ICICI Bank, India's biggest private sector bank in terms of market capitalisation, made the announcement of the cut in lending rates after market hours yesterday, 31 December 2008.
Meanwhile, the BSE Sensex was up 72.79 points, or 0.78%, to 9722.10.
On BSE, 1.35 lakh shares were traded in the counter. The scrip had an average daily volume of 39.84 lakh shares in the past one quarter.
The stock hit a high of Rs 460 and a low of Rs 450 so far during the day. The stock had a 52-week high of Rs 1465 on 14 January 2008 and a 52-week low of Rs 282.15 on 27 October 2008.
The stock had outperformed the market over the past one month till 31 December 2008, rising 27.59% as compared to the Sensex's 6.10% rise. It had also outperformed the market in the past one quarter, falling 16.17% as compared to the Sensex's fall of 24.98%.
India's largest private sector bank by market capitalisation has an equity capital of Rs 1113.26 crore. Face value per share is Rs 10.
The current price of Rs 458.05 discounts its Q2 September 2008 annualised EPS of Rs 36.44, by a PE multiple of 12.56.
ICICI Bank has cut the benchmark advance rate, or the rate that it charges its top customers, to 16.75% from 17.25% previously.
It also cut rates for home loans by 50 basis points. The rates on term deposits have been slashed between 50 to 75 basis points for various maturities.
The Reserve Bank of India has cut its main short-term lending rate by 250 basis points to 6.5% since October 2008 as the economy showed signs of slowing more than many had expected.
ICICI bank's chief executive officer (CEO) and managing director K V Kamath will demit office on 30 April 2009. The bank's joint managing director and group chief financial officer Chanda Kochhar will take over the mantle from Kamath as managing director and CEO of the bank for a period of five year from 1 May 2009.
Kamath would take over as non-executive chairman of the bank in place of N Vaghul for a period of five years starting 1 May 2009.
ICICI Bank's net profit rose 1.2% to Rs 1014.21 crore on a 1.3% rise in operating income to Rs 9712.31 crore in Q2 September 2008 over Q2 September 2008.
ICICI Bank provides retail-banking, corporate banking, cash management and treasury management services.