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The Mumbai bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on Wednesday approved the <keyword id="20560837" type="General" weightage="20" keywordseo="delisting" source="keywords" medley.seotitle="delisting" medley.uid="delisting" medley.msid="19341858" medley.seopath="d/delisting" medley.containers="equity,investopedia" medley.title="Delisting">delisting</keyword> application of <keyword id="20005262" type="General" weightage="20" keywordseo="ICICI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Securities" meta.hostid="261" meta.entityid="ICICI Securities" topicspecial.url="https://economictimes.indiatimes.com/icici-securities-ltd/stocks/companyid-5265.cms">ICICI Securities</keyword> from the stock exchanges and also rejected objections filed by <keyword id="21094856" type="General" weightage="20" keywordseo="minority-shareholders" source="keywords">minority shareholders</keyword>. The NCLT in an oral order approved the <keyword id="22862911" type="General" weightage="20" keywordseo="Scheme-of-Arrangement" source="keywords">Scheme of Arrangement</keyword> for delisting of shares of ICICI Securities. As per the scheme of arrangement, shareholders of ICICI Securities (ISEC) will get 67 shares of ICICI Bank for every 100 shares they hold. The court also rejected objections filed by minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. Quantum Mutual Fund held 0.08 per cent and Manu Rishi Gupta, a minority shareholder held 0.002 per cent shares in ICICI Securities opposed the scheme. The scheme was earlier approved by 93.8 per cent equity shareholders of ICICI Securities. Following delisting, ICICI Securities will become a wholly-owned subsidiary of the bank. ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank. Meanwhile, ICICI Securities on Wednesday said it has settled with market watchdog Sebi a case pertaining to an alleged violation of regulatory norms after paying Rs 69.82 lakh. The same was in relation to a settlement application submitted to Sebi in connection with the inspection of books and records for the merchant banking activities of the company, ICICI Securities said in a regulatory filing. The observations were primarily related to the due diligence process to be followed by the company as a merchant banker, it said. The company had submitted an application for settlement under Settlement Regulations in respect of the aforementioned matter with a view to avoid any protracted proceedings arising from Sebi's Show Cause Notice, it said. Following the payment, a settlement order dated August 20, 2024, passed by Sebi has been received by the Company on the same day, it added. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

NCLT approves delisting of ICICI Securities, dismisses petition by minority shareholders

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

New Delhi, Brokerage house <keyword id="46909" type="General" weightage="20" keywordseo="ICICI-Securities" source="Orion">ICICI Securities</keyword> on Friday reported a one per cent decline in profit after tax (PAT) at Rs 271 crore for three months ended June 2023. In comparison, the company reported a PAT of Rs 273.6 crore in the year-ago period, ICICI Securities said in a regulatory filing. The decline in the profit could be attributed to higher expenses, as the broking firm's total expenses shot up by 33 per cent to Rs 570 crore in the quarter under review. However, the company's total revenues rose by 18 per cent to Rs 934 crore in the first quarter under review, from Rs 795 crore in the April-June quarter of financial year 2022-23. During the quarter under review, the company added 2.1 lakh clients, taking its overall customer base to 93 lakh. Last month, ICICI Bank approved a proposal to delist ICICI Securities and become a wholly-owned subsidiary of the bank after delisting. ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different types of services.

ICICI Securities Q1 2023-24 PAT dips 1%, revenues surge 18%

<keyword id="334749" type="General" weightage="50" keywordseo="icici-securities-ltd" source="Orion">ICICI Securities Ltd</keyword> on Wednesday said it is one-year forward Nifty target is 19,425 with a sectoral bias towards banks, capital goods/infrastructure and automobiles. It has suggested investors to avoid sectors like information technology (IT), oil and gas and metals as they have more global exposure. The company has recommended Axis Bank, City Union Bank, Apollo Tyres, Eicher Motors, Coforge, Lemon Tree Hotels, Healthcare Global Enterprises, Laurus Labs, Container Corp, and Havells India stocks as its Muhurat 2022 picks. In a report, <keyword id="46909" type="General" weightage="100" keywordseo="icici-securities" source="Orion">ICICI Securities</keyword> said the year 2022 has been marked by volatility on account of a wide variety of global new flows ranging from geopolitical issues, higher inflation (mainly food and energy), and hawkish action of central banks. This has led to a decline in global equities, mainly in the US and <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>. However, India has relatively outperformed global peers in terms of all economic parameters (capex spend, discretionary consumption, robust pick-up in banking activity, etc), the report notes. The same is reflected across Indian equity markets. "Going ahead, we believe Corporate India will likely deliver earnings growth in excess of 15 per cent over the next two years given the current economic milieu and provide a plethora of investing opportunities in Indian markets," ICICI Securities said. However, sticky global inflation will keep central banks hawkish and India will be no exception. Similar implications for global liquidity flows may create medium-term volatility in Indian markets. However, if such a scenario materialises, then the same will be a strong opportunity to take exposure to Indian equities, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-data-of-over-9-mn-cardholders-leaked-including-from-sbi-researchers/articleshow/94814538.cms">Financial data of over 9 mn cardholders leaked, including from SBI: Researchers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/these-are-the-5g-bands-supported-by-airtel-and-jio/articleshow/94814497.cms">These are the 5G bands supported by Airtel and Jio – make sure your phone has them</a>

You Searched For "ICICI Securities" and got 4 results

NCLT approves delisting of ICICI Securities, dismisses petition by minority shareholders

PTI

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

ANI

ICICI Securities Q1 2023-24 PAT dips 1%, revenues surge 18%

PTI

Avoid sectors having global exposure like IT, oil, gas: ICICI Securities

IANS

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