Core Insights - The wealth management market in India for high-net-worth individuals (HNWIs) is expanding, driven by economic growth and an increase in the number of young and affluent individuals, including those from outside major cities [5][6][7] - There is a growing interest among HNWIs in alternative investment funds (AIFs) for portfolio diversification, alongside an increasing demand for personalized asset management services [5][10] - The establishment of family offices is becoming more common as ultra-high-net-worth individuals (UHNWIs) seek to manage and grow family assets, shifting focus from asset preservation to asset appreciation [5][23][28] - Local banks are enhancing their private banking services for HNWIs, while foreign financial institutions are expanding their offerings for UHNWIs and family offices, with increased collaboration between local and foreign entities [5][30] Group 1: Overview of the Indian HNWI Market - The number of HNWIs in India is projected to grow from 798,000 in 2022 to 1.657 million by 2027, with ultra-HNWIs expected to increase from 13,000 in 2023 to 20,000 by 2028 [7][8] - The financial assets of the top 4-5% of households in India are estimated to grow from approximately $1.1 trillion in 2024 to about $2.3 trillion by 2029 [7][8] - The demographic of HNWIs is shifting, with a notable increase in individuals aged 30-40, and predictions suggest that the proportion of HNWIs under 30 will rise from 15% to 25% by 2030 [7][8] Group 2: Asset Management Trends Among HNWIs - HNWIs in India typically adopt a diversified investment strategy, with a portfolio composition of 39% in stocks, 20% in bonds, 19% in real estate, and 10% in commodities [11][12] - There is a rising interest in AIFs, which are regulated by the Securities and Exchange Board of India (SEBI), with a total of 1,526 AIFs as of March 2025 [12][13] - Approximately 70% of HNWIs are now considering ESG factors in their investment strategies, with 20% having over 20% of their portfolios in ESG-related assets [13][15] Group 3: Growth of Family Offices - The number of family offices in India has increased to around 300 in 2023, with an estimated total AUM of $30 billion in 2024 [24][28] - The trend of establishing family offices is driven by the need for professional asset management and the generational transition of wealth, with predictions indicating that 50% of HNWIs will inherit assets by 2030 [24][28] - Prominent families, such as those of Wipro and Tata Group, have established family offices to manage their wealth effectively [25][26] Group 4: Financial Institutions' Strategies - Local banks like ICICI and Kotak Mahindra are enhancing their private banking services, with ICICI's AUM reaching $67 billion and Kotak's AUM at ₹9.3 trillion as of March 2025 [31][35] - Foreign banks such as Standard Chartered and Barclays are expanding their private banking operations, focusing on UHNWIs and family offices, with Barclays aiming to quadruple its AUM in Asia [37][39] - The collaboration between local and foreign financial institutions is increasing, allowing for a more comprehensive service offering to HNWIs and UHNWIs [44]

Core Viewpoint - The comparison between Canadian Imperial Bank (CM) and ICICI Bank Limited (IBN) indicates that CM presents a better value opportunity for investors at this time due to stronger earnings outlook and more attractive valuation metrics [1][3][7]. Valuation Metrics - CM has a forward P/E ratio of 12.83, while IBN has a forward P/E of 19.62, suggesting that CM is undervalued compared to IBN [5]. - The PEG ratio for CM is 1.36, compared to IBN's PEG ratio of 1.46, indicating that CM has a more favorable growth outlook relative to its valuation [5]. - CM's P/B ratio stands at 1.91, whereas IBN's P/B ratio is 2.75, further supporting the notion that CM is more attractively priced [6]. Earnings Outlook - CM has a Zacks Rank of 2 (Buy), reflecting a stronger improvement in its earnings outlook compared to IBN, which has a Zacks Rank of 4 (Sell) [3][7]. - The estimate revision activity for CM has been more favorable, reinforcing its position as the superior option for value investors [7].

Core Points - The Finance Ministry has authorized 19 private sector banks to accept deposits under the Capital Gains Account Scheme, expanding options beyond public sector banks and IDBI Bank [1][2] - The new regulations include provisions for capital gains from the transfer of assets when shifting industrial undertakings to Special Economic Zones (SEZs) [3] - The Capital Gains Account Scheme allows for tax exemptions on long-term capital gains when reinvesting in specified assets within certain timeframes [4] Summary by Sections Authorized Banks - The following banks are now permitted to accept deposits under the Capital Gains Account Scheme: HDFC Bank, ICICI Bank, Axis Bank, City Union Bank, DCB Bank, Federal Bank, IDFC FIRST Bank, IndusInd Bank, Jammu and Kashmir Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank, Yes Bank, Dhanlaxmi Bank, Bandhan Bank, CSB Bank, and Tamilnad Mercantile Bank [2] Deposit Account Types - There are two types of deposit accounts: - **Account-A**: Savings deposit with flexible withdrawals and interest rates applicable to savings accounts [5] - **Account-B**: Term deposit with options for cumulative or non-cumulative deposits, with withdrawals allowed only after the deposit period [6] Capital Gain Term Deposit Account - The Capital Gain Term Deposit account requires a minimum deposit of ₹1,000, with no maximum limit, and a maximum tenor of 2 to 3 years from the date of asset transfer [7] - The minimum tenor for maturity is 7 days, and for income options, it is 6 months, after which the fixed deposit will be auto-closed [7] Penalties and Restrictions - A penalty of 1% interest will be charged for premature withdrawals, and no loan facilities can be availed against this deposit [8]

Core Insights - Nightfood Holdings Inc. is transforming hotel operations through AI-powered robotics and strategic acquisitions, positioning itself as a leader in the hospitality technology sector [2][4][10] Company Overview - Nightfood Holdings is focused on developing and deploying AI-powered automation, with its initial entry into the hospitality sector through a Robotics-as-a-Service (RaaS) platform [8][10] - The company is pursuing a vertically integrated model, which includes acquiring asset-rich real estate, starting with hotel acquisitions that serve as deployment sites for robotics testing [9][10] Strategic Evolution - The company has recently undergone a strategic evolution, taking over and rolling up five companies, with plans to acquire additional hotel assets [4][6] - Nightfood's operational expertise in hospitality provides a competitive advantage over tech-first competitors, allowing for a focus on solving real-world problems [5][6] Market Position and Growth Potential - The global service robotics industry is projected to exceed $170 billion by 2030, presenting significant growth opportunities for Nightfood Holdings [10] - The combination of robotics innovation and real estate growth positions Nightfood to capture market share in this rapidly expanding industry [10]

Core Insights - The argument for adding emerging-market stocks to investment portfolios has strengthened in 2025, particularly due to the U.S. dollar's poor performance against other currencies, leading to international stocks outperforming domestic ones [2][3] Group 1: Emerging Market Stocks - The MSCI EM index increased by 7% in September, marking its seventh consecutive monthly gain, with Goldman Sachs raising its projected outlook for emerging markets in 2026 [3] - LG Display Co., Ltd. has a market cap of $5 billion and generates significant revenue from Asia, the U.S., and Europe, with shares up over 60% year-to-date [4][6] - Taiwan Semiconductor Manufacturing Co., Ltd. controls over 50% of the foundry chip market and reported a 10% revenue growth quarter-over-quarter and 40% year-over-year, with a net profit margin increase to 45.7% [7][9] - ICICI Bank Ltd. is a major player in India's financial sector, with most revenue from domestic clients, and is positioned well due to favorable demographics and reshoring trends [10][12] - Harmony Gold Mining Co., Ltd. has a market cap exceeding $10 billion and has seen its shares nearly double the price of gold, which has risen over 50% year-to-date [13][15]

Core Viewpoint - The comparison between Bank of Nova Scotia (BNS) and ICICI Bank Limited (IBN) indicates that BNS currently offers better value for investors based on various financial metrics and earnings outlook [1][3][7] Valuation Metrics - BNS has a forward P/E ratio of 13.11, while IBN has a forward P/E of 19.52, suggesting BNS is more attractively priced [5] - The PEG ratio for BNS is 1.51, compared to IBN's PEG ratio of 1.53, indicating similar expected earnings growth rates but a better valuation for BNS [5] - BNS has a P/B ratio of 1.46, significantly lower than IBN's P/B of 2.73, further supporting BNS's valuation advantage [6] Earnings Outlook - BNS has experienced stronger estimate revision activity, which is a positive indicator for its earnings outlook compared to IBN [3][7] - The Zacks Rank for BNS is 2 (Buy), while IBN is rated 4 (Sell), reflecting a more favorable investment sentiment towards BNS [3]

Core Viewpoint - The neutral rating on ICICI Bank has been validated as the stock has shown no significant movement in recent months despite the performance of the Bank Nifty [1]. Group 1: Investment Strategy - The investment approach is value-focused, emphasizing fundamental research across various sectors including chemicals, homebuilders, building materials, industrials, and metals & mining [1]. - Preference is given to stocks that are undervalued and have a near-term catalyst for growth [1]. - The investment horizon is typically between one quarter to two years [1]. Group 2: Market Performance - ICICI Bank's stock has remained stagnant, moving sideways over the last few months [1].

Core Viewpoint - The neutral rating on ICICI Bank has been validated as the stock has remained stagnant in recent months despite movements in the Bank Nifty index [1]. Group 1: Company Analysis - ICICI Bank's stock performance has been characterized by a lack of movement, indicating a sideways trend over the last few months [1]. - The investment strategy focuses on value investing, emphasizing the importance of identifying stocks that are undervalued and have potential catalysts for growth in the near future [1]. Group 2: Investment Strategy - The investment horizon for the company spans from one quarter to two years, suggesting a medium-term approach to investment [1]. - The company has experience in sectors such as chemicals, homebuilders, building materials, industrials, and metals & mining, indicating a diverse investment focus [1].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a -16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2025 Commission File Number: 001-15002 ICICI Bank Limited (Translation of registrant's name into English) ICICI Bank Towers, Bandra-Kurla Complex Mumbai, India 400 051 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form ...

Core Viewpoint - The article maintains a "Neutral" stance on ICICI Bank Limited (NYSE: IBN), indicating that the bank has not demonstrated a favorable balance between strong margins/return on assets (ROAs) and turnover expansion based on its recent quarterly performance [1]. Group 1: Investment Strategy - The research service focuses on value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, emphasizing deep value balance sheet bargains and wide moat stocks [1][2]. - The investment strategy includes identifying stocks that are undervalued, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and companies with strong earnings power at a discount [1]. Group 2: Market Focus - The author of the investing group emphasizes a particular focus on the Hong Kong market while providing a range of watch lists with monthly updates for value investors [2].