We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Non-TechICICI Ltd - (Nyse: IC)

Previous 10 Next 10 
To: Labrador who wrote (478)4/18/2000 2:49:00 PM
From: Labrador
   of 494
ICICI fund picks up 10% stake in
Rupali Mukherjee

Financial Express
Copyright (C) 2000 Indian Express Newspapers (Bombay) Ltd.; Source: World Reporter (TM)
New Delhi, April 18: ICICI Venture Fund Management is picking up over 10 per cent stake in - the country's largest employment portal promoted by Sanjeev Bikhchandani.
To start with, ICICI Ventures is pumping in around $2 million in the venture. The investment is being made through the company InfoEdge India Pvt Ltd, which has promoted the portal. The investment has been done at a premium, sources said. Speaking to The Financial Express, president ICICI Venture Funds Management Company, AJV Jayachander said: "We think the investment makes strategic sense as the site satisfies an essential need of every individual, has the first mover advantage, and is the clear leader in this space.'
``Naukri has been able to put together a team of highly qualified professionals which has helped it attain this position," he added.
The portal was launched in April 1997. It offers 10,000 job advertisements and 30,000 vacancies, and has updates daily. Bikhchandani said "We need to consolidate our leadership position and for that we would be investing in building the brand, staffing, adding infrastructure and upgrading technology. We expect to multiply page views from two million monthly to 10 million per month in the next few months".
He added: "In the medium term our objective is that if there is a job for an Indian anywhere in the world it should be on Naukri."
ICICI Securities Ltd (I-Sec) structured the deal. When contacted, I-Sec vice president, Ravi Sardana said: " is one of the few portals to have a revenue model in place and has been making profits from day one. It has a large base of loyal users", he added.
Bikchandani, who is an IIM-A product, has worked in companies including Smithkine Beecham and Lintas. He has vast experience in HR consulting and has co-authored two books on career counselling. is a one-stop information clearing house about jobs and careers for Indians. It also gives information to students for going abroad, admission deadlines, tips on interviews and group discussions. Companies can advertise for jobs, job-seekers can search jobs and one can browse resumes on the portal. It has no plans of going international, and would remain India-specific.
Info Edge India Ltd has floated two other popular portals - and

Share RecommendKeepReplyMark as Last ReadRead Replies (1)

To: Labrador who wrote (479)4/18/2000 2:50:00 PM
From: Labrador
   of 494
Small investors hold key to stockmarket boom
J Mulraj

The Times of India
Copyright (C) 2000 The Times of India; Source: World Reporter (TM)
No it wouldn't. How, then, can we expect capital markets to be popular if their main customer, viz. the small investor, is denied access to most rides?
Globally capital markets are being institutionalised. Over the past two decades the proportion of equity holding in individual hands in the US has fallen from 65 to 33 per cent; correspondingly, that of institutions has gone up in converse proporation.
The consequence of this, as we have observed both in global markets as well as our domestic markets, is increased volatility.
Last week at the BSE, the Sensex initially climbed 322 points (6 per cent of the Friday closing price) over the first two days (of a four day week), then fell 369 over the next two (7 per cent).
One really bemoans the fate of individual investors in India, for the way the system is often stacked against them. Start with initial public offerings (IPOs.) Individual investors are being denied the chance to participate in new economy stocks.
Because of restrictions on capital movement, Indian investors have been unable to participate in the boom in Nasdaq. They are held captive in a domestic market, in an unfriendly environment. This suits domestic issuers of capital just fine.
It also suits banks and financial institutions just fine as, in the absence of worthwhile equity issues, investors are forced to flock to debt issues of IDBI and ICICI , which are rated triple A by rating agencies set up by these institutions. Around 80 per cent of money raised through public issues went into debt issues of these two institutions.
New dot-com ventures are unable to list on the main exchanges because of existing listing guidelines which allow entry only to companies with a dividend and profit track record. Hence they are funded by either venture capitalists, angel investors or through a foreign listing (e.g. Satyam Infoway.)
Indian investors do not get to participate, at least not till the business reaches an advanced stage. The few good equity issues which did come out were through a book build issue which is again weighed in favour of institutional investors, although SEBI has recently taken an initiative to correct that.
The better brick and mortar companies, too, have various funding options, including GDR/ ADR issues, or, as Reliance has so deftly proved, brilliantly timed issuances of debt paper.
Nor is the government forthcoming with attractively priced issues of PSU stocks that would give investors an incentive to save.
Banks are also cutting down on deposit rates, under pressure from their biggest customer, the government of India, who is in financial trouble with uncontrollable fiscal deficits.
This makes bank deposits an unattractive option. The investor's confidence has also been shaken by troubles at UTI resulting in a huge bailout last year. Fortunately, some good investments made by their largest scheme, US 64, has paid off and the net asset value (NAV) has now supposedly climbed to above an arbitrarily set repurchase price.
The government has initiated talks to link repurchase price to NAV; the sooner this is done the better it would be for the health of capital markets.
Small wonder, then, that household savings rates have fallen 2 per cent. Shutting out the small investors is the worst possible way to get him to save enough for the investments but that is the way things are progressing.
So the investor's choice are restricted to investing through the mutual fund or setting out on his own. Collections by private sector mutual funds have been rising. Investments in the secondary market exposes investors to the sort of wild gyrations he recently witnessed, besides a whole host of unfair practices.
Circuit breakers which stop trading if stock prices hit 8 per cent above or below the previous close are perversely acting anti small investor, instead of for him, as intended. Large operators, sometimes acting in concert with fund managers, are better able to manipulate stock prices by misusing the circuit filters.
They place large buying orders on the way up, at the ceiling, consecutively for several days. When the circuit is finally lifted, they rush in to buy stock they felt deprivated for, exactly as intended by the operators.
In news of interest last week was the share buyback announcement by RIL, using funds it had raised through external commercial borrowings issues abroad and has now brought back ($1 b.) The stock spurted on the news, going up to a high of Rs 376. Then, upon news that the buyback was to be undertaken at Rs 303, it fell, to close the week around that level. Being one of the heavyweights, this pulled down the Sensex.
Results of both Infosys and Satyam for the year to March were excellent; this did not, however, stanch a slide in their stockprices, after the fall at NASDAQ, where both companies have listed their ADRs.
The coming week would see the same sort of wild gyrations in which scenario it is best to stay away. Roller coaster rides are fun only at Disney World.

Share RecommendKeepReplyMark as Last Read

To: Mohan Marette who wrote ()4/27/2000 3:23:00 PM
From: Labrador
   of 494
India's ICICI reports robust Web trade
NEW DELHI, April 27 (Reuters) - Indian financial services firm ICICI Ltd is seeing robust growth in Internet trading of stocks on its financial portal, which was launched in February, Managing Director K.V. Kamath said on Thursday.

``We are doubling volumes everyday,'' Kamath told a business seminar. ``The last 10 days we have doubled trading volumes everyday...The success has been stunning.''

Kamath told Reuters later that the site ( had 20,000 registrations so far.

ICICI Bank (NYSE:IBN - news), the group's banking affiliate, has 125,000 customers who have Internet access, Kamath said.

Both Bombay-based firms are listed on the New York Stock Exchange.

He did not give details on the volume of trading.

Share RecommendKeepReplyMark as Last Read

To: Mohan Marette who wrote ()4/28/2000 5:56:00 AM
From: Labrador
   of 494
I received a note today from investors relations at IC regarding the dividend payment date -- I guess after this date IC and ICD should trade as a single security.

The record date for the interim dividend was April 25, 2000. The actual payment of dividend is expected to be completed by May 15, 2000.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)

To: Labrador who wrote (482)4/28/2000 11:24:00 AM
From: stock4U
   of 494
Result out.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)

To: stock4U who wrote (483)5/6/2000 11:01:00 AM
From: Labrador
   of 494
Kalyani Group ties up with PwC, ICICI for e-ventures
Our Banking Bureau MUMBAI

Business Standard
Page 10

Kalyani Group has entered into a strategic partnership with ICICI Ltd and PricewaterhouseCoopers (PwC) for a major thrust in the e-business area. The combined group would be setting up two e-markets.

The first would be an exchange for speciality steel sector products whereas the second would be a portal for auto components which is expected to be online in the next ninety days. A separate company would be formed for the e-business venture.

Both ICICI and PwC are expected to equity partners in this venture although the capital structure is yet to be decided. Apart from this, the new venture would also look for more partners for providing technology, insurance, testing services and credit information. The new exchange is expected to provide a global Internet market place though the portal would be India-centric in the beginning.

Baba Kalyani, chairman of Kalyani Group, said, "The new market place would provide the reach that customers would require in the currently fragmented steel industry. This is likely to be the first business-to-business (B2B) product of its kind as all other steel exchanges have been only for commodity products.

The idea is to create a truly homogenous integrated market place."

As of now, the domestic speciality steel industry has a size of Rs 7,000-8,000 crore and the auto component industry in the country has a size of Rs 15,000 crore. As they would be catering to a huge market worldwide, the Kalyani Group and partners have set a budget of Rs 40-50 crore for aggregate expense on the e-business operations which includes large expenses on technology.

PwC has been looking for the technology partner and probable names include Ariba, CommerceOne and Oracle.
A revenue model has already been set for the e-exchange. Fees charged would include transaction, lead generation, membership, sponsorship, fulfilment and allied services fees. However, the fee structure has not yet been decided.
ICICI 's role in the venture would be two fold. The first would be the provision of capital to the company and the second will be provision of credit to parties transacting on the exchange.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)

To: Labrador who wrote (484)5/6/2000 11:03:00 AM
From: Labrador
   of 494
INDIA: ICICI stk down 5.5 pct despite profit rise.

Reuters English News Service

BOMBAY, May 2 (Reuters) - Shares of Indian financial firm ICICI Ltd were down 5.5 percent despite posting a 20.5 percent rise in net profit for 1999/2000 (April-March).
Analysts said investment gains had helped prop up the net profit and this factor was unlikely to help a rise in net profit again in 2000/01.

"If you strip the gains from sale on investments, profit is not all that impressive," Hemendra Hazari, banking analyst at ASK-Raymond James told Reuters.

The benchmark 30-share Bombay index rose 34 percent during the financial year, helping ICICI 's net profit from the sale of investments to touch 2.93 billion rupees against 440 million in the previous year.

ICICI 's stock was traded at 126.00 rupees at 11:15 a.m (0545 GMT) compared to Friday's close of 133.40 rupees tracking a weak market which was down over three percent at 4,510.66 points.

The firm which posted a net profit of 12.06 billion rupees ($276.29 million) for 1999/00 announced its results after close of trading on Friday.

The firm's shares have taken a beating since the central bank had questioned the firm's 1998-99 (April-March) results in early March.

ICICI had disputed a Reserve Bank of India (RBI) inspection report which said the profit figure for the year was overstated by 4.03 billion rupees on lower provision for sticky loans.

The stock had touched a high of 196.0 in early March before the central bank report dragged down the stock.
However, analysts said they were still bullish about the firm's e-commerce initiatives which would help decide future valuations.
"Its e-commerce initiatives are impressive and given the thrust there the stock is trading at reasonable levels," Vimal Jain of Prime India Broking said.
He however added that he had no recommendation for the stock.

ICICI on Friday detailed its e-commerce initiatives at an analysts' meet on Friday after announcing its results.
ICICI , along with its subsidiaries, has a strong presence in technology and offers a gamut of services including e-banking through ICICI Bank and e-broking through I-Web.
((Bombay newsroom, +91 22 265-9000, fax +91 22 264-1699,

Share RecommendKeepReplyMark as Last ReadRead Replies (1)

To: Labrador who wrote (485)5/6/2000 11:04:00 AM
From: Labrador
   of 494
FUND BEAT / Baring all

The Economic Times

US-64, the largest and oldest mutual fund in the market, has announced its top holdings. These are Reliance Industries, Reliance petroleum, HFCL, ITC, Infosys Technologies, Global Telesystems, SSI, Satyam Computer, ICICI and Mahanagar Telephone Nigam Ltd. Together these scrips constitute 53.3 per cent of the funds assets. The top 5 scrips constitute 37.11 per cent of the funds assets. For the quarter ending March 31, 2000, the net income of the scheme was Rs 738 crore. The total reserves of the scheme have also grown to Rs 4,223 crore.

UTI has also declared dividends of 16 and 20 per cent in its Mastershare and Grandmaster schemes respectively. The record date for both these dividends is May 20, 2000. In a separate move UTI has decided to issue a common application form for eight of its equity funds. these are Masterplus 91, Mastergain 92, Mastergrowth, Grandmaster 93, Primary Equity Fund, UGS 10,000, Master Index Fund and Nifty Index Fund.

UTI has also announced that, inspite of the volatility in infotech scrips, it will continue to maintain a 25 per cent exposure to this sector in its equity schemes.

Sun F&C Mutual fund is in the process of launching a high risk-high return fund called Resurgent India Equity Fund. This fund will concentrate on generating long term capital appreciation. The funds investment spectrum will consist of companies which are in the process of restructuring, privatising or growing through acquisition. Due to the high risks associated with this fund, the minimum investment will be Rs 5 lakh and in multiples of Rs 1 lakh thereafter. The initial offer period of the fund extends till May 25, 2000 and units will be available at Rs 10.

Sun F&C is also leveraging the power of the internet to make its schemes more accesible to potential existing as well as potential investors. Investors can now buy and sell the Asset Management Companys mutual fund schemes over the web.

IDBI Mutual Fund has recently issued its statement of Scheme(s)/Plan(s) portfolio. A look at the portfolio of the funds Tax I-NIT96 scheme reveals high concentration levels. The top 10 scrips constititute 69.81 per cent of the funds total assets. These are Infosys Technologies, Satyam Computers, Hindustan Lever, Zee Telefilms, Aptech, Gujarat Ambuja Cement Sun Pharmaceuticals, Reliance Industries, ITC, and Cipla Laboratories.

TATA Mutual Fund has decided to introduce a 10 per cent equity component into the portfolio of its income fund. According to the Asset Management Company, the step is a move to dilute the impact of the higher dividend distribution tax proposed in this years budget. As on March 31, 2000 Tata Income Fund had a 6.27 per cent equity component in the funds growth option. The equity holding in the dividend option was 0.57 per cent.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)

To: Labrador who wrote (486)5/6/2000 11:07:00 AM
From: Labrador
   of 494
Here's a great write-up of ICICI, and its potential is obvious.
The Economic Times

ICICIs ability to capitalise on its early-mover advantage, improving asset profile and improving economic prospects have been driving the stock lately. Besides, its listing on the NYSE has also helped this FI move away from its traditional association with the commodity cycle. ICICIs web-trading product is the most recent in several e-commerce products it launched through its banking arm, ICICI Bank. Beginning with more traditional services such as payment of telephone bills, account balance queries and opening a bank account, ICICI went on to provide a platform to customers for facilitate trade and payment over the internet using ICICI Banks banking products. It has clearly taken the lead and is capitalising on its first-mover advantage by introducing new products. ICICI is expected to launch a few more e-commerce related products, particularly in the area of B2B and possibly B2C.

THE new web-trading product is being launched through a new subsidiary ICICI Web Trade, marking its foray into e-broking. This is the first integrated product that enables an ICICI Bank customer to buy shares on both cash and margin basis and have it deposited in the persons current account. This is likely to provide a fair amount of free float to ICICI . This will help ICICI reduce its funding costs apart from providing additional fee income. The proposed new product underlines the benefits of an integrated universal bank structure with ICICI Bank, ICICI Securities and ICICI Ltd, all playing a central role along with ICICI Web Trade.

This product together with the payment gateway will enable the bank to take ob about one lakh online customers over the next 7 to 8 months, from the current level of 14,000. This will accelerate the process of ICICI achieving the critical mass. It will simultaneously provide ICICI with enhanced cross selling opportunities.

The launch of its credit card expected by February 2000 should further close the existing gaps in the product line and provide an even greater thrust to ICICI groups cross selling efforts.

Although e-commerce business volumes in India are currently small, one player, proactive in the field of e-commerce, is likely to grab a larger share of that business with a resulting material impact. E-commerce is a medium that ICICI can exploit to enhance its payment franchise. Compared with traditional banks that earn a substantial proportion of their fees by way of LCs and remittances, ICICIs fee income is largely dependent upon guarantees and fees. This was an area where ICICI was lagging behindbecause of regulatory constraints on FIs. The internet does provide ICICI with the opportunity to take this advantage away from traditional banks that still rely on the brick and mortar branch network.

ICICI Infotech, a fully-owned subsidiary of ICICI , began as a registrar and transfer agency. Now a transaction processing company, it serves as ICICIs investor servicing company. It has set up an integrated document imaging and management system to handle investor correspondence. It handles all processing requirements of ICICIs retail business and implements SAP and millennium projects for the parent.

With the company beginning to cater to third party assignments, ICICI is expected to develop it into a regular technology company to enable it to achieve a prominent position. ICICI has also stated that over the long term, it plans to take the company public as employees of this company have been offered stock options. There is a strong likelihood that ICICI may acquire an existing software content provider and merge it with ICICI Infotech to develop it into a regular software company. Any acquisition in this direction is likely to result in ICICI getting higher valuations.

AN important facet of ICICIs strategy is its diversification into retail banking. This results in diversity of fund-base, lower cost of funding and a strategic opportunity. ICICI is a large borrower in the wholesale market, but a retail funding franchise is crucial to sustain competitiveness in short term lending - its new focus. ICICI has also recognised that it needs to access the domestic savings pool directly, which is the key to lower costs.

Retail banking is still in its early days and ICICI believes it can provide a better value proposition to customers than several of its peers. Technology has cut costs and regulatory barriers and ICICI can now offer a wide range of products through an array of channels. Among key elements of ICICIs retail strategy is a multi-channel distribution network centred around 300-odd low-cost automated centres in top 150 to 200 cities and 100-odd branches of ICICI Bank. Another is a branding strategy backed by adequate ad spending and a wide product range to maximise the share.

The retail distribution is gaining critical mass. ICICI is fast developing retail loan products and has launched mortgage loans. It plans to nationally launch consumer durables products.

ICICI is the first institution that has put in place a compatible IT architecture and common IT strategy across group companies. When regulations permit, the operations of individual entities could smoothly integrate. Even now, there would be no loss on the cross-selling opportunity or servicing ability owing to the capability of IT systems.
NPAs are believed to have peaked during last fiscal. ICICI will be able to manage asset quality problems, going forward, due to better prospects of economic recovery and rising commodity prices, loan profile changing in favour of better quality loans and increased focus on NPL management and recoveries. Post FY 97, as part of its long-term strategy, ICICI has focussed on infrastructure and shorter term working capital loans. Incremental disbursements to manufacturing projects were cut. Proportion of manufacturing loans has fallen from 73 per cent in FY 97 to below 50 per cent in FY 99. Infrastructure and working capital loans form 51 per cent of total loans in FY 99.
HISTORICALLY, for ICICI , a low provision cover has been a cause for concern. However, in FY 99, ICICI restated its accounts under US GAAP according to which the management has substantially raised provision coverage to 49 per cent. This is comparable with the coverage for domestic banks. ICICI has recognised its investment losses under US GAAP and written off Rs 600 crore from its books. This is quite positive, and was a persistent concern under the Indian GAAP.

IMPROVEMENTS in the outlook of commodity prices and the domestic economy have helped in better valuations for the scrip. Higher disclosures through adoption of US GAAP has resulted in a more transparent balance sheet. The potential of ICICIs e-commerce foray and its emerging retail franchise is expected to provide an upside to the valuations. A good medium term buy in our perspective.

Share RecommendKeepReplyMark as Last Read

To: Mohan Marette who started this subject9/16/2000 8:10:20 PM
From: Labrador
   of 494
Anybody home? And now touched under $12.

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10