GULFBULLS SECURITIES PVT LTD

GULF BULLS SECURITIES PVT LTD

RESEARCH REPORT ON ICICI BANK
The Industrial Credit and Investment Corporation of India Limited

PRESENTED BY:
Mr. VIPUL CHAURASIA (EM) Mr. BASANT KEDIA (SRM) Ms. KANCHAN MEHTA (RM) Ms. PRIYANKA SHARMA (RM) Mr. ROHIT RANJAN (RM) Mr. VISHAL THAKUR (RM)
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GULFBULLS SECURITIES PVT LTD

Company Profile:
ICICI Bank is India's second-largest bank with total assets of Rs. 3,744.10 billion (US$ 77 billion) at December 31, 2008 and profit after tax Rs. 30.14 billion for the nine months ended December 31, 2008. The Bank has a network of 1,419 branches and about 4,644 ATMs in India and presence in 18 countries. ICICI Bank offers a 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 United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). HISTORY
1955 : The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr. A.Ramaswami Mudaliar elected as the first Chairman of ICICI Limited ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets ICICI declared its first dividend of 3.5%. Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd. ICICI building at 163, Backbay Reclamation, inaugurated The first West German loan of DM 5 million from Kredianstalt obtained ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed The first two regional offices in Calcutta and Madras set up. The second entity in India to set up merchant banking services Mr. H. T. Parekh appointed the third Chairman of ICICI ICICI sponsored the formation of Housing Development Finance Corporation. Managed its first equity public issue Mr. James Raj appointed the fourth Chairman of ICICI. Mr.Siddharth Mehta appointed the fifth Chairman of ICICI ICICI became the first ever Indian borrower to raise European Currency Units. ICICI commences leasing business. Mr. S. Nadkarni appointed the sixth Chairman of ICICI. Mr. N.Vaghul appointed the seventh Chairman and Managing Director of ICICI. ICICI became the first Indian institution to receive ADB Loans

1956 : 1958 : 1960 : 1961 : 1967 : 1969 : 1972 : 1977 : 1978 : 1979 : 1982 : 1984 : 1985 : 1986 :

GULFBULLS SECURITIES PVT LTD

ICICI, along with UTI, set up Credit Rating Information Services of India Limited, India's first professional credit rating agency. ICICI promotes Shipping Credit and Investment Company of India Limited The Corporation made a public issue of Swiss Franc 75 million in Switzerland, the first public issue by any Indian entity in the Swiss Capital Market ICICI signed a loan agreement for Sterling Pound 10 million with Commonwealth Development Corporation (CDC), the first loan by CDC for financing projects in India. Promoted TDICI - India's first venture capital company. Promoted TDICI - India's first venture capital company. ICICI Asset Management Company set up ICICI Bank set up. ICICI Ltd became the first company in the Indian financial sector to raise GDR. SCICI merged with ICICI Ltd. Mr. K.V.Kamath appointed the Managing Director and CEO of ICICI Ltd ICICI Ltd was the first intermediary to move away from single prime rate to three-tier prime rates structure and introduced yield-curve based pricing. The name The Industrial Credit and Investment Corporation of India Ltd changed to ICICI Ltd. ICICI Ltd announced the takeover of ITC Classic Finance Introduced the new logo symbolizing a common corporate identity for the ICICI Group ICICI announced takeover of Anagram Finance ICICI launched retail finance - car loans, house loans and loans for consumer durables ICICI becomes the first Indian Company to list on the NYSE through an issue of American Depositary Shares. ICICI Bank became the first commercial bank from India to list its stock on NYSE. ICICI Bank announces merger with Bank of Madura. The Boards of ICICI Ltd and ICICI Bank approved the merger of ICICI with ICICI Bank. ICICI Ltd merged with ICICI Bank Ltd to create Indias second largest bank in terms of assets. ICICI assigned higher than sovereign rating by Moodys. ICICI Bank launched Indias first CDO (Collateralised Debt Obligation) Fund named Indian Corporate Collateralised Debt Obligation Fund (ICCDO Fund). "E Lobby", a self-service banking centre inaugurated in Pune. It was the first of its kind in India ICICI Bank launched Private Banking 1100-seat Call Centre set up in Hyderabad ICICI Bank Home Shoppe, the first-ever permanent aggregation and display of housing projects in the county, launched in Pune, ATM-on-Wheels, Indias first mobile ATM, launched in Mumbai The first Integrated Currency Management Centre launched in Pune ICICI Bank announced the setting up of its first ever offshore branch in Singapore The first offshore banking unit (OBU) at Seepz Special Economic Zone, Mumbai, launched. ICICI Banks representative office inaugurated in Dubai Representative office set up in China. : ICICI Banks UK subsidiary launched Representative office set up in China. : ICICI Banks UK subsidiary launched ICICI Bank subsidiary set up in Canada. Temasek Holdings acquired 5.2% stake in ICICI Bank. ICICI Bank became the market leader in retail credit in India.

1987 : 1988 : 1993 : 1994 : 1996 :

1997 :

1998 : 1999 :

2000 : 2001 : 2002 :

2003 :

GULFBULLS SECURITIES PVT LTD

2004 : Max Money, a home loan product that offers the dual benefit of higher eligibility and affordability to a customer, introduced Mobile banking service in India launched in association with Reliance Infocomm Indias first multi-branded credit card with HPCL and Airtel launched Kisan Loan Card and innovative, low-cost ATMs in rural India launched ICICI Bank and CNBC TV 18 announced Indias first ever awards recognizing the achievements of SMEs, a pioneering initiative to encourage the contribution of Small and Medium Enterprises to the growth of Indian economy ICICI Bank opened its 500th branch in India. ICICI Bank introduced partnership model wherein ICICI Bank would forge an alliance with existing micro finance institutions (MFIs). The MFI would undertake the promotional role of identifying, training and promoting the micro-finance clients and ICICI Bank would finance the clients directly on the recommendation of the MFI ICICI Bank introduced 8-8 Banking wherein all the branches of the Bank would remain open from 8a.m. to 8 p.m. from Monday to Saturday ICICI Bank introduced the concept of floating rate for home loans in India First rural branch and ATM launched in Uttar Pradesh at Delpandarwa, Hardoi. "Free for Life" credit cards launched wherein annual fees of all ICICI Bank Credit Cards were waived off. ICICI Bank and Visa jointly launched mChq a revolutionary credit card on the mobile phone. ICICI Bank and Visa jointly launched mChq a revolutionary credit card on the mobile phone. golf event conducted in India. First Indian company to make a simultaneous equity offering of $1.8 billion in India, the United States and Japan. First Indian company to make a simultaneous equity offering of $1.8 billion in India, the United States and Japan. ICICI Bank became the largest bank in India in terms of its market capitalization ICICI Bank became the first private entity in India to offer a discount to retail investors for its follow-up offer. ICICI Bank became the first Indian bank to issue hybrid Tier-1 perpetual debt in the international markets ICICI Bank subsidiary set up in Russia. Introduced a new product - NRI smart save Deposits a unique fixed deposit scheme for nonresident Indians Representative offices opened in Thailand, Indonesia and Malaysia. ICICI Bank became the largest retail player in the market to introduce a biometric enabled smart card that allow banking transactions to be conducted on the field. A low-cost solution, this became an effective delivery option for ICICI Banks micro finance institution partners Financial counseling centre Disha launched. Disha provides free credit counseling, financial planning and debt management services Bhoomi puja conducted for a regional hub in Hyderabad, Andhra Pradesh ICICI Banks USD 2 billion 3-tranche international bond offering was the largest bond offering by an Indian bank Sangli Bank amalgamated with ICICI Bank. ICICI Bank raised Rs 20,000 crore (approx $5 billion) from both domestic and international markets through a follow-on public offer. ICICI Banks GBP 350 million international bond offering marked the inaugural deal in the sterling market from an Indian issuer and also the largest deal in the sterling market from Asia. Launched Indias first ever jewellery card in association with jewelry major Gitanjali Group

2005 :

2006 :

2007 :

GULFBULLS SECURITIES PVT LTD

ICICI Bank became the first bank in India to launch a premium credit card -- The Visa Signature Credit Card. Foundation stone laid for a regional hub in Gandhinagar, Gujarat Introduced SME Toolkit, an online resource centre, to help small and medium enterprises start, finance and grow their business ICICI Bank signed a multi-tranche dual currency US$ 1.5 billion syndication loan agreement in Singapore ICICI Bank became the first private bank in India to offer both floating and fixed rate on car loans, commercial vehicles loans, construction equipment loans and professional equipment loans. In a first of its kind, nation wide initiative to attract bright graduate students to pursue a career in banking, ICICI Bank launched the "Probationary Officer Programme". Launched Bank@home services for all savings and current a/c customers residing in India ICICI Bank Eurasia LLC inaugurated its first branch at St Petersburg, Russia. ICICI Bank enters US, launches its first branch in New York ICICI Bank enters Germany, opens its first branch in Frankfurt ICICI Bank launched iMobile, a breakthrough innovation in banking where practically all internet banking transactions can now be simply done on mobile phns. ICICI Bank concluded India's largest ever securitization transaction of a pool of retail loan assets aggregating to Rs. 48.96 billion (equivalent of USD 1.21 billion) in a multitranche issue backed by four different asset categories. It is also the largest deal in Asia (ex-Japan) in 2008 till date and the second largest deal in Asia (ex-Japan & Australia) since the beginning of 2007. ICICI Bank launches ICICIACTIVE - Banking Interactive Service - along with DISHTV, which will allow viewers to see information about the Bank's products and services and contact details on their DISHTV screens ICICI Bank and British Airways launch co-branded credit card, which is designed to earn accelerated reward points to the card holders with every British Airways flight or by spending on everyday purchases ICICI Bank Board appoints Mr K. V. Kamath as non-executive Chairman and Ms Chanda Kochhar as Managing Director & CEO effective May 1, 2009, while the existing non-executive Chairman Mr N Vaghul retires after completing his term on April 30, 2009

2008 :

SHAREHOLDING PATTERN
Shareholder Depository for ADS holders Percentage Share 27.10% 5

GULFBULLS SECURITIES PVT LTD Individuals

Mutual funds

Financial institutions, MFs Insurance companies FIIs, NRI and foreign banks Corporate bodies

7.69% 7.52% .73% 13.89% 38.27% 4.80%

PIE CHART
P r e ta eS ae ec n g h r Dp s r f rA S e o itoy o D h ld r o es I d id a n iv u ls M tu l f n s u a ud F a c l in titu n in n ia s tio s ,M tu l f n u a ud I s r n e c m a ie n ua c o p n s FI , N I a df r ig Is R n oe n bns ak C r oa b d s op r te o ie

Financial results

Q3-2009: Key highlights

25% quarter-on-quarter increase in profit after tax to Rs. 12.72 billion in Q3 2009 from Rs. 10.14 billion in Q2-2009. Profit after tax of Rs. 12.30 billion in Q3-2008 Capitalized on opportunities in declining interest rate scenario: treasury gains of Rs. 9.76 billion in Q3-2009 19% year-on-year decrease in operating & direct marketing agency expenses despite substantial increase in branches Net interest margin maintained at 2.4% Strategy of conscious moderation in credit growth Contraction in standalone loan book during the year to Rs. 2,125.21 billion at December 31, 2008 Net NPA ratio of 1.95% at December 31, 2008 Senior Debt & Deposit Ratings of ICICI Bank Limited 6

GULFBULLS SECURITIES PVT LTD

Agency Moody's S&P JCRA FC - Long Term FC - Long Term FC - Short Term FC - Long Term Rupee - Long Term CARE Fixed Deposits Rupee - Short Term Rupee - Long Term ICRA Term Deposit Rupee - Short Term

India Baa2 BBBA-3 BBB+

ICICI Bank Limited Baa2 BBBA-3 BBB+ Care AAA Care AAA PR1+ LAAA MAAA A1+

Moody's: Moody's Investor Services S & P: Standard & Poors JCRA: Japan Credit Rating Agency CARE: Credit Analysis & Research Limited, India ICRA : ICRA Limited, India FC : Foreign Currency Note: Ratings by various agencies for ICICI Bank Limited as well as India are subject to regular revisions. Kindly refer to the respective agencies for the latest ratings.

SUBSIDIARY COMPANIES At March 31, 2008, ICICI Bank had 17 subsidiaries as listed below: Domestic Subsidiaries International Subsidiaries ICICI Securities Limited ICICI Bank UK PLC ICICI Securities Primary Dealership Limited ICICI Bank Canada ICICI Prudential Life Insurance Company Limited ICICI Wealth Management Inc.1 ICICI Lombard General Insurance Company Limited ICICI Bank Eurasia Limited Liability Company ICICI Prudential Asset Management Company Limited ICICI Securities Holdings Inc.2 ICICI Prudential Trust Limited ICICI Securities Inc.3 ICICI Venture Funds Management Company Limited ICICI International Limited ICICI Home Finance Company Limited ICICI Investment Management Company Limited ICICI Trusteeship Services Limited

GULFBULLS SECURITIES PVT LTD

Profit & loss statement

PROFIT AND LOSS ACCOUNT

GULFBULLS SECURITIES PVT LTD

Key Ratios

Other Important Ratios

GULFBULLS SECURITIES PVT LTD

PE ratio Return on average equity 9.35 8.94 1/04/09 Mar, 08

SHARE DATA
Price BSE Code NSE Code Market Cap Face Value 52-Week High/Low Beta of the Company Weightage in SENSEX Index Group Rs.349.45 532174 INE090A01013 Rs. 389.03B Rs.10 Rs. 960.90/252.75 1.60 5.32 BSE 100 ,BSE Mid Cap A

ICICI BANK MOVEMENTS

Performance of ICICI Bank in last 1 year

1,600.00 1,400.00 1,200.00 1,000.00 800.00 600.00 400.00 200.00 0.00 2/1/2008 11/1/2008 12/1/2008 1/1/2008 3/1/2008 4/1/2008 5/1/2008 6/1/2008 7/1/2008 8/1/2008 9/1/2008 10/1/2008 1/1/2009 2/1/2009 3/1/2009 Close

There had been some rumours about the deposits of bank in foreign lands and their defaulting funds.
Resistance level: Rs.975 Support level: Rs.310

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GULFBULLS SECURITIES PVT LTD

MONTHLY MARGIN
Month Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Monthly Avg. Margin 92.985 56.919 63.986 43.393 32.278 35.779 45.559 37.250 45.074 46.538 34.183 29.074 30.163 20.392 21.093 % Monthly Avg. Margin 7.449% 5.064% 7.528% 5.204% 3.677% 4.859% 7.359% 5.451% 7.452% 11.595% 8.763% 7.184% 7.009% 5.368% 6.963%

Resistance Level:Rs93 0

Support Level:Rs 790

IC IC I B a n k 's P e r fo r m a n c e O n M a y ' 0 8
1000 950 900 Share Price 850 800 750 700
5/2 /2 5/4 00 8 /2 5/6 008 /2 5/8 008 / 5/1 2008 0/ 5/1 2008 2/ 5/1 2008 4/ 5/1 2008 6/ 5/1 2008 8/ 5/2 2008 0/ 5/2 2008 2/ 5/2 2008 4/ 5/2 2008 6/ 5/2 2008 8/ 5/3 2008 0/2 00 8
Support Level: Rs. 805

Core operating profit (operating profit excluding treasury)for Q1-2009 increased 74% to Rs. 2,308 crore (US$ 536 million)from Rs. 1,330 crore (US$ 309 million) for the quarter ended June 30, 2007 (Q1-2008). Net interest income increased 41% to Rs. 2,090 crore (US$ 486 million) for Q1-2009 from Rs. 1,479 crore (US$ 344 million) for Q1-2008. Fee income increased 37% to Rs. 1,958 crore (US$ 455 million) for Q12009 from Rs. 1,428 crore (US$ 332 million) for Q1-2008. Sharp increase in interest rates and adverse market conditions during the quarter had a negative impact of Rs. 594 crore (US$ 138 million) on the Bank's trading portfolio and Statutory Liquidity Ratio (SLR) securities portfolio, and its treasury income in Q1-2009

Resistance Level:Rs 940

S e rie s 1

D a te

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ICICI Bank's Performance On June'08

900 800 700 600 500 400 300 200 100 0

RESISTANCE LEVELRs.790

Share Price

At June 30, 2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs. 484,643 crore (US$ 112.6 (billion)
Series1

SUPPORT LEVEL: Rs. 735

6/ 2/ 20 6/ 0 8 4/ 20 6/ 0 8 6/ 20 6/ 0 8 8/ 2 6/ 00 10 8 /2 6/ 0 0 12 8 /2 6/ 0 0 14 8 /2 6/ 0 0 16 8 /2 6/ 0 0 18 8 /2 6/ 0 0 20 8 /2 6/ 0 0 22 8 /2 6/ 0 0 24 8 /2 6/ 0 0 26 8 /2 6/ 0 0 28 8 /2 6/ 0 0 30 8 /2 00 8

Date

ICICI Bank's Performance On July'08

800 700 600 500 400 300 200 100 0

Resistance Level: Rs. 750

Series1

Support Level : Rs. 505

Date

ICICI Bank Ltd has announced an increase in interest rates for various tenors of retail Fixed Deposits by 0.75% to 1.00% with effect from August 01, 2008. ICICI Bank has also announced an increase of 0.75% in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from July 31, 2008. The revised FRR will be 14.25% p.a. as against 13.50% p.a. at present. The existing fixed rate customers will not be impacted by the increase and their contracted rates will remain unchanged. ICICI Bank has also announced an increase of 0.75% in its Benchmark Advance Rate (IBAR). The revised I-BAR will be

Share Price

7/ 1/ 20 7/ 08 3/ 20 7/ 0 8 5/ 20 7/ 08 7/ 20 7/ 0 8 9/ 2 7/ 00 11 8 /2 7/ 00 13 8 /2 7/ 0 0 15 8 /2 7/ 0 0 17 8 /2 7/ 0 0 19 8 /2 7/ 0 0 21 8 /2 7/ 0 0 23 8 /2 7/ 0 0 25 8 /2 7/ 0 0 27 8 /2 7/ 0 0 29 8 /2 7/ 0 0 31 8 /2 00 8

17.25% p.a. as against 16.50% p.a. at present.

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Profit after tax of Rs. 1,014 crore; 39% increase over first Quarter 42% year-on-year increase in core operating profit 12% year-on-year reduction in costs due to cost Rationalization measures Capital adequacy of 14.01% CASA ratio increased to 30% from 25% a year ago

ICICI Bank's performance On Aug'09

900 800 700 600 500 400 300 200 100 0

Resistance Level:Rs 790

Share Price

SUPPORT LEVEL 630

Series1

Share Price

8/ 1/ 20 8/ 0 8 3/ 20 8/ 0 8 5/ 20 8/ 0 8 7/ 20 8/ 0 8 9/ 2 8/ 00 11 8 /2 8/ 0 0 13 8 /2 8/ 0 0 15 8 /2 8/ 0 0 17 8 /2 8/ 0 0 19 8 /2 8/ 0 0 21 8 /2 8/ 0 0 23 8 /2 8/ 0 0 25 8 /2 8/ 0 0 27 8 /2 8/ 0 0 29 8 /2 00 8

Date

ICICI Bank's Performance On Sept'08

800 700 600 500 400 300 200 100 0

Resistance Level:Rs. 725 Support Level: Rs. 598

Series1

9/ 1/ 20 9/ 0 8 3/ 20 9/ 08 5/ 20 9/ 08 7/ 20 9/ 0 8 9/ 2 9/ 00 11 8 /2 9/ 0 0 13 8 /2 9/ 0 0 15 8 / 9/ 20 0 17 8 /2 9/ 0 0 19 8 /2 9/ 0 0 21 8 /2 9/ 0 0 23 8 /2 9/ 0 0 25 8 /2 9/ 0 0 27 8 /2 9/ 0 0 29 8 /2 00 8

Date

s The Graph shows a downward trend in the month of September.The vital reason for this is the financial crisis and a sudden downturn in the banking sector.

ICICI Bank's Performance On Oct'08

600 500 Share Price 400 300 200 100 0 Series1

Allotment of Equity Shares under ESOS. ICICI Bank Ltd has informed BSE that the Bank has allotted 20,551 equity shares of face value of Rs 10/each on September 30, 2008 under the Employees Stock Option Scheme, 2000 (ESOS).

Resistance Level:Rs. 460 Support Level: Rs. 305

10 /1 /2 10 0 0 /3 8 /2 10 0 0 /5 8 /2 10 0 0 /7 8 /2 10 0 0 /9 8 10 / 20 /1 08 1 10 /2 0 /1 08 3 10 /2 0 /1 08 5 10 /2 0 /1 08 7/ 10 2 0 /1 08 9 10 /2 0 /2 08 1 10 /2 0 /2 08 3/ 10 2 0 /2 08 5 10 /2 0 /2 08 7/ 10 2 0 /2 08 9 10 /2 0 /3 08 1/ 20 08

Date

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GULFBULLS SECURITIES PVT LTD

ICICI Bank Ltd has announced the following Audited results for the quarter ended September: The results for the Quarter ended September 30, 2008 The Bank has posted a net profit of Rs 10142.10 million for the quarter ended September 30, 2008 as compared to Rs 10026.00 million for the quarter ended September 30, 2007. Total Income has increased from Rs 95884.10 million for the quarter ended September 30, 2007 to Rs 97123.10 million for the quarter ended September 30, 2008 The Unaudited consolidated results for the Quarter ended September 30, 2008 The Group has posted a net profit of Rs 6514.80 million for the quarter ended September 30, 2008 as compared to Rs 8979.20 million for the quarter ended September 30, 2007. Total Income has increased from Rs 138505.70 million for the quarter ended September 30, 2007 to Rs 155904.60 million for the quarter ended September 30, 2008

ICICI Bank's Performance On Nov'08

500 450 400 350 300 250 200 150 100 50 0

Share Price

Resistance Level:Rs. 458 Support Level: Rs. 300

Series1

Nifty November 2008 futures were at 2795.35, at a discount of 4.20 points as compared to spot closing of 2799.55. Turnover in NSEs futures & options (F&O) segment was Rs 41,086.89 crore, which was lower than Rs 41,483.17 crore on Friday, 14 November 2008. ICICI Bank November 2008 futures were at premium at 391 compared to the spot closing of 386.45. Reports quoted ICICI Bank chief executive officer (CEO) KV Kamath as saying that the impact of the recent round of rate cuts by the Reserve Bank of India (RBI) was still to be felt. He then added that the monetary signals from authorities were clear and ICICI would take a call on cutting interest rates

11 /3 /2 00 11 8 /5 /2 00 11 8 /7 /2 00 11 8 /9 /2 00 11 8 /1 1/ 20 11 08 /1 3/ 11 200 8 /1 5/ 20 11 08 /1 7/ 20 11 08 /1 9/ 20 11 08 /2 1/ 20 11 08 /2 3/ 20 11 08 /2 5/ 20 11 08 /2 7/ 20 08

Date

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GULFBULLS SECURITIES PVT LTD

IC IC I B ank's P erformance On D ec'08

500 450 400 350 300 250 200 150 100 50 0

Share price

ICICI lending rates

Bank cuts and deposit

Resistance Level:Rs 458 Support Level:Rs. 369

S eries 1

Da te

ICICI Bank Ltd has informed BSE regarding a Press Release dated December 31, 2008, titled "ICICI Bank cuts lending and deposit rates"

JANUARY 2009 RESULTS AND THERE IMPACT ON STOCK PRICE

12 /1/ 12 20 0 /3/ 8 12 200 /5/ 8 12 20 0 /7/ 8 12 200 /9 8 12 /20 /11 08 12 /2 0 /13 08 12 /20 /15 08 12 /2 0 /17 08 12 /2 0 /19 08 12 /2 0 /21 08 12 /2 0 /23 08 12 /2 0 /25 08 12 /2 0 /27 08 12 /2 0 /29 08 12 /2 0 /31 08 /2 00 8

ICICI Bank announces Q3 results ICICI Bank Ltd has announced the following Audited results for the quarter ended December 31, 2008: The Bank has posted a net profit of Rs 12721.50 million for the quarter ended December 31, 2008 as compared to Rs 12302.10 million for the quarter ended December 31, 2007. Total Income has increased from Rs 103383.60 million for the quarter ended December 31, 2007 to Rs 103506.20 million for the quarter ended December 31, 2008 The Unaudited consolidated results for the Quarter ended December 31, 2008 The Group has posted a net profit of Rs 15597.60 million for the quarter ended December 31, 2008 as compared to Rs 11198.20 million for the quarter ended December 31, 2007. Total Income has increased from Rs 156533.10 million for the quarter ended December 31, 2007 to Rs 169227.30 million for the quarter ended December 31, 2008

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ICICI Bank's Performance On Jan'09

600 500 Share Price 400 300 200 100 0
/2 0 1/ 0 9 3/ 20 1/ 0 9 5/ 20 1/ 0 9 7/ 20 1/ 09 9/ 2 1/ 00 11 9 /2 1/ 0 0 13 9 /2 1/ 00 15 9 /2 1/ 00 17 9 /2 1/ 00 19 9 /2 1/ 0 0 21 9 /2 1/ 00 23 9 /2 1/ 00 25 9 /2 1/ 00 27 9 /2 1/ 00 29 9 /2 00 9

Resistance Level:Rs. 477 Support level: Rs. 374

Series1

1/ 1

Date

Weekly charts of Jan09:

Weekly Chart
540 Share Price in (Rs.) 520 500 480 460 440 420 1/5/2009 1/6/2009 1/7/2009 Date 1/8/2009 1/9/2009

Resistance Level:Rs.515 Support Level : Rs.455

Weekly Chart(12 Jan-16 Jan)

450 Share Price in (Rs.) 440 430 420 410 400 390 1/12/2009 1/13/2009 1/14/2009 Date 1/15/2009 1/16/2009

Resistance Level:Rs.442 Support Level : Rs408

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GULFBULLS SECURITIES PVT LTD

With the news of quartly result stock has crashed the support level of 368 and would rise after great fall.
Weekly Chart(19 Jan-23 Jan)
420 410 400 390 380 370 360 350 340 330 1/19/2009 1/20/2009 1/21/2009 Date

Share Price in (Rs.)

Resistance Level:Rs400 Support Level : Rs368

1/22/2009 1/23/2009

Performance in the month of Feb09

ICICI Bank - Result of Postal Ballot ICICI Bank Ltd has informed BSE that the shareholders of the Bank have approved the Ordinary Resolutions through Postal Ballot.

IC IC I B a n k's P erfo rm an c e O n F eb '0 9

500 450 400 350 300 250 200 150 100 50 0

Share Price

Resistance Level:Rs445 Support Level : Rs342

S eries 1

20 2/4 09 /20 2/6 09 /20 2/8 09 /2 2/1 009 0/2 2/1 0 09 2/2 2/1 0 09 4/2 2/1 0 09 6/2 2/1 0 09 8/2 2/2 0 09 0/2 2/2 0 09 2/2 2/2 009 4/2 2/2 0 09 6/2 00 9

2/2 /

Da te

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GULFBULLS SECURITIES PVT LTD

Weekly Chart On the month of Feb:

Performane Of ICICI Bank from 2nd Feb to 6th Feb
410 405 400 Share Price 395 390 385 380 375 370 2/2/2009 2/3/2009 2/4/2009 Date 2/5/2009 2/6/2009 Series1

Resistance Level:Rs. 402 Support Level: Rs. 384

Performance of ICICI Bank from 9th feb to 13th feb'09

440 435 Share price 430 425 420 415 410 2/9/2009 2/10/2009 2/11/2009 Date 2/12/2009 2/13/2009 Series1

Resistance Level: Rs. 435.5 Support Level; Rs. 421.5

Performance of ICICI bank from 16th Feb to 20th Feb'09

450 400 Share Price 350 300 250 200 150 100 50 0 2/16/2009 2/17/2009 2/18/2009 Date 2/19/2009 2/20/2009 Series1

Resistance Level: Rs. 408 Support Level : Rs. 300

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GULFBULLS SECURITIES PVT LTD

Performance of ICICI Bank from 24th feb to 27th feb '09

345 340 Share Price 335 330 325 320 315 2/24/2009 2/25/2009 date 2/26/2009 2/27/2009 Series1

Resistance Level; Rs. 340.5 Support Level; Rs. 325

ICICI Bank in March09

IC IC I B an k's P erfo rm an ce o n M arch '09

450 400 350 300 250 200 150 100 50 0

share Price

Resistance Level:Rs.359 Support Level : Rs265

c los ing pric e

3/ 2/ 20 3/ 0 9 4/ 20 3/ 0 9 6/ 20 3/ 0 9 8/ 2 3/ 00 9 10 /2 3/ 0 09 12 /2 3/ 0 09 14 /2 3/ 0 09 16 /2 3/ 0 09 18 /2 3/ 0 09 20 /2 3/ 0 09 22 /2 3/ 0 09 24 /2 3/ 0 09 26 /2 00 9

Da te

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Performance from 2nd March to 6th March

310 300 Share price 290 280 270 260 250 3/2/2009 3/3/2009 3/4/2009 Date 3/5/2009 3/6/2009

Resistance Level: Rs. 310 Support Level:Rs. 265

Series1

NEWS IMPACT ICICI Bank Ltd has recently won two awards at the WOW Event & Experiential Marketing Awards 2009 for its rural marketing campaigns, Kamdhenu Cattle Loan Campaign and Talkies on the Move Campaign. The award function was hosted by Event FAQs in Mumbai recently. There were over 472 entries from 85 companies/ agencies all vying for the WOW Awards.

Performance from 9th March to 13th March

320 310 300 Share Price 290 280 270 260 250 240 3/9/2009 3/10/2009 3/11/2009 date 3/12/2009 Series1

Resistance Level:Rs. 320 Support Level:Rs 287

3/13/2009

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GULFBULLS SECURITIES PVT LTD

NEWS IMPACT The Japan Bank for International Cooperation (JBIC) which constitutes the international wing of Japan Finance Corporation and ICICI Bank Limited acting through its Hong Kong Branch (ICICI Bank) signed today an agreement on Export Credit Line1 totaling up to US$100 million. The agreement was signed by Mr Fumio Hoshi, Executive Director, JBIC and Mr. Sonjoy Chatterjee, Executive Director, ICICI Bank in Hong Kong. This Export Credit Line will be utilized by ICICI Bank to finance importers in India and its neighboring countries when they import machinery, equipment and services from Japan.
Performance From 16th March to 20th March'09
340 335 Share Price 330 325 320 315 310 3/16/2009 3/17/2009 3/18/2009 Date 3/19/2009 Series1

Resistance Level: Rs. 338 Support Level: Rs. 3/20/2009 324

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GULFBULLS SECURITIES PVT LTD MARCH NEWS IMPACT The Export-Import Bank of China (China Exim) and ICICI Bank Limited acting through its Hong Kong Branch (ICICI Bank) signed a loan agreement for USD 98 million under the Two- step Buyer Credit (Export Credit) arrangement. ICICI Bank is the first Indian Bank to have entered into this arrangement with China Exim. The agreement was signed by Mr.Zhu Xinqiang, Assistant President, China Exim and Mr.Sudhir Dole, Senior General Manager & Regional Head- Asia, ICICI Bank. This agreement was signed in Beijing on March 19, 2009

Performance from 23rd March to 27th March'09

390 380 Share price 370 360 350 340 330 320 3/23/2009 3/24/2009 3/25/2009 date 3/26/2009 3/27/2009 Series1

Resistance Level: Rs. 390 Support level : 350

MONTHLY HIGH AND LOW

Monthly High in (Rs.) Month Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Date Value Date 1465.00 1245.20 1065.00 947.00 960.90 826.00 779.70 779.70 729.90 Monthly Low (Rs.) Value

14-Jan-08 4-Feb-08 3-Mar-08 28-Apr-08 5-May-08 18-Jun-08 24-Jul-08 12-Aug-08 4-Sep-08

22-Jan-08 11-Feb-08 18-Mar-08 1-Apr-08 30-May-08 30-Jun-08 16-Jul-08 1-Aug-08 30-Sep-08

1005.55 996.00 720.00 732.00 778.10 611.50 515.10 610.00 458.00

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GULFBULLS SECURITIES PVT LTD

Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09

1-Oct-08 5-Nov-08 18-Dec-08 7-Jan-09 10-Feb-09 27-Mar-09

565.00 491.00 480.90 537.95 441.95 387.40

27-Oct-08 21-Nov-08 2-Dec-08 27-Jan-09 27-Feb-09 6-Mar-09

282.15 308.10 305.00 358.10 311.25 252.75

Sensex Return since 2007

25000 20000 15000 10000 5000 0 4/25/2007 8/13/2007 10/8/2007 1/24/2008 7/14/2008 11/29/2007 11/4/2008 1/2/2007 2/28/2007 6/20/2007 3/24/2008 5/21/2008 9/8/2008 1/2/2009 3/2/2009 High Low Close

ICICI BANK PERFORMANCE 2007

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1600 1400 1200 1000 800 600 400 200 0

1000 1200 200 400 600 800 0 1/12/2007 2/12/2007 3/12/2007 4/12/2007 5/12/2007 6/12/2007 7/12/2007 8/12/2007 9/12/2007 10/12/2007 11/12/2007 12/12/2007

1400

1/2/2008

2/2/2008

3/2/2008

4/2/2008

5/2/2008

GULFBULLS SECURITIES PVT LTD

6/2/2008

2007

7/2/2008

2008

8/2/2008

9/2/2008

10/2/2008

11/2/2008

ICICI BANK PERFORMANCE 2008

2009 PERFORMANCE MARKET

Open Close

12/2/2008

Open

Close

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GULFBULLS SECURITIES PVT LTD

12000 10000 8000 6000 4000 2000 0 1/26/2009 2/16/2009 2/23/2009 1/5/2009 1/12/2009 1/19/2009 2/2/2009 2/9/2009 3/2/2009 3/9/2009 3/16/2009 3/23/2009 3/30/2009 High Low Close

Looking at the graph we can predict the upcoming trend support and resistance level for the first three months had been support level was 8755 and the resistance level was 10402.

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GULFBULLS SECURITIES PVT LTD

SUPPORT AND RESISTANCE LEVEL FOR 2nd and 3rd WEEK OF APRIL Market is at the resistant level Sensex 10455 points as on 4 th april, 2009) and this share price is highly correlated with market so for next 10 days ICICI BANK is expected to achieve a new support level of 300 points but looking at the international market we can say that international investors are bit optimistic so market can sustain at this high for some more time. After a agreement between the G-20 nations for providing stimulus package of 1.1 trillion soon would provide a great benchmark for the investors or give boost to the investors, so can invest into the market with zeal. News from India Indian Govt. is going to have elections and would have different changes in the economy if govt changes. So be cautious about the investment. Looking at the above given information we can project the new Support Level at 300-312* points and Resistance Level at 470-500* points for the first week of April.
SUPPORT AND RESISTANCE LEVEL FOR THE MONTH OF APRIL2009

Beginning of April the news could be favorable but will the same Support and Resistance Level maintain for the rest of the weeks; our team have done research on it and made the conclusion that it will not be maintaining the same levels. REASONS: 1- Market fall is expected because it cannot sustain at this level for longer time (Market as on 26th Mar, 2009). 2- 4th Quarter Results are expected in the month of April and it may not be good news for the investors, all industries like Automobile, Aviation, Banking etc are expected to book further losses. 3- General Election is not far away and market will take some rest during this time frame. 4- Inflation data is going negative for the market and inflation is also coming from .23% to .31% recovered. 5- IIP data is expected in the month of April and once that is out we are sure that market will see downside once again. And had given a negative boost to the investors with -2%

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GULFBULLS SECURITIES PVT LTD

6- More over the banking lending rate also been decreased to 100 Basis Points which may effect the working ability of ICICI bank 7Looking at the above given information our Team has said that the new

Support Level for the week of 3rd and 4th will be Resistance level will be 520* points.
Note: * this is only our Team projection

300-312* points and

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