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   Non-TechICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (460)3/27/2000 10:28:00 AM
From: Mohan Marette
   of 494
**OT** L&T launches financial portal

Larsen & Toubro Limited (L&T) and BlueStone Capital Partners, L.P. of USA (BlueStone Capital), have signed a Memorandum Of Understanding to jointly partner a full service financial portal in India utilizing BlueStone Capital's TM global internet platform trading system. Plans are underway to link to over 75 countries through partnering with international financial institutions around the globe. The key advantage of the local platform jointly promoted with L&T, customized for India, would be that this would form a part of the global network of

BlueStone Capital Partners, L.P. is an investment and merchant banking institution of which is a division. Founded in 1996, BlueStone Capital is growing rapidly while it pioneers new uses and redefines the very foundation of the Internet for the financial services industry. has the information and flexibility to provide Indian investors across various financial markets access to timely, updated information on a continuous basis. Besides expected superior performance and execution, this financial service portal will ensure clients a global reach, which is a major differentiator from other systems, given that the Indian markets will eventually open to the rest of the world.

The system will allow not only Indian investors but also investors abroad, including NRIs, access to conduct trades in Indian Markets. In addition, when Indian laws permit, the system will allow Indian investors to execute trades in securities around the globe in `real time` and perform full convertibility of the currency in conjunction with the transaction. Since this platform is fully tested, the time to market in India is expected to be very brief, subject to customization of the system for local requirements. This financial service portal would initially offer securities trading via the Internet. It also has the capabilities of providing sophisticated decision support systems using quality content for the investors to assist in their decisions for trading in securities.

This initiative is in line with L&T's strategic thrust in telecom and information technology as recommended by Boston Consulting Group. L&T has LTITL as software service provider and L&T Finance Limited for domain knowledge.

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To: Mohan Marette who wrote (461)3/29/2000 9:26:00 AM
From: Mohan Marette
   of 494
India Business Briefs: ICICI Launches Real Estate Portal

NEW DELHI (Dow Jones)--Financial institution ICICI Ltd. (IC) has launched a Web site guide to real estate and said it plans to transform the portal into a separate company in three months and even consider an initial public offering. ICICI listed American Depositary Shares on the New York Stock Exchange in September 1999.

Global Trust Bank Ltd. (P.GTB) is planning to privately sell up to 26 million shares at a price not less than 84.34 rupees ($1=INR43.58) each.

Kotak Mahindra Finance Ltd. (P.KOT) is paying an interim dividend of INR1.80 per share. The interim dividend won't be paid to the new rights equity shares to be issued on March 31.

Whirlpool Corp. (WHR), U.S.-based appliance manufacturer, is negotiating with leading Indian air conditioning manufacturers, including Amtrex Appliances Ltd. (P.AAI) and Voltas Ltd. (VOLT.NS), in an effort to forge a strategic alliance in the domestic market, Press Trust of India reports quoting a Whirlpool executive.

-Dow Jones Newswires; 91-22-288-4211; 91-11-461-9426

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To: Mohan Marette who wrote (462)3/29/2000 9:39:00 AM
From: Mohan Marette
   of 494
ICICI launches

ICICI has developed, what it calls the most comprehensive Indian housing website . Aimed at being the "one stop site for real estate", this site provides the user, facility of property search, advisory and information services. It provides a platform for the buyers and sellers of property to come together along with service providers like brokers, architects, movers. This site would also track the pulse of the market with the price trends and property reviews.

A buyer can visit the site and identify a property, can get a pre approval, housing finance, download standard forms, get answer on queries on legal matters, tax, stamp duty etc from empanelled experts. A seller can visit the site and register his site for sale/lease. Currently there are about 4000 properties listed on this site covering the 4 cities of Mumbai, Delhi, Poona and Bangalore. Plans on the anvil include, Hyderabad, Chennai and Calcutta soon with the target to cover 20 cities in the next six months.

According to Atul Jog, business head, Web is a business channel at ICICI, not merely a marketing or advertising channel. On those lines, the management at has identified 7 to 8 revenue streams. In about three months, Indiahomeseek will become a separate company. The firm also proposes to charge fees for registration for sellers, though property searchers can access it for free. Besides this, advertising on the website is the other option, said Jog.

Source: India Infoline Delhi Bureau

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To: Mohan Marette who wrote (463)3/30/2000 10:00:00 AM
From: stock4U
   of 494
Any idea about high volume(330K) in first hour today?

I see lots of blocks on buy side.

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To: stock4U who wrote (464)3/30/2000 10:22:00 AM
From: Labrador
   of 494
Seems to be continuous deterioration. Don't understand it.

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To: Labrador who wrote (465)3/30/2000 12:20:00 PM
From: RobertSheldon
   of 494
All part of investing . . . nothing grows to the sky without weathering af few storms.

Seriously, when folks figure out just what ICICI is up to the stock will begin to act favorably. When I first bought SoftBank at 35,000 yen it promptly dropped to 25,000 yen . . . needless to say I bought more and the rest is history.

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To: RobertSheldon who wrote (466)4/2/2000 10:22:00 AM
From: Labrador
   of 494
Markets likely to firmup on Mon
Our Mumbai Bureau

The Economic Times
Copyright (C) 2000 The Economic Times; Source: World Reporter (TM)


THE STOCK markets are likely to react positively to the announcement by the Reserve Bank of India (RBI) of a reduction in bank rate by one percentage point from eight per cent to seven per cent from April 1, 00. A cut in bank rate is a signal that interest rates should decline further which will result in industry having access to cheaper capital. Any news of lowering of interest rates is welcomed by the stock markets. Barring bad news from the US markets, the Indian stock markets should firm up on Monday, said marketmen. Calling it a good thing, RH Patil, managing director, National Stock Exchange, said, We need to get into a floating rate regime.

The rate cut was expected but people thought it would be part of a the credit policy. However, it now seems that the credit policy will deal with other issues and a decision on bank rates will be taken as and when necessary, he added.

UR Bhat, chief investment officer with Jardine Fleming India Asset Management said the central banks move will create a positive investment climate in the country. RBIs move is a good signal to economy at lowering interest rates. All this while the bank credit was largely going towards to working capital requirements. Now entrepreneurs who had shelved their projects because of higher of prohibitive interest rates can now start setting up new ventures..

Ajay Srinivasan managing director Prudential ICICI Asset Management said the measures announced by the central bank is expected to lower the interest rates by half-a-per cent. I believe this will facilitate government borrowing without having any pressure on yield. He, however, said this is unlikely to have a severe impact of the economic growth in the country as the rate cut is too small to significantly hamper growth.

Mr Bhat said the government also made an attempt to address the worsening fisc. By making the announcements in the new fiscal, the government has also ensured it is not an effort aimed window dressing the balance sheets of banks, he said. Market observers pointed out that these measures will boost trading sentiments. The market was bereft of any major news and RBIs announcement could have a positive impact on trading sentiments, he said.

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To: Labrador who wrote (467)4/2/2000 10:26:00 AM
From: Labrador
   of 494
India: ICICI to spin off real estate site

Business Line
Copyright (C) 2000 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) - Asia Intelligence Wire
ICICI Ltd is proposing to float its recently launched Web site on real estate - - into an independent company by mid-2000.

According to company officials, the Web site would have as many as seven streams of revenue when the full potential and reach of the domain is realised during the next few months. The revenue streams could include registration charges for putting property on sale or purchase, commissions and advertising on the site.

The Web site is currently being hosted by ICICI Ltd and is being developed as a comprehensive site on housing in the country. The site, besides giving property search, also provides information on legal, tax, insurance, stamp duty, market watch, property review, home finance, pre-approvals and real estate resources.

The Web site is currently listing over 4,000 properties in the four cities of Delhi, Mumbai, Bangalore and Calcutta, and is expected to soon add properties in four other cities. A company official said more sections are being planned which will add value for the user.

On the site, a buyer can typically identify a property online, get a pre-approval, seek housing finance, download standard format legal documents, get answers to legal and tax queries, information on stamp duty, insurance, market news, etc. Company officials added that once the Web site is separated into an independent company, it may even go in for an initial public offering or a listing on an Indian stock exchange.

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To: Labrador who wrote (468)4/2/2000 10:28:00 AM
From: Labrador
   of 494
ICICI Web core team quits
Hemangi Balse MUMBAI

Business Standard
Page 1
Copyright (c) Business Standard
The core team of ICICI Web Trade, the web trading subsidiary of ICICI , has quit. This includes chief operating officer Jaideep Arora, chief content provider Mitesh Kamdar and chief marketing officer Deepak Ravindran.

These employees are reportedly setting up their own dotcom ventures.They refused to commented on their future plans.

Denial of employee stock options and a plan to merge group company ICICI Capital Services Ltd (formerly SCICI Securities) with ICICI Web Trade, which apparently operates to the latter's disadvantage, reportedly prompted the employees to quit.

"No decision has been taken" on merging ICICI Capital Services with ICICI Web Trade, said ICICI Web Trade chief executive officer Madhabi Puri Buch. The merger is likely to be on the lines of top American e-broker Charles Schwab's `online-offline model'.

Buch also denied that the mass exit would disrupt the company's projects. ", which was so far in a project stage, has reached the stage of public launch and therefore it is now well assimilated as a full-fledged ICICI group company,' she said. A new team of highly talented people had taken over the projects and the transition from project mode to full operations would be smooth, she added.

ICICI lined up another team comprising Anoop Bagchi and Abhijit Ghosh within 24 hours of the old team's departure. While Bagchi is a trader with ICICI , Ghosh was in charge of the research team of ICICI Mutual Fund and is the new content manager.

"The resignations have not surprised ICICI because in the dotcom world, there is always movement of staff," said Buch. She denied that there was any issue on ESOPs within the company.

A member of the old team told Business Standard, "We have been bitten by the entrepreneurial bug. We are professionals and just wanted to understand how the dotcom world feels and operates. We are fairly clued in now, and would like to seek independent futures."

The web company claims to have received more than 10,000 registrations for its Net trading product and is the first entity in the country to provide both the broking, cash and share settlement function under one roof on the Internet. ICICI Bank has been providing the cash settlement while ICICI 's depository participant service will enable on-line settlement of shares.

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To: Labrador who wrote (469)4/2/2000 10:30:00 AM
From: Labrador
   of 494
ICICI Bank shares seen firm on NYSE listing.
By Anirban Nag

Reuters English News Service
(C) Reuters Limited 2000.
BOMBAY, March 29 (Reuters) - Private sector ICICI Bank's American Depositary Shares (ADS), which rose 27 percent on its New York Stock Exchange (NYSE) debut on Tuesday, are expected to rise further in the short-term, analysts said.

ICICI Bank , the first Indian bank to tap the U.S market, closed at $14 on its first day of trading against an issue price of $11 each.

The bank has been started by India's leading financial services firm ICICI Ltd .

"I guess the price should remain firm as demand is huge," Anand Vasudevan, Vice President, corporate research, SG Asia Securities told Reuters.

The bank said the ADS issue received bids worth $2.2 billion including $1.5 billion from institutional investors and $700 million from retail investors.

ICICI Bank priced its ADS, which comprises of two domestic shares, at a 5.5 premium to the five-day average price on the Bombay Stock Exchange and the National Stock Exchange.

"It appears to be a good price for the investors. They will see an appreciation of at least 50 percent in the next five days," Vimal Jain of Prime Broking Company said.


Analysts said although the domestic shares were volatile in the past two days, there were really no concerns about the bank's performance which could affect its overseas price.

Shares of ICICI Bank fell over seven percent in Wednesday morning trade to 240.45 rupees before recovering to close at 271.25 rupees, up 9.90 over the previous close.

Analysts said the local stock was beaten down in early trade because of worries over additional provisions announced this week by ICICI Bank towards non-performing loans.

The bank said this week it was making additional provisions of 135 million rupess under the U.S generally accepted accounting principles in the fourth quarter towards non-performing loans.

"Going forward there are really no concerns. They are likely to make large profits and I do not see the bank's asset quality really deteriorating as they are targeting top corporate clients. The profits should take care of the additional provisioning," Vasudevan of SG Asia said.

ICICI Bank's third quarter net profit in the current financial year (1999/2000) jumped about 100 percent to 282.6 million from 140.4 million in the same period in the previous year.

Analysts said Internet banking will also be the driving force behind surging profits ICICI Bank is likely to post in the long-term.

"The private sector banks have done well on the Internet front and are expected to record a fast growth rate," Tabassum Inamdar of Jardine Fleming India Broking said.

Bank officials and analysts said the bank will leverage its Internet banking products to generate fee based income in the future.

"We expect an exponential growth in the area of Internet. Right now the penetration level is low. There are about 450,000 internet users but going forward the estimates are there will be 20-30 million Internet users in three years," H N Sinor,Managing Director of ICICI Bank told Reuters Television.

He said the bank clearly has a first mover advantage when the market for Internet users opens up in India.

"The overseas market has taken their future plans and Internet strategy very well," Hemendra Hazari, banking analyst at ASK-Raymond James said. ((Anirban Nag, +91 22 265-9000, fax +91 22 264-1699,

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