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   Non-TechICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (431)3/19/2000 11:24:00 PM
From: Mohan Marette
   of 494
RBI not to proceed against ICICI

Our Banking Bureau in Mumbai

The Reserve Bank of India will not proceed against ICICI on the issue of alleged discrepancies in its accounts. RBI governor Bimal Jalan recently told the Financial Times that no further investigation was pending. "I'd just ignore it," he said.

In a recent report, the RBI had said that ICICI's profits and capital ratio should be lower than what was declared in its results for 1998-98. ICICI said it had responded to the RBI and "believes this response was found to be satisfactory".

ICICI, which also presents accounts according to US Generally Accepted Accounting Principles for international investors, said its figures were in line with global standards.

ICICI chief executive K V Kamath had said that the accusations were unfounded and that the leaking of the report, which dates from last October, stemmed from "people wanting to play mischief".

Meanwhile, ICICI Bank is set to begin roadshows for its $175 million American depository shares issue from Tuesday. Pricing is tentatively slated for March 27 and trading is expected to start on March 28, investment banking sources said.

ICICI Bank will be the second Indian company to list on the New York Stock Exchange after its parent ICICI listed in September last year.

Bank sources refused to comment on the matter. But investment bankers said the roadshows start off in Singapore and Hong Kong on Tuesday, to be followed by presentations in UK and Europe, and finally in the US.

The roadshows are made up of two ICICI Bank officials and one ICICI representative, along with representatives of the lead managers and investmenet advisers. Investment banking sources said initial indications were that the Bank's prospectus had met with tremendous response from retail investors.

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To: Mohan Marette who wrote (432)3/19/2000 11:28:00 PM
From: Mohan Marette
   of 494

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To: Mohan Marette who wrote (433)3/20/2000 9:02:00 AM
From: Mohan Marette
   of 494
Message 13238770

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To: Mohan Marette who wrote (434)3/20/2000 9:05:00 AM
From: Mohan Marette
   of 494
Holiday Advisory: India, Japan Close Mon

Monday, Mar. 20 India, Japan: Markets, banks, businesses and government offices close.

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To: Mohan Marette who wrote (435)3/20/2000 10:26:00 AM
From: Mohan Marette
   of 494
SEBI Considers Online IPO Norms

By Uday Lal Pai
India Correspondent,
[March 20, 2000--MUMBAI] With leading brokers rushing to offer stock trading via the Internet, the Securities and Exchange Board of India (SEBI) is considering online IPO norms for primary markets.

SEBI recently allowed Net trading in India, and at least 50 institutions are planning to commence secondary market (stock market) trading on the Internet -- this includes companies such as Jardine Fleming, HSBC, and DSP Merrill Lynch.

Officials at NSE.IT, the infotech arm of India's National Stock Exchange (NSE), said they have already sold 20 computer-to-computer products with Internet trading compatibility.

"We have already made presentations to some big players such as Jardine Fleming and HSBC, who are considering an entry into Net trading," said an official.

Geojit Securities, based in Kochi, Kerala, had led the way by launching Internet trading on the NSE.IT product about six weeks ago.

A senior official at Financial Technologies, another technology provider for Internet trading systems, said that several leading players are in various stages of negotiation.

Financial Technologies has bagged orders from five entities that are likely to launch Net trading soon, two of which are ICICI and Investsmart.

In a move that may well cause a shakedown in the industry, a large number of sub-brokers are flocking to ICICI Direct, ICICI's Web trading platform, through which they can route transactions on behalf of their clients.

SEBI is putting together a strategy that would let investors apply for issues online through a broker, who in turn would furnish the application to the issuer through the Internet.

The organization is also planning to finalize the norms for allowing the sale of IPOs through the Net.

Unlike in the US, there is no system of providing a social security number on the Net to investors in India, so any issuance through the Net would have to be routed through intermediaries.

One proposal suggests that a brokerage or institution could provide identification numbers to its clients, which will validate their entry to its Web site

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To: Mohan Marette who wrote (436)3/20/2000 10:29:00 AM
From: Labrador
   of 494
I think that we're on the road to a quick recovery.

Keeping my fingers' crossed.

Still with a $50 target by summer.

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To: Mohan Marette who wrote (436)3/20/2000 11:16:00 AM
From: Mohan Marette
   of 494
Message 13239964

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To: Mohan Marette who wrote (438)3/20/2000 12:52:00 PM
From: Mohan Marette
   of 494
**OT** Holi milan

Message 13240842

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To: Mohan Marette who wrote (439)3/21/2000 1:42:00 AM
From: Mohan Marette
   of 494
Standard & Poor upgrades India rating

Standard & Poor, International credit rating agency has upgraded out look of India's BB long-term foreign currency rating to positive from stable. "The outlook revision reflected better prospects for accelerated economic reforms in the near term and positive trends in external flexibility. India's BBB long-term local currency rating and its stable local currency outlook were affirmed" S&P said in a statement.

"The outlook revision reflects positive trends in external flexibility and better prospects for an accelerated pace of economic reforms in the near term," the S&P statement said. "India's external resiliency, as shown by the strengthening of its liquidity position despite a near-doubling of oil prices last year, is likely to improve in the coming years."

The firm said growing export earnings, especially from services, should also be complemented by higher non-debt foreign capital inflows.

As a result, it forecast that the total external debt would decline to around 150 per cent of exports this year compared with over 180 per cent in 1996, and fall further in the coming years.

S&P said the recently accelerated reforms including the first privatisation of a Central Government enterprise, liberalised rules for foreign and private investment in the insurance sector and ongoing steps to remove legal and regulatory barriers should also boost growth prospects.

According to the rating agency, India should continue the reforms to improve, enlarging the role of the private sector. With the combined Central and State Government deficits hovering at around 9 per cent of GDP this year, an upgrade in ratings would depend upon a reduction in the country's large fiscal deficit, S&P said.

Comfortable external liquidity, foreign exchange reserves, which exceed 300 per cent of short-term debt, the recent liberalisation of rules for foreign direct investment, along with the rising number of Indian companies raising equity abroad, these positive impacts resulted that to upgrade the India's rating, said the S&P sources.

Source : MI
Mar 21, 2000

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To: Mohan Marette who wrote (440)3/21/2000 8:47:00 AM
From: Mohan Marette
   of 494
Prudential ICICI to acquire 5% stake in Ampersand Software

Prudential ICICI Mutual Fund is picking up around 5 per cent stake in Internet service company Ampersand Software Applications Ltd, days before the software company is all set to go public.

"By getting Prudential ICICI on board will validate our strategy and positioning as a global Internet service player," Narasimhan Mandyam said. Ampersand promoted by two former Infosys Technologies employees and a management consultant, plant to use the proceeds from the private equity placement for its Internet development infrastructure and facilities in Bangalore and expansion of its marketing and sales efforts in the US.

Mandyam said the initial public offering (IPO) of around Rs 27 crore will hit the market soon.

The IPO is expected to be priced between Rs 180 and Rs 200 per share. Post-IPO, the promoters will have a stake of around 40 per cent, around 35 per cent will be with Baysoft promoters and Prudential ICICI and the rest will be with the public. DSP Merrill Lynch and Jardine Fleming are the lead managers of the issue. Ampersand bought over Baysoft, a startup company sometime ago, through a stock-swap arrangement.

Nearly 40 per cent of the proceeds of the IPO will go towards expanding marketing efforts in the US, around 10 per cent in development cost and the rest in retiring debt and increasing infrastructure facilities of the company. Ampersand has a debt of around Rs 3 crore.

Pre-IPO, the company has been valued at around Rs 100 crore. During 1998-99, on revenues of around Rs 14.5 crore, Ampersand posted a profit of around Rs 2 crore and hopes to increase it to around Rs 3 crore on revenues of around Rs 23 crore.

Prudential ICICI is one among the four mutual funds in India with asset under management of over Rs 2,000 crore. It is a 55:45 joint venture between Prudential Corporation based in the UK and ICICI Ltd, one of the largest financial institutions in the country.

Mandyam said Ampersand is a pure play Internet services company that builds e-commerce solutions and Internet, intranet and extranet applications. It focuses in building business-to-business web application. It has developed software called "Zero Code", which is a combination of project management environment and code generation built for the web and on the web.

Among its clients are Sony Pictures Entertainment, Motion Picture Association of America, Polaroid ID Systems, Walt Disney Pictures and NCR Corporation. Nearly 95 per cent of Ampersand's revenues comes out of the US.

Mandyam said e-solutions from Ampersand is a complete 'specifications to product' offering that integrates operating platforms, databases, content management, multimedia and transaction security.

According to Forrester Research, a leading research-based company, sales conducted over the Internet during 1998 was around $17 billion, which shot up to $327 billion in 1999 and the number of consumers buying over the web will double to 100 million during 2000.

Source : BS
Mar 20, 2000

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