RBI Panel reduced repo rate by 25 basis points. The decision will be positive for the economy and if banks pass on the benefits, their loan book can grow.

Indian Stock Markets ended the week positive. The support received by markets from lower levels has led NSE Nifty above its important resistance placed at 11100 along with its 50 SMA at 11114.

India's second-largest lender ICICI Bank today announced 35% drop in net profit at Rs 743.76 crore for the quarter ended March 31, 2009 when compared to Rs 1149.84 crore in the year-ago period.

In addition, the lender's total income also fell to Rs 9203.36 crore from Rs 10390.92 crore in the corresponding period in the previous year.

For the full-year ended March, ICICI Bank's net profit fell 9.40% percent to Rs 3758.13 crore, as compared to Rs 4157.73 crore for the year ended March 31, 2008.

In its latest research report, Nirmal Bang, an equity research firm said that ICICI Bank, which presently stuck in a band of 405-445, can give good returns within 4-5 trading session.

The report further stated that, if the counter is successful to breach 445, then it will create a huge breakout.

Nirmal Bang Research has advised its clients to hold the scrip with a target price of Rs 460-485.

ICICI Prudential AMC, a joint venture between ICICI Bank - one of India's foremost financial services companies, and UK-based Prudential plc - a leading international financial services group, has announced the launch of an open ended equity diversified fund, called the 'ICICI Prudential Target Returns Fund' in the Indian market.

The fund seeks to generate capital appreciation by investing predominantly in equity shares of the large market capitalization companies constituting the BSE 100 index.

Substantiating the December 2008 reports that some top-rung executives of ICICI Bank may quit after Chanda Kochhar's appointment as the new CEO and MD, two business chiefs - Renuka Ramnath ICICI Ventures' Managing Director and CEO; and Shikha Sharma, Managing Director of ICICI Prudential Life Insurance - are likely to put in their papers, sooner than later.