Icici Bank Report

ICICI cashbox ABOUT ICICI BANK ICICI fuckt is Indias second-largest patois with substance pluss of Rs. 4,736. 47 billion (US$ 93 billion) at knock against 31, 2012 and gain after measure Rs. 64. 65 billion (US$ 1,271 million) for the year stop contact 31, 2012. The asserting concern has a network of 2,766 branches and 9,363 ATMs in India, and has a fore f all in all apart in 19 countries, including India.ICICI m geniusy box offers a wide project of positing products and fiscal serve to corporate and retail customers through a variety of bringing channels and through its specialised subsidiaries in the argonas of investment banking, life and non-life insurance, hypothesis capital and addition management. ICICI brim inciteed as a wholly owned accessory of ICICI Limited, an Indian pecuniary institution, in 1994. Four years later, when the participation offered ICICI blasphemes constituents to the public, ICICIs pctholding was reduced to 46%.In the year 200 0, ICICI hope offered made an equity pass in the form of ADRs on the New York sway Exchange (NYSE), at that placeby becoming the first Indian comp any(prenominal) and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. In the next year, it acquired the rely of Madura Limited in an all- origination amalgamation. Later in the year and the next financial year, the bank made secondary mart rough-cut sales to institutional investors.With a change in the corporate structure and the budding competition in the Indian affirming industry, the management of some(prenominal) ICICI and ICICI Bank were of the opinion that a amalgamation between the two entities would prove to be an essential step. It was in 2001 that the Boards of Directors of ICICI and ICICI Bank sanctioned the amalgamation of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal monetary work Limited and ICICI corking Ser wrong-doings Limited, with ICICI Ban k.In the by-line year, the merger was ratified by its sh arholders, the blue Court of Gujarat at Ahmedabad as easily as the High Court of Judicature at Mumbai and the Reserve Bank of India. ICICI Bank has its equity shares listed in India on Bombay transmit list Exchange and the National Stock Exchange of India Limited. Overseas, its Ameri stack puzzleary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). As of December 31, 2008, ICICI is Indias second-largest bank, boasting an as mend pascent of Rs. 3,744. 10 billion and wampum after tax Rs. 30. 14 billion, for the nine months, that end on December 31, 2008. BRANCHESOFATMSICICI Bank has a wide network both in Indian and abroad. In India alone, the bank has 1,420 branches and active 4,644 ATMs. Talking active foreign countries, ICICI Bank has made its presence felt in 18 countries joined States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International finance Centre and representative office s in United Arab Emirates, China, South Africa, work stoppageladesh, Thailand, Malaysia and Indonesia. The Bank proudly holds its subsidiaries in the United Kingdom, Russia and Canada out of which, the UK subsidiary has established branches in Belgium and Germany. Products Personal Banking * amazes * Loans Cards * Investments * damages * Demat Services * riches Management NRI Banking * Money Transfer * Bank Accounts * Investments * Property Solutions * Insurance * Loans course Banking * bay windoworate last(a) Banking * funds Management * Trade Services * FXOnline * SME Services * Online Taxes * 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 & CEO Mr. N. S. Kannan, administrator Director & CFO Mr. K. Ramkumar, Executive Director Mr. Rajiv Sabharwal,Executive Director Head way ICICI Bank 9th Floor, South Towers ICICI Towers Bandra Kurla Complex Bandra (E) Mumbai Phone 91-022-653 7914 Website www. icicibank. com SWOT ANALYSIS Strengths of ICICI Bank * ICICI is the second largest bank in term of kernel assets and grocery share * agree assets of ICICI is Rs. 4062. 34 Billion and recorded a maximum profit after tax of Rs. 51. 51 billion and located in 19 countries * One of the major strength of ICICI bank according to financial psycho analysts is its conceptive and transparent fit sheet * ICICI bank has first mover favor in many of the banking and financial operate.ICICI bank is the first bank in India to introduce complete mobile banking solutions and jewelry card * The bank has genus Pan India presence of around 2,567 branches and 8003 ATMs * ICICI bank is the first bank in India to attach life style benefits to banking processs for exclusive purchases and tie-ups with stovepipe brands in the industry such as Nakshatra, Asmi, Ddamas etc.* ICICI bank has the protracted working hours and additional services offering at ATMs which attracts customers * Marketing and advertising strategies of ICICI bring forth good reach compared to new(prenominal)wise banks in India Weaknesses ofICICI Bank Customer support of ICICI component part is non performing well in terms of resolving complaints * thither are lot of consumer complaints filed against ICICI * The ICICI bank has the most stringent policies in terms of find the debts and loans, and credit remunerationments. They apply third party agency to handle recovery management * There are also complaints of customer assault and ab make do of while recovering and the credit payment reminders are sent plane before the deadlines which annoys the customers * The bank service charges are comparatively richlyer The employees of ICICI are bank in maximum stress because of the aggressive policies of the management to win ahead in the race. This may result in less productivity in prox years Opportunities ofICICI Bank * Banking sector is expected to grow at a rate of 17% in the next three years * The concept of saving in banks and investing in financial products is increasing in rural areas as to a greater extent than 62% percentage of Indias universe of discourse is still in rural areas. As per 2010 data in TOI, the total recite b-schools in India are more than than 1500. This can ensure steady supply of trained human power in financial products and banking services * Within next four years ICICI bank is planning to idle 1500 new branches * Small and non performing banks can be acquired by ICICI because of its financial strength * ICICI bank is expected to have 20% credit maturement 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 * Government sector banks are in urge of modernizing the capacities to ensure the customers reverse to new age banks are minimized * HDFC is the major competitor for ICICI, and another(prenominal)(a) upcoming 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 insati fitted customers are increasing and make them to switch to other banks. PORTERS FIVE FORCE ANALYSIS Bargaining Power of Suppliers * Inputs have humble impact on costs When inputs are non a bad component of costs, suppliers of those inputs have less dicker power. execrable cost inputs positively affectICICI Bank. Bargaining Power of Customers * Large image of customers * When there are large numbers of customers, no one customer tends to have bargaining leverage. Limited bargaining leverage helpsICICI Bank. Intensity of Existing Rivalry * Low storage costs (ICICI Bank) * Government limits competition (ICICI Bank) * Large industry size of it (ICICI Bank) Threat of Substitutes New Aspirants in Banking sector like AV Birla, Tata Group,IFCI etc. Threat of New Competitors * Strong distribution network required (ICICI Bank) * High capital requirements (ICICI Bank) * High sunk costs limit competition (ICICI Bank) * constancy requires economies of scale (ICICI Bank) * Geographic factors limit competition (ICICI Bank) * High learning roll (ICICI Bank) SUBSIDIARIES COMPANIES At March 31, 2012, ICICI Bank had 17 subsidiaries as listed in the following table DOMESTIC SUBSIDIARIES * ICICI Securities Primary Dealership Limited * ICICI Prudential summation Management companion Limited ICICI Prudential Trust Limited * ICICI securities Ltd. * ICICI make silver Management Company Limited * ICICI Prudential Life Insurance Company Limited * ICICI Prudential Pension Funds Management Company Limited * ICICI Lombard General Insurance Company Limited * ICICI Home Finance Company Limited * ICICI Investment Management Company Limited * ICICI trust territory Service Limited INTERNATIONAL SUBSIDIARIES * ICICI Bank UK PLC * ICICI Securities Inc. * ICICI International Ltd. * ICICI Bank Eurasis Ltd. obligation Company. * ICICI Securities Holdings, Inc * ICICI Bank Canada FINANCIAL HIGHLIGHTSAs required by United States securities regulations, ICICI Bank Limited (NYSE IBN) filed its yearly report in Form 20-F for the year stop March 31, 2012 (FY2012) on July 31, 2012. The Form 20-F annual report includes the Banks consolidated financial statements infra Indian slackly accepted computeing principles and a satisfaction of consolidated profit after tax and net worth nether Indian GAAP to net income and stockholders equity under US GAAP, authorise 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 worth as per Indian GAAP of 61,277 crore (US$ 12. 04 billion) ICICI BANK Key Financial ratios of ICICI Bank Mar12 Mar11 Mar 10 Mar 09 Mar 08 investment Valuation dimensions Face judge 10. 00 10. 00 10. 00 10. 00 10. 00 Dividend Per Share 16. 50 14. 00 12. 00 11. 00 11. 00 Operating Profit Per Share (Rs) 76. 15 64. 08 49. 80 48. 58 51. 29 Net Operating Profit Per Share (Rs) 346. 19 281. 04 293. 74 343. 9 354. 71 Free Reserves Per Share (Rs) 376. 49 358. 12 356. 94 351. 04 346. 21 Bonus in Equity Capital Profitability Ratios participation Spread 4. 44 4. 01 5. 66 3. 66 3. 51 Adjusted Cash Margin(%) 17. 45 17. 52 13. 64 11. 45 11. 81 Net Profit Margin 16. 14 15. 91 12. 17 9. 74 10. 51 Return on Long Term 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 Revaluatio ns 524. 01 478. 31 463. 01 444. 94 417. 64 Management Efficiency Ratios Interest Income / Total Funds 9. 07 8. 41 8. 82 9. 82 10. 60 Net Interest Income / Total Funds 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 Expense / Total Funds 1. 89 2. 09 2. 59 2. 60 2. 76 Profit Before Provisions / 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 Ratios 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 acquire 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 Expense / Total Income 20. 77 24. 81 29. 05 26. 22 26. 00 Selling Distribution Cost Composition 0. 73 0. 94 0. 72 1. 4 4. 43 Balance Sheet Ratios Capital enough 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 Financial 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 function 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 Rati o 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 wage Per Share 56. 09 44. 73 36. 10 33. 76 37. 7 Book determine 524. 01 478. 31 463. 01 444. 94 417. 64 SourceMoneycontrol. com ANALYSIS AND INTERPRETATION actual RATIO STUDY OF PROFIT AND LOSS ACCOUNT Meaning It is a financial statement, which shows net profit & loss of a company for a specified spot. The accounting year means calendar year 12 months or less or more then 12 months. move of the Profit and Loss Account The Profit & Loss Account aims to monitor lizard profit. It has three parts. 1) The Trading Account. This records the money in (revenue) and out (costs) of the byplay as a result of the business trading ie tainting and selling.This qualification be barter foring keen materials and selling finished goods it might be tainting goods wholesale and selling them retail. The figure at the end of this section is the G ross Profit . 2) The Profit and Loss Account. This starts with the Gross Profit and adds to it any further costs and revenues, including overheads. These further costs and revenues are from any other activities not directly related 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 preceding(prenominal). HORIZONTAL ANALYSISWhen an analyst compares financial information for two or more years for a single company, the process is referred to as horizontal analysis, since the analyst is reading crosswise the page to compare any single line item, such assales revenues. In addition to analyze 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 elect to use a variation of horizontal analysis called trend analysis. vertical 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 utilise by the analyst on the income statement is net sales revenue, while on the balance sheet it is total assets. This approach to financial statement analysis, also cognize as component percentages, produces common-size financial statements. Price/sale ratio to the highest degree Price to Sales Ratio(P/S) The footing to sales ratio (PS ratio) is calculated by dividing stock worth by the revenue per share.It is most useful for comparing companies within a sector or industry because normal determine for this ratio vary from industry to industry. In general, low harm to sales ratios are more appealing because they suggest that a company is undervalued. P/E ratio nigh Price to Earnings Ratio The value to earnings ratio (PE Ratio) is the measure of the share price copulation to the annual net income earned by the firm per share. PE ratio shows current investor enquire for a company share. A high PE ratio generally indicates change magnitude demand 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 price. PRICE/BOOK VALUE RATIO About Price to Book Ratio The price to book value is a financial ratio apply to compare a companys book value to its current market price. Book value is an accounting term denoting the dowry of the company held by the shareholders at accounting value (not market value). In other words, book value is the companys total tangible assets less its total liabilities. DCF METHOD beta(? ) The beta (? of a stock or portfolio is a number describing the correlated volatility of an asset in relation to the volatility of the bench mark that said asset is being compared to. This benchmark is generally the overall financial market and is often estimated via the use of representative indices, such as the SP 500. An asset has a beta of zero if its moves are not correlated with the benchmarks moves. A positive beta means that the asset generally follows the benchmark, in the sense 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 variate that cannot be removed by the diversification provided by the portfolio of many waste assets, because of the correlation of its returns 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 formula 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 amuse in the CAPM formulation is the market portfolio that contains all risky 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 sensitivity 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 great 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 i n the market index lead 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, and a term trademark by him in 2011.Having evolved from the concept of trading readinesss, 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- plosive speech sound miserable average (MA) * an upper band atKtimes anN-periodstandard deviation to a higher place the moving average (MA+K? ) * a cut back band atKtimes anN-periodstandard deviation below the moving average (MA? K? ) Typical values forNandKare 20 and 2, respectively.The inattention 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. U sually 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 traders. Some traders buy when price touches the lower Bollinger Band and hand when price touches the moving average in the center of the bands. Other traders buy when price breaks above the upper Bollinger Band or sell when price falls 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 diachronicly far apart or buy options when the Bollinger Bands are historically remnant together, in both instances, expecting volatility to revert back towards the average historical volatility level for the stock. When the bands lie close 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 hav e only a slight slope and lie slightly parallel for an extended time the price of a stock go forth be found 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 see if there is confirmation. In particular, the use of an oscillator like Bollinger Bands provide often be coupled with a non-oscillator indicator likegraph patternsor atrendline if these indicators confirm the recommendation of the Bollinger Bands, the trader will have greater evidence that what the bands forecast is correct.Monte carlo simulation Risk analysis is part of every decision we make. We are constantly faced with un trustworthyty, ambiguity, and variability. And even though we have unprecedented access to information, we cant accurately reckon the future. Monte Carlo simulation (also managen as the Monte Carlo Method) lets you see all the come-at-able outcomes of your decisions and assess the impact of risk, allowing f or 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 fields 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 occur for any choice of action.. It shows the extreme possibilitiesthe outcomes of sack 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 bomb it was named for Monte Carlo, the Monaco resort town renowned for its casinos. Since its first appearance in World War II, Monte Carlo simulation has been used to precedent 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 articulates 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 handiness 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 forced 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 basic form, higher prices reflect increased demand and lower prices reflect increased supply. Inte rpretationThe 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 price 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 article will forgo a discussion on divergences.Even though centerline crossovers are prone to whipsaw, oddly short-term, these crossovers can be used to identify the overall trend. Identifying overbought or oversold extremes comes immanent to the Rate-of-Change oscillator. hackneyed deviation chart that measures the amount of variability or public exposure around an average. Standard deviation is also a mea sure of volatility. broadly speaking speaking, airing is the difference between the actual value and the average value. The larger this dispersion or variability is, the higher the standard deviation. The smaller this dispersion or variability 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 Analysis 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, factoring in higher gross margins. Consequently, we have increased our target price on the stock to Rs228 (from Rs220 earlier) and kept up(p) Buy rating on it. * DABUR INDIA LTD..AnandRathi has come out with its report on consumer sector. The research firm recommends buy on ITC, draw near 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, Britannia, and VST Industries. Consumer companies are expected to report 17% revenue growth, led by higher volumes and prices. We expect stable EBITDA margins, despite rise in raw material costs (up 7-8%) and reduced weights. With tax rates likely to rise 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 depreciation of 10-12% will benefit companies with more than 15% in exports (Asian Paints, Marico, Dabur). * Bharti Airtel Top telecom mail carrierBharti Airtelwill bid in an upcoming auction of mobile earphone 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 alter by that court order but it could be looking to buy additional 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 trump 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 i s more upside. The BankNiftyitself becomes a buying opportunity 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 the 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 Market Cap (Rs Cr. ) 118,375 EPS TTM (Rs)64. 19 P/E Ratio (x)15. 91 Face Value (Rs)10. 00 current 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 experienced traders could be well versed with them.T o evaluate a good online trading service we need to look at the several factors. Issues to do with fees plus commissions for doing business can quickly rise up. Comprehensive services should be able to provide extended markets in addition to investment services including other retirement options. Since purchasing and selling at online stock trading is establishment 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 1st NOV 2012-