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RBI said it was hiking repo rates by 40 bps and increasing cash reserve ratio (CRR) by 50 bps, which will suck out Rs 87,000 crore from the banking system. Due to this, the market will likely be under pressure and rate sensitive stocks, including banks, may see more selling as the impact of the rate hike.

A total of 20,576 shares changed hands on the counter till 01:34PM (IST).

Promoters held 51.09 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 12.06 per cent and 3.58 per cent, respectively.

It is about the gap between perception and reality and investors need to identify the same, Raamdeo Agrawal said in an interview to ET Now.

Shares of the company were exchanging hands in the range of Rs 700-750 in the unlisted market just a few hours ahead of the announcement of the price band of Rs 462-487 apiece. From the peak price of Rs 950 per equity share, the scrip has eroded about half of the investor wealth.

“We will continue to target double digit top line growth. Last year, we just missed the number by a whisker. India business did grow by 13% but overall we came in 9%. So we will target a double digit top line and significant increases in EBITDA and in terms of ROCE. ”

“Typically there will be some impact on MSMEs but overall, the rates for MSMEs are quite low and when they are supported by similar schemes, I do not think it is going to be a make or break situation for them because for them the more important thing is liquidity and timely availability of credit. So as long as we focus on making credit available to them. they should be able to absorb this cost.”

​ICICI Bank is India’s second largest private sector bank and has a network of 5,418 branches and 13,626 ATMs across India with ~51% of branches in semi-urban and rural areas.

MMFS seeks to leverage the ‘Mahindra’ ecosystem by providing financing, investment and insurance solutions in rural and semi-urban markets. MMFS is a play on the burgeoning credit demand of underserved rural/semi-urban India.

A total of 64 shares changed hands on the counter till 12:53PM (IST).