Ability to continue reporting above-average earnings a key trigger; discount with Kotak Bank stock also seen narrowing
CLOSING BELL: Among sectors, the Nifty Auto fell 1.7 per cent, while the Nifty Metal added 1.5 per cent
ICICI Bank can rally to a new high if the stock manages to sustain above its 200-DMA; Infosys and UltraTech Cement too look promising, while Rs 2,350-level remains the key for Reliance Industries.
Stocks to watch today: Axis Bank, Tata Steel will report their June quarter 2022 results (Q1FY23) on Monday, July 25; Infosys delivered net profit for Q1 below street expectations at Rs 5,360 crore.
ICICI Securities client growth moderated to 27.7 per cent to 450,000, while active customers rose only 5.3 per cent QoQ to 3.2 million
ICICI Bank's net profit decreased 1.6 per cent from Rs 7,018.71 crore at the end of the January-March quarter
ICICI Bank PAT declined from Rs 7,018.71 crore recorded in the preceding quarter
Amazon is offering an instant discount of up to10 per cent on purchases made using SBI and ICICI bank cards
Analysts expect loan growth to be at 20 per cent YoY at Rs 887,600 crore, up from Rs 738,600 crore last year
Before this assignment, he held the position of Group General Counsel at ICICI Bank and provided strategic oversight to the legal function of the ICICI group.
CLOSING BELL: The frontline indices climbed on the back of gains in Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries
SBI, ICICI Bank and IDFC First Bank have raised interest rates on foreign currency non-resident deposits in response to the Reserve Bank's relaxation last week to shore up forex inflows.
According to SBI's website, the interest rate on US dollar category deposits with maturities up to 2 and 3 years are up by 85 basis points to 2.85 per cent and 3 per cent
SBI and BoB are expected to go live by the deadline; PNB and Union Bank of India are already live on the ecosystem
Bank of Baroda, Canara Bank, and State Bank of India may see even better returns as they have also broken out of "Double Bottom" pattern
The other two exchanges in the country are Indian Energy Exchange (IEX) and Power Exchange of India ltd (PXIL), of which IEX holds a 98 per cent almost monopoly on the total traded power in country
Bounce rates by value at three-year low
As S&P affirms ICICI Bank's BBB rating, an upgrade over the next one to two years is unlikely as that would require an improvement in the bank's financial profile
A longer-term solution is to allow customers to easily vote with their feet
Stocks to Watch Today: ICICI Bank and Axis Bank too will be in focus as global rating agency Moody's has upgraded the two private bank's baseline credit assessments (BCA) and deposit ratings to "baa3"