|To: Labrador who wrote (479)||4/18/2000 2:50:00 PM|
Small investors hold key to stockmarket boom |
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.
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|To: Mohan Marette who wrote ()||4/27/2000 3:23:00 PM|
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 (www.icicidirect.com) 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.
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|To: Mohan Marette who wrote ()||4/28/2000 5:56:00 AM|
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.
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|To: stock4U who wrote (483)||5/6/2000 11:01:00 AM|
Kalyani Group ties up with PwC, ICICI for e-ventures |
Our Banking Bureau MUMBAI
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.
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|To: Labrador who wrote (484)||5/6/2000 11:03:00 AM|
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, email@example.com)).
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|To: Labrador who wrote (485)||5/6/2000 11:04:00 AM|
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.
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|To: Labrador who wrote (486)||5/6/2000 11:07:00 AM|
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.
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|To: Mohan Marette who started this subject||8/8/2001 4:18:07 PM|
|Performance Review - First Quarter Ended June 30, 2001: 21% Increase in Profit to Equity Holders |
MUMBAI, India, Jul 27, 2001 (BUSINESS WIRE) -- The Board of Directors of ICICI at its meeting held in Mumbai today, approved the audited accounts of ICICI (NYSE: IC chart, msgs) for the first quarter ended June 30, 2001 (Q1-2002). The Board also approved the unaudited consolidated accounts under Indian GAAP and considered the unaudited consolidated US GAAP financial statements of ICICI for Q1-2002. In order to facilitate comparison with earlier years, the key highlights of the unconsolidated accounts of ICICI under Indian GAAP are given below.
Results - Indian GAAP
Profit to equity holders (profit after tax less preference dividend payout) increased 21% to Rs. 326 crore in Q1-2002 from Rs. 269 crore in the quarter ended June 30, 2000 (Q1-2001). The profit after tax increased to Rs. 326 crore in Q1-2002 from Rs. 287 crore in Q1-2001.
The period under review was marked by generally lower credit off-take by corporates, and limited project finance opportunities in the absence of new projects. However, ICICI continued to maintain its growth by leveraging its strong corporate relationships and customised financial solutions. ICICI's disbursals increased 6% to Rs. 8,741 crore in Q1-2002 from Rs. 8,240 crore in Q1-2001. Total assets were Rs. 74,751 crore at June 30, 2001, an increase of 14% compared to June 30, 2000. ICICI's client-centric business model has been strengthened by the formation of dedicated relationship groups as part of the recent re-organisation of the wholesale banking business. The newly-created Government & Institutions Group (GIG) has made significant progress in establishing relationships with public sector undertakings, urban local bodies and other government institutions which offer wide-ranging business opportunities. GIG accounted for 13% of ICICI's disbursals for the quarter.
ICICI continues to diversify and de-risk its portfolio by focussing on highly rated clients and structured finance. Disbursals to "A-" and higher rated clients accounted for 92% of ICICI's total disbursals during the quarter.
ICICI's business volumes in retail finance continued to increase, and the ICICI Group today offers automobile finance loans in 72 cities, home loans in 61 cities, consumer durable loans in 26 cities and dealer funding in 29 cities. ICICI is today the largest financier for several leading automobile brands and a key housing finance provider. The ICICI Group's retail finance disbursals increased to Rs. 1,139 crore in Q1-2002 from Rs. 571 crore in Q1-2001. Retail finance disbursals accounted for 13% of total disbursals in Q1-2002 as compared to 7% in Q1-2001.
ICICI continued to unlock value out of its technology-related investments. During Q1-2002, ICICI divested 7.8% in the ICICI Eco-Net Fund in favour of Compaq Corporation for a consideration of US$ 4 million, recording capital gains of Rs. 11 crore.
Despite the high volatility in the equity markets and declining stock indices, ICICI's secondary market equity trading operations resulted in a net gain of Rs. 4 crore. This was achieved through active management of the portfolio and the use of equity derivatives. During the quarter, secondary market equity trading exposure ranged between Rs. 20 crore and Rs. 76 crore. ICICI also outperformed the market indices in its trading operations in government securities.
ICICI's net NPA ratio was 5.1% at June 30, 2001 and net NPAs outstanding were Rs. 3,007 crore. ICICI has been able to restrict the level of NPAs due to its focussed efforts for recovery from existing NPA cases and increased monitoring of stress cases. The Special Asset Management Group (SAMG) continues to drive ICICI's efforts towards recovery and asset resolution. ICICI has made provisions against NPAs as per the accelerated provisioning policy adopted from FY2001, which achieves a provision cover of 50% against the secured portion of NPAs in three years as against five-and-a-half years mandated by the Reserve Bank of India.
Rapid liberalisation and globalisation has changed the operating environment for Indian companies and necessitated restructuring of operations and credit facilities of some intrinsically viable companies. ICICI has focused on proactive restructuring of such viable companies to maximise their economic value, with appropriate contractual mechanisms to mitigate credit risk and safeguard lenders' interests. The RBI has issued guidelines which provide a strong impetus to proactive and meaningful restructuring. During Q1-2002, ICICI restructured assets aggregating Rs. 1,439 crore and made provisions/ write-offs of Rs. 32 crore against these restructured assets.
ICICI's capital adequacy at June 30, 2001 was 15.1% including Tier-1 capital adequacy of 9.6% and Tier-2 capital adequacy of 5.5% (including revaluation reserve as per the RBI guidelines).
Unaudited Consolidated Accounts under Indian GAAP
Profit after tax increased by 25% to Rs. 371 crore in Q1-2002 from Rs. 297 crore in Q1-2001.
Unaudited Consolidated Accounts under US GAAP
Income before tax and cumulative effect of change in accounting principles increased 21% to Rs. 334 crore (US$ 71 million) in Q1-2002 from Rs. 275 crore (US$ 58 million) in Q1-2001. Net income before cumulative effect of change in accounting principles increased 9% to Rs. 251 crore (US$ 53 million) in Q1-2002 from Rs. 231 crore (US$ 49 million) in Q1-2001. However, adding back the cumulative effect of change in accounting principle amounting to Rs. 126 crore, net income for Q1-2002 is Rs. 377 crore (US$ 80 million).
The balance sheet does not include the deferred tax asset arising out of 'other than temporary' diminution on investments charged to the income statement in prior years. Inclusion of such asset could have a positive impact of upto Rs. 96 crore on stockholders' equity at March 31, 2001. However, the exact amount will be ascertained on evaluation of likely realization of the deferred tax asset by the management. This change will be incorporated in the Form 20-F, as a correction to the financial statements for financial year 2001, to be filed with the Securities Exchange Commission.
Summary Profit and Loss Statement
Q1-2001 Q1-2002 Growth % FY 2001
income 2,001 2,207 10.3% 8,211
Less : Interest
and other charges 1,626 1,836 13.0% 6,912
Net fund based income 375 371 (1.1%) 1,299
Add : Fees and
commissions 98 166 68.8% 522
Net income from
operations 473 537 13.5% 1,821
Less : Operating
expenses 83 78 (6.9%) 337
Profit from operations 390 459 17.8% 1,484
Less : Provisions
and write-offs for
loans & debentures 115 109 (4.4%) 608
Profit before income
from investments and
other income 275 350 27.1% 876
Add : Dividend income 51 45 (12.2%) 108
Add : Gross Capital Gains 6 43 -- 489
Less : Write-down
of investments 27 56 -- 145
Net capital gains (21) (13) -- 344
Add : Other income 8 4 (51.9%) 62
& tax 313 386 23.0% 1,390
Profit before tax 313 386 23.0% 577
Less : Provision for tax 26 60 130.8% 40
Profit after tax 287 326 13.3% 537
Preference dividend 18 - - 18
Profit to equityholders 269 326 20.7% 519
Summary Balance Sheet (Indian GAAP)
Jun 30, Jun 30, Mar 31,
2000 2001 Growth % 2001
Net loans and
debentures 50,501 57,196 13.3% 56,002
Other Investments 3,371 4,461 32.4% 4,404
Current assets 7,123 7,005 (1.6%) 7,583
Leased assets 3,581 3,954 10.4% 4069
Other fixed assets 904 1,804 99.5% 1,042
Miscellaneous expenditure 350 331 (5.5%) 314
Total assets 65,830 74,751 13.6% 73,414
and reserves 8,303 9,018 8.6% 7,973
Of which : Equity capital 784 785 0.1% 785
Preference capital 359 350 (2.4%) 350
Borrowings 52,087 60,084 15.4% 59,835
Current liabilities 5,081 5,299 4.3% 5,256
Total liabilities 65,830 74,751 13.6% 73,414
1. Shareholders' equity and reserves includes revaluation reserve of
Rs. 720 crore.
2. Provision for taxation for Q1-2002 includes deferred tax provision
as per the accounting standard. However, no deferred tax liability
relating to earlier years has been created. If such liability was
created, the reserves would have been lower by Rs. 339 crore.
Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
(For press queries)
Madhvendra Das, 91-22-653 6124
email at firstname.lastname@example.org
(For investor queries)
Rakesh Jha, 91-22-653 8902
Sandeep Guhagarkar, 91-22-653 6157
email at email@example.com
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