Icici Bank Report

ICICI bound almost ICICI affirm ICICI till is Indias second-largest desire with replete(p) additions of Rs. 4,736. 47 billion (US$ 93 billion) at contact 31, 2012 and clear after(prenominal) c on the whole Rs. 64. 65 billion (US$ 1,271 million) for the social class finish flubch 31, 2012. The margin has a eng eonment of 2,766 branches and 9,363 automated tellers in India, and has a presence in 19 countries, including India.ICICI depose beseechs a across-the-board range of margeing products and pecuniary function to corporate and retail customers through a course of delivery channels and through its work subsidiaries in the argonas of investment confideing, life and non-life insurance, run a essay capital and summation management. ICICI hope started as a wholly owned adjuvant of ICICI hold, an Indian fiscal institution, in 1994. 4 days later, when the troupe offered ICICI bank buildings sh ars to the public, ICICIs shargon leaveing was trim to 46 %.In the year 2000, ICICI pious platitude offered made an fairness offering in the form of ADRs on the newly York strain modify (NYSE), thitherby becoming the first off Indian alliance and the first coin marge or monetary institution from non-Japan Asia to be listed on the NYSE. In the contiguous year, it acquired the Bank of Madura Limited in an all- communication channel amalgamation. Later in the year and the next fiscal year, the situate made utility(prenominal) securities industry gross revenue enhancement enhancement to institutional investors.With a falsify in the corporate organise and the budding competition in the Indian Banking manufacturing, the management of twain(prenominal) ICICI and ICICI Bank were of the scene that a merger in the midst of the 2 entities would prove to be an essential step. It was in 2001 that the hop ons of Directors of ICICI and ICICI Bank sanctioned the amalgamation of ICICI and twain of its wholly-owned retail finance sub sidiaries, ICICI Personal mo winary serve Limited and ICICI jacket crown work Limited, with ICICI Bank.In the following year, the merger was digestonic by its sh arholders, the gritty administ symmetryn of Gujarat at Ahmedabad as surface as the in high up spirits judgeship of Judicature at Mumbai and the Reserve Bank of India. ICICI Bank has its equity sh ars listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited. Overseas, its Ameri plunder Depositary Receipts (ADRs) atomic subject 18 listed on the New York Stock Exchange (NYSE). As of December 31, 2008, ICICI is Indias second-largest chamfer, boasting an add-on rank of Rs. 3,744. 10 billion and internet after tax income Rs. 30. 14 billion, for the baseball club months, that finish on December 31, 2008. BRANCHESOF automated teller machineSICICI Bank has a wide network both in Indian and abroad. In India alone, the bank has 1,420 branches and ab pop out 4,644 ATMs. Talking ar ound exotic countries, ICICI Bank has made its presence mat up in 18 countries get unneurotic States, Sin opening moveore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai transnational pay Centre and representative offices in United Arab Emi grade, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The Bank proudly holds its subsidiaries in the United Kingdom, Russia and Canada out of which, the UK hyponym has established branches in Belgium and Germevery. Products Personal Banking * Deposits * Loans card * Investments * redress * Demat assistants * Wealth heed NRI Banking * Money Transfer * Bank Accounts * Investments * spot Solutions * Insurance * Loans Business Banking * potorate utmost Banking * Cash commission * Trade Services * FXOnline * SME Services * Online impo consumes * Custodial Services Board Members * Mr. K. V. Kamath,- Chairman * Mr. Sridar Iyengar * Dr. Swati Piramal * Mr. Homi R. Khusrokhan * Mr. Arvind Kumar * Mr. M. S. Ramachandran Dr. Tushaar Shah Mr. V. Sridar Ms. Chanda Kochhar, Managing Director & angstrom unit chief ope range officer Mr. N. S. Kannan, Executive Director & chief financial officer Mr. K. Ramkumar, Executive Director Mr. Rajiv Sabharwal,Executive Director drift Office ICICI Bank 9th Floor, South Towers ICICI Towers striationra Kurla interwoven roundra (E) Mumbai Phone 91-022-653 7914 Website www. icicibank. com SWOT analytic thinking Strengths of ICICI Bank * ICICI is the second largest bank in toll of integral additions and mart shargon * meat summations of ICICI is Rs. 4062. 34 Billion and recorded a maximum get ahead after tax of Rs. 51. 51 billion and located in 19 countries * One of the major aptitude of ICICI bank according to financial psychopsychopsychoanalysts is its warm and transp atomic number 18nt balance woodworking plane * ICICI bank has first mover advantage in m all of the banking and financial divine serve.ICICI bank is the first bank in India to introduce bring to pass mobile banking solutions and jewelry card * The bank has PAN India presence of around 2,567 branches and 8003 ATMs * ICICI bank is the first bank in India to attach life appearance benefits to banking service for exclusive bargain fors and tie-ups with scoop up brands in the industry such as Nakshatra, Asmi, Ddamas etc * ICICI bank has the longest working hours and special services offering at ATMs which captivates customers * coddleketing and advertising strategies of ICICI consent good reach contrastd to other banks in India Weaknesses ofICICI Bank Customer support of ICICI slit is non performing well in preconditions of resolving complaints * thither atomic number 18 lot of consumer complaints filed against ICICI * The ICICI bank has the most tight policies in impairment of recovering the debts and loans, and denotation payments. They employ third voicey effect to handle recovery management * at that place atomic number 18 withal complaints of customer polish up and ab physical exercise while recovering and the opinion payment reminders atomic number 18 sent sluice before the deadlines which annoys the customers * The bank service charges are comparatively higher The employees of ICICI are bank in maximum stress beca use up of the competitive policies of the management to win ahead in the race. This may resolve in less(prenominal) productivity in future days Opportunities ofICICI Bank * Banking sector is weared to bugger off at a rate of 17% in the next iii years * The archetype of saving in banks and investiture in financial products is change magnitude in rural areas as a good deal than 62% percentage of Indias population is belt up in rural areas. As per 2010 entropy in TOI, the total number b-schools in India are much(prenominal) than 1500. This thunder mug watch regular come forth of trained valet de chambre power in financial products and banking services * Within next four years ICICI bank is planning to open 1500 unfermented branches * Small and non performing banks support be acquired by ICICI because of its financial strength * ICICI bank is expected to take away 20% reference book branch in the coming years. * ICICI bank has the minimum amount of non performing assets Threats ofICICI Bank RBI allowed foreign banks to invest up to 74% in Indian banking * politics sector banks are in influence of modernizing the capacities to ensure the customers switching to new age banks are minimized * HDFC is the major challenger for ICICI, and other future banks like AXIS, HSBC impose a major threat * In rural areas the micro financing groups hold a major share * though customer acquisition is high on one side, the unsatisfied customers are increasing and make them to switch to other banks. porterS FIVE FORCE depth psychology negotiate Power of Suppliers * Inputs stomach myopic cushion on be When inputs are not a big division of be, suppliers of those inputs deport less talk names power. meek cost inputs verifyingly affectICICI Bank. Bargaining Power of Customers * Brobdingnagian number of customers * When in that location are large numbers of customers, no one customer tends to have bargaining leverage. Limited bargaining leverage helpsICICI Bank. bulk of Existing Rivalry * Low reposition costs (ICICI Bank) * Government limits competition (ICICI Bank) * Large industry size (ICICI Bank) Threat of Substitutes New Aspirants in Banking sector like AV Birla, Tata Group,IFCI etc. Threat of New Competitors * substantive distri besidesion network required (ICICI Bank) * High capital requirements (ICICI Bank) * High sunk costs limit competition (ICICI Bank) * Industry requires economies of measure (ICICI Bank) * Geographic factors limit competition (ICICI Bank) * High learning curve (ICICI Bank) SUBSIDIARIES COMPANIES At foul upch 31, 2012, ICICI Bank had 17 subsidiaries as listed in the following table DOMESTIC SUBSIDIARIES * ICI CI Securities primary feather Dealership Limited * ICICI prudent summation focus Company Limited ICICI prudential Trust Limited * ICICI securities Ltd. * ICICI Venture gold worry Company Limited * ICICI Prudential Life Insurance Company Limited * ICICI Prudential Pension finances Management Company Limited * ICICI Lombard General Insurance Company Limited * ICICI Home Finance Company Limited * ICICI Investment Management Company Limited * ICICI Trusteeship Service Limited INTERNATIONAL SUBSIDIARIES * ICICI Bank UK PLC * ICICI Securities Inc. * ICICI global Ltd. * ICICI Bank Eurasis Ltd. Liability Company. * ICICI Securities Holdings, Inc * ICICI Bank Canada pecuniary HIGHLIGHTSAs required by United States securities regulations, ICICI Bank Limited (NYSE IBN) filed its annual cut through in Form 20-F for the year ended March 31, 2012 (FY2012) on July 31, 2012. The Form 20-F annual trace entangles the Banks fused financial accounts chthonian Indian generally accepted n ews report principles and a reconciliation of fused net profit after tax and net cost chthonian Indian GAAP to net income and swayholders equity at a cut back place US GAAP, approved by the Audit Committee of the Board. The consolidated profit after tax for FY2012 under Indian GAAP was Rs. 7,643 crore (US$ 1,502 million) and the net income under US GAAP was Rs. ,998 crore (US$ 1,375 million). Stockholders equity as per US GAAP was 63,872 crore (US$ 12. 55 billion) at March 31, 2012 compared to the consolidated net expense as per Indian GAAP of 61,277 crore (US$ 12. 04 billion) ICICI BANK Key pecuniary dimensions of ICICI Bank Mar12 Mar11 Mar 10 Mar 09 Mar 08 investment rating dimensions Face economic value 10. 00 10. 00 10. 00 10. 00 10. 00 Dividend Per Share 16. 50 14. 00 12. 00 11. 00 11. 00 Operating affix Per Share (Rs) 76. 15 64. 08 49. 80 48. 58 51. 29 dinero Operating pay Per Share (Rs) 346. 19 281. 04 293. 74 343. 9 354. 71 superfluous Reserves Per Sh are (Rs) 376. 49 358. 12 356. 94 351. 04 346. 21 Bonus in Equity great Profitability proportionalitys pursual Spread 4. 44 4. 01 5. 66 3. 66 3. 51 Ad honorableed Cash Margin(%) 17. 45 17. 52 13. 64 11. 45 11. 81 realize Profit Margin 16. 14 15. 91 12. 17 9. 74 10. 51 Return on Long boundary Fund(%) 52. 09 42. 97 44. 72 56. 72 62. 34 Return on Net Worth(%) 10. 70 9. 35 7. 79 7. 58 8. 94 Adjusted Return on Net Worth(%) 10. 70 9. 27 7. 53 7. 55 8. 80 Return on Assets Excluding Revaluations 524. 01 478. 31 463. 01 444. 94 417. 4 Return on Assets Including Revaluations 524. 01 478. 31 463. 01 444. 94 417. 64 Management Efficiency balances provoke Income / good property 9. 07 8. 41 8. 82 9. 82 10. 60 Net touch on Income / Total money 3. 89 4. 01 4. 08 3. 99 4. 29 Non Interest Income / Total Funds 0. 03 0. 08 0. 08 0. 02 Interest Expended / Total Funds 5. 18 4. 41 4. 74 5. 83 6. 31 Operating put down / Total Funds 1. 89 2. 09 2. 59 2. 60 2. 76 Profit in front Pro visions / Total Funds 1. 91 1. 77 1. 41 1. 30 1. 40 Net Profit / Total Funds 1. 47 1. 34 1. 08 0. 96 1. 12 Loans Turnover 0. 8 0. 17 0. 17 0. 18 0. 20 Total Income / Capital Employed(%) 9. 10 8. 41 8. 90 9. 90 10. 62 Interest Expended / Capital Employed(%) 5. 18 4. 41 4. 74 5. 83 6. 31 Total Assets Turnover proportions 0. 09 0. 08 0. 09 0. 10 0. 11 Asset Turnover Ratio 0. 09 3. 55 4. 60 5. 14 5. 61 Profit And Loss Account Ratios Interest Expended / Interest Earned 68. 00 65. 29 68. 44 73. 09 76. 28 Other Income / Total Income 0. 37 0. 02 0. 92 0. 86 0. 17 Operating depreciate / Total Income 20. 77 24. 81 29. 05 26. 22 26. 00 Selling Distri furtherion Cost subject 0. 73 0. 94 0. 72 1. 4 4. 43 Balance Sheet Ratios Capital Adequacy Ratio 18. 52 19. 54 19. 41 15. 53 13. 97 Advances / Loans Funds(%) 65. 30 64. 96 58. 57 69. 86 72. 67 Debt Coverage Ratios Credit Deposit Ratio 92. 23 87. 81 90. 04 91. 44 84. 99 Investment Deposit Ratio 61. 16 59. 77 53. 28 46. 35 42. 68 Cash Deposit Ratio 8. 60 11. 32 10. 72 10. 14 10. 12 Total Debt to Owners Fund 4. 23 4. 10 3. 91 4. 42 5. 27 monetary Charges Coverage Ratio 0. 39 0. 44 0. 33 0. 25 1. 25 Financial Charges Coverage Ratio Post Tax 1. 31 1. 34 1. 26 1. 20 1. 20 Leverage Ratios Current Ratio 0. 13 0. 11 0. 14 0. 13 0. 11 Quick Ratio 16. 71 15. 86 14. 70 5. 94 6. 42 Cash coalesce Indicator Ratios Dividend Payout Ratio Net Profit 32. 82 35. 23 37. 31 36. 60 33. 12 Dividend Payout Ratio Cash Profit 30. 36 31. 76 32. 33 31. 00 29. 08 Earning Retention Ratio 67. 19 64. 49 61. 40 63. 23 66. 35 Cash Earning Retention Ratio 69. 65 68. 01 66. 70 68. 87 70. 51 AdjustedCash Flow Times 36. 54 39. 77 44. 79 49. 41 52. 34 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08 honorarium Per Share 56. 09 44. 73 36. 10 33. 76 37. 7 word of honor Value 524. 01 478. 31 463. 01 444. 94 417. 64 SourceMoneycontrol. com ANALYSIS AND INTERPRETATION CURRENT symmetry get hold of OF PROFIT AND LOSS ACCOUNT heart and sou l It is a financial statement, which shows net profit & loss of a company for a specified consummation. The accounting year office calendar year 12 months or less or to a greater extent then 12 months. Parts of the Profit and Loss Account The Profit & Loss Account aims to monitor profit. It has tercet bumps. 1) The Trading Account. This records the money in (revenue) and out (costs) of the business as a result of the business trading ie tainting and selling.This might be buying crank materials and selling finished goods it might be buying goods wholesale and selling them retail. The common fig tree at the end of this section is the vulgar Profit . 2) The Profit and Loss Account. This starts with the crude Profit and adds to it any further costs and revenues, including overheads. These further costs and revenues are from any other activities not directly associate to trading. An example is income received from investments. 3) The Appropriation Account. This shows how the profit is appropriated or divided between the three uses mentioned supra. HORIZONTAL ANALYSISWhen an analyst compares financial information for two or more years for a single company, the care for is referred to as horizontal compend, since the analyst is reading across the page to compare any single line item, such assales revenues. In addition to comparing dollar amounts, the analyst computes percentage changes from year to year for all financial statement balances, such as cash and inventory. Alternatively, in comparing financial statements for a number of years, the analyst may prefer to use a interpretation of horizontal epitome called trend analysis. perpendicular ANALYSISWhen using vertical analysis, the analyst calculates each item on a single financial statement as a percentage of a total. The term vertical analysis applies because each years figures are listed vertically on a financial statement. The total used by the analyst on the income statement is net sale s revenue, while on the balance sheet it is total assets. This approach to financial statement analysis, withal known as component percentages, produces common-size financial statements. damage/sale ratio About Price to Sales Ratio(P/S) The terms to sales ratio (PS ratio) is calculated by dividing product line set by the revenue per share.It is most useful for comparing companies at heart a sector or industry because normal mensurates for this ratio diversify from industry to industry. In general, low bell to sales ratios are more large-hearted because they suggest that a company is undervalued. P/E ratio About Price to Earnings Ratio The value to win ratio (PE Ratio) is the measure of the share hurt sexual intercourse to the annual net income earn by the firm per share. PE ratio shows original investor engage for a company share. A high PE ratio generally indicates increase require because investors anticipate earnings growth in the future.The PE ratio has units of years, which can be interpreted as the number of years of earnings to pay back purchase wrong. PRICE/BOOK VALUE RATIO About Price to Book Ratio The price to book value is a financial ratio used to compare a companys book value to its actual grocery store price. Book value is an accounting term denoting the portion of the company held by the shareholders at accounting value (not grocery store value). In other words, book value is the companys total tangible assets less its total liabilities. DCF METHOD important(? ) The Beta (? of a stock or portfolio is a number describing the tally excitableness of an asset in telling to the excitableness of the bench mark that express asset is being compared to. This benchmark is generally the b crude oilers suit financial market and is frequently estimated via the use of representative indices, such as the SP 500. An asset has a of import of zero if its moves are not correlative with the benchmarks moves. A positive important marrow that the asset generally follows the benchmark, in the aesthesis that the asset tends to move up when the benchmark moves up, and the asset tends to move down when the benchmark moves down.A negative beta means that the asset generally moves opposite the benchmark the asset tends to move up when the benchmark moves down, and the asset tends to move down when the benchmark moves up. It measures the part of the assets statistical variance that cannot be removed by the diversification yieldd by the portfolio of some savage assets, because of the correlation of its generates with the returns of the other assets that are in the portfolio. Beta can be estimated for individual companies using regression analysis against a stock market index. The recipe for the beta of an asset within a portfolio is here ra measures the rate of return of the asset, rp measures the rate of return of the portfolio, cov(ra,rp) is the covariance between the rates of return. The portfolio of intere st in the CAPM formulation is the market portfolio that contains all tryy assets, and so the rp terms in the formula are replaced by rm, the rate of return of the market. Beta is also referred to as financial elasticity or correlated relative volatility, and can be referred to as a measure of the sensitiveness of the assets returns to market returns, its non-diversifiable risk, its systematic risk, or market risk.The market itself is considered to have a Beta of 1. Using regression analysis, the beta of the stock is calculated. If the beta of the stock is greater than 1, this means the stocks prices are more volatile than the market, and vice verse. For example, if a stock has a beta of 1. 2, this means that a 1% change in the market index result bring about a 1. 2% change in the stocks price. Stocks with high beta are considered to be more risky compared to the ones with low beta. Bollinger Bands Bollinger Bandsis atechnical analysistool invented byJohn Bollinger in the 1980s, a nd a term trade windmarked by him in 2011.Having evolved from the concept of trading bands, Bollinger Bands and the related indicators%band bandwidthcan be used to measure the highness or lowness of the price relative to previous trades. Bollinger Bands consist of * anN- goalmoving median(a) (MA) * an upper band atKtimes anN-period example deviation preceding(prenominal) the moving intermediate (MA+K? ) * a lower band atKtimes anN-periodstandard deviation infra the moving add up (MA? K? ) true values forNandKare 20 and 2, respectively.The default choice for the average is a simplemoving average, but other types of averages can be employed as needed. Exponential moving averagesare a common second choice. ordinarily the same period is used for both the middle band and the calculation of standard deviation. INTERPRETATION The use of Bollinger Bands varies widely among dealers. nearly traders buy when price touches the lower Bollinger Band and exit when price touches the movin g average in the center of the bands. Other traders buy when price breaks above the upper Bollinger Band or sell when price go below the lower Bollinger Band.Moreover, the use of Bollinger Bands is not confined to stock tradersoptionstraders, most notablyimplied volatility traders, often sell options when Bollinger Bands are historically far apart or buy options when the Bollinger Bands are historically pie-eyed together, in both instances, expecting volatility to drive away back towards the average historical volatility level for the stock. When the bands lie impede together a period of lowvolatilityin stock price is indicated. When they are far apart a period of high volatility in price is indicated.When the bands have only a beautiful slope and lie approximately correspond for an increase time the price of a stock will be implant to oscillate up and down between the bands as though in a channel. Traders are often inclined to use Bollinger Bands with other indicators to s ee if there is confirmation. In particular, the use of an oscillator like Bollinger Bands will often be coupled with a non-oscillator indicator like map patternsor atrendline if these indicators confirm the preachation of the Bollinger Bands, the trader will have greater evidence that what the bands omen is correct.Monte carlo pretending Risk analysis is part of every conclusion we make. We are forever and a day faced with uncertainty, ambiguity, and variability. And even though we have unprecedented access to information, we cant accurately predict the future. Monte Carlo simulation (also known as the Monte Carlo Method) lets you see all the possible outcomes of your stopping points and assess the impact of risk, allowing for better decision making under uncertainty. Monte Carlo simulation is a computerized mathematical technique that allows people to account for risk in quantitative analysis and decision making.The technique is used by professionals in such widely disparate handle as finance, project management, energy, manufacturing, engineering, research and development, insurance, oil & gas, transportation, and the environment. Monte Carlo simulation furnishes the decision-maker with a range of possible outcomes and the probabilities they will bechance for any choice of bring through.. It shows the extreme possibilitiesthe outcomes of exhalation for broke and for the most conservative decisionalong with all possible consequences for middle-of-the-road decisions.The technique was first used by scientists working on the atom joker it was named for Monte Carlo, the Monaco resort town celebrated for its casinos. Since its introduction in World warfare II, Monte Carlo simulation has been used to role model a variety of physical and conceptual systems. ICICI BANK CHARTS The annotated chart above shows a stock that opened with a gap up. Before the open, the number of buy orders exceeded the number of sell orders and the price was raised to attract more sellers. Demand was brisk from the start. The intraday high reflects the strength of demand (buyers). The intraday low reflects the accessibility of supply (sellers).The close represents the final price agreed upon by the buyers and the sellers. In this case, the close is well below the high and much closer to the low. This tells that even though demand (buyers) was strong during the day, supply (sellers) ultimately prevailed and obligate the price back down. Even after this selling pressure, the close remained above the open. By looking at price action over an extended period of time, we can see the battle between supply and demand unfold. In its most staple form, higher prices reflect increased demand and lower prices reflect increased supply. editionThe Rate-of-Change (ROC) indicator, which is also referred to as simply Momentum, is a puremomentum oscillatorthat measures the percent change in price from one period to the next. The ROC calculation compares the current pri ce with the price n periods ago. The plot forms an oscillator that fluctuates above and below the zero line as the Rate-of-Change moves from positive to negative. As a momentum oscillator, ROC signals include centerline crossovers, divergences and overbought-oversold readings. Divergences fail to foreshadow reversals more often than not so this denomination will forgo a tidings on divergences.Even though centerline crossovers are prone to whipsaw, especially short-term, these crossovers can be used to identify the overall trend. Identifying overbought or oversold extremes comes natural to the Rate-of-Change oscillator. received deviation chart that measures the amount of variability or diffusion around an average. Standard deviation is also a measure of volatility. Generally speaking, dissemination is the difference between the actual value and the average value. The larger this dispersion or variability is, the higher the standard deviation. The little this dispersion or vari ability is, the lower the standard deviation.Chartists can use the Standard Deviation to measure expected risk and determine the significance of certain price movements. BRIEF ABOUT PORTFOLIO Annexure News epitome Regarding Portfolio * Bajaj Corp Nirmal Bang is bullish on Bajaj Corp and has recommended buy rating on the stock with a target of Rs 228 in its October 9, 2012 research report. We have upgraded our FY13E and FY14E earnings estimates for Bajaj Corp (BCL) by 6. 4% and 3. 7%, respectively, compute in higher gross margins. Consequently, we have increased our target price on the stock to Rs228 (from Rs220 earlier) and retained Buy rating on it. * DABUR INDIA LTD..AnandRathi has come out with its report on consumer sector. The research firm recommends buy on ITC, come on India, Colgate, GSK Consumer, Emami, Pidilite, Agro Tech Foods, Bajaj Corp. , Lovable Lingerie, Zydus Wellness, and Tilaknagar Industries. Dabur, Marico as Hold, and have Sell on HUL, Asian Paints, Britanni a, and VST Industries. Consumer companies are expected to report 17% revenue growth, led by higher volumes and prices. We expect stable EBITDA margins, despite attire in raw material costs (up 7-8%) and reduced weights. With tax rates likely to countermand 50-150bps, we expect net profit to increase only 15% yoy.Revenues on the riseWe expect sector revenues to grow 17%, led by volume and price. Offtake from the canteen Stores Department, comprising 8% of sales, would be subdued. However, rupee disparagement of 10-12% will benefit companies with more than 15% in exports (Asian Paints, Marico, Dabur). * Bharti Airtel Top telecom immune carrierBharti Airtelwill bid in an upcoming sell of mobile phone airwaves, said a company source, who declined to be named as the matter is not public yet. The airwaves auction is the result of a Supreme Court order to revoke permits issued in a scandal-tainted sale in 2008.Bharti Airtel is not modify by that court order but it could be looking to buy extra spectrum. Friday is the deadline for companies to submit their application to participate in the auction, which is scheduled to start on November 12. ICICI BANK SBI,HDFC BankandICICI Bankare the beat out bets, says Sudarshan Sukhani, s2analytics. com. Jaiprakash Associates, they had set a target of about Rs 100, much lower when it was Rs 80-81. It is almost there. So now for people who hold positions there are the potential of more gains, but at Rs 95 I do not know if a trader can actually buy. The targets are just in front of us. perhaps the stocks will consolidate. Perhaps it could go up and it may not. He further added, The risk-reward is no longer in favor of a short-term trader. For actually people who still hold them I think there is more upside. The Bank gooditself becomes a buying fortune as we just entered the last half an hour of trading. The Nifty is clearly above the 5700 level. I had explained earlier that we do not need a level on the Bank Nifty. If t he Nifty is trading above 5700 we can buy the Nifty as well as the Bank Nifty and we should, at least the aggressive traders should. The CNX-IT can be left alone.Which are the best stocks in the Bank Nifty to go along with? It is State Bank of India, HDFC Bank and ICICI Bank. OBSERVATION ICICI Bank- Key Fundamentals securities industry Cap (Rs Cr. ) 118,375 EPS TTM (Rs)64. 19 P/E Ratio (x)15. 91 Face Value (Rs)10. 00 Latest Div. (%)165. 00 Div. Yield (%)1. 60 Book Value / sh. (Rs) 523. 79 P/B Ratio (x)1. 96 CONCLUSION There are many online services which offer tools that enable us to choose investments plus those which offer relatively affordable trade margins. These options are basically for everyone though experience traders could be well versed with them.To assess a good online trading service we need to look at the some(prenominal) factors. Issues to do with fees plus commissions for doing business can quickly rise up. Comprehensive services should be able to provide extend ed markets in addition to investment services including other retirement options. Since purchasing and selling at online stock trading is sum racking, overall best services provide instant messaging as well as phone support. Bibliography www. Moneycontrol. com www. Bseindia. com www. Nseindia. com www. Wikipedia. com ANNEXURE - As per inaugural NOV 2012-