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ICICI Bank
FE editorial: to watch Monday trading closely
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Leave it.Tracked by: 0 Boarder
FE Editorial : Monday mantra
Mon, Oct 13 02:38 AM
No Monday market will be watched as closely as today`s. India`spolicymakers will be watched too. They have done well so far. But volatile times induce error. So let`s note that one of the most remarkable facts this crisis has shown is that the global stock market can absorb a trillion dollar loss in one day while the global banking system cannot absorb the same loss over two years. This is demonstration of the importance of a market-dominated financial system. A large banking system is a strategic vulnerability, particularly after taking into account the toxic interplay between banking and politics which can lead to loan waivers, loans to cronies, bailouts, resource pre-emption by the government, directed credit and PSU banks. A market dominated financial system is safer in that the worlds of finance and politics are much more likely to be kept apart.
In Russia, Indonesia, Ukraine, Hungary, Pakistan, etc., the stock markets have closed down for some period of time in this crisis. Regulators in the US and the UK lost their nerve, and did some silly things on short selling, which were reversed in a few days. In India, the fundamental attributes of a sound market have been satisfied. In the worst of pain—on Friday evening—there were both buyers and sellers on the screen. On Friday, the top three derivatives at NSE were Nifty (Rs 34,000 crore), rupee-dollar (Rs 976 crore) and ICICI Bank (Rs 947 crore). At closing time on Friday, on the near month ICICI Bank futures, there were buyers at the top five prices for 6,825 shares and sellers at the top five prices for exactly the same amount. There was no payments crisis, despite substantial price fluctuations. The market was working as it should: providing a venue for both positive and negative views to be expressed, and solving out for an equilibrium price. The policy establishment in India has fared well in this crisis. Knee jerk proposals for banning short selling have been rejected; RBI responded with alacrity by cutting CRR; Sebi plodded onwards with structural reforms by rescinding the mistakes about PNs made in October 2007. Last week was a trial by fire, and India`s exchanges, and the economic policy leadership, has come out looking good by international standards. Now the immediate task lies in rapidly solving the liquidity squeeze by setting up a proper operating framework for monetary policy, and undertaking fundamental reforms of the FII framework.
v.krishnamoorthy
Folsom/USA...
Support-Resistance LEVELS for TODAY ! !
Posted by : DUstocksTracked by: 0 Boarder
R3 R2 R1 P S1 S2 S3
523.10 476.55 420.10 373.55 317.10 270.55 214.10
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Ignore ICICI Bank: R Shah
Posted by : sambalaTracked by: 0 Boarder
Moody`s, S&P also give clean chit
BS Reporter
ICICI Bank today received a much-needed boost with global rating agencies Moody`s and Standard & Poor’s (S&P’s) saying the bank’s overseas arms have no significant sub-prime risks
ICICI Bank`s UK subsidiary has no high-risk sub-prime securities and enjoys robust asset quality and liquidity," Moody`s said in its latest credit report.
Moody`s reaffirmed its rating on ICICI Bank UK Plc with a "stable outlook" in its latest credit opinion, which was released after a sharp plunge of about 20 per cent in its parent’s share price in Indian stock exchanges Friday.
The agency retained the ICICI Bank UK rating at `Baa1` for senior debt, which is higher than the foreign currency senior debt rating of any Indian bank.
"It has robust asset quality ratios with no loans classified as impaired,” the rating agency has said. It has also stated that ICICI Bank UK maintains a rather conservative investment policy and does not hold any sub-prime assets, nor does it have exposure to CDOs, SIV/SIV Lites and leveraged loans.
"The mark-to-market impact in its investment book is not associated with any structured or high-risk sub-prime related securities but is due to the general widening of the credit spreads due to the global market conditions," the agency said.
It further asserted that ICICI UK has a relatively high level of capitalisation, with total capital adequacy at 19 per cent at March 31, 2008 and ICICI UK has a strong backing from its parent ICICI Bank Limited.
At the same time, S&P`s senior director, financial institutions ratings, Asia, Ritesh Maheshwari, said in a statement that "credit fundamentals of ICICI Bank continue to remain sound despite the reports on its exposure to Lehman Brothers or the Bakerie group."
"These have to be seen in the context of the $10 billion capitalisation of the bank and $1 billion of profits, Maheshwari said, adding that while the overseas investment portfolio might be subject to mark-to-market valuation loss, it should not be significant enough to hurt ICICI Bank`s credit profile.
The observations by the two rating agencies assume importance in the wake of reports that it was over-exposed to risk caused by the global meltdown and that the bank`s loan profile was not fully secured and credible.
“The mark-to-market impact in its investment book is not associated with any structured or high-risk sub-prime related securities but is due to the general widening of the credit spreads due to the global market conditions,” the agency said.
It further asserted that ICICI UK has a relatively high level of capitalisation, with total capital adequacy at 19 per cent at March 31, 2008 and ICICI UK has a strong backing from its parent ICICI Bank Limited.
At the same time, S&P’s senior director, financial institutions ratings, Asia, Ritesh Maheshwari, said in a statement that “credit fundamentals of ICICI Bank continue to remain sound despite the reports on its exposure to Lehman Brothers or the Bakerie group.”
“These have to be seen in the context of the $10 billion capitalisation of the bank and $1 billion of profits, Maheshwari said, adding that while the overseas investment portfolio might be subject to mark-to-market valuation loss, it should not be significant enough to hurt ICICI Bank’s credit profile.
The observations by the two rating agencies assume importance in the wake of reports that it was over-exposed to risk caused by the global meltdown and that the bank’s loan profile was not fully secured and credible.
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In reply to:
Ignore ICICI Bank: R Shah
Posted by : MMB Messenger
Rajen Shah, CIO, Angel Broking is of the view that one can avoid ICICI Bank and leading private sector banks for a while. 
Where is THE Moderator?
Posted by : libran.Tracked by: 0 Boarder
Great!!! so you wait under the tree hoping to pick some ICICI oranges at hundred or sub hundred levels, I am accumlating these shares since sub 400 levels and been averaging it till it went to about 325 levels on friday, you must understand if 3 crores shares are traded some oen is buying them too, markets are always two sided, if all think same no will trade or invest, I am long on this counter and I see this bank fundamentally strong bank, I advice other boarders thought ot keep caution as it their money, what i do with my money is i know, bank will bounce back sharply, happy investing ...
In reply to:
Where is THE Moderator?
Posted by :
iinvestr
Why should moderator or for that matter anyone should be responsible for the run on ICICIBANK share price ? Who has asked you to put your money in crap like ICICIBANK. Initially there was talk abt its exposure to subprime mess and then gradually the skeletons began to tumble out of closet. There is no fire without a smoke. When it was quoting at abnormally high price did you ever think abt the bubble that was being created abt it. The scrip is falling with very high volumes ( more than 3 crores of shares) which clearly shows it has to go down a lot more before it finds its bottom, may be around Rs. 100/-
Ignore ICICI Bank: R Shah
Posted by : libran.Tracked by: 0 Boarder
Reason is because rajesh shah and his party wants to stock this up at such a dirt cheap price and give a buy recommendations when stock goes back trade at above 500 levels so he can sell it to poor investors all these brokers and analyst are joke, i pity them..wonder where will they go after death ,,,they have duped so many poor investors of their hard earned money... god bless everyone...
In reply to:
Ignore ICICI Bank: R Shah
Posted by :
ppu
You have not posted the reason that why one should avoid the ICICI Bank.
DONT DO ANYTHING
Posted by : sambalaTracked by: 1 Boarder
ICICI books fine, RBI inspection shows
BS Reporter / Mumbai October 13, 2008
The Reserve Bank of India (RBI) has said its inspection of ICICI Bank and its UK subsidiary has not revealed anything to cause alarm
“During our inspection we did not find much difference between what we would have assessed and what they have said… We inspected ICICI Bank’s UK subsidiary as well and there is nothing to worry about,” RBI Deputy Governor V Leeladhar told Business Standard.
He said the bank has been maintaining sufficient liquidity, estimated at around Rs 5,000 crore. In addition, over the last year or so, the country’s second-largest bank has been more involved in the lending side of the business in the call money market. That shows that there is no liquidity problem and that it is comfortable.
In recent months, the bank has gone slow on lending, especially to retail clients, because interest rates went up and delinquency levels rose. ICICI Bank’s net non-performing assets were estimated at 1.83 per cent of advances at the end of the quarter ended June 2008.
Leeladhar said ICICI Bank has a net worth of around Rs 47,000 crore, its statutory liquidity ratio (SLR) is 26 per cent. The capital adequacy ratio is 13.42 per cent. “So, 50 per cent of their deposits are covered through SLR, cash reserve ratio and capital.
“Because there were fears in certain centres, they went beyond the practice of issuing demand drafts when people shut accounts and instead gave cash. The amount that they have paid to depositors is very, very small compared to the size of their operations. So, there is nothing to worry on that count as well,” he added.
Leeladhar also said the bank has no direct sub-prime exposure overseas. Though the bank has exposure to collateralised debt obligation (CDO) and credit default swaps (CDS), the CDS exposure is only on Indian companies. The CDS exposure to overseas companies has been unwound. “But it is nothing compared to the size of their balance sheet and the capital that they have,” he said.
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In reply to:
DONT DO ANYTHING
Posted by : vkk43
This type of rumour was there in 1992 fall also. Difficult to know the real picture.
ICICI DMAT accounts
Posted by : GuestTracked by: 0 Boarder
you will be tracked soon ...RK...
In reply to:
ICICI DMAT accounts
Posted by : iinvestr
SBI has maximum no. of ATMs all across the nation, why stand in Q? At someplace you will not find any ICICIBANK ATM, only SBI ATM. Sometimes the Q are so much long outside ICICIBANK ATM, you may wonder if there is a run on the bank.
Ignore ICICI Bank: R Shah
Posted by : ppuTracked by: 0 Boarder
You have not posted the reason that why one should avoid the ICICI Bank....
In reply to:
Ignore ICICI Bank: R Shah
Posted by : MMB Messenger
Rajen Shah, CIO, Angel Broking is of the view that one can avoid ICICI Bank and leading private sector banks for a while.
WILL IT REGAIN 700
Posted by : somemoreTracked by: 0 Boarder
Hi,
50% lost in a month for baseless charges against the bank which is the biggest in Pvt sector and second largest in India.When the SBI stock hasn`t moved at all,we can expect icici to cover the lost ground in a hurry.Hope the steps taken by the bank will be fruitful.Think they can give some bonus shares to show their strength.Such action will be a slap in the trouble makers face. ...
ICICI DMAT accounts
Posted by : vkk43Tracked by: 0 Boarder
My reply was relating to his worry on his demat account only and not beyond. Thanks for yr views and msg....
In reply to:
ICICI DMAT accounts
Posted by : milan2563
Icici Bank is the 2nd largest bank of India with 5lac cr book.They raised about 5 billion dollars in cash selling their stock at very good price.Bank has lot of cash. The reason for US and Europe bank failures are different than Indian bank.Look at stocks like Sterlite,Tisco,Infosys,Tcs ......you can keep writing-are down more than 50%.We are in a bear market and if you have little head go in the past and see how stocks behave in this kind of markets.
Take your money out of ICICI bank and put it in SBI--standing in Que for 4-5 hrs(Lol) and feel safe only to come back after few days.Even in US banks, deposit accounts are safe.
Stop worrying and use your HEAD if you have any.
ICICI Bank files complaint against some brokers
Posted by :
poojadeviTracked by: 0 Boarder
NEW DELHI: Country`s largest private sector lender ICICI Bank on Sunday filed a complaint against some brokers and websites that were creating panic
among depositors and shareholders by spreading rumours about the financial health of the bank.
The complaint filed before Additional Commissioner of Police Economic Offense wing of Mumbai Police said that certain people were acting in concert to spread "malicious rumours" through various media to gain financial benefits by hurting the bank reputation.
The complaint which was also filed before Coimbatore Police said that "a broker/sub-broker (of major securities broker based in Mumbai) had been the origin of various sms" spreading wrong information about the financial health of the bank.
One of the sms listed in the complaint read, "kindly withdraw all your deposits and cash in account with ICICI Bank as ICICI bank already rushed to RBI for insolvency."
The accused are trying to spread false, baseless and malicious rumours about the financial status of the bank that contain knowingly false, baseless and incorrect statements against the bank that can lead a lay public astray, it said.
These rumours, it said, are being spread with the intention of undermining the faith and confidence depositors and investors.
Following the rumours, the shares of the ICICI Bank tumbled by over 20 per cent to Rs 364.10 on Friday.
The concerted effort to spread malicious rumours could be new form of economic terrorism (akin to how counterfeit currency is put into circulation to lower the public faith and confidence, and cause national economic interests to be compromised), it said. From economic times......
it may gain
Posted by : vkk43Tracked by: 0 Boarder
Yes I fully agree with u what you write. ICICI bank will give u only 7%. I hv given in a separate post the penalty charges charged by them on premature withdrawal of FD, taken from their website. Thanks....
In reply to:
it may gain
Posted by : libran.
No, with due regards I guess you misunderstood me, say for example you open a saving bank account with a bank and you also open a fixed deposit from that account, now what ever amount is lying in SB account will earm a basic 3.5% but Fd will earn interest according to the tenure you instructed bank for example you decided one year, now for one year ROI(rate of interest) was 10%, but say after 6 months you had an emergency and you went back to bank and asked them that you want to encash your Fd as of some emergency needs, now say for period of 6 months the ROI was 8% at time of opening FD, some banks dont charge anything and will apply 8% interest and pay you your principal and interest at rate of 8%(if incase for first quarter they credited your account at rate of 10% this extra 2%will be adjusted at time of encashment after 6 months) but some banks will not give you 8% but 8%-1% = 7% and will credit your account or give you a cheque of prinicpal plus 7%.
it may gain
Posted by : vkk43Tracked by: 0 Boarder
Giving the details of Premature withdrawal penalty from ICICI website -
Penalty on Pre-mature withdrawal (All Categories) would be applicable as below:
Original Tenure of Deposit Penal Rates *
Less than Rs.50.0 mn Rs.50.0 mn & above
Less than 1 year
0.50% 0.50%
1 year & above but less than 5 years
1.00% 1.00%
5 years
1.00% 1.50%
More than 5 years upto 5 years 3 months
1.00% 1.50%
More than 5 years 3 months upto 10 years
1.00% 1.50%
*Subject to revision without further notice.
...
In reply to:
it may gain
Posted by : man
Are you sure they will charge 1%interest on our capital kept with them as Fixed Deposit ?
They will give less interest but can not charge us for keeping our money in their ad withdrawing due to requirements on personnel ground.
Pl discuss in detail.
it may gain
Posted by : libran.Tracked by: 0 Boarder
If you are saying that if you have saving linked Fd and say your money was lying in Fd for 6 monhts and you needed to withdraw money for some emergency basis and you went back and asked bankers to premature encash your Fd they are bound to give you rate of interest for term deposit for period of months and not a simple rate of interest of 3.5 %..regards...
In reply to:
it may gain
Posted by : libran.
No, with due regards I guess you misunderstood me, say for example you open a saving bank account with a bank and you also open a fixed deposit from that account, now what ever amount is lying in SB account will earm a basic 3.5% but Fd will earn interest according to the tenure you instructed bank for example you decided one year, now for one year ROI(rate of interest) was 10%, but say after 6 months you had an emergency and you went back to bank and asked them that you want to encash your Fd as of some emergency needs, now say for period of 6 months the ROI was 8% at time of opening FD, some banks dont charge anything and will apply 8% interest and pay you your principal and interest at rate of 8%(if incase for first quarter they credited your account at rate of 10% this extra 2%will be adjusted at time of encashment after 6 months) but some banks will not give you 8% but 8%-1% = 7% and will credit your account or give you a cheque of prinicpal plus 7%.
it may gain
Posted by : libran.Tracked by: 0 Boarder
No, with due regards I guess you misunderstood me, say for example you open a saving bank account with a bank and you also open a fixed deposit from that account, now what ever amount is lying in SB account will earm a basic 3.5% but Fd will earn interest according to the tenure you instructed bank for example you decided one year, now for one year ROI(rate of interest) was 10%, but say after 6 months you had an emergency and you went back to bank and asked them that you want to encash your Fd as of some emergency needs, now say for period of 6 months the ROI was 8% at time of opening FD, some banks dont charge anything and will apply 8% interest and pay you your principal and interest at rate of 8%(if incase for first quarter they credited your account at rate of 10% this extra 2%will be adjusted at time of encashment after 6 months) but some banks will not give you 8% but 8%-1% = 7% and will credit your account or give you a cheque of prinicpal plus 7%. ...
In reply to:
it may gain
Posted by : vkk43
I need to explain to you. When we are talking about Savings bank linked FD account, then they are giving us only savings bank account interest @ 3.5% on amount withdrawn from FD. Here how can they charge penalty of 1@. My son, NRI, has many FDs with ICICI Bank and at the same time has many SIP also with MF. So his FDs are credited to his NRO savings account when SIP advice comes to the bank but on such FDs he gets interest only @3.5% and not of FDs rate. Hope I am clear. Otherwise, I will wait for yr msg to clarify this.
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