Stock Watch

ICICI Bank, the country's largest private sector lender, on Thursday, announced to initiate a hike of up to 0.5 per cent in its auto loan rates. In addition, the bank will discontinue its 8.25% home loan scheme from March 1. HDFC too has discontinued its 8.25% home loan offer.

"Auto loans rack rates have been raised by 0.25-0.5 per cent depending on segment and tenor with effect from March 5", an ICICI Bank spokesperson revealed.

The country's largest private sector lender ICICI Bank raised deposit rates with immediate effect, on some term deposits, by up to half-a-percentage point across different maturities in a move that hints that lending rates would to go up in the near future.

The second largest Indian Bank, ICICI Bank has announced the financial results for the third quarter reporting 13.4 per cent decline in its net profit led by increased trading loss. However, the decline in net profit is below expectations, due to rise in retail loans.

Lavasa Corporation Ltd., a unit of the Hindustan Construction Company, has managed to raise funds worth Rs. 250 crore from ICICI Bank Ltd., India's largest private sector lender, via quasi-equity methods.

The two major private banks of India, Kotak Mahindra Bank and ICICI Bank, have stepped into the war of interest rates involved in the current home – loan market accompanied by the fixed – cum – floating rate schemes. These two banks have currently joined HDFC Ltd. and SBI, and have increased the confusion of borrowers for home loans with their offer of slashed interest rates.

The country’s largest private lender, ICICI Bank has raised Rs 3,498 crore, issuing unsecured debt from its Bahrain branch. The move is aimed to arrange capital for expanding its overseas business operations.

The bank said that around 250 investors responded to the issue of 64-month fixed rate notes to be listed on Singapore Stock Exchange. A spokesperson from the bank added, “ICICI Bank is raising long-term funds for meeting business requirements of its overseas branches, including financing the existing loan book and meeting growth opportunities.”

ICICI Bank has announced that it has build a new commercial banking division for servicing the day-to-day needs of its corporate clients.
 
The sources said that the bank has selected a team of 450 employees from its various segments for this new division.

Country's two leading lenders, ICICI Bank and IDBI, have revised deposit rates on Friday, cutting interest rates on fixed deposits by up to 100 basis points (bps) across various maturities.

Private sector's leading lender ICICI Bank plans to open nearly 580 branches this year, which would take lender’s total number of branches to 2000.

However, the bank said that it will not recruit new staff for these branches and will utilize the existing manpower.  

In its latest research report, Nirmal Bang, an equity research firm said that ICICI Bank, which presently stuck in a band of 405-445, can give good returns within 4-5 trading session.

The report further stated that, if the counter is successful to breach 445, then it will create a huge breakout.

Nirmal Bang Research has advised its clients to hold the scrip with a target price of Rs 460-485.