fundamental aanalysis on icici bank(1)

7/31/2019 Fundamental Aanalysis on ICICI Bank(1)

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TOPIC Fundamental Analysis of ICICI Bank Ltd.Name Ashwin Kulkarni


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Sr.

No.

Title Page

No.

1. EXECUTIVE SUMMARY 6

2. COMPANY PROFILE 7

3. OBJECTIVES OF THE STUDY 16

4. METHODOLOGY OF STUDY 17

5. ECONOMY ANALYSIS 18

6. INDUSTRY ANALYSIS 21

7. PROFILE OF ICICI BANK 30

8. DATA ANLYSIS 36

9. LIMITATIONS/CONCLUSIONS 51

10. BIBLIOGRAPHY 53

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Acknowledgment

It gives me great pleasure to express my gratitude towards all the individuals

who have directly or indirectly helped me in completing this project. First of all, I am

extremely grateful to Mr. Mayank Saxsena, Branch Manager, Anand Rathi Securities

Limited, Kalyani Nagar Branch, Pune, for providing me summer project in stock

market for sixty days. I would also like to express my sincere gratitude to Mr. Vikrant

Darak, for his invaluable guidance during the project period which helps me in

completing this project.

I wish to express my sincere thanks to our Director Dr. Sharad Joshi and my

project guide Prof. Mahesh Halale for providing me valuable guidance and inputs

which help to complete this project in true sense.

I also extend my thanks to all the staff of Anand Rathi Securities Limited,

Kalyani Nagar Branch, Pune, for their support, which helped me a lot in completing

this project.

This project report is a collective effort of all and I sincerely remember andacknowledge all o them for their excellent help and assistance throughout the project.

- Ashwin R. Kulkarni

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INTRODUCTION

The stock market is the most volatile market and is difficult to understand as the

weather. Though this does not mean that the markets cannot be predicted but it onlymeans that trends may change without warning, as with weather. The stock markets

are characterized by almost all factors, again starting right from weather and ending at

the political environment. Effects of one market also causes a spillover into the other

and an external cause in one market can lead to the reaction in another market. For

instance, its been proved that a delayed monsoon in India will create the problems of

flooding in the European countries, effecting adversely economies of both the regions.

The pulse of the market also depends upon timely exit and entry. For arriving at a

correct conclusion reasonable data is required to understand the mechanics of the

stock and the industry vis--vis global and local in which the company operates.

While a practical long-term view will help reduce risks, marrying the stock on the

other hand may totally increase risks.

By going through the Industry Reports, Financials the investor can arm himself

with reasonable information about the stocks, which are being tracked by the investor.

However, for consistent monitoring of stocks, it is imperative that the investor has

limited exposure to the stocks, which are being capable of being tracked by him a

too big a portfolio will divert attention and ultimately harm investor interests.

In the present project an attempt is made to study the importance of fundamental

analysis for investors.

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SHARES: -

The companies Act 1956 defines Shares as a share in the capital of a company

and includes stock except where distinction between stock and share is expressed or

implied. A share is regarded as property, which can be bought and sold like any other

property. It also consists of other rights given by Articles of Association of company.

EQUITY OR ORDINARY SHARES: -

These are those shares, which do not enjoy any special rights in respect of

payment of dividend or repayment of capital. The return of capital to equity

shareholders is not guaranteed. Also when the company is wound up, capital of equity

shareholders is lastly paid, only after all other claims have been paid in full. That is whyequity is also called as The Risk Bearing or Venture Capital.

There are two sources of return on equity shares: -

1. Dividend: -When companies earn sufficient profit, then Board of Directors

declares for all shares.

2. Capital Gain: -Which arises from an increase in the market price of shares,

which is generally associated with growth in per share earning.

Benefits of Investments in Equity shares: -

1. You can earn good rate of dividend or can make better profit on market

fluctuation.

2. Bonus issue: - These are given as free gift to existing shareholders either fullyor partly paid up out of accumulated profits.

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3. Existing shareholders can get Right issue in case of further issue of capital by

company.

4. Equity shareholders have Right to vote in annual general meeting and other

rights like call meeting, winding up of the company.

5. Shareholders get free copy of Annual Report in which details of all business

conducted in last year is mentioned.

6. A share is Transferable Property. It can be transferred or transmitted by

shareholder to any other person.

7. Tax Exemption: -As per Income Tax Act, Dividend is not taxable in the hands

of shareholders similarly Long Term Capital Gain on shares is exempted up to

March 2007.

8. Liquidity: -Because of large market for share investor can convert his

investments into liquid money easily.

What is Fundamental analysis?

Fundamental analysis is the examination of the underlying forces that affect the

well being of the economy, industry groups, and companies. As with most analysis, the

goal is to derive a forecast and profit from future price movements. At the company

level, fundamental analysis may involve examination of financial data, management,

business concept and competition. At the industry level, there might be an examination

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of supply and demand forces for the products offered. For the national economy,

fundamental analysis might focus on economic data to assess the present and future

growth of the economy. To forecast future stock prices, fundamental analysis combines

economic, industry, and company analysis to derive a stock's current fair value and

forecast future value. If fair value is not equal to the current stock price, fundamental

analysts believe that the stock is either over or under valued and the market price will

ultimately gravitate towards fair value. Fundamentalists do not heed the advice of the

random walkers and believe that markets are weak-form efficient. By believing that

prices do not accurately reflect all available information, fundamental analysts look to

capitalize on perceived price discrepancies.

Fundamental analysis is a method used to determine the value of a stock by

analyzing the financial data that is 'fundamental' to the company. That means that

fundamental analysis takes into consideration only those variables that are directly

related to the company itself, such as its earnings, its dividends, and its sales.

Fundamental analysis does not look at the overall state of the market nor does it include

behavioral variables in its methodology. It focuses exclusively on the company's

business in order to determine whether or not the stock should be bought or sold.

In India many traditional people are very risk averse. They are not aware of the

investment opportunities in the stock market. They consider stock market as a game of

gambling. But the original scenario is quite different. There is no doubt that there are

speculators who try to hike the price of a stock artificially. Investing in equities

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involves high risk and the return on it totally depends on the companys performance.

But investing in the right stock at the right price and holding for a longer time horizon

would surely be a better investment.

The reason behind choosing this project is that it provides hands on experience

with what goes on in the stock market on a day to day basis. The field of equity

research is very vast and one has to look into various aspects of the functioning of the

company to get to any conclusion about the possible performance of the company in the

market. Investors like warren buffet made a fortune out of investments in the stock

market, which is quiet impossible without proper research about the companies. The

field of equity research is full of challenges.

The project is done with Anand Rathi Securities Limited a very well known

company in the field of stock broking and capital market services sector. This project

gave me a chance to get valuable insights from a hoard of vastly experienced people in

this field and to get various approaches each one adopts to evaluate various companies.

The duration of the project was two months. These two months were not only limited to

learning and devoting time towards equity research but it also provided an insight on

what various services such broking houses provide and what efforts are required to

manage such organizations.

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ANAND RATHI

Group Profile

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G roup O verv iewSe t up in 1994,2000 peo ple

A nand R a th i S ecu rities L im ited W ealth M a na ge me nt

In ve stm en t Ba nk in g

M e m ber B SE

D e p o s ito ry P a rtic ip a n t C D S L

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Navratan CommoditiesMember- NCDEX, MCX& NMCE

Navratan Capital &SecuritiesMember- NSE

Depository Participant-NSDL

Rathi Global FinanceNBFC

AR Insurance BrokersInsurance Broking

AR Middle East DMCCMember- Dubai Gold &Commodities Exchange

Anand Rathi International

International Operations

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Anand RathiSecurities Limited

AR Venture FundsManagementReal Estate Private EquityFund


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Business Overview

Wealth Management Investment Banking &

Corporate Finance

Brokerage &

Distribution

Mumbai, Delhi, Kolkata,Bangalore, Chennai,Hyderabad, Dubai,

Bangkok and Singapore

Mumbai, Delhi, Chennai,Kolkata, Bangalore,

Hyderabad

Present at 300 + locationsacross India

Institutions

Private Clients

Priority Clients

M & A

IPOs Buybacks,

Offers, Placements

Debt Raising,

Syndication and

Restructuring

Equities

Derivatives

Bonds

Mutual Funds

Commodities

Insurance

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Wealth Management

Value Adds Products

Comprehensive Product Range

Strong alternativeinvestment expertise

Equities

Stocks, PMS, Derivatives,Mutual Funds

Risk Management Skills

Sophisticated assetallocation &

risk modeling

Fixed Income

Bonds, Mutual Fund

Proprietary global economic &

investment strategy research

Focusing on long termdynamics & trends

Commodities & Precious Metals

Client Centric Model Life & General Insurance

Ranked amongst South Asias

top 5 private banks by Asia

Money 2006 polls

Clients with more than Us$ 20 million in assets

Real Estate Private Equity Fund

Currencies

Structured Products & Capital

Guaranteed Notes

Alternative & Non-correlated

Investments

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Investment Banking & Corporate Finance

Value Adds Products

Comprehensive Services Equity Capital market

IPO/Rights/Secondaryissues

Delisting & Open Offers

Block Deals & PrivateEquity

Management Buy-outs

Deep Industry & SectorKnowledge

Advisory

BusinessSale/Disposal

M&A/ JVs/Strategic Alliances

Valuations

Local Strength

Underpinned by networkof national offices

Debt Advisory

Rupee & ForeignCurrency

Debt Raising/Negotiation

Debt Restructuring

Creditor Settlement/OTS

Truly Independent Advice

Not tied to any product,market or bank

Strong Distribution Capability

Resources to draw together a

seasoned team of professionals

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Brokerage & DistributionReaching out nationwide

Specialist teams providing best-of-breed research, execution and settlement

through branches nationwide

Licenses

Member, BSE+NSE [Cash & Derivatives]

Depository Participant [CDSL & NSDL]

Member, NCDEX, MCX, NMCE [Commodities Exchanges]

Insurance Brokerage [IRDA]

Member, Dubai Gold & Commodities Exchange [DGCX]

MF Distribution [AMFI]

Cutting-edge technology support providing real-time

access to clients through a private broadband satellite network, leased links and

the internet.

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Brokerage & Distribution

Products Clients Size

Equities

Derivatives

Commodities

IPOs

Mutual Funds

Life & Non-Life

Insurance

Depository Services

Bonds

Value-add Services

- backed by independentresearch team

- real-time support to clients

Institutional

clients most

leading Mutual

Funds, Banks

and Insurance

Companies

Individuals,

Families &

Corporates

across India

Non-Resident

Indians

Daily

turnover in

excess of Rs

4 bn

1,00,000+clients

nationwide

Leading

distributor of

IPOs

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Key LocationsMumbai

Corporate Office

JK Somani Bldg, British Hotel Lane, Bombay Samachar Marg,Mumbai-400023

Web Address: www.rathi.com

Brokerage & Retail Head Office

B-2, Shubham Centre, 5th

Floor, Cardinal Gracious road, Chakala,Andheri [E], Mumbai-400099New Delhi

911/912 Ansal Bhavan, 16Kasturba Gandhi Marg,

New Delhi-110001

Ahmedabad

2nd Floor, Parth, Swastik,Char Rastha, Near PizzaHut, Off C.G. Road,

Navrangpura-380009

Banglore

307, Prestige Central Point,Cunningham Road,Banglore-560051

Chennai

8A, Ega Trade Centre, 8th

Floor, New No. 318, OldNo. 809, Poonamalee High

Road, Kilpauk,Chennai- 600010

Kolkata

202, Central Plaza,2/6 Sarat Bose Road,Kolkata-700020

Hyderabad

6-3-346/1, Scotia BankBldg., Road No. 1, BanjaraHills,

Hyderabad-500034

Dubai

A R Middle East DMCCM-14, AI Attar GrandKhalidBin Waleed St., P.O. Box120830Dubai, U.A.E.

Bangkok

Anand Rathi Advisors[Thailand] Co. Ltd.24, Prime Office Building,Sukhumvit Soi 21, AsokeRoad, Klong Toey Nur,Wattana, Bangkok, Thailand

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http://www.rathi.com/http://www.rathi.com/


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OBJECTIVE OF STUDY

TO STUDY THE CONCEPTS AND TECHNIQUES OF FUNDAMENTAL

ANALYSIS.

TO STUDY THE GROWTH TREND IN BANKING SECTOR AND IN

PARTICULARLY OF ICICI BANK.

TO EVALUATE THE PERFORMANCE OF ICICI BANK IN INDIAN

STOCK MARKET WITH RESPECT TO ITS FINANCIAL PERFORMANCE.

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In order to fulfill the above objectives, the project was undertaken in Anand

Rathi Securities Limited, Kalyani Nagar Branch, Pune from 1st June 2007 to 31st July,

2007 and the information is collected through:

Primary Sources:

The primary data was collected specifically on project hand. One can obtain

information from dealers, salesmen, branch managers etc. The entire study wasconducted in Anand Rathi Kalyani Nagar branch, Pune, which consisted of information

on understanding the level of awareness regarding the concepts and techniques of

fundamental analysis. Data was also collected through observation during the training

period of two months from 1st June to 31st July, 2007.

Secondary Sources:

Secondary data is already collected by someone else. This data is not collected

for solving present problem. This information is relevant and can be used for our

purpose. The information was drawn from published journals by Reserve Bank of India,

in house magazines of the bank, capital market magazine. Information was also

gathered from news papers and related magazines. Besides data was also collected from

the internet.

Limitations:

The study was restricted only to ICICI Bank and hence may not be applicable to

other banks.

The information available on the internet, journals, magazines, brochures was

limited.

The employees in the branch had a busy schedule therefore there was delay in

getting concepts clear.

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During 2006-07, the Indian economy exhibited acceleration in growth, led by

manufacturing and services sector activities. The sustained high growth since 2003-04

has been supported by increased in domestic savings and investment. Robust growth

during 2006-07, however, was accompanied by inflationary pressures on account of

rising capacity utilization, strong growth in monetary and credit aggregates, demand-

supply gaps in domestic production of food grains and oil seeds, and firm global

commodity prices.

Real GDP growth accelerated from 9.0% during 2005-06 to 9.4% during 2006-

07. The growth, thus, averaged 8.6% p.a. during the four period ended 2006-07. Real

GDP growth during the Tenth Five Year Plan period averaged 7.6% p.a., the highest in

any plan period. Acceleration in the growth rate during 2006-07 was attributable to

buoyancy in the industrial and service sector which exhibited double-digit growth

(11.0% each). Higher growth in the industry and services sector more than offset the

deceleration in the agriculture sector. Growth in the agricultural sector decelerated from

6.0% in 2005-06 to 2.7% in 2006-07, partly on account of uneven rainfall during the

south-west monsoon and partly due to the base effect.

7.5

9 9.4

0

2

4

6

8

10

Growth Rate

2004-05 2005-06 2006-07

Year

GDP Growth %

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Macro Perspective

Monetary Developments

Money supply increased by 21.3% (Rs. 5, 80,733 crore) as compared with

17.0% (Rs. 3, 96,878 crore) during 2005-06. Amongst the major components, time

deposits exhibited growth of 23.2% (Rs. 4,41,913) during 2006-07 as compared with

15.3% (Rs. 2,53,056 crore) during 2005-06. Higher growth in time deposits could be

attributed to factors such as higher interest rates on bank deposits and availability of tax

benefits under section 80C for bank deposits.

On the sources side, growth of bank credit remains high, although there was

some moderation. Demand for bank credit was largely broad based with agriculture,

industry and personal loans absorbing 14%, 36% and 24% respectively, offering

incremental expansion in overall non-food credit during 2006-07. 7

Inflation

Headline inflation firmed up from 4.0%, year on year, April 1st, 2006 to 5.9% on

March 31st, 2007 with an intra-year high of 6.7% on January 27 th, 2007 and a low of

3.7% on April 15th, 2006. Both demand and supply side factors added to inflationary in

pressure during 2006-07. Demand pressures emanated from, high investments and

consumption demand, strong growth in credit and monetary aggregates, and elevated

assets price. Supply side pressures emerged from demand-supply gaps in domestic

production of major food grains has exhibited stagnation over the past few years.

Inflation Trend

6.00%

5.00%4.50%

6.25%6.75%

6.00% 6.25% 6.25% 6.05%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

29/04/0

9/6/200

26/10/0

6/1/200

31/01/0

17/02/0

3/3/200

30/03/0

14/04/0

Year

Inflation(

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Balance of Payments

Indias balance of payments in 2006-07 reflected a number of positive features,

merchandise trade continue to exhibit robust growth during 2006-07, although there

was some loss of pace from a strong growth of 2005-06. The higher growth of imports

vis--vis experts lead to a persistent rise in trade deficit, on the balance of payments

basis. Nonetheless the current account deficits as per cent of GDP remain unchanged

(1.1% of GDP) from the previous year since the widening of the merchandise trade

deficit was offset to a large extent by the continuing buoyancy in net invisibles surplus.

Net capital inflows to India remained buoyant (4.9% of GDP), fart exceedingthe current account deficit. Higher capital flows could be attributed to the strengthening

of micro economic fundamentals, greater investor confidence and ample global

liquidity. Net FDI inflows from abroad US$ 19.4 billion exceeded FII inflows (net)

during 2006-07 aggregating US$ 3.2 billion the debt flows (net) at US$ 25.0 billion

were led by external commercial borrowings reflecting strong investment demand. Net

capital flows, after financing the current account deficit, led to accretion of US$ 36.6

billion, excluding valuation changes, to foreign exchange reserves during 2006-07.

Financial Market

Financial markets remained orderly during 2006-07, barring some episodes of

volatility, especially during the second half of March, 2007. Capital inflows and

movements in Government cash balances continued to be the key drivers of liquidity

conditions and overnight interest rates. Interest rates in the various market segments

hardened during the year, broadly in tandem with the pre-emptive monetary tightening

measures taken by the Reserve Bank of India. By and large, the exchange rate of the

Indian rupee exhibited two-way movement with respect to the main reserve currencies

during 2006-07. The stock market remained buoyant with the benchmark indices

reaching record highs during 2006-07 amidst intermittent corrections. The primary

segment of capital market exhibited buoyant conditions.

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Currently (2007), overall, banking in India is considered as fairly mature in

terms of supply, product range and reach-even though reach in rural India still remains

a challenge for the private sector and foreign banks. Even in terms of quality of assets

and capital adequacy, Indian banks are considered to have clean, strong and transparent

balance sheets-as compared to other banks in comparable economies in its region. The

Reserve Bank of India is an autonomous body, with minimal pressure from the

government. The stated policy of the Bank on the Indian Rupee is to manage volatility-

without any stated exchange rate-and this has mostly been true.

With the growth in the Indian economy expected to be strong for quite some

time-especially in its services sector, the demand for banking services-especially retail

banking, mortgages and investment services are expected to be strong. M&As,

takeovers, asset sales and much more action (as it is unraveling in China) will happen

on this front in India.

In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase

its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time

an investor has been allowed to hold more than 5% in a private sector bank since the

RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks

would need to be vetted by them.

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Banks Working In India

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The Indian Banking sector comprises of 88 scheduled commercial banks of which 28

are public sector banks, 18 old private sector banks, 11 new private sector banks and 31

foreign banks as on March 31, 2007. In addition, there are 102 regional rural banks and

1,864 urban Co-operative Banks. They have a combined network of over 53,000

branches and 17,000 ATMs. According to a report by ICRA Limited, a rating agency,

the public sector banks hold over 75% of assets of the banking industry, with the

private and foreign banks holding 18.2% and 6.5% respectively.

Private Sector Banks:

At December 31, 2006, private sector banks accounted for approximately 19.9%

of aggregate deposits and 20.2% of gross bank credit outstanding of the scheduled

commercial banks. Their network of 6,567 branches accounted for 9.4% of the total

branch network of scheduled commercial banks in the country. At December 31, 2006,

ICICI Bank accounted for approximately 8.3% of aggregate deposits and 8.8% of non-

food credit outstanding of the scheduled commercial banks.

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Banking on strong fundamentals

Pvt.S.Bs P.S.Bs Total

Particulars 200706(3) 200606(3)Var.

(%)200706(3) 200606(3)

Var.

(%)200706(3) 200606(3)

Var.

(%)

InterestEarned 16055.83 10776.04 49 47819.67 35751.43 34 63875.50 46527.47 37

Interestexpended

11327.53 6940.99 63 31596.31 21383.75 48 42923.84 28324.74 52

Net InterestIncome

4728.30 3835.05 23 16223.36 14367.68 13 20951.66 18202.73 15

OtherIncome

3323.12 1975.45 68 4748.95 3723.41 28 8072.07 5698.86 42

Net totalincome

8051.42 5810.50 39 20972.31 18091.09 16 29023.73 23901.59 21

Operatingexpenses 4308.93 3265.91 32 11087.41 9976.99 11 15396.34 13242.90 16

Operatingprofit

3742.49 2544.59 47 9884.90 8114.10 22 13627.39 10658.69 28

Provisions 1197.88 759.14 58 1791.35 2605.11 -31 2989.23 3364.25 -11

Profit beforeTax

2544.61 1785.45 43 8093.55 5508.99 47 10638.16 7294.44 46

Taxprovisions

673.74 396.86 70 2355.15 1565.03 50 3028.89 1961.89 54

Net Profit 1870.87 1388.59 35 5738.40 3943.96 45 7609.27 5332.55 43

Figures are in Rs. croreFor aggregates 26 P.S.U. Banks & Pvt. S. Bs are taken into consideration.

CRR:

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CRR stands for the cash reserve ratio. These are the specified proportion of

deposits that a bank has to maintain with the RBI. Last week, RBI announced a 50 basis

points hike in CRR in two phases of 25 basis points each in February and early march.

Impact of CRR change:

When there is a change in the CRR, the first impact is seen in the banks. For

banks, the rise in CRR would mean that a larger proportion of funds will be with RBI,

while a fall in rate will mean a lower proportion will be with the apex bank.

How is the impact on banks evaluated?

There are specific angles that one has to consider while evaluating the impact of

CRR on banks. In time of boom, like is the currently, lending will give a higher rate of

return to banks. Hence, if they have to keep a large proportion of their funds away from

lending and in the form of deposits, it is a loss of opportunity for them. This will bring

down their earnings.

An increase in CRR would also mean that money is sucked out of the system.

This would mean that funds are hard to come by and hence banks will have to pay more

to depositors in order to induce them to keep their funds banks. This will push up the

cost of funds for banks. Due to this banks will also have to raise lending rates in order

to meet the increased cost while maintaining their margins.

The market will analyze banks on the basis of their margins, and whether they

will be able to maintain this going forward. A CRR rise in it self means tougher

condition for banks but what is important is that they should also be able to keep pace

with this entire situation. That is the key to the way in which the bank stocks will

perform in the market.

Movement in key policy rates in India

Effective Rate Reverse Repo Repo Rate Cash Reserve

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Rate Ratio

March 31,2004 4.50% 6.00% 4.50%

September 19,2004 4.50% 6.00% 4.75%

October 02,2004 4.50% 6.00% 5.00%

October 27,2004 4.75% 6.00% 5.00%

April 29,2005 5.00% 6.00% 5.00%October 26,2005 5.25% 6.25% 5.00%

January 24,2006 5.50% 6.50% 5.00%

June 9,2006 5.75% 6.75% 5.00%

July 25,2006 6.00% 7.00% 5.00%

October 31,2006 6.00% 7.25% 5.00%

December 23,2006 6.00% 7.25% 5.25%

January 6,2007 6.00% 7.25% 5.50%

January 31,2007 6.00% 7.50% 5.50%

February 17,2007 6.00% 7.50% 5.75%

March 03,2007 6.00% 7.50% 6.00%March 30,2007 6.00% 7.75% 6.00%

April 14,2007 6.00% 7.75% 6.25%

April 28,2007 6.00% 7.75% 6.50%

Note: With effect from 29.10.2004, the nomenclature of repo & reverse repo was

changed in keeping with international usage. Now reverse repo indicates absorption of

liquidity & repo signifies injection of liquidity. Prior to 29.10.2004, repo indicated

absorption of liquidity while reverse repo meant injection of liquidity.

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Deposit and Lending Rates

Deposit Rate March,05 March,06 March,07

Public Sector Banks

Upto 1 year 2.75-6.00 2.25-6.50 2.75-8.75More than 1 year & upto 3yrs. 4.75-6.50 5.75-6.75 7.25-9.50

More than 3 yrs 5.25-7.00 6.00-7.25 7.50-9.50

Private Sector Banks

Upto 1 year 3.00-6.25 3.50-7.25 3.00-9.00

More than 1 year & upto 3 yrs 5.25-7.25 5.50-7.75 6.75-9.75

More than 3 yrs 5.75-7.00 6.00-7.75 7.75-9.60

Foreign Banks

Upto 1 year 3.00-6.25 3.00-6.15 3.00-9.50

More than 1 year & upto 3 yrs 3.50-6.50 4.00-6.50 3.50-9.50

More than 3 yrs 3.50-7.00 5.50-6.50 4.05-9.50

Benchmark Prime LendingRates

Public Sector Banks 10.25-11.25 10.25-11.25 12.25-12.7

Private Sector Banks 11.00-13.50 11.00-14.00 12.00-16.5

Foreign Banks 10.00-14.50 10.00-14.50 10.00-15.5

Actual Lending Rate

Public Sector Banks 2.75-16.00 4.00-16.50 4.00-17.00

Private Sector Banks 3.15-22.00 3.15-20.50 3.15-25.50

Foreign Banks 3.55-23.50 4.75-26.00 5.00-26.50

Key Points:

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Supply Liquidity is controlled by THE Reserve Bank of India.

Demand India is a growing economy and demand for credit is highthough it could be cyclical.

Barriers to Entry Licensing requirement, investment in technology and branchnetwork.

Bargaining power High during periods of tight liquidity. Trade unions inof suppliers public sector banks can be anti reforms. Depositors

may invest elsewhere if interest rate falls.

Bargaining power For good creditworthy borrowers bargaining power isof customers high due to the availability of large number of banks.

Competition High- There is public sector banks, private sector

and foreign banks along with non banking finance.

Financial Year07: Incremental credit/deposit ratio on a steady decline:

With most banks having run out of excess statutory liquidity ratio (SLR)

holdings, the gap in credit and deposit growth is slowly going to close as banks

are witnessing currently. The incremental credit/deposit ratio has steadily

declined from 120% to 75% at present.

58%

60%

62%

64%

66%

68%

70%

72%

5-Apr 5-Jun 5-Aug 5-Oct 5-Dec 6-Feb 6-Apr 6-Jun 6-Aug

0%

20%

40%

60%

80%

100%

120%

140%

CD Ratio Incremental CD Ratio

30


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Retail Credit- Spiraling Ahead:

FY07 witnessed banks shedding their surplus investment portfolio and trading

the same for a larger proportion of advance portfolio. At the same time, pick up

in incremental capex lending led to a record growth of 31% (yoy) and increasedthe average credit deposit ratio to 65%.

Retail Credit

05

10

15

20

25

30

2000 2001 2002 2003 2004 2005 2006 2007

Year

(%)Y-O-

0

20

40

60

80

(%)

Growth [LHS] % of total credit [RHS]

Mortgage Loans- The Growth Driver

Mortgage loans comprised nearly 53% of total retail credit in FY07. Despite therise in lending rates, the fiscal benefits accorded to them kept mortgage loans

relatively attractive. Bank also leveraged on the home loan portfolio to comply

with their priority sector norms.

Mortgage Loans

0246810

1214

2000 2001 2002 2003 2004 2005 2006 2007

Year

(%)

0102030

4050

60

(%)

% of total credit [LHS] % of total loans [RHS]

31


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Overview:

ICICI Bank is Indias second-largest bank with total assets of Rs. 3,4456.58

billion (US$ 79 billion) at March 31, 2007 and profit after tax of Rs. 31.10 billion for

fiscal 2007. ICICI Bank is the most valuable bank in India in terms of market

capitalization and is ranked among top five companies in terms of free float market

capitalization. The bank has a network of about 950 branches and 3,300 ATMs in India

and presence in 17 countries. ICICI Bank offers wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialized subsidiaries and affiliates in the areas of

investment banking, life and non- life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada,

branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International

Finance Centre and representative offices in the United States, United Arab Emirates,

China, South Africa and Bangladesh, Thailand, Malaysia and Indonesia. Its UK

subsidiary has established a branch in Belgium.

ICICI Banks equity shares are listed in India on Bombay Stock Exchange andthe National Stock Exchange of India Limited and its American Depositary Shares

(ADRs) are listed on New York Stock Exchange (NYSE).

History:

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ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian

financial institution, and was its wholly owned subsidiary. ICICIs shareholding in

ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal

1998, an equity offering in the form of ADRs listed on NYSE IN FISCAL 2000, ICICI

Banks acquisition OF Bank of Madura Limited in an all-stock amalgamation in fiscal

2001, and se4condary market sales by ICICI to institutional investors in fiscal 2201 and

2002. ICICI was formed in 1955 at the initiative of World Bank, the Government of

India an Indian industry. The principal objective was to create a development financial

institution for providing medium-term and long term project financing to Indian

businesses.

After consideration of various corporate structuring alternatives in the context

of emerging competitive scenario in the Indian banking industry and the move towards

universal banking, the managements of ICICI and ICICI Bank formed the view that the

merger of ICICI with ICICI Bank would be the optimal strategic alternative for both

entities, and would create the optimal legal structure for the ICICI groups universal

and banking strategy.

In October 2001, the Board of Directors of ICICI and ICICI Bank approved the

merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal

Financial Services and ICICI Capital Services Limited, with ICICI Bank. The merger

was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High

Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at

Mumbai and the Reserve Bank of India in April 2002.

Sangli Bank has merged with ICICI Bank effective April 19, 2007 as per the

order of Reserve Bank of India dated April 18, 2007. Pursuant to the merger of Sangli

Bank with ICICI Bank Limited, the shareholders of Sangli Bank were allotted

34,55,008 equity shares of Rs. 10 each on May 28, 2007.

SUBSIDIARIES/JOINT VENTURE/ ASSOCIATES

33


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ICICI Venture Funds Management

Company Ltd.

Manages funds that provide venturecapital to start-up companies andundertake private equity investments.

ICICI Primary Dealership Ltd. Engaged in equity underwriting, brokerageand primary dealership in governmentsecurities.

ICICI Securities Ltd. Leading Investment BankingOrganization.

First Source Solutions Ltd. Leading third party BPO service provider.

ICICI Prudential Life Insurance

Company Ltd.

Retail market share of about 28% in new

business by private sector life insurancecompanies during FY 2007.

ICICI Lombard General Insurance

Company Ltd.

Market share of about 34% in grosswritten premium among the private sectorgeneral insurance companies duringFY2007.

ICICI Prudential Asset Management

Company

Among the top two mutual funds in Indiain terms of total funds under managementin the Indian Mutual Fund Industry for

FY07 with a market share of over 11%.(Source: AMFI)

Domestic Subsidiaries

ICICI Brokerage Services Limited.

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ICICI Distribution Finance Private Limited.

ICICI Home Finance Company Limited.

ICICI Investment Management Company Limited.

ICICI Trusteeship Services Limited.

Prudential ICICI Trust Limited.

International Subsidiaries

ICICI Bank Canada.

ICICI Bank Eurasia Limited Liability Company.

ICICI International Limited.

ICICI Securities Holding Inc*.

ICICI Securities Inc*.

ICICI Bank UK Limited.

Background of ICICI Bank

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As onJune 30, 2007 FY08

CMP: - 955.45 Target Price: - 1,710

Incorporation Year 1994

Managing Director K. V. Kamath

Registered Office

Landmark, Race CourseCircle, Alakapuri,

Vadodra-390007,Gujrat

Telephone 91-265-2339923/25/27/28

Fax 91-265-2339926

Website www.icicibank.com

Face Value [Rs] 10

BSE Code 532174

BSE Group A

NSE Code ICICIBANK

Bloomberg ICICIBC IN

Reuters ICBK.BOISIN Demat INE090A01013

Market Lot 1

Listing BSE, NSE, NYSE

Financial Year End 03

Book Closure Month Jun/Jul

AGM Month Jul

36
http://www.icicibank.com/http://www.icicibank.com/


37/56

SHARE HOLDING PATTERN

Share holding pattern as on:

31/03/2006 31/03/2007

Face Value 10.00 10.00

No. of Shares % Holding No. of Shares % Holding

Promoters Holding

Sub Total - - - -

Non Promoters Holding

Institutional Investors

Banks, Fin. Inst.,Insurance

109664301 17.27 107789571 16.5

FIIs 399746652 44.71 405033806 45.04

Sub Total 554119342 61.98 552358029 61.42

Other Investors

Private CorporateBodies

45010772 5.03 46685349 5.19

NRIs/OCBS/Foreign 48971 0.01 48971 0.01

Government 1250 - 1250 -

Others 238530478 26.68 238530478 26.68

Sub Total 283591471 31.72 285266048 31.88

General Public 56292130 6.30 61642595 6.85

Grand Total 894002943 100.00 899266672 100.00

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Performance with major indices:

The performance of ICICI Bank Price in stock market with three major indices

is given below. Performance with-

Sensex - Sensitive Index for 30 Major Stocks replicates

the movement of market.

NIFTY- National Index for 50 major stocks.

Bank nifty - Replicates the movement in price of stock of

various banks.

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NIFTY & ICICI Bank P r

050 0

100015002000

250030003500400045005000

2007

/06

2007

/05

2007

/04

2007

/03

2007

/02

2007

/01

2006

/12

2006

/11

2006

/10

2006

/09

2006

/08

2006

/07

Peroi

NIFTY

0

20 0

40 0

60 0

80 0

1000

1200ICICIBank

Price

NIFTY

ICICI Bank Pri

Bank and Sensex

0

2000

4000

6000

8000

10000

12000

14000

16000

2007

/06

2007

/05

2007

/04

2007

/03

2007

/02

2007

/01

2006

/12

2006

/11

2006

/10

2006

/09

2006

/08

2006

/07

Period

Sensex

0

200

400

600

800

1000

1200

ICICIBankPrice

Sensex

ICICI Bank Price

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Ba nk N ifty & ICICI Bank P

0

1000

2000

3000

4000

5000

6000

7000

8000

2007

/06

2007

/05

2007

/04

2007

/03

2007

/02

2007

/01

2006

/12

2006

/11

2006

/10

2006

/09

2006

/08

2006

/07

Perio

Bank

Nifty

0

20 0

40 0

60 0

80 0

1000

1200ICIC

IBankPrice

Bank Ni fty

ICICI Bank Pri

ICICI Bank Price Movement over a period of one year:

Price Movement for One Year

0

200

400

600

800

1000

1200

Period

Price

STRATEGY

Business Composition

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ICICIs loan book is predominantly composed of retail assets as it feels retail

finance offers significant risk diversification benefits with the credit risk being spread

over a large number of relatively small individual loans. The growth of its retrial

finance portfolio has been the principal driver of its portfolio diversification strategy.

Retail loans constituted 65.2% total loans for FY07 compared to 62.9% for FY06 and

60.9% for FY05.

0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%

Percentage

2005 2006 2007

Financial Year

Movement of Advances

Retail

Corporate

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Compared to its peers ICICI Banks CASA ratio (current account/saving account) is

relatively lower. As of FY07 ICICI bank had a CASA ratio of 21.8% compared to SBI

48.5%, UTI 39.9% and HDFC bank 57.7%.

42

Total Outstanding Retail Finance

Portfolio

0

10

20

30

40

50

60

March,2005 March,2006 March,2007

Year

Percentage

Home

Automobile

Businesses

Two-Wheeler

Personal

Credit Cards

Against Securities

and others


43/56

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Percentage

2005 2006 2007

Year

Outstanding Deposits

Current Account Savings Time

Cost of Deposits

0%

2%

4%

6%

8%

2005 2006 2007

Financial Year

PercentageSavings

Time

43


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Enhancing its strong corporate franchise

ICICI is seeking to build a global corporate and investment banking franchise

focused on Indian companies, covering advisory, origination, structuring, execution and

syndication. Their corporate lending activities will focus corporate finance and working

capital lending to highly rated corporation emerging global competitiveness of the

Indian industry offer growth opportunities in the area of project financing.

Growing its International Presence

ICICI intends to grow its international business based on leveraging home

country links for international expansion by capturing market share in select

international markets. The focus areas are supporting Indian companies in rising

corporate and project finance overseas for their investment in India and abroad.

Personal financial services (including remittance and deposit products) for non-resident

Indians are another area of focus.

Penetrating Rural India

ICICI offers a comprehensive suite of products for all customer segments

operating in the rural areas-corporate, small and medium enterprises and finally the

individual traders and farmers. Future growth of India is depended on rural India. There

is tremendous opportunity for the banking sector in rural India and ICICI to win big

share of the same.

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Insurance and Asset Management Business

ICICI has a joint venture partnership both in Life as well as non life Insurance

business it holds 74% interest in both the JV the balance being held by foreign partners.

It is the largest private sector life as well as non-life insurance company in India, with a

retail market share of approximately 28% and 34% for respectively in the private sector

and an overall market share of approximately 10% and 12% based on new business

premiums during FY07.

ICICI 51% interest in its joint venture partnership with Prudential Plc of the

United Kingdom for the asset management business. It is among the two largest mutual

funds in India, with total assets under management approximately Rs. 379 billion and a

market share of approximately 11.6% for FY07.

Other Income-Fee based avenues

ICICI earns fee income from their commercial banking services to retail

customers, including retail loan processing fees, credit card and debit card fees,

transaction banking fees and fees from distribution of third party products. Its focus is

on meeting the working capital requirements, deposit accounts and other banking

products and services of small and medium enterprises.

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FINANCIALS

Profit & Loss Statement:

[Rs. in billion]

Mar-05 Mar-06 Mar-07 Mar-08

NII 28.39 41.87 66.36 88.06

Non-Interest Income 27.05 40.55 59.44 77.27

- Fee Income 20.98 32.59 50.12 67

- Others 6.07 7.96 9.02 1029Core Operating Income 55.44 82.42 125.49 164.77

Operating Expenses 25.17 35.47 49.79 62.5

Other DMA1 Expenses 8.85 11.77 15.24 18.27

Lease Depreciation 2.97 2.77 1.88 1.61

Core Operating Profit 22.45 37.63 58.59 80.67

Treasury Income 7.11 9.28 10.14 11.41

Operating Profit 29.56 46.91 68.73 92.08

Provisions 14.29 15.94 14.95 15.17

Profit Before Tax 25.27 30.17 53.78 76.91

Tax 5.22 5.57 5.38 5.43PAT 20.05 25.60 48.40 71.48

Note: The projected Profit & Loss statement for the period Mar-08 is prepared with thehelp of Compounded Annual Growth Rate formulae. [Base year is Mar-05].

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Balance Sheet: Assets

Balance Sheet: Liabilities

[Rs. in billion]


Net Worth 125.50 222.06 243.13 303.13

- Equity Capital 7.37 8.90 8.99 9.03

- Reserves 118.13 213.16 234.14 294.10

Preference 3.50 3.50 3.50 3.50

Deposits 998.91 1,650.83 2,305.10 3,046.18

Borrowings 224.05 354.77 598.24 727.78

eICICI

Borrowings

193.48 131.90 108.37 89.33

Other Liabilities 131.87 150.83 188.24 211.96

Total Liabilities 1,676.59 2,513.89 3,446.58 4381.88

Note: The projected Balance Sheet for the year Mar-08 is prepared with the help ofCompounded Annual Growth Rate formulae. [Base year is Mar-05].


Cash balances with banks &

SLR

474.12 618.14 1044.89 1359.72

- Cash & bank balances 129.30 170.40 371.21 527.60

- SLR Investments 344.82 510.74 673.68 842.17

Advances 914.05 1,461.63 1,958.66 2510.89

Other Investments 160.05 204.73 238.90 273.01

Fixed & Other Assets 128.37 166.39 204.13 238.26Total Assets 1,676.59 2,513.89 3,446.58 4381.88

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Dividend:

Dividend is that portion of total profit earned by the company which is

distributed among shareholders of the company and is declared by the Board of

directors.

Year Month Dividend [%]

2007 April 100

2006 April 85

2005 May 85

2004 April 75

2003 April 752002 May -

2002 January 20

2001 April 20

Dividend

0

20

40

60

80

100

120

2001 2002 2002 2003 2004 2005 2006 2007

Year

Percentage

Dividend

Interpretation:In case of ICICI Bank, the bank has given good dividends to its shareholders

over a period of 7 years. It indicates that the bank is earning handsome profit over the

years which it passes on to its shareholders.

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Capital Adequacy Ratio:A banks capital ratio is the ratio of qualifying capital to risk adjusted

[or weighted] assets. The RBI has set the minimum capital adequacy ratio at 10% as on

March, 2002 for all banks. A ratio below the minimum indicates that the bank is not

adequately capitalized to expand its operations. The ratio ensures that the bank do not

expand their business without having adequate capital.

March 31, 2006 March 31, 2007

Rs. bn % Rs. bn %

Total Capital 278.43 13.35 338.96 11.69

- Tier 191.82 9.20 215.03 7.42

- Tier 86.61 4.15 123.93 4.27

Risk Weighted Assets 2,058.94 2,899.93

Interpretation:The above statistics indicates that ICICI Bank is aggressively expanding

their business to increase its operations year-on-year basis. The bank has less capital

adequacy ratio in 2007 in spite of increase capital as compared to 2006 due to the

pressure of cash reserve ratio and repo rate.

Non-Performing Asset ratio:The net non-performing asset to loans (advances) ratio is used as a

major of the overall quality of the banks loan book. Net NPAs are calculated by

reducing cumulative valance of provisions outstanding at a period end form gross

NPAs..

Asset Quality and Provisioning:[Rs. in billion]

Mar-31,2006 Mar-31,2007

Gross NPAs 29.63 48.50

Less: Cumulative w/offs &provisions

18.88 28.31

Net NPAs 10.75 20.19

Net NPA Ratio 0.71% 0.98%

Interpretation:NPAs of ICICI Bank has increased from 0.71% in 2006 to 0.98% in

2007 which is a serious concern for the bank. The higher ratio reflects rising bad quality

of loans.

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Earning Per Share:It is widely used ratio to measure the profit available to the equity shareholders

on a per share basis. EPS is calculated on the basis of current profit and not on the basis

of retained profits.

Earning Per Share

13.4918.31

22.4328.41

53.82

64.29

0

10

20

30

40

50

60

70

2003 2004 2005 2006 2007 2008

Year

EP

Interpretation:

The EPS of bank is increasing year-on-year basis and the projected EPS is

calculated on the basis of projected profit after tax for year Mar-08. The increasing EPS

indicates the increasing trend of profits per share.

Return on Equity:The return on equity measures the profitability of equity funds invested in the

firm. It is regarded as a very important measure it reflects the productivity of the

ownership (or risk) capital employed in the firm.

Return on Equity

18.30%

21.80%

17.90%16.40%

13.40%11.22%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2003 2004 2005 2006 2007 2008

Year

(%

50


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Price Earnings ratio:P/E Ratio indicates the price currently being paid in the market for each rupee

of EPS. It measures the expectation of the investors. A high P/E Ratio may indicate the

possibility of increase in EPS. A low P/E Ratio may indicate that there is no possibility

of any increase in EPS and the investors will be reluctant to invest in such shares.

Price Earning Ratio

0

5

10

1520

25

30

35

40

2004 2005 2006 2007 2008

Year

P

EPE

Interpretation:

P/E Ratio of ICICI Bank has a declining trend from 2004 to 2008, a low P/E

Ratio is considered as one of the important criteria from the point of view of investors.

Peer Comparison

Company SBI HDFC UTI ICICI

NII 160,542 37,098 15,671 66,358

NP 45,413 11,415 6590 31,102ROE 15.4 19.3 21 13.4

EPS 86.3 35.74 23.4 34.5

P/E 11.5 26.6 20.9 24.8

P/ABV 2.0 4.8 4.4 3.5

Key Ratios:

51


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Given below are some of the key ratios for evaluating the banks performance

and their performance over a period of 3 years.

Key Ratios

Mar-07 Mar-06 Mar-05Credit-Deposit (%) 86.46 89.68 91.74

Investment / Deposit (%) 41.15 46.07 55.52

Cash / Deposit (%) 6.99 5.77 7Interest Expended / Interest Earned(%) 71.14 67.09 69.83

Other Income / Total Income (%) 23.24 26.14 27.33

Operating Expenses / Total Income (%) 25.78 30.24 25.49

Interest Income / Total Funds (%) 7.7 6.8 6.39

Interest Expended / Total Funds (%) 5.48 4.56 4.46

Net Interest Income / Total Funds (%) 2.22 2.24 1.93Non Interest Income / Total Funds (%) 2.33 2.41 2.4

Operating Expenses / Total Funds (%) 2.59 2.79 2.24Profit before Provisions / Total Funds(%) 1.97 1.86 2.09

Net Profit / Total funds (%) 1.04 1.21 1.36

RONW (%) 13.37 14.62 19.51

Projected Market Price for FY08:

The projected market price can be calculated as-

Market Price = P/E Ratio for FY07 * Projected EPS for FY08

= 26.60 * 64.29

= Rs. 1710.

Note: It is a projected price which is based on various factors and mostly on EPS andP/E Ratio. Variations may be there to attain this price, no assurance of target priceachievement. P/E Ratio has taken as constant of FY07

Concerns for ICICI Bank

52


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Their banking and trading activities are particularly vulnerable to interest rate

risk and volatility in interest rates could adversely affect their net interest

margin, the value of their fixed income portfolio, their income from treasuryoperations, the quality of their loan portfolio and their financial performance.

Their rapid retail expansion in India and their rural initiative expose them to

increased risk that may adversely affect their business.

The failure of their restructured loans to perform as expected or a significant

increase in the level of restructured loans in their portfolio could affect their

business.

0.00%

20.00%

40.00%

60.00%

80.00%

Percenatge

2005 2006 2007

Financial Year

Gross NPAs

Retail

Corporate

LIMITATIONS

53


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Fundamental analysis has some limitation involved in it. This limitation can be

explained as under:

Time Constrain:

Fundamental analysis may offer excellent insights, but it can be extraordinarily

time-consuming. Time-consuming models often produce valuations that are

contradictory to the current price prevailing on the exchange.

Company Specific:

Valuation techniques vary depending on the industry group and specifics of

each company. For this reason, a different technique and model is required for different

industries and different companies. This can be quite time-consuming process, which

can limit the amount of research that can be performed.

The sales and inventory ratio may be very important for the cement sector

company but these ratios are not very useful for the banking sector.

Inadequacies of Data:

While making analysis one has to often wrestle with inadequate data. While

deliberate falsification of data may be rare, subtle misrepresentation and concealment

are common.

Future Uncertainties:

Future changes are largely unpredictable; more so when the economic and

business environment is buffeted by frequent winds of change. In an environment

characterized by discontinuities, the past record is a poor guide to future performance.

Irrational Market Behaviour:

The market itself presents a major obstacle while making analysis on account of

neglect or prejudice, undervaluation may persist for extended periods; likewise,

overvaluations arising from unsatisfied optimism and misplaced enthusiasm may

endure for unreasonable lengths of time.

CONCLUSION

54


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Fundamental analysis holds that no investment decision should be

without processing and analyzing all relevant information. It strength lies in the fact the

information analyzed is real as opposed to hunches or assumptions. On the other hand,

while fundamental analysis deals with tangible fact, it does not tend to ignore the fact

that human beings do not always act rationally. Market prices do sometimes deviate

from fundamentals. Prices rise or fall due to insider trading, speculation, rumor, and a

host of other factors.

This is true to an extent but strength of fundamental analysis is that an investment

decision is arrived at after analyzing information and making logical assumptions and

deductions. Furthermore, fundamental analysis ensures that one does not recklessly buy

or sell shares- especially buy.

Fundamental analysis can be valuable, but it should be approached with caution.

If you are reading research written by a sell-side analyst, it is important to be familiar

with the analyst behind the report. We all have personal biases, and every analyst has

some sort of bias. There is nothing wrong with this, and the research can still be of great

value.

The analysis carried out at Anand Rathi Securities Limited on the ICICI Bank,

their profit and loss account, balance sheet and ratios. I shall suggest the investors to

invest in ICICI Bank than the other banks as a value investment.

Reasons:

Largest private sector bank in India, second largest in entire banking

industry.

Strong increase in profit year-on-year basis.

Increasing EPS indicate good earnings.

Increase in sharing profit with shareholders in form of dividend.

ICICI Bank is expanding its footholds on international level also; its

insurance and asset management business are also performing well.

The bank also expanding their business in rural area.

Bibliography

55


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Books:

Investment Analysis & Portfolio Management- Prasanna Chandra.

News Papers:

Economic Times

Business Standard

Magazines:

Capital Market

Dalal Street

Bank Quest

Websites:

www.intra.rathi.com

www.icicibank.com

www.rbi.org.in

www.moneycontrol.com

www.equitymaster.com

www.nseindia.com
http://www.intra.rathi.com/http://www.icicibank.com/http://www.rbi.org.in/http://www.moneycontrol.com/http://www.equitymaster.com/http://www.nseindia.com/http://www.intra.rathi.com/http://www.icicibank.com/http://www.rbi.org.in/http://www.moneycontrol.com/http://www.equitymaster.com/http://www.nseindia.com/

fundamental aanalysis on icici bank(1)

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