are overweight on India and not a single fund polled is underweight.

Earnings expectations are soaring. 91% fund managers expect earnings to be above 15%. This is a sharp increase from 65% polled in our last survey.

Infotech remains the favorite sector on fund managers shopping list. Over 47% votes went to this sector. Telecoms and media have are among the other favorite sectors. Auto and cement are absent compared to our last survey.

Consumers remain on the hate list this time also. Steel and pharma also follow. Pharma is one sector where opinion is evenly divided. Cyclicals as a class remain on the hate list, as do the PSUs.

Consensus on economic recovery is strong. 93% believe that economic turnaround has happened. But surprisingly no fund is willing expecting the cyclical sectors to outperform.

Thumbs up for the BJP government. 21% of the fund managers are very satisfied with the performance of the BJP government and the balance are somewhat satisfied. There is no divergence in the opinion of the domestic and foreign fund managers.

Fund managers are extremely optimistic about fund inflows. 89% believe that funds inflow would be positive in the next three months. This is obviously a reflection of the positive stance on the economy and markets.

Rupee to remain stable. There is no expectation of a devaluation of the rupee. Most fund managers expect it to be devaluing by about 5% maximum. Interest are expected to remain flat.

Inflation is expected to inch upwards from present levels. Maybe fund managers are factoring in price hike in petroleum products. And there is near consensus that the fiscal deficit is going to be higher than targeted. Again there is no divergence in the opinions of the domestic and foreign fund managers.

Standard expectations from the budget. Fund managers demand from the finance minister present no major surprises- aggressive privatization and strategic sale of PSUs, reduction in fiscal deficit, subsidy reduction and rationalization of indirect taxes top the list of what fund managers would like to hear on the budget day. Many fund managers would also like to see the tax base being increased primarily by taxing agricultural income. (-indiainfo online)

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To: stock4U who wrote (92)2/9/2000 4:50:00 PM
From: Mohan Marette
   of 494
ICICI Web Trade to launch services by end-February

I don't know about the listing of WebTrade unit on Nasdaq since the company denied it in an earlier report but here Business Standard says the information was from a company official, anyhow it looks like the service for the domestic customers should start by end of this month and that part wasn't denied by the company.


(Thursday, February 10, 2000)

Our Corporate Bureau in New Delhi

Banking major ICICI's subsidiary for Internet trading, ICICI Web Trade Ltd will launch its operations by the month-end and subsequently list on the Nasdaq, a company official told Business Standard.

ICICI will continue to hold a major equity stake in the Internet trading firm after the Nasdaq listing, the company official said

All the 90 ICICI centres across the country would be used to market Internet trading. "We expect to get 7,000 e-broking accounts per center," the official said.

The company will use its web site `', for net trading through the company web site, where investors would be given live share quotations of National Stock Exchange (NSE). The company is also negotiating with Bombay Stock Exchange (BSE) for supplying its live quotes on the web site.

The trading would be done by ICICI Brokerage, the broking subsidiary of the company, which has memberships of leading stock exchanges of the country including NSE and BSE.

'We would have synergy between ICICI's various subsidiaries,' the official said.

The newly formed subsidiary will function as the umbrella organisation for ICICI's Internet trading activities.

'The new company will be the coordinating agency for trading activity on the Internet. We are still in the process of finalising the details of functioning,' he added.

As per the plans of the banking company, prospective investors would have to open up an e-broking account with ICICI Web Trade.

ICICI Web Trade would be among the first few to start stock trading on the Internet, following the Securities and Exchange Board of India's clearance to trading of stocks over the Internet recently.

The first transaction on the Net in India was done on the Geojit Securities site by Sebi chairman D R Mehta. The company is yet to decide on the operational details.

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To: Mohan Marette who wrote (95)2/9/2000 5:25:00 PM
From: Mohan Marette
   of 494
ICICI Bank ADS filing this week -(Business Standard)

(Thursday, February 10, 2000)

Amit Prasad in Mumbai

ICICI Bank has decided to shelve any domestic issue of fresh equity for the moment and would be filing for a $125 million American depositary shares (ADS) issue with the Securities Exchange Commission by the end of this week.

Roadshows are expected to commence by the third week of March and the entire process is expected to be completed by March end.

"If no clarification is sought by SEC on the filed documents which would be examined for 4-6 weeks and other matters are not much of a bother, the whole procedure should finish by March end," said a high level source.

Earlier the bank was likely to raise some of the funds through a domestic issue. However, with attractive conditions in the international market the bank has decided to raise the entire amount via the ADS route. The greenshoe option would be included in the $125 million issue.

DSP Merrill Lynch and J M Morgan Stanley have been appointed as lead managers to the issue. Pricing would be effected through the book building route although the price band is yet to be decided.

An extraordinary general meeting of shareholders has been called by the bank on February 21 at Vadodara to approve of this issue as well as an employee stock option scheme.

ICICI Ltd had raised an amount of $275 million through an ADS issue in September. This issue was over subscribed four times as the total subscription to the issue exceeded $1.6 billion. ICICI Ltd would be reducing their stake in the bank from the present 75 per cent to 62-65 per cent if the entire amount is raised.

The share price of ICICI Bank on BSE rose by 2.5 per cent yesterday to Rs 157.85. On news of the ADS issue in January the share price had risen by nearly 85 per cent in a few days to achieve a high of Rs 186.

The initial public offering of ICICI Bank in August 1997 was for an amount of Rs 144.38 crore at a price of Rs 35 per share.

Currently the paid up capital of the bank is Rs 165 crore. In January 1999 the bank had made a private placement for Rs 68 crore of non-convertible debentures.

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To: Mohan Marette who wrote (95)2/9/2000 6:17:00 PM
From: stock4U
   of 494

You are doing great job by posting new news.


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To: stock4U who wrote (97)2/9/2000 8:53:00 PM
From: Mohan Marette
   of 494
Mutual Funds collections cross Rs. 43,000 crore ($9.6 bil) in January

India Today

Mumbai, February 9: Gross inflow into mutual funds (MFs) during April 1999 to January 2000 has crossed the Rs. 43,000 crore ($9.6 bil) mark, and the figure was expected to touch Rs. 50,000 crore ($11.1 bil) mark by the end of March 2000.

According to figures submitted with SEBI, the MFs have reported a gross inflow of funds of Rs. 43,293.65 crore ($9.4 bil) during the first 10 months of the fiscal, resulting in a net inflow of Rs. 15,473 crore ($3.4 bil).

This has taken the cumulative position of net assets of MFs in the country to Rs. 1.09 lakh crore ($24 billion) by January-end, they said adding the gross inflow into MFs during January 2000 alone were over Rs. 8000 crore ($1.7 billion).

During the first 10 months, the withdrawals and redemptions from the funds amounted to Rs. 27,820 crore ($6 bil).

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To: Mohan Marette who wrote (98)2/9/2000 9:22:00 PM
From: Mohan Marette
   of 494
Internet hits the Indian banking sector-ICICI most aggressive user of Tech

Two years ago if you had sent an email to your banker in India regarding your account, chances are that you would not hear from your banker for the next 48 hours. Not any more. Today, banks in India have begun keeping a close tab on their email, Internet and telephone lines.

If in those days the bankers were waiting for customers to walk in for their business, now it is the customers who are waiting for their bankers. If a corporate had to make several trips for an overdraft facility or a term loan, retail customers had to make a few trips to the bank just to open a savings account. Again, not any more. Today you send an email or pick up a telephone and your banker lands at your doorstep.

Welcome to the new invasion of technology in the Indian banking system. The liberalisation and the technology-invasion have worked wonders for the Indian banking sector, say bankers. If ICICI has shown what technology can do for banks, others have quickly realised the potential and are fast trying to catch up with it.

Both ICICI and its banking outfit, ICICI Bank, have been among the most aggressive users of technology in banking business in recent times. ICICI Bank and the older institution, ICICI, were early entrants into Internet banking, making other institutions look at technology more seriously.
Partly as a result of this, today some of the older institutions such as the Unit Trust of India are talking Internet and inter-connectivity more often and more seriously than their younger and more modern counterparts!

Is technology then the new driver in the Indian financial system? When all the banks and financial institutions are offering the vanilla product, the differentiation had to come from somewhere else, says a foreign banker. With the markets getting less price sensitive, the accent shifted to service, and this automatically put pressure on the institutions to adopt technology as their USP, he points out.

The bankers say that the new generation private banks had to face the disadvantage of not having branch networks comparable to those of banks in the public sector. But these banks found the easy way out by investing heavily in technology which is why, today, some of the new banks are tough competition to the older, more established players in the industry. According to industry estimates, some of these new banks on an average send out 500 emails on a daily basis regarding new products, services, or other routine matters.

Internet banking is fast catching up with these banks and the next phase seems to target the portal business. While Citibank and ICICI have already made inroads into this nascent sector by tying up with some of the portals, even the others in the business are making their moves with an eye on e-commerce. "Banks in future will be looking at how to leverage a portal's strength for their business and the next one year might well see a lot of tie-ups in this direction," vouchsafes a private banker. Standard Chartered has already announced that it would take the Net route for its future expansion and others such as IDBI Bank, Global Trust Bank and HDFC Bank are expected to follow suit.

The banks in India might have missed the bus earlier but not any more says an analyst. And the technology invasion is not restricted to private and foreign banks alone. Even the older players in the business with their strategic partners are now charting their growth for the future based on technological innovations. Banking will never be the same again in India.


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To: Mohan Marette who wrote (99)2/10/2000 1:26:00 AM
From: Mohan Marette
   of 494
ICICI earmarks Rs120 bn ($2.8 billion) for infrastructure

10-02-2000 10:15:57

ICICI, a leading lender for infrastructure projects in the country has committed itself to earmark Rs120 billion ($2.8 billion) for various infrastructure projects in the current fiscal. According to ICICI's MD and CEO, Mr.K.V.Kamath, road projects like Mumbai-Pune expressway should encourage the FIs in committing more funds for such projects. In a joint venture with Kalyani group, ICICI has involved itself in major road projects including the Hubli-Dharwad Bypass Project with investment of around Rs750mn. It has also involved itself in financing the Rs340mn bridge project in Maharashtra and Rs1.4bn flyover project with an innovative mezzanine financing structure. The lending for the infrastructure projects constitutes one-third of total assets of ICICI. The infrastructure lending amounted to 29% of total approvals and 22% of total disbursals of the company during 1998-99. In the area of power projects, ICICI has clarified that the company will lend to power projects provided the electricity boards commit themselves to maintaining financial discipline.

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To: Mohan Marette who wrote (100)2/10/2000 1:29:00 AM
From: Mohan Marette
   of 494
**OT** Four Indian Pete Cos In Goldman's Top 5 Asian Oil Co List

Thursday, February 10 1:05 PM SGT

SINGAPORE (Dow Jones)--Four Indian oil companies feature in the top five petroleum companies in Asia ranked by Goldman Sachs Group Inc. (GS) on the basis of current market capitalization, Reliance Petroleum Co. (P.RPT) said in a press release Thursday.

Reliance Petroleum tops the list, Indian Oil Corp. (P.IOL) is second and Hindustan Petroleum Corp. Ltd. (P.HPE) and Bharat Petroleum Corp. Ltd. (P.BPE) are fourth and fifth in the rankings respectively.

High valuations for the Indian refining sector is owing to attractive growth opportunities offered by the country's rapidly growing domestic market for petroleum products, the release stated.

Growth in the petroleum sector in India, at 7%-8% a year, is among the fastest in the world, it said.

The top 11 Asian oil companies ranked according to market capitalization by Goldman Sachs are given below:

Rank Refiners Country Mkt Cap
(in million $)
1 Reliance Pete India 6,626
2 Indian Oil India 4,590
3 S K Corp.(Q.SKP) S.Korea 2,669
4 Hindustan Pete India 1,407
5 Bharat Pete India 1,272
6 Ssangyong Oil(Q.SOR) S.Korea 999
7 Zhenhai Refining China 386
8 Shell Refining Singapore 369
9 Singapore Pete(SPCS.SI)Singapore 295
10 Esso Malaysia (P.EMB)Malaysia 212
11 Bangchak Pete (H.BCK)Thailand 138

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To: Mohan Marette who wrote (101)2/10/2000 8:14:00 AM
From: Mohan Marette
   of 494 aims $1mn turnover this year-Collaboration with ICICI

10-02-2000 17:16:10, an Indian business-to-consumer shopping and finance portal is now providing its customers with access its website using cellular phones. "We are the first Indian shopping portal to offer this facility and one of the first amongst all Indian websites," said Kumud Goel, Managing Director of KLG Systel which holds 55% in

The portal was launched last month and offers online shopping in products like household goods, kitchenware, electronic items, toys, sports products and apparel. It also offers consumer finance online in collaboration with ICICI Bank.

"We are now launching the WAP (Wireless Application Protocol) enabling (feature) of Jaldi WAP is the convergence of data, the Internet and wireless," said Mukesh Arora, Director of

The portal also said it had set up ten Internet kiosks in Bombay and that it had plans to launch another 300 such units across 20 cities in India over the next three months.

These kiosks were being set up in shops to reach customers not having Internet access, Goel said. derives its name from a Hindi word meaning "quick". Goel said the portal is making a private placement of equity shares to raise funds but there were no plans to list the shares at the moment.

He said the portal is likely to log sales of around $1 million in the calendar year 2000 and it will break even in the second year of operations.


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