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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Imran who wrote (32)	1/27/2000 1:38:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

Investment income may boost ICICI results Imran, I don't know of any particular reason for the price drop. Tomorrow is the earnings release, if they come through with good results and optimistic guidance we may see a pop. Also I think as soon as they start the internet brokerage service the stock should see some positive action. The legal hurdles are now out of the way, the company is ready and the website is ready so I expect an announcement any day soon.It is my understanding that there are some 25-30 million retail investors in India, add to it the non resident Indians. ================= 27-01-2000 22:49:34 A booming local stock market and good credit disbursal growth are expected to lift third quarter 1999/2000 (April-March) profits of Indian financial services company ICICI Ltd, despite concerns over increasing pressure on spreads, analysts said today. ICICI will declare its results on Friday. "Year on year profits for the three months will rise by about 22% primarily because of higher net income from investments," said Sonali Sinha, analyst at SBI Capital Markets. ICICI reported a net profit of about Rs2.2bn in the quarter ended December 31, 1998. The firm is the only Indian company listed on the New York Stock Exchange where its American Depositary Receipts ended Wednesday at $187 against last September`s offer price of $9.8. In a lacklustre market, ICICI`s shares ended today down Rs8.65 at 121.05 on the Bombay Stock Exchange (BSE). "The capital gains component will be significant as they have been booking profits in several of their holdings from initial public offerings," said a research analyst at a large Indian brokerage. ICICI`s market value of quoted investments as on March 31 1999 stood at Rs14.41bn when the bellwether BSE 30-share index was at 3,739.96. The index gained 33.85% in the nine months to December 31. "Disbursals will record better growth on account of the reversal of the economic slowdown but the full impact of the volume growth will be felt in the in the last quarter," said Vimal Jain, analyst at Prime Broking Company India Ltd. MARGIN PRESSURES WILL INTENSIFY Though the economic recovery will likely improve the quality of its asset portfolio, there are concerns about the declining spreads. Brokerage firm Indosuez W.I.Carr Securities said in a recent report 45% of its loans and 33% of its funding matures within a year."In a declining interest rate regime that we are in, loans will get re-priced faster than borrowings and hence interest margins will shrink," it said. INTERNET VALUATIONS Going forward, analysts say higher weightage will be given to ICICI`s focus on technology. DSP Merrill Lynch in a report earlier this month said the company`s recent web trade product is likely to enhance customer penetration, with the on-line customer tally seen rising to 100,000 from the existing 14,000 over the next 7-8 months. "Their core strategy all along has been to leverage the internet for providing services and this will continue," said Anand Vasudevan, Vice-President of Corporate Research at SG Asia Securities India. Source: Reuters

To: Imran who wrote (32)	1/27/2000 1:52:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

RESEARCH ALERT-Carr issues sell on ICICI Here is a very funny research note from one of the local guys. BOMBAY, Jan 27 (Reuters) - Indian financial services firm ICICI Ltd (NYSE:ICd - news)(NYSE:IC - news), share price exceeds its consolidated fair value and lacks positive triggers going forward, said brokerage firm Indosuez W.I.Carr Securities. ``Its subsidiaries offer a cleaner alternative to its growth initiatives,' it said in a research report made available to Reuters on Thursday. Indosuez W.I. Carr issued a sell recommendation on expectation the curb on fresh foreign investor purchases will set off one of the five identified negative triggers for the stock of ICICI. Foreign ownership had reached 47 percent and any fresh purchase of ICICI's shares by foreign investors will need prior Reserve Bank of India permission, the report said. The other four negatives identified by the brokerage are absence of bank acquisitions by the firm contrary to expectations, declining interest spreads, earnings dilution and potential risk of hitches in implementation of information technology initiatives, it said. However, the brokerage said ICICI's subsidiary companies, both listed and unlisted, offered better investment opportunities since they did not carry ``historical baggage.' ``Most of the action in the ICICI group is in its subsidiaries, which are either listed or will be listed shortly,' the report said. The share price of ICICI was 133.90 rupees on January 21, the date on which the report was published. ICICI shares closed on Thursday at 121.05 rupees, down 8.65 rupees compared with the previous close.