ICICI Bank News

The NSE Nifty index was trading 13.25 points down at 24128.7

From the Sensex pack, Infosys, HCL Tech, TCS, and Bharti Airtel opened higher, while Tata Motors, Kotak Mahindra Bank, Bajaj Finance, and ICICI Bank opened in the red.Shares of Kotak Mahindra dropped 2% after US short-seller Hindenburg said that the lender created and oversaw a fund that Hindenburg investors used to short Adani stocks.

Bankers said guarantees by chairman Gaur and vice chairman Sunil Kumar Sharma totalling close to Rs 800 crore are of little consequence after nearly seven years since the company was first referred to bankruptcy by the Reserve Bank of India (RBI) in 2017 among the 26 large defaulters of bank loans during that period.

ICICI Prudential Asset Management Company has acquired a commercial tower in Santacruz, Mumbai, for over Rs 315 crore from realty developer Kalpataru's subsidiary Ixora Properties. The tower, built on one-third of an acre, is expected to house the company's new head office. The deal is significant in the ongoing trend of leasing office space rather than buying it outright.

The Bank has allotted 3,00,000 senior unsecured redeemable long-term bonds in the nature of non-convertible debentures aggregating to Rs. 3,000.0 crore on private placement basis, the date of allotment being July 1, 2024. The bonds are redeemable at the end of 10 years and 2 days (redemption date being July 3, 2034). There are no special rights/privileges attached to the bonds.

Effective July 1, 2024, Mr. Pradeep Kumar Sinha (DIN:00145126) is the Non-Executive Part-time Chairman of the Bank.

Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015.

FD interest rates in July 2024: Many banks have revised their fixed deposit interest rates effective July 1, 2024 for amounts below Rs 3 crore. Note that some banks have updated the date and rates remain the same. Check which bank offers the highest interest rates after the revision.

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ICICI Bank Ltd, part of the private banking sector, broke out from a 2-month consolidation range to achieve a fresh record high in June 2024. Short to medium-term traders are advised to consider buying the stock with a target above Rs 1,300 levels in the next few weeks, according to experts.

In comparison, private players like HDFC Bank, Axis Bank, ICICI Bank, Yes Bank and IDFC First have an average UPI technical decline of 0.04%. Among private players, Bandhan Bank has seen technical declines of over 1%.

​Stocks expected to show bullishness include Reliance, ICICI Bank, LIC Housing Finance, Grasim, Praj Industries, Biocon, Apollo Tyres, Tata Motors, and BEL. Consider a moderately bullish strategy using a Bull-Call Spread for the July 4 weekly expiry.

A group of German investor DEG, along with the World Bank's International Finance Corporation (IFC) and the Asian Development Bank (ADB), are set to invest $300 million to acquire a controlling interest in Fourth Partner Energy, a renewable energy firm based in Hyderabad.

​Nine of the top-10 most valued firms together added Rs 2,89,699.42 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in line with a rally in equities. Last week, the BSE benchmark jumped 1,822.83 points or 2.36 per cent.

August 12, 2024, has been fixed as the Record Date for determining the names of Members eligible for dividend on equity shares, if declared at the AGM.

Outcome of Board Meeting - June 29, 2024

Enclosed, please find the disclosure of HSBC Asia Financials Corporate Day held virtually on June 28, 2024. No presentation was made and no unpublished price sensitive information was shared in the meeting.

ICICI Bank has revised its fixed deposit (FD) interest rates with effect from June 29, 2024, according to the bank's website. The revised FD rates are applicable for FDs of up to Rs 3 crore.

Banks adapt to RBI's risk weight changes by adjusting rates and enhancing capital adequacy. The pricing of new loans reflects increased risk, ensuring stability in unsecured lending. Tightened underwriting standards support sustained growth and portfolio quality, aligning with regulatory directives to manage loan risks effectively.

Banks adapt to RBI's risk weight changes by adjusting rates and enhancing capital adequacy. The pricing of new loans reflects increased risk, ensuring stability in unsecured lending. Tightened underwriting standards support sustained growth and portfolio quality, aligning with regulatory directives to manage loan risks effectively.

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India Cements had mandated ICICI Bank and EY to arrange for the debt from lenders including private credit funds, as reported earlier and they have been in talks with lenders including private credit funds.

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Experts suggest buying opportunities in stocks like Indus Tower, ICICI Bank, Grasim Industries, and Kotak Mahindra Bank for short-term traders, as per recommendations on ETNow.

Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.

Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.

Enclosed, please find the schedule of investor meet. You are requested to take note of the same and arrange to bring it to the notice of all concerned.

The NSE Nifty index closed 147.5 points up at 23868.8

Of the 16 sectoral indices on the NSE, 9 ended in the green with the Nifty Oil & Gas index ending up as the top performing index with 1.4% gains. It was followed by Nifty Private Bank index and Nifty Bank. Among the laggards were Nifty Auto, Nifty Metal and Nifty Consumer Durables which fell up to nearly 1%.

​ITC and Bharti Airtel’s weights in Nifty is expected to go up in the quarterly rejig which gets into effect on Thursday, triggering combined inflows of $95 million according to estimates by Nuvama.

Investec's diversified coverage includes insights on Adani Wilmar, ICICI Bank, Apollo Hospitals, Stylam Industries, and Ratnaveer Precision Engineering, providing a comprehensive view of the market opportunities and risks.

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Within the blue-chip Nifty50 pack, UltraTech Cement was the top gainer with an upside of 2%. Other gainers were ICICI Bank, L&T, NTPC, LTIMindtree, and Bajaj Finance. On the other hand, stocks like Apollo Hospitals, Hindalco, M&M, and HDFC Bank came under selling pressure with losses of up to 1.6%.

The BSE benchmark ended at 78,053.52, up 712.45 points or 0.92% after hitting its lifetime high of 78,164.71. NSE's Nifty rose 183.45 points or 0.78% to a close at a record 23,721.3. The index hit an all-time high of 23,754.15 during the day.

The other five companies that have reached the $100 billion market capitalisation milestone are Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and Infosys. Notably, Infosys reached this milestone in January 2022 but could not maintain that level for long.

HDFC Bank's recent market surge has propelled it to become the 18th most valuable bank globally, surpassing UBS. This intraday surge boosted HDFC Bank's market capitalization to over $162 billion, making it the second most valuable lender in India after ICICI Bank.

The NSE Nifty index closed 183.46 points up at 23721.3

The performance across Nifty sectoral indices was mixed, with 6 out of 16 indices showing gains. Notable performers included Nifty Financial Services, Nifty IT, and Nifty PSU Bank. Conversely, sectors such as Nifty Auto, Nifty FMCG, and Nifty Metal faced declines. In the broader markets, the Nifty Midcap 100 dropped by 0.45% to 55,324.45, while the Nifty Smallcap 100 saw an increase of 0.21%, reaching 18,255.10.

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The Trading window for dealing in the securities of the Bank will remain closed for al the Designated persons of the Bank (including Directors) and their immediate relatives from July 1, 2024 to August 2, 2024 (both the days inclusive) to fulfill certain filing requirements with U.S. Securities Exchange Commission.