India-based HDFC (HDB) has been rallying to new highs with very little media fanfare.
FORBES: India-Based Bank HDFC Potentially Poised For Further Growth
In India, Jain likes HDFC Bank (HDB) and Housing Development Finance Corp, which is traded in Mumbai.
Also on Saturday, HDFC Bank said in an emailed statement it has appointed accounting and audit firm Deloitte Touche Tohmatsu India Pvt.
The earnings outlook on Icici is also less robust than on HDFC.
FORBES: India-Based Bank HDFC Potentially Poised For Further Growth
Aditya Puri, the boss of HDFC Bank, which remains the darling of investors thanks to its metronomic performance, plans to keep expanding quickly, too.
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Post-1991 the few licenses that were issued led to the creation of private-sector banks such as ICICI Bank and HDFC Bank--offshoots of big quasi-government-owned entities.
Videos also purportedly showed staff at HDFC Bank and Axis Bank advising the reporter to set up multiple accounts under different names, among other options.
Next week, HDFC Bank (HDB) and Tata Consulting Services (TCS) report.
However, that pullback could offer a buy opportunity before HDFC does.
FORBES: India-Based Bank HDFC Potentially Poised For Further Growth
The likely holds for the fund are ICICI Bank (IBN), Housing Development Finance Corp, HDFC Bank (HDB) and Indus Ind Bank, to name a few.
But he had the gumption to go relentlessly after it, says Deepak Parekh, chairman of home mortgage company HDFC, which started lending to DLF early in its expansion drive.
On Saturday, HDFC Bank said it had hired outside firms to conduct an independent inquiry while sources also say that the bank has suspended 20 employees to ensure a fair and transparent investigation.
Although no single investor can own more than 10% of an Indian bank, foreign investors as a whole own 65% of ICICI and 48% of HDFC, India's two biggest private banks (if their depository receipts are counted).
Among the largest underlying components of ACWX, in trading today HDFC Bank Ltd ( NYSE: HDB) is up about 0.4%, ICICI Bank Ltd ( NYSE: IBN) is up about 1.3%, and Infosys Ltd. ( NASD: INFY) is up by about 0.6%.
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Among the largest underlying components of EEM, in trading today BanColombia, S.A. ( NYSE: CIB) is up about 0.1%, Mobile Telesystems OJSC ( NYSE: MBT) is up about 0.8%, and HDFC Bank Ltd ( NYSE: HDB) is lower by about 0.1%.
Among the largest underlying components of ACWX, in trading today HDFC Bank Ltd ( NYSE: HDB) is down about 0.8%, ICICI Bank Ltd ( NYSE: IBN) is off about 0.1%, and BanColombia, S.A. ( NYSE: CIB) is up by about 0.1%.
Among the largest underlying components of AAXJ, in trading today HDFC Bank Ltd ( NYSE: HDB) is up about 2.1%, Infosys Ltd. ( NASD: INFY) is up about 1.5%, and ICICI Bank Ltd ( NYSE: IBN) is higher by about 0.1%.
"We are looking at a sharp and sustained downward trend, which should give the Reserve Bank of India the elbow room to go ahead at least with a couple of more rate cuts, " said Abheek Barua, chief economist at HDFC Bank.
Unlike its more profitable private sector rival HDFC Bank, ICICI is ready to sacrifice short-term net for gaining market share, as it did in undercutting HDFC's long-standing lead in mortgage loans. (Overall, ICICI's net interest margin of 2.25% is less than half that of HDFC Bank's 4.72%.) Similarly, ICICI has overtaken Citibank as the country's largest issuer of credit cards, with 8.5 million cards issued to date.
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