Indian Overseas Bank saw its market capitalization nearly double during July-Sep quarter

Indian Overseas Bank saw its market capitalization nearly double during July-Sep quarter

91.60 percent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago. Five other public sector banks rose in the market cap rankings over the previous quarter. Central Bank of India‘s market cap grew 76.59 per cent … Read more

Adani group will thrive with or without Modi, bets GQG’s Jain

Adani group will thrive with or without Modi, bets GQG’s Jain

Veteran fund manager Rajiv Jain said his GQG Partners LLC holds about $13 billion in India stocks and plans to buy more, downplaying corporate governance and political risks associated with his headline-generating investments in billionaire Gautam Adani’s beleaguered conglomerate. GQG holds positions in companies, including cigarette and hotel group ITC , the country’s biggest drugmaker … Read more

ICICI Bank Q4 results: Profit jumps 261% to Rs 4,403 crore, still misses street estimates

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NEW DELHI: ICICI Bank on Saturday reported a 261 per cent year-on-year (YoY) rise in net profit at Rs 4,403 crore compared with a profit of Rs 1,221.40 crore in the corresponding quarter last year. Analysts in an ET NOW poll had projected the profit figure at Rs 4,980 crore. Net interest income (NII) for … Read more

IPO boom prompts ICICI Bank to hire more investment bankers

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By Baiju Kalesh India’s second largest private lender is making its biggest hiring push in investment banking and institutional equities in four years, as it anticipates a rise in companies going public. The Mumbai-based firm plans to add five mid-to-senior level hires in each of the two units, which currently have 130 bankers in total, … Read more

ICICI Bank Q2 preview: Multifold jump in profit likely; NIM may fall marginally

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NEW DELHI: ICICI Bank is expected to report a multi-fold rise in net profit for the September quarter, even as net interest income (NII) for the private lender may see a marginal dip on year-on-year basis. Updates on incremental Covid-related provisions, collection efficiency, BB and below-rated book and restructuring would be keenly followed, analysts said. … Read more

Foreign investors pour into India stocks despite sinking economy

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By Nupur Acharya India’s shrinking economy is not stopping foreign investors from pouring money into the nation’s stocks betting on a recovery. International buyers plowed a net $6 billion into shares in Asia’s third-largest economy in August, the most since March last year. That’s as all other markets in the region excluding China suffered net … Read more

ICICI Bank’s loans under moratorium falls to 17.5% in June

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Mumbai: The total loans under moratorium for ICICI Bank fell to 17.5% by value in June from around 30% in April with less than 10% of customers added to the ones that had availled the moratorium facility in April, the bank said in a post earnings call. ICICI Bank’s fall in loans under moratorium is … Read more

ICICI Bank Q1 takeaways: Huge Covid provisions, lower credit growth & more

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NEW DELHI: In spite of a Rs 3,000 odd crore one-off treasury gain, ICICI Bank’s June quarter earnings missed Dalal Street estimates by a wide margin, as the bank chose to utilise the funds raised from stake sales in ICICI Prudential and ICICI Lombard to create higher-than-expected Covid 19-related provisions. The bank said the provisions … Read more