Mutual funds shun TCS, ICICI Bank, Avenue Supermarts in April
Posted on 18th May 2018 |
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Mumbai: Even when the market rose 6.65% in April, mutual funds’ top stock sales in the month in the large-cap space included software exporter Tata Consultancy Services Ltd (TCS), private lender ICICI Bank Ltd. and supermarket chain Avenue Supermarts Ltd. Mutual funds invested a net of Rs9,435.64 crore in Indian equities in April, data from Securities and Exchange Board of India (Sebi) showed. |
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Lok Ranjan to continue as govt nominee on ICICI Bank board
Posted on 12th May 2018 |
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Lok Ranjan, a senior bureaucrat, will continue to be the government’s nominee on the ICICI Bank’s board despite his transfer from the department of financial services (DFS) to the department of personnel and training (DoPT), financial services secretary Rajeev Kumar said on Friday. “Ranjan will continue to be our nominee even though he is going to DoPT. There is no change,” Kumar said, when asked if the government will appoint a new nominee. |
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ICICI Bank Q4 net profit halves to Rs 10.2 bn, bad loan provisions surge
Posted on 8th May 2018 |
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ICICI Bank on Monday posted a net profit of Rs 10.2 billion for the quarter ended March 2018, against Rs 20.2 billion a year ago, due to a sharp rise in provision for bad loans. The bank’s profit was boosted by a one-time income arising from the sale of shares in its capital market arm, ICICI Securities, to the tune of Rs 33.20 billion. |
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All eyes on Chanda Kochhar as ICICI board meets
Posted on 7th May 2018 |
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New Delhi: ICICI Bank Ltd’s shareholders expect its board to clarify on conflict-of-interest allegations raised against its chief executive Chanda Kochhar at its Monday meeting to approve the lender’s March quarter earnings, executives from three top asset management companies said. |
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Court declares ICICI Bank's option contracts with garment exporter as void
Posted on 5th May 2018 |
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A Court in Coimbatore, Tamil Nadu has issued an order against ICICI Bank in a matter involving a set of option contracts submitted by a hosiery garments exporter. Freelook Fashions, a company that manufactures and exports hosiery garments to United Kingdom and Ireland, had moved the Court to declare eight option contracts that it entered with the bank as void and unenforceable. |
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ICICI Securities IPO under Sebi scanner
Posted on 24th April 2018 |
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Mumbai: The stock market regulator Securities and Exchange Board of India (Sebi) has sought details of a large investment made by ICICI Prudential Mutual Fund in the flop IPO of affiliate ICICI Securities Ltd, two people aware of the matter said. ICICI Securities had to cut its IPO size to Rs3,520 crore from the original target of Rs4,017 crore because of poor investor interest. Of this, a large chunk was bought by ICICI MF. |
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ICICI Bank may face probe over non-disclosures in NuPower deal
Posted on 23rd April 2018 |
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Probe agencies are examining if ICICI Bank should have declared three companies — Pacific Capital Services; Supreme Energy Private Ltd (SEPL) and Pinnacle Energy — as related parties. These companies were involved in transfers of shareholdings in NuPower Renewables Private Limited (NRPL), a company owned by Deepak Kochhar, husband of Chanda Kochhar, the bank’s CEO. |
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Mutual funds load up on ICICI Bank shares in March after Chanda Kochhar concerns drag stock price
Posted on 16th April 2018 |
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Domestic mutual fund houses loaded up on ICICI Bank shares buying 42 million shares in March, after concerns regarding impropriety involving CEO Chanda Kochhar in Videocon loan dragged the shares sharply last month. Notably, the shares had closed at Rs 313.28 on February 28th. At the end of March, the shares had fallen to Rs 278 as on March 28th (the last trading day in March), implying a near 12% fall. |
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Videocon loan row: LIC, govt nominee seek meeting with ICICI Bank brass
Posted on 10th April 2018 |
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The Life Insurance Corporation of India (LIC), which holds about a 9.4 per cent stake in ICICI Bank, and the government’s new nominee on the private lender’s board have called a meeting of the bank’s top management this week. This comes against the backdrop of the recent developments in the ICICI Bank-Videocon case and declining investor confidence. |
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