Indian Banking Industry

An analysis

Institute for Technology and Management, Kharghar

August 2010
 Agenda
Section I
• Banking industry overview
– Global banking industry overview
– Indian banking industry overview
– Indian Banks Segmentation
– Growth Drivers and Challenges
– Competitive Landscape
– Banking regulation

Section II
• ICICI bank profile
– Company business description and segmentation
– Company history and details
– Company milestones
– Company financials and trends
Section I: Banking Industry overview
Global Banking overview
 Global banking industry overview
350 Domestic credit by banks as % GDP 8 Bank NPA as % of Gross Total Loans
7.1
305
294 293 7
300 6.2
6
241
250 232
224 5
212
Per cent of GDP

Per cent of GDP

200 188 4
172 3.3
3
3 2.5
150 136 132 2.4 2.3
126
2 1.5 1.6 1.7
1.4 1.4
100
72 0.8 0.9 0.9
63 64 1

50 0
2006 2007 2008 2006 2007 2008
year
year
United States United Kingdom Japan United States United Kingdom Japan
China India China India

Source:- World Bank Database Source:- World Bank Database

• Due to RBI regulations banking sector is not over exposed in India as in other economies as
US and China, but this also represent growth scope available to Indian banking industry.
• There is scope of improvement as NPA in India is more than that of developed economies.
In comparison to china banking sector in this aspect is performing well.
 ‘Indian banks need to recognise their inherent brand
value potential’…….
Global Banking Market cap
Bank Domicile rating
Ranking Rank (In US $ millions)
2010 2009 2010 2009 2010 2009 2010 2009
8 7 1 1 HSBC UK 193794 131577 AAA+ AAA+
45 77 10 14 Barclays UK 56,155 19,998 AA A-
106 138 24 24 Standard Chartered UK 51,466 16,820 AAA- AA+
36 54 5 7 Citi US 70,105 36,498 A+ A
57 69 14 11 JP Morgan US 102,425 48,571 AA- AA-
100 139 23 25 Morgan Stanley US 45,931 15,399 A+ A+
187 344 36 70 SBI India 29,809 9,834 AA+ AA
440 - 70 110 ICICI India 19,807 7,893 AA- A+
- - 141 153 HDFC India 15,213 7,785 AA- A-

Source:- Brand Finance Global banking 500 report 2010

 20 Indian banks in the Brand Finance® Global Banking 500,

 SBI became the first Indian bank to break into the world’s Top 50 list, its brand value tripled
 ICICI Bank, the country’s largest private bank, joined it in the Top 100 list with a 130% jump in its
brand value
Indian Banking overview
 ‘Banks in India with stand the crisis’…….
Change
Particulars 2008 2009 Indian bank performance indicators
(%) 45 42
No. of banks (nos.) 79 78 (1.3)
40 37
Net worth (` mn) 39,940 47,080 17.9 35
35
Deposits (`mn) 420,260 519,700 23.7
Advances (` mn) 313,540 383,890 22.4 30 28

NIM (%) 4.1 4.4 7.3 25

24 24
22 22

% Change
RoA (%) 1.1 1.1 0.0 20
20 17 18
CAR (%) 13.0 14.0 7.7
Net NPA / adv (%) 1.0 1.1 5.0 15

Opt. Profit (` mn) 83,590 1,11,349 33.2 10

6
Net Profit (` mn) 42,726 52,771 23.5 5

Net Int. Margin (` 1,00,481 1,25,596 25.0 0

mn) 2006 2007 2008 2009
Year

Aggregate Deposits Bank Credit Assets with Banks

Source:- RBI Database

• Despite economics crisis across the world; banks in India have significant growth
• Assets with banks have grow by 35% in FY09 as of 17% in FY08. Total assets as of end-March ‘09 is `
4,960,064 crores
• Deposits have grown by 20% in FY09 as to 22% in FY08 & credits disbursed has grown by 18% in FY09
to 22% in FY08.
Economic overview
 ‘Economic growth fueling banking performance’…
Number of banks OPERATING ENVIRONMENT
• FY 09
– High volatility
24 – Economic slowdown, Weak business sentiment
28
Countered by fiscal and monetary measures
• FY 10
–Revival in growth
–Abundant liquidity
• Current Scenario (FY 11)
26 –Strong growth momentum, Policy tightening
Public Sector Private Sector –Credit demand expected to increase in retail &
Foreign infrastructure sectors

• Industrial production revives; average growth of 10.4% in FY10 against 2.7% in FY09
• Capital goods growing at double digit point to revival in investment activity
• Capacity utilisation survey of RBI indicates utilisation close to pre-crisis levels
• Exports growing since November ‘09
Foreign Capital Inflows
• Net FII inflow of USD 30 bn in FY10 as against net outflow in FY09
• Rupee appreciation of 11.4% vis-à-vis US dollar during FY10
 ‘Development in new sectors ensuring excellent future for banks’……

Industry wise deployment of gross bank credit

growth
80%
60%
40%
M in in g an d Q u arry in g in clu d in g Co al

A u to m o b iles in clu d in g Tru ck s

R u b b er an d R u b b er P ro d u c ts
20%

Co m p u ter S o ftw are

Fo o d P ro cessin g 2009
A ll E n g in eerin g

0%
Iro n & S teel

Co n stru c tio n

In frastru c tu re
P etro leu m
% Gro w th

Textile

2010

Source:- RBI Database

• Rapid development in infrastructure, iron and steel and computer services have raised demand for
credit projecting healthy growth in the banking sector.
• Gross NPAs same at 1.3% as FY08 in FY09; Loan disbursement grew by 16.04%
• Credit deposit ratio - down marginally to 73.9% in FY09 from 74.6% in FY08
• NIM has gone up to 2.4% as compared to previous year, however it is less than the former years
• Interest income as a percentage of total assets has gone up to 7.4% for FY09 from 7.1 % in FY08
• The Total Assets of the Banking Industry grew by 21.2% in 2009 as against 25% in 2008
 Income and expense growth rate of SCBs in India
Interest Other* Total Interest Operating Total
Net profit
income Income income expenses expenses expenses
CAGR
(2004-05 to 2008-09 25% 21% 24% 30% 15% 25% 25%

Income growth Expenses growth

52%
44%

34% 35%
37%
33%
30% 27%
29% 27%
24% 25% 24%
22% 23%21%
Source:- RBI Database

Source:- RBI Database

19% 18% 19% 20%
18% 16% 16%
15% 13%
11%
10%
4%

2005-06 2006-07 2007-08 2008-09

2005-06 2006-07 2007-08 2008-09

Interest income Other Income Total income Net profit Interest expenses Operating Expenses Total expenses

• Other income has show greater growth potential than interest income towards total income over
the years.
• With increase in income a subsequent increase in expense is observed although operation expense
have reduced considerably.
* Other income consist of fee income, commissions
Banking Segmention
 Indian Banking Industry Segmentation
Reserve Bank of
India

Non Scheduled
Scheduled Commercial Bank
Commercial Bank

Commercial Bank Co-operative Bank Local Area Bank

Private Sector Public Foreign Regional Urban State

(22) Sector (26) (24) rural (6) Bank Bank

SBI Group Nationalised

Old (15) New (7)
(6+1) (19)

Source:- RBI Database

• PSU banks majority stakes are held by the Government of India(GoI) & make up the largest
category in the Indian banking system.
• Regional Rural Banks (RRBs); established during 1976-1987 & are owned jointly by the Central
Government, concerned State Government and a sponsoring public sector commercial bank.
• Private Sector banks have the majority of share capital with private individuals & corporates.
Non-nationalized are ‘old’ and nationalised in 1993 are stated as ‘new private banks’.
• Foreign banks have their registered and head offices in a foreign country but operate their
branches in India.
Growth Drivers
 Growth Drivers to banking industry
Industrial Development

Rapid Economics Growth

Increase in Growth Sectors

Disposable income

Retail Infrastructure Telecom Rural Export/Imports Consolidation

demand Markets and Expansion

• Industrial development is fueling rapid economics growth giving banking sector a major boost.
• Retail Demand: Increase in demand for housing, Car and personal loans
• Infrastructure: Infrastructure one of the biggest growth driver is expected to grow @ 35% -3yr CAGR.
• Telecom spectrum lending: 3G and broadband spectrum auction have increased credit demand
• Rural Penetration: Rural penetration by private banks is increasing
• Export Imports: Increase in export import enhances inland and outland bills business
• Consolidations and Expansions: Acquisition, merger and expansion by the industries is very much
prevalent since 2009
Competitive Landscape
 Competitive Landscape of Indian banking industry
Competitive Landscape Bank group wise Credit Deposit Ratio - Bank Group Wise

10% 9% 5% 6% 6% 7% 9% 9% 90 83.2 84.3

79.8 77.3
13% 14% 80 73.3 72.6
16% 15%
16% 18% 16% 19% 70 67.4 64.5
5% 5%
5% 5% 60
5% 5% 5% 5%
50
40

per cent
30
20
76% 73% 75% 73%
69% 67% 70% 68% 10
0

Sector banks

sector banks

Foreign Banks
sector banks
New private
Old private
Public
Foreign Banks New private sector banks
Old private sector banks Public Sector banks 2008 2009

Source:- RBI Database Source:- RBI Database

• Public sector banks enjoy over 70% share of gross loans and advances
• New private sector banks have shown decline in growth in terms of assets and investments
• Credit deposit ratio indicate Foreign banks have been much more aggressive in their lending,
followed by the new private sector banks, while the public sector banks have been maintaining a
mediocre path.
 Profits and income of bank group wise

Growth in profit and income of banks group wise

50%

40%

30%

20%

10% Public Sector Banks

% change

Private Sector Banks

0% Foreign Banks

-10%

-20%

-30%

-40%

-50%

Source:- RBI Database

• Public sector banks and private sector banks have show increasing trend in their respective
profit and incomes; while foreign banks have shown a negative trend.
Banking Regulation
 Banking regulators
Banking companies in india is governed by two main legislations
 Banking regulation act 1949
 The reserve bank of india act 1934
– Reviewing monetary policy to maintain economic and financial stability and to ensure
adequate financial resources for development
– Meeting the currency requirement of the public
– Promotion of an efficient financial system
– Foreign exchange reserve management
– Quarterly monitoring visits to banks displaying financial and systemic weaknesses
– The department monitors cases of frauds perpetrated in banks and reported to it
• Other regulation:
– The negotiable instruments act 1881
– Transfer of property act 1882
– Banking secrecy act
– Companies act 1956
– Banker’s book evidence act
– Banking companies act 1970/1980 – for nationalized bank only
 Regulations (Policy) impact on company
• With increase in SLR, lending resources of the banks contract and their capacity to grant credit
is reduced correspondingly or vice versa
• CAR Ratio depicts the Solvency Position of the bank
• Repo Rate and Bank Rate have direct impact on cost of Fund & profitability of the banks.
• High credit to deposit ratio increases the profitability of the banks
Regulation - Limiting Factor:
• Bank cant sanction loan below base rate, despite of having funds they are underutilized.
• Bank have to follow Quota limit while lending to the various sectors (Agriculture, Housing,
Education, SSI etc.)
Foreign bank in India:
• They have to take the permission of RBI and FEMA
• Take over of an Indian bank except for weak bank identified by RBI not permitted
• FDI limit for a foreign bank is 74% of total paid-up capital of the bank.
• The initial minimum paid up capital for a new bank is ` 200 crores which is increased to 300
crore with in 3 years of commencement of business
International: Barriers for Indian banks
• Indian bank have to follow that respective country norms as well as the Basel II norms.
 Current policy rates

• Average Credit-Deposit ratio of the banking

industry is -70 %
• CAR: Capital Adequacy Ratio : 9%
• CRR – 6 %, SLR – 25 %
• Base Rate: 7.5 - 8%
• Deposit Rate: 6% - 7.5%
• Saving banking rate: 3.5%
• Repo Rate: 5.75%
• Reverse Repo :4.5%
• Although the critical rates have reduced
since the global economic crisis (FY08); RBI
is still maintaining a tight monetary policy
in order to curb inflation and attain stability
along with superior economic growth.

Source:- RBI
 Agenda
Section I
• Banking industry overview
– Global banking industry overview
– Indian banking industry overview
– Indian Banks Segmentation
– Growth Drivers and Challenges
– Competitive Landscape

Section II
• ICICI bank profile
– Company business description and segmentation
– Company history and milestones
– Company details
– Company peer group comparison
– Company financials and trends
 Business Description and segmentation
ICICI Bank Limited, a private sector banking company engaged in providing a range of banking
products and financial services
 Investment Banking
 Commercial Banking
 Retail Banking
 Private Banking
 Asset Management
 Mortgages
 Credit Cards
 Others
Business Segmentation
• Retail Banking- Retail assets business, Rural micro-banking.
• Wholesale Banking- Corporate Banking business, Banking services(for government, large
corporate), Treasury, Structured finance
• Project Finance- Infrastructure, Oil & Gas, Manufacturing and Shipping sectors
• International Business & Special Assets Management-International operations
• Corporate Centre- Investor relations, Risk management, Corporate branding

Source:- ICICI bank website

 Company History and Milestones
2002 - ICICI Ltd
merged into ICICI
1955 - ICICI. incorporated Bank Ltd in the
at the initiative of World year
Bank, the Government of 2001 - ICICI acquired Bank of
India and representatives 1994 - ICICI established Madura(est. 1943) was a
of Indian industry. Banking Corporation as a Chettiar bank, Chettinad
banking subsidiary Mercantile Bank (est. 1933)
and Illanji Bank (established
1904) in the 1960s.

• 2006: 1st Indian bank to issue hybrid Tier-1 perpetual debt in the international markets. Opened
branches in UK, Belgium & representative offices in Bangkok, Jakarta & Kuala Lumpur.
• 2007: Amalgamated Sangli Bank-headquartered in Sangli, in Maharashtranwhich had 158 branches
in Maharashtra and another 31 in Karnataka.
• 2008: Launched I Mobile - banking transactions through mobile. US Federal Reserve permitted
ICICI to establish branch at New York and Frankfurt.
• 2009: ICICI NRI Services wins Asian Banker Award for Excellence in Business Model Innovation
• 2010: ICICI Bank announces Base Rate (“I-Base”) at 7.50% p.a. Announced merger with Bank of
Rajasthan with it through share-swap in a non-cash deal that values the Bank of Rajasthan at about
Rs 3,000 crore. The Monetary Authority of Singapore (MAS) has today granted Qualified Full
Banking (QFB) privileges to ICICI Bank Singapore branch.

Source:- ICICI bank website

 Company Details
• ICICI Bank's equity shares are listed in India on
– Bombay Stock Exchange
– National Stock Exchange
• American Depositary Receipts (ADRs) listed on the New York Stock Exchange (NYSE).
• Branches 2016 , ATMs 5,219 Employees 34,596
• Presence in 18 countries including-
- Branches in U.S, Singapore, Bahrain, Hong Kong
- Subsidiaries in United Kingdom, Russia and Canada

Source:- ICICI bank website

Peer Group Analysis
 Icici bank standing in its peer group
Market Capitalisation Revenue
Company
(in ` crores) (in ` crores)
HDFC 97,771.62 12,194.20
ICICI 100,937.86 15,592.00
AXIS 54,806.57 8,950.30
KOTAK MAHINDRA 26,885.34 3,255.62
Source:- RBI Database

AXIS BANK HDFC BANK KOTAK KARUR VYSYA

LIMITED LTD.ICICI Bank MAHINDRA BANK LTD
BANKS -> BANK LTD.
2008 2009 2008 2009 2008 2009 2008 2009 2008 2009
RATIOS % % % % % % % % % %
Credit - Deposit Ratio 68.09 69.48 62.94 69.24 92.30 99.98 94.69 106.27 75.07 68.93
Investment - Deposit Ratio 38.46 39.47 49.02 41.19 45.60 47.20 55.66 58.23 28.10 31.23
Ratio Of Net Interest Margin
To Total Assets 2.83 2.87 4.66 4.69 1.96 2.15 5.08 5.33 2.66 2.59
Return on Assets(in %) 1.24 1.44 1.32 1.28 1.12 0.98 1.10 1.03 1.63 1.49
Return On Equity 17.60 19.12 17.74 17.17 11.63 7.77 11.19 7.36 18.49 18.57

• Ratio represent a strong foundation and aggressive growth strategy for ICICI.
• ICICI is still out performed by Axis bank in most margins.
 Icici bank standing in its peer group
AXIS BANK HDFC BANK KOTAK
ICICI Bank MAHINDRA KARUR VYSYA
BANKS -> LIMITED LTD. BANK LTD
BANK LTD.
2008 2009 2008 2009 2008 2009 2008 2009 2008 2009
RATIOS % % % % % % % % % %
Capital Adequacy Ratio -
Tier I 10.17 9.26 10.30 10.58 11.76 11.84 14.46 16.13 12.11 14.40
Capital Adequacy Ratio -
Tier II 3.56 4.43 3.30 5.11 2.20 3.69 4.19 3.88 0.47 0.52
Net NPA as % to net
Advances 0.42 0.40 0.47 0.63 1.55 2.09 1.78 2.39 0.18 0.25

Source:- RBI Database

• ICICI has high percentage of non-performing assets in its peers.

• For ICICI, CAR is higher than its closest competitors; Axis and HDFC bank.
Segmental Analysis
 Geographical revenue Segmentation Index
Domestic growth % (yoy) Foreign Growth% (yoy)
Base year Revenue
(INR Cr)  23211.51   1404 
2006(Base) 1 1
2007 1.158 16 1.444 44
2008 2.466 113 1.997 38
2009 1.499 (39) 2.776 39
2010 1.237 (17) 3.177 14

Source:- ICICI Annual Report Computed

• Revenue from has been increased to more than 3 times from 2006 to 2010 and is still
growing at acceptable pace, however pace has gone down in 2010
• There is negative growth in terms of domestic revenues and needs to take care upon
domestic industry. BoR acquisition can help
 Segmental Contribution in Revenue
0.9

0.8
Retail Banking
0.7
Wholesale Banking
0.6 Consumer & Commercial Banking
Treasury/ Investment banking
0.5 Other Banking Business
Total revenue from Banking
0.4
Life Insurance
0.3 General Insurance
Insurance
0.2 Venture Fund Management
0.1 Others

0
FY06 FY07 FY08 FY09 FY10

• In last years share of retail banking is shrinking due to inclusion of various other
segments
• Venture fund management has added another revenue potential
• Total banking revenue has always ahead of other non banking revenue taking
together(all insurance, Venture fund, others)
 Segmental Growth in Revenue
1200% FY07 FY08 FY09 FY10
1000% Retail Banking - - 94% 77%
800% Wholesale Banking - - 99% 78%
600%
Consumer & Commercial Banking 154%- - -
400%
Treasury/ Investment banking 191% 331% 101% 83%
200%
0%
Other Banking Business - - 161% 77%
FY07 FY08 FY09 FY10 Total revenue from Banking 162% 246% 101% 80%
Life Insurance - - 115% 112%
Retail Banking
Wholesale Banking General Insurance - - 121% 107%
Consumer & Commercial Banking
Treasury/ Investment banking Insurance 190%- - -
Other Banking Business
Total revenue from Banking Venture Fund Management - - - 53%
Life Insurance
Others 168% 1132% 119% 101%
Source:- ICICI Annual Report Computed

• Retail band wholesale banking is growth segment and grown about 77% in 2010
• Treasury and investment banking business is also increasing at the pace and due to growing market
it is expected to grow in the same way
• Venture fund provided new dimension and its growth can be significant in further years
• Other are also growing at good pace but could not be identified
 Segmental Contribution in PBT
1.00

0.80

0.60
Retail Banking (Consumer)
Wholesale Banking (Commercial)
0.40
Treasury/ Investment banking
Other Banking Business
0.20
Life Insurance
General Insurance
-
Venture Fund Management
FY08 FY09 FY10
Others
(0.20)

(0.40)

(0.60)

• Life insurance recovered from the losses and earned profits

• Contribution of wholesale banking is going down
• Retail banking earned negative figure which can be a concern as it form major par of
revenues
• Treasury and investment banking can be a star product for the future
 Segmental Growth in Profits

FY09 FY10
Retail Banking (Consumer) 5% -2297%
Wholesale Banking (Commercial) 94% 107%
Treasury/ Investment banking 405% 210%
Other Banking Business 396% 127%
Life Insurance 57% -32%
General Insurance 0% 58633%
Venture Fund Management - 37%
Others 95% 116%

• Negative profit of retail banking are very much disastrous as it is major revenue base
• Wholesale banking growth continued and forms major revenues which is strong point
for the company
• General insurance growth is just base effect but growth chances are high
• Venture fund growth in PBT is less then in revenues which is around 55%
 Segment Focus
• ICICI is focusing on SME under wholesale segment.
• Strategies & Initiatives:
• SME enterprises CEO Knowledge Series- a platform to mentor and assist
entrepreneurs.
• SME Enterprises Toolkit- an online business & advisory resource for SME
• Emerging India Awards- SME recognition platform
• ICICI is also focusing on Rural Banking under retail segment.
• Strategies & Initiatives:
• Offering micro-credit through micro financing institutions(MFI’s),micro-insurance and
micro-investment products.
• Financial inclusion through business correspondents, farmer financing and
integration of agri-value chain.
 New Segment and its impact
• Venture capital
 Contributing positive to revenues
 Growth in revenue is as high as 57%
 Growth in PBT however, is 37% only
 Provide good growth as market is growing for the segment with the new industrial
transformations and entrepreneurial age

Future plans

• Focus on stability and recovery of the segment with negative growth and profits
• Want to stabilize in both domestic as well as foreign segment as especially in foreign they
had a huge impact of recession and hence stabilization is their strategy
• To harness the potential of current segments rather than hitting in dark
 Financials and Trends
Segmental Charts on the Basis of Business

Retail Banking Whole sale Banking

3,000,000 0 3,000,000 0%

-5%
2,500,000 2,500,000
-0.05

-10%
2,000,000 2,000,000
-0.1
-15%
1,500,000 1,500,000
-20%
-0.15
1,000,000 1,000,000
-25%

-0.2
500,000 500,000
-30%

0 -0.25 0 -35%
Year 2008 Year 2009 Year 2010 Year 2008 Year 2009 Year 2010

Revenue in lakhs growth Revenue in lakhs growth

Source:- ICICI Annual Reports 08, 09, 10 Source:- ICICI Annual Reports 08, 09, 10

• Earning in retail banking shows decline as well as in whole sale banking.

 Financials and Trends
Segmental Charts on the Basis of Business

Treasury Other Banking Services

3,100,000 5% 500,000 0.5

3,000,000 450,000 0.4

0%
400,000
2,900,000 0.3
350,000
2,800,000 -5% 0.2
300,000
2,700,000 0.1
-10% 250,000
2,600,000 0
200,000
2,500,000 -15% -0.1
150,000
2,400,000 -0.2
100,000
-20%
2,300,000 50,000 -0.3

2,200,000 -25% 0 -0.4

Year 2008 Year 2009 Year 2010 Year 2008 Year 2009 Year 2010

Revenue in lakhs growth Revenue in lakhs growth

Source:- ICICI Annual Reports 08, 09, 10 Source:- ICICI Annual Reports 08, 09, 10

• Decline in treasury and other banking venture due to economic slowdown.

 Financials and Trends
Segmental Charts on the Basis of Geography

5,800,000 Domestic 0% 900,000 Foreign 200%

800,000
5,700,000 -1%
700,000 150%
5,600,000
-2% 600,000
100%
5,500,000 500,000
-3%
400,000
5,400,000 50%
-4% 300,000
5,300,000 200,000 0%
5,200,000 -5% 100,000
0 -50%
5,100,000 -6%
2008 2009 2010
2008 2009 2010
Revenue in lakhs growth Revenue in lakhs growth

Source:- ICICI Annual Reports 08, 09, 10 Source:- ICICI Annual Reports 08, 09, 10

• Foreign- emphasis was more on retail segment as ICICI strategy was to build more retail
deposit franchise. Also was seeking to build stable wholesale funding.
• Domestic-
1. emphasis was given to small and medium scale enterprises as it adopted cluster financing
approach to fund small enterprises.
2. In retail loan segment emphasis was given more to Home loan and vehicle loan.
 Financials and Trends
Dividend per Share & Earning Per Share

Year EPS DPS

2006 28.55 8.5

2007 34.59 10

2008 37.37 11

2009 33.76 11

2010 36.10 12

Source:- ICICI Annual Report Computed

• The earning per share and dividend paid out per share have shown steady rise.
Represents strong earning potential and has a good image in the market.
 “Banking stock show strong growth…”
155

150

145

140

135

130

125

120
ICICI bank, 27-Jan-10, 106.11:
Negative global cues & sustained
selling by FII pulled down the indices
115
forcing unwinding of long positions.
sensex down by 2.9%, bankex
by4.2% & ICICI by 4.9%
110 29-Jan-10, 111.51 : Despite RBI
tightening monetary policy by in

105

100

95

ICICI bank Bankex Sensex

Thank You  Presented By: Group 4
 Roll No Name

 71 Ajay Garg

 50 Arun Thakur

 23 Ashish Shrivastava

 137 Goldi
 37 Gunjan Agarwal

 175 Pooja Shugani

 113 Ruchir Masand
 22 Yash Ahuja