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   Non-TechICICI Ltd - (Nyse: IC)


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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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To: Mohan Marette who wrote (441)3/21/2000 8:58:00 AM
From: Mohan Marette
   of 494
 
SBI plans to raise Rs 1000 crores ($870 mln) through private placement of debt

sbi.co.in

The State Bank of India (SBI) plans to tap the market through a Rs 1000 crores private placement. The bank likely to float a subordinated debt issue of Rs 1,000 crores this week. This said to be the largest tier-II debt issue by any bank in this fiscal. Sources say, the five-year instrument is likely to carry a coupon of around 11 per cent. SBI Capital Markets is set to manage the issue, money market sources said. Crisil rated the issue as "AAA".

"The bank anticipates a growth in loans assets in the next financial year. Raising Tier-II funds at this juncture will allow the bank to maintain its capital adequacy ratio (CAR) at the current levels," the bank sources said.

The Capital Adequacy Ratio (CAR) of the bank is pegged at 12.51 per cent at present. Of which, Tier-I capital constitutes 9.36 per cent and Tier-II capital the balance 3.15 per cent. The bank floated a 10-year Rs 1000 crores subordinated debt issue in 1995.

"At around 11 per cent, the SBI paper is finely priced. Had the bank opted for the book-building route for pricing the bond, the coupon would have been on the higher side, given the likely tightness in the system this week," an analyst said.

The timing of the bond issue coincides the following tighter liquidity conditions from Rs 7,000 crores towards advance tax outflows. The yield is currently being dealt at 11.10 per cent, about 20 basis points lower than the levels prevailing the previous week.


Source : MI
Mar 20, 2000

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To: Mohan Marette who wrote (442)3/21/2000 12:52:00 PM
From: Mohan Marette
   of 494
 
Message 13249417

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To: Mohan Marette who wrote (443)3/21/2000 1:29:00 PM
From: Mohan Marette
   of 494
 
**OT** Alert: Citigroup Says Names Menezes Chairman, CEO of Citibank, Replacing Reed

Tuesday March 21, 1:12 pm Eastern Time

(This is a headline-only alert, although it will likely be followed by an article soon)

============

Mr. Menezes joined Citicorp in India in 1972 and began his career in Corporate Banking. Among his assignments were Citibank Senior Officer for India and South Asia and Country Corporate Officer and head of corporate banking in Hong Kong, Macao and the People's Republic of China. Between 1985 and 1989 he was Citicorp's Senior Corporate Officer for Latin America and Africa. In 1989 he moved to consumer banking, where he was named head of the European business, and two years later his responsibilities were extended to include consumer banking in the United States. He was named Chief Financial Officer of Citicorp and Citibank in December 1995.

Mr. Menezes was born in Pune, India, on May 14, 1949. He received an electrical engineering degree from the Indian Institute of Technology in 1970 and a Master of Science in finance and economics from the Sloan School of the Massachusetts Institute of Technology in 1972.

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To: Mohan Marette who wrote (444)3/21/2000 3:57:00 PM
From: Mohan Marette
   of 494
 
Funding farm-related projects -- ICICI in talks with major agencies

ICICI Ltd is in talks with multilateral and other funding agencies for sourcing funds for agriculture-related projects, Ms. Chanda Kochhar, General Manager, has said.

hindubusinessline.com

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To: Mohan Marette who wrote (445)3/21/2000 3:59:00 PM
From: Mohan Marette
   of 494
 
Federal Bank to offer Net, e-com services soon

FEDERAL Bank will offer Internet and e-commerce related services to its customers by the April-end, according to Mr. K. A. Padmakumar, Chairman.

hindubusinessline.com

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To: Mohan Marette who wrote (446)3/21/2000 9:52:00 PM
From: Mohan Marette
   of 494
 
IL&FS/ICICI domain name case settlement soon

Our Mumbai Bureau
21 MARCH

INVESTSMART India, the web broking subsidiary of IL&FS, and ICICI appear to be heading for an out-of-court settlement over the issue of usage of the investmartindia.com domain name. Investsmart India is believed to have urged ICICI, which registered the disputed domain name, to transfer rights to it. ICICI is not averse to such an idea as it is not in a mood to trigger off a long legal battle.
Earlier this month, the Bombay High Court turned down a plea by Investsmart India for an interim injunction against ICICI using the domain name investmartindia.com on the ground that it was deceptively similar to its own site investsmartindia.com .

While sticking to its rights over the domain name, ICICI said Investsmart had chosen to sue even before a meeting could be fixed between the two companies to sort out the dispute. Following the order, Investsmart India said that it would appeal.

Sources said since then Investsmart India had approached ICICI requesting transfer of the investmartindia.com domain rights. The exact state of the negotiations could not be ascertained as ICICI officials refused to comment on the ground that the matter was sub-judice. Senior executives of investsmart were out of station.

ICICI officials had earlier said that a litigation was thrust on them without giving them an opportunity to sort matters out through mutual discussion.

The line of thinking in the two institutions is now to focus on promoting their respective websites for internet broking instead of prolonging the dispute.
ICICI has commenced e-broking through its website icicidirect.com , which was launched last month. economictimes.com

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To: Mohan Marette who wrote (447)3/22/2000 4:40:00 PM
From: Mohan Marette
   of 494
 
HDFC to pick 29.5% in net broking arm

hdfcindia.com
hdfcbank.com

Our Bureau

MUMBAI, March 22

HOUSING Development Finance Corporation Ltd (HDFC) is picking up a 29.5 per cent stake in the proposed joint venture being set up with HDFC Bank for net broking.

The HDFC board, which met on Wednesday, approved the new venture and the board of HDFC Bank will be meeting on March 29 to discuss the proposal.

The new company will be engaged in net broking and other allied businesses.

According to sources, a third 'technology' partner is likely to pick up stake in HDFC Securities.

The HDFC board will be meeting again on March 27, to consider payment of interim dividend and raising the limit of FIIs' holding from 30 per cent to 40 per cent, according to a company notice to the stock exchanges.

-Business Line

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