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ICICI Bank surges on launching ‘SMART EMI’ for car enthusiasts

ICICI Bank is currently trading at Rs. 514.80, up by 9.15 points or 1.82% from its previous closing of Rs. 505.65 on the BSE.

The scrip opened at Rs. 508.60 and has touched a high and low of Rs. 515.90 and Rs. 508.15 respectively. So far 344883 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 517.50 on 26-Nov-2019 and a 52 week low of Rs. 335.90 on 11-Dec-2018.

Last one week high and low of the scrip stood at Rs. 517.50 and Rs. 491.70 respectively. The current market cap of the company is Rs. 332854.28 crore.

The Institutions holding in the company stood at 88.90% and Non-Institutions held 11.10%.

ICICI Bank has launched an innovative equated monthly installment (EMI) facility, in association with TranzLease, which enables customers to drive a new car home at lower cost and higher convenience. Termed as ‘SMART EMI’, this next-gen auto loan takes care of the insurance and maintenance requirement of the vehicle during the financing period.

The amount of ‘SMART EMI’ is much lower than regular car loan EMI as the estimated resale value of the car is deducted upfront.

ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.

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