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

To: Mohan Marette who wrote (35)	1/27/2000 1:54:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

RESEARCH ALERT-ICICI a strong buy and a buy, say two firms BOMBAY, Jan 27 (Reuters) - Indian financial services firm ICICI Ltd's (NYSE:ICd - news)(NYSE:IC - news) early initiatives in information technology will offer it a competitive advantage, research reports from two investment houses. DSP Merrill Lynch issued a ``Buy' recommendation in a report dated January 18, and SG Asia Securities (India) issued a ``Strong Buy' recommendation in a report dated January 12. ``ICICI's ability to capitalise on its early mover advantage in e-commerce, improving asset profile and improved economic prospects will likely drive stock performance,' said DSP Merrill Lynch in a report made available to Reuters on Thursday. ICICI's share price on the report's date was 127 rupees, it said. DSP Merrill Lynch said the firm was well capitalised and well positioned to benefit from retail banking. ``Retail funding costs are forecast to fall below wholesale borrowing costs in a span of two to three years,' it said. Another research firm said ICICI will emerge as an indirect internet play. ``It is aggressively leveraging information technology for competitive advantage and this will enable it to grab profitable businesses from state-owned banks,' said SG Asia Securities (India) in a report also made available to Reuters on Thursday. The price of ICICI shares on that date was 104.20 rupees, the report said. SG Asia said the firm's non-performing assets ratio will decline on account of the economic recovery and its diversification into other lending areas will help it to lower portfolio risks. Earlier on Thursday, Reuters reported brokerage firm Indosuez W.I. Carr Securities, in a research note dated January 21, had issued a ``Sell' recommendation on ICICI, saying that its subsidary companies, both listed and unlisted, offered better investment opportunities. The firm said ICICI's share price exceeds its consolidated fair value and lacks positive triggers going forward. 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.