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   Non-TechICICI Ltd - (Nyse: IC)

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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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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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