Here had to apply knowledge of statistics and analysis for understanding ratios of the Axis and Icici bank and understanding the trend and their growth and also the effect of banking industry and government influence on the happenings on banking sector especially private banks and their customer retention and the market affecting them.
2. 2
2 |
Content
Sr. No Title
1. Introductionto Banking sector
2. About ICICI & Kotak
3. Technicalinstallation
4. Analysis
Eps
Cash Eps
Book Value [Excl. RevalReserve]/Share
Dividend Share
Operating Revenue /Share
Net Profit /Share
Enterprise Value (in Cr)
EV Per Net Sales (X)
Retention Ratios (%)
Price to Book Value (X)
Earnings Yield (X)
Net Profit /Branches
Return on Assets
Return on Equity Net Worth
EV Per Net Sales (X)
Price to Sales (X)
5. Conclusion
3. 3
3 |
Introductionto Bankingsector
As per the Reserve Bank of India (RBI),India’s banking sectoris sufficiently capitalised
and well - regulated. The financial and economic conditions in the country are far superior
to any othercountry in the world. Credit, market and liquidity risk studies suggest that
Indian banks are generally resilient and have withstood the globaldownturn well.
Indian banking industry has recently witnessed the roll out of innovative banking models
like payments and smallfinance banks. RBI’s new measures may go a long way in helping
the restructuring of the domestic banking industry.
The digital payments systemin India has evolved the most among 25 countries with India’s
Immediate PaymentService (IMPS) being the only system at level 5 in the FasterPayments
InnovationIndex (FPII).*
Market Size
The Indian banking system consists of27 public sectorbanks, 21 private sectorbanks, 49
foreign banks, 56 regionalrural banks, 1,562 urban cooperative banks and 94,384 rural
cooperative banks, in addition to cooperative credit institutions.^^ In FY07-18,total
lending increased at a CAGR of 10.94 per cent and totaldeposits increased at a CAGR of
11.66 per cent.India’s retail credit market is the fourth largest in the emerging countries. It
increased to US$ 281 billion on December2017 from US$ 181 billion on December2014.
Investments/developments
Key investments and developmentsin India’s banking industry include:
As of September2018,the GovernmentofIndia launched India Post Payments
Bank (IPPB) and has opened branchesacross 650 districts to achieve the objective
of financial inclusion.
The totalvalue of mergers and acquisition during 2017 in NBFC diversified financial
services and banking was US$ 2,564 billion, US$ 103 million and US$ 79 million
respectively @ .
4. 4
4 |
The biggest mergerdeal of FY17 was in the microfinance segment ofIndusInd Bank
Limited and Bharat FinancialInclusion Limited of US$ 2.4 billion @ .
In May 2018, totalequity funding's of microfinance sectorgrew at the rate of 39.88
to Rs 96.31 billion (Rs 4.49 billion) in 2017-18 from Rs 68.85 billion (US$ 1.03
billion) #.
Government Initiatives
As of September2018,the GovernmentofIndia has made the Pradhan MantriJan
Dhan Yojana (PMJDY) scheme an open ended scheme and has also added more
incentives.
The Government ofIndia is planning to inject Rs 42,000 crore (US$ 5.99 billion) in
the public sectorbanks by March 2019 and will infuse the next tranche of
recapitalisation by mid- December2018.
Achievements
Following are the achievements ofthe governmentin the year 2017-18:
To improve infrastructure in villages, 204,000 Point of Sale (PoS) terminals have
been sanctioned from the FinancialInclusion Fund by NationalBank for Agriculture
& Rural Development (NABARD).
Between December2016 and March 2017, a major drive was undertaken to boost
use of debit cards, resulting in an increase in the number of Point of Sale (PoS)
terminals by an additional1.25 million by 2017 end from 1.52 million as on
November30,2016.
The number of totalbank accounts opened underPradhanMantriJan Dhan Yojana
(PMJDY) reached 333.8 million as on November28,2018.
Road Ahead
Enhanced spendingon infrastructure,speedy implementationofprojects and continuation
of reforms are expected to provide further impetus to growth.All these factors suggest that
India’s banking sectoris also poised for robust growth as the rapidly growing business
would turn to banks for their credit needs.
Also, the advancements in technology have brought the mobile and internet banking
services to the fore. The banking sectoris laying greater emphasis on providing improved
services to theirclients and also upgrading theirtechnology infrastructure,in order to
enhance the customer’s overall experience as well as give banks a competitive edge.
India’s digitallending stood at US$ 75 billion in FY18 and is estimated to reach US$ 1
trillion by FY2023 driven by the five-fold increase in the digitaldisbursements.
Exchange Rate Used:INR 1 = US$ 0.0139 as on Q3 FY19.
5. 5
5 |
Evolution of Bankingsector.
A Sneak Peak in the Structure of Bankingsector
Here it’s the numberof banks in India and their types.
6. 6
6 |
The lendingpower of public/people has increased over the yearswhich can be seen
through the graph.
10. 10
10 |
Introductionto Kotak and ICICI
History of Kotak:
In 1985 Uday Kotak established what became an Indian financialservices conglomerate.In
February 2003, Kotak Mahindra Finance Ltd.(KMFL),the Group's flagship company,
received a banking licence from the Reserve Bank of India (RBI).
A flagship company ofthe well-known financial conglomerate Kotak Mahindra Group,
Kotak Mahindra Bank was the first banking entity in the country created by conversion of a
financial institution in 2003. The bank had 105 branches across 69 locations in India at the
end of FY07, with over 10,800 employees. The capitaladequacy ratio of the bank stood at
13.5% at the end of FY07. The bank has subsidiaries in diverse businesses such as
securities broking, investment bankingand life insurance. Besides Kotak Securities (48%),
Kotak Bank was the only majorcontributor (26%) to the group's bottomline in FY07 (35%
in FY06).
11. 11
11 |
History of ICICI:
ICICI Bank was established by the IndustrialCredit and Investment Corporation ofIndia
(ICICI),an Indian financialinstitution,as a wholly owned subsidiary in 1994.
ICICI Bank
Despite being the second largest bank in the country after SBI in terms of asset size, ICICI
Bank lost its share of the banking sector's advances from 10.2% in FY07 to 8% in FY12.
At the end of March 2012, the bank had assets of over Rs 4.8 trillion and a franchise of
over 9,000 ATMs and 2,750 branches spread across the country. Retail assets constituted
34% of advances in FY12 as against 65% in FY07. The bank is focusing on loan origination
in the large corporate, SME and agrie segments and on non-fund-basedproducts and
services. Besides the bank itself being the market leader across retail loan portfolios, its
subsidiaries ICICI Life Insurance, ICICI GeneralInsurance and ICICI AMC are leaders in
their respective businesses.
12. 12
12 |
Basic Eps:
Earnings per share:
Is calculated by dividing a company's net income by its number of shares outstanding.
Observation:
Here we get to see that earning per share is reducing of Icici bank than Kotak:where
its steadily growing and share prices are betterworking than Iciciwhere of kotak
most shares are told to hold due to future increase in price.
In year of 2015 in market the kotak is higher than icici, and as per feature prediction
of demand forecasting.The basic eps of icici can go down in banking sector.
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 84.99 19.32 16.75 15.31 10.56
KOTAK 19.62 24.2 11.42 18.57 21.54
84.99
19.32
16.75 15.31
10.56
19.62
24.2
11.42
18.57
21.54
0
10
20
30
40
50
60
70
80
90
Basic Eps
ICICI KOTAK Expon. (ICICI) Expon. (KOTAK)
13. 13
13 |
Cash Eps:
Cash earnings per share (cash EPS) is the operating cash flow generated by a company
divided by the numberof shares outstanding. Cash earnings pershare (Cash EPS) is
different from traditionalearnings per share (EPS), which takes the company’s net
income and divides it by the numberof shares outstanding.
Calculating of cash EPS:
Cash EPS = Operating Cash Flow /Diluted Shares Outstanding
Observation: -
Here we can see that the Icici may fall in future and to keep growth in market they
might have to infuse more finance in future and also that we get to know that the
loans they have given hasn’t come back.
We also get to know that the loans given by Kotak is being coming back to the bank
or repayed.
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 89.92 20.41 17.92 18.12 11.76
KOTAK 21.65 26.66 12.96 20.11 23.02
89.92
20.41
17.92 18.12
11.76
21.65
26.66
12.96
20.11
23.02
0
10
20
30
40
50
60
70
80
90
100 Cash Eps
ICICI KOTAK Expon. (ICICI) Expon. (KOTAK) Expon. (KOTAK)
14. 14
14 |
Book Value [Excl. Reval Reserve]/Share:
Book value of equity per share (BVPS) is the equity available to common shareholders
divided by the numberof outstanding shares.This represents the minimum value of a
company's equity.
Observations:
We see that the book value would decrease further of Icici in exponentialgraph
It would be steady growth in Kotak forbook value and increasing motion.
Due to market sectorchanges Icicihasn’t used it to their benefit for growth where as
Kotak did
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 633.86 138.71 149.45 166.35 158.9
KOTAK 159.46 183.13 130.63 150.02 196.7
633.86
138.71 149.45
166.35 158.9159.46
183.13
130.63
150.02
196.7
0
100
200
300
400
500
600
700
Book Value [Excl. Reval Reserve]/Share (Rs.)
ICICI KOTAK Expon. (ICICI) Expon. (KOTAK)
15. 15
15 |
Dividend Share:
A dividend is defined as a payment made by a corporation to its shareholders. Usually these
payouts are made in cash (called “cash dividends”), but sometimes companies will also
distribute stock dividends, whereby additional stock shares are distributed to
shareholders. Stock dividends are also known as stock splits.
Observation:
Through linear trend line we can see that for Kotak is reducing and also for Icici
Icici has more percentages as compared to Kotak
We see that dividend given was more of Icici and where as for Kotak it has been not
much change as it didn’t grow or reduce simultaneously only steadiness we can see.
23
5 5
2.5
1.50.8 0.9 0.5 0.6 0.7
0
5
10
15
20
25
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 23 5 5 2.5 1.5
KOTAK 0.8 0.9 0.5 0.6 0.7
Divident Share
ICICI KOTAK Expon. (ICICI)
Expon. (ICICI) Linear (KOTAK) Expon. (KOTAK)
16. 16
16 |
OperatingRevenue / Share:
Operating revenue is revenue generated from a company's primary business activities. For
example, a retailer produces revenue through merchandise sales, and a physician
derives revenue from the medical services he/she provides.
Observations:
We can see that operating revenue from these banks where its somewhat steady for
Kotak and its not steady for Icici
And it would more decrease for Icici if more policies are not brought in and
products to gain profits from them
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 382.48 84.66 90.68 92.96 85.5
KOTAK 113.81 125.85 89.32 96.14 103.63
382.48
84.66 90.68 92.96 85.5
113.81
125.85
89.32 96.14 103.63
0
50
100
150
200
250
300
350
400
450
Operating Revenue /Share
ICICI KOTAK Expon. (ICICI) Expon. (KOTAK)
17. 17
17 |
Net Profit /Share:
Net profit, also referred to as the bottom line, net income, or net earnings is a measure of
the profitability of a venture after accounting for all costs and taxes. It is the actual profit,
and includes the operating expenses that are excluded from grossprofit.
Observation:
Here we use Exponentialtrend line where we see that for both data
The exponentialline dictates the decline in net profit/share for Icici and decrease
more if actions not taken
Where as in Kotak theres scope for growth in the future
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 84.94 19.27 16.72 16.82 10.54
KOTAK 19.51 24.16 11.39 18.53 21.43
84.94
19.27
16.72 16.82
10.54
19.51
24.16
11.39
18.53
21.43
0
10
20
30
40
50
60
70
80
90
Net Profit/Share (Rs.)
ICICI KOTAK Expon. (ICICI) Expon. (KOTAK)
18. 18
18 |
Enterprise value ( in Cr)
EBITDA = recurring earnings from continuing operations + interest + taxes
+ depreciation + amortization
Enterprise value (EV) could be thought ofas the theoretical takeoverprice if a company
were to be bought.EV differs significantly from simple market capitalization in several
ways, and many considerit to be a more accurate representation ofa firm's value.
Observations:
Here we understand that enterprise value of ICICI is greaterthan KOTAK
Both the enterprise value estimation forecast is done by linear trend that it may grow
in future.
Ratherthan ICICI has low share value then KOTAK still the enterprise value is
more of ICICI.
608,705.91
691,147.70 706,700.41
767,318.40
889,716.20
0.00
200,000.00
400,000.00
600,000.00
800,000.00
1,000,000.00
1,200,000.00
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 608,705.91 691,147.70 706,700.41 767,318.40 889,716.20
KOTAK 128,949.87 184,503.21 277,636.35 331,573.61 408,715.23
Enterprice value (in Cr)
ICICI KOTAK Linear (ICICI) Linear (KOTAK)
19. 19
19 |
EV Per Net Sales (X)
The Formula for EnterpriseValue-to-Sales – EV/Sales Is
EV/Sales=AnnualSalesMarket Capitalization+Debt−Cash and Cash Equivalents /Annual
Sales
Generally, a lower EV/sales multiple means that a company is believed to be more
attractive orundervalued. The EV/sales measure can be negative when the cash in the
company is greaterthan the market capitalization and debt structure,signaling that the
company can essentially be bought with its own cash.
The EV-to-sales measure can be slightly deceptive.A high EV-to-sales can be a sign that
investors believe the future sales will greatly increase.A lower EV-to-sales can signal that
the future sales prospects are not very attractive.Compare the EV-to-sales to that of other
companies in the industry,and look deeperinto the company you are analyzing. EV-to-
sales values are usually between 1 and 3.
Observations:
Here we see that Kotak is more in this graph and it tends to increase further in the
near future.
After also being in business for so long its less compared to Kotak for Icici
0
5
10
15
20
25
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 13.78 14.08 13.4 14.17 16.19
KOTAK 14.71 18.98 16.95 18.73 20.7
Chart Title
ICICI KOTAK Linear (ICICI) Linear (KOTAK)
20. 20
20 |
Retention Ratios (%)
Retention ratio=Net income - Dividends distributed
The retention ratio helps investors determine how much money a company is keeping to
reinvest in the company's operation.Ifa company pays all of its retained earnings out as
dividends or does not reinvest back into the business, earnings growth might suffer.Also, a
company that is not using its retained earnings effectively have an increased likelihood of
taking on additionaldebt or issuing new equity shares to finance growth.
Observations:
Here we see the retention ratio is highest ofKotak rather then Icici
And there is no subsequent normality in the growth ofretention ratio of Icici rather
than Kotak
From two period moving averages we can see that in year 18 it was supposed to
grow but it didn’t
Where as for Kotak it almost came closer to the target.
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 72.92 74.06 70.1 99.99 78.49
Kotak 95.8 95.6 95.6 99.99 97.2
0
20
40
60
80
100
120
Chart Title
ICICI Kotak 2 per. Mov. Avg. (ICICI) 2 per. Mov. Avg. (Kotak)
21. 21
21 |
Price To Book Value (X)
Most companies have a PBV greater than one. This means that its market value is higher
than its book value. Why is this the case? There are two reasons:
First, investors will pay a premium above the book value if the company is expected to
generate enough earnings in the future.These earnings justify a market value above the book
value.
Second,the book value of the firm may not be up to date.Forexample,the value of an asset
on a company's balance sheet often reflects what the firm paid for the asset. This is not
necessarily what the asset is currently worth. The best example of this is property, which
typically increases in value over time.In this case, the true book value is higherthan what the
financial statements imply
Observations:
We have used Exponentialto tell us about the graph that the price/book value of
Icici is almost equal as there is not much subsequent growth there
In Kotak we saw there was a growth and then fall and it hasn’t reach that level again
in future values
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 1.96 2.27 1.58 1.67 1.75
Kotak 4.88 7.17 5.21 5.81 5.33
0
1
2
3
4
5
6
7
8
Chart Title
ICICI Kotak Expon. (ICICI) Expon. (Kotak)
22. 22
22 |
Earnings Yeild (X)
The earnings yield refers to the earnings per share for the most recent 12-month period
divided by the current market price per share. The earnings yield (which is the inverse of
the P/E ratio) shows the percentageofhow much a company earned pershare. This yield
is used by many investment managers to determine optimalasset allocations and is used by
investors to determine which assets seem underpriced or overpriced.
Observations:
Here we see that a gradualfall in the Icici earnings yield through Linearto
understand the relationship
There is also a fall in jan 15 in Kotak and Icici hence it grew steadily afterthat
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 0.07 0.06 0.07 0.06 0.04
Kotak 0.03 0.02 0.02 0.02 0.02
0
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
Chart Title
ICICI Kotak Linear (ICICI) Linear (Kotak)
23. 23
23 |
Net Profit Margin
The Formulas for Net Profit Margin Are
Net profit margin: =RR−COGS−E−I−T∗100
or =RNet income∗100
R=Revenue
COGS=The cost of goods sold
E=Operating and otherexpenses
I=Interest
T=Taxes
The net profit margin is equal to how much net income or profit is generatedas a
percentage ofrevenue.Net profit margin is the ratio of net profits to revenues for a
company orbusiness segment.Net profit margin is typically expressed as a percentage but
can also be represented in decimalform. The net profit margin illustrates how much of
each dollar in revenue collected by a company translates into profit.
Observations:
Net profit is more for Kotak then Icici and also then its previous years
Where as profit is decreasing for Icici by linear forecast and two moving averages
0
5
10
15
20
25
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 22.2 22.76 18.44 18.09 12.33
Kotak 17.13 19.19 12.75 19.27 20.68
Net Profit Margin
ICICI Kotak 2 per. Mov. Avg. (ICICI)
Linear (ICICI) 2 per. Mov. Avg. (Kotak) Linear (Kotak)
24. 24
24 |
Net Profit /Branches
Here we took data ofhow much profit the branches are generating revenue ofboth the
private banks
Observations:
Here we understandthat as per linear that ICICI is not steady in generating revenue
and is negatively consistent
For even Kotak fell in revenue generation in branch point of view but its showing
bettergrowth then its previous years
0.00
5,000,000.00
10,000,000.00
15,000,000.00
20,000,000.00
25,000,000.00
30,000,000.00
35,000,000.00
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 26,140,359.71 27,593,468.89 21,856,825.39 20,208,434.23 13,925,257.65
Kotak 24,835,024.79 27,280,388.89 15,677,261.82 24,919,633.31 29,425,817.00
Chart Title
ICICI Kotak Linear (ICICI) Linear (Kotak)
25. 25
25 |
Return on Assets
Return on Assets= Net Income/Total Assets
Return on assets (ROA) is an indicatorof how profitable a company is relative to its total
assets. ROA gives a manager, investor,or analyst an idea as to how efficient a company's
managementis at using its assets to generate earnings. Return on assets is displayed as a
percentage.
Observations:
Through exponentialwere getting a closer view as to what is happening
Where Kotak is seeming profitable afterjan-16 and is been growing since
Where ICICI is decling in year by year on Roa and in jan-18 it fell than the trend line
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 1.64 1.72 1.34 1.26 0.77
Kotak 1.71 1.76 1.08 1.58 1.54
Chart Title
ICICI Kotak Expon. (ICICI) Expon. (Kotak)
26. 26
26 |
Return on Equity Net Worth
The Formula for Return on Equity (ROE) Is
Return on Equity= Net Income/Average Shareholders Equity
Where :
Net Income=the amountofincome, net of expenses, and taxes that a company generatesf
or a given period
Average Shareholders’ Equity=calculated by adding equity at the beginning of the period
The beginning and end of the period should coincide with that which the net income is ear
ned.
ROE is considered a measure of how effectively management is using a company’s assets
to create profits. ROE is expressed as a percentage and can be calculated for any company
if net income and equity are both positive numbers. Net income is calculated before
dividends paid to common shareholders and afterdividends to preferred shareholders and
interest to lenders.
Observations:
From above we see that its constantly decreasing forIcici it’s in negative decline as
showing no chances of growing in the market
For Kotak were seeing that there is constantgrowth since droppingin jan-16
0
2
4
6
8
10
12
14
16
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ICICI 13.39 13.89 11.19 10.11 6.63
Kotak 12.23 13.19 8.72 12.35 10.89
Chart Title
ICICI Kotak Expon. (ICICI) Expon. (Kotak)
27. 27
27 |
EV Per Net Sales (X)
Enterprise value-to-sales (EV/sales) is a valuation measure that compares the enterprise
value (EV) of a company to its annualsales. EV-to-sales gives investors a quantifiable
metric of how much it costs to purchase the company’s sales.
Observations:
From above we see that its constantly increasing for kotak it’s in positive decline as
showing chances ofgrowing in the market
For ICICI were seeing that there is equal growth.
13.78 14.08 13.4 14.17
16.19
14.71
18.98
16.95
18.73
20.7
0
5
10
15
20
25
14-Mar 15-Mar 16-Mar 17-Mar 18-Mar
14-Mar 15-Mar 16-Mar 17-Mar 18-Mar
ICICI 13.78 14.08 13.4 14.17 16.19
KOTAK 14.71 18.98 16.95 18.73 20.7
EV Per Net Sales (X)
ICICI KOTAK Expon. (ICICI) Linear (ICICI) Linear (KOTAK)
28. 28
28 |
Price to Sale
The price-to-sales ratio (Price/Sales or P/S) is calculated by taking a company's market
capitalization (the numberof outstandingshares multiplied by the share price) and divide it
by the company's totalsales or revenue over the past 12 months.
Observations:
The price to sales is some what not peculiar and its growth is at very slow rate
The value is high of Kotak and they have maintained it then the previous year and
doing good in a more than betterway
3.26
3.72
2.61
2.98 3.26
6.84
10.43
7.62
9.07
10.12
0
2
4
6
8
10
12
14-Mar 15-Mar 16-Mar 17-Mar 18-Mar
14-Mar 15-Mar 16-Mar 17-Mar 18-Mar
ICICI 3.26 3.72 2.61 2.98 3.26
KOTAK 6.84 10.43 7.62 9.07 10.12
price to sales
ICICI KOTAK Linear (ICICI) Linear (KOTAK)
29. 29
29 |
Conclusion:
systems have been with us for as long as people have been using money. Banks and other
financialinstitutions provide security forindividuals, businesses and governments.Banks are
quite important to the economy and are involved in such economic activities as issuing
money, settling payments, credit intermediation, maturity transformation and money
creation in the form of fractional reserve banking.
The benefits of investing in shares are:
Potential capital gains from owning an asset that can grow in value over time
Potential income from dividends
Lower tax rates on long-term capital gains
As per our research we say that as due to more infusion of money in the future by
governmentand otherbodies the health of banking sectorwould increase more.
As there is increase in rural connectivity with the banks and people are more comfortable
in depositing and using other services of banks. The lending power is also increasing.
Also after the working with ratios of the two private sectorbanks we analyse that Kotak is
growing at a betterrate and has strong aestheticsthen Iciciand the repayment ofloans of
numberof entities granted with loans of Kotak is at a betterrate then Icici.
The day by day the fall of Icici value is in negative and to survive in market they would
have to bring in more of capitaland increase retention ofcustomers and value.
Due to strong ethics and look for customerretention,policy, decision makers, planning
and etc the bank is excelling in the market and has a stand in the market and would be a
bettercompany to invest in shares then Icici.
Some places in graphs we see that there is decline in year march-16 we notice that due to
monetary policy changes and also loans credited were not back in the institutions there was
a huge hit in the banking sectorleading to a setback for the banking industry that yearand
some companies managed to wake up from them due to policy makings and decions while
some are crumpling since it.