ICICI Bank
GST evasion worth Rs 824 cr unearthed, ICICI Prudential among 15 entities under probe
According to sources privy to developments, these companies were reportedly found to be availing input tax credit (ITC) without underlaying supply of goods and services. Sources informed that on the basis of specific inputs received against ICICI Prudential Insurance for reportedly availing ineligible ITC without underlaying supply of goods and services, certain other common intermediaries were also identified.
Rupee ends marginally up, but remains near record low
The rupee ended at 81.58 as against 81.62 at close of the previous trading session. On Monday, the rupee ended record low for the third straight session on risk-averse sentiments and unprecedented strength in the greenback following Fed tightening and recession worries.
`Markets offer risk-reward play to build a long term portfolio'
"The recent cool off in key commodity prices viz. metals, crude among others, comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation," the report notes. Management commentary is upbeat on demand prospects and recovery in margin profile amid muted corporate earnings for Q1FY23, which witnessed low single digit QoQ growth in topline and double digit bottomline decline with pressure on gross margins.
ICICI Bank trading record high in morning trade
Motilal Oswal's report said that the bank's annual report reaffirms our view that the bank is progressing well in its endeavour to strengthen its Balance Sheet, with a strong focus on the retail franchise. The private lender's retail portfolio has been leading the overall loan growth, the SME and Business Banking portfolio grew 39 per cent on-year in FY22 and constitutes 11 per cent of total loans.
ICICI Bank market-cap hit Rs 6 lakh cr, stock rises record high
The stock has surpassed its previous high of Rs 859.70, which had hit on October 25, 2021. At 2.48 p.m., shares of the bank were trading at Rs 860.25, up 11.50 or 1.35 per cent from its previous close. In the last one month, the stock of private lender has gained more than 12 per cent. Before ICICI Bank hitting Rs 6 lakh crore market-cap mark, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever have also hit this mark.
ICICI Bank is covered by 51 analysts on the Street and enjoys 98% Buy ratings
ICICI Bank is covered by 51 analysts on the Street and it enjoys 98 per cent Buy ratings, followed by L&T (98 per cent), ITC (97 per cent), SBI (96 per cent) and HDFC (96 per cent). Conversely, JSW Steel (24 per cent), Wipro (33 per cent), Shree Cement (38 per cent), TCS (47 per cent), and Asian Paints (48 per cent) have the lowest percentage of Buy ratings, the report said.
Sign of improved investment cycle gives push to corporate profits, says ICICI Securities
Key positives for the current uptrend in profit cycle is that it is not yet inflated by the effects of 'operating and financial leverage' as capacity utilisation is still in the 60-70 per cent range on a trailing 12-month basis and industry credit is just showing signs of revival from a decadal low, it said. "Prospects for the investment cycle are improving in terms of rising 'animal spirits' observed in the two major growth engines of the capex cycle (private industrials and real estate - link)."
ICICI Bank Q4FY22 net profit at Rs 7,019, up 59% YoY
The net interest income (NII) of the lender increased by 21 per cent year-on-year to Rs 12,605 crore in Q4, from Rs 10,431 crore reported in the same quarter last fiscal.
ICICI Securities picks RIL, TCS, Axis Bank among preferred stocks
In the mid-cap space, Voltas, HAL, Bank of Baroda, Birla Soft, SRF, Graphite, Timken India, Lemon Tree, and TCI Express are the preferred stocks, the brokerage said. Broader markets are expected to maintain momentum backed by strong improvement in breadth over past few weeks, it said. Sectorally, the IT sector will be in focus amid earnings results expected to be released in coming weeks.
ICICI Securities gives 'buy' call for Indian Hotels, Lemon Tree
Due to Covid waves in 2020 and 2021 globally and across India, the hospitality industry has seen a lot of volatility in terms of occupancies and room rates over the last two years. Heading into FY23, the beleaguered hospitality sector, which has borne the brunt of multiple Covid waves impacting business, is seeing a confluence of positives with leisure demand remaining strong and business travel set to see a strong leg up with reopening of offices.
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