Gujarat-based ?ArcelorMittal Nippon Steel (AMNS) India said it is first such transaction in India. ?The end-to-end electronic transaction, comprising digital issuance of letter of credit (LC), advisory and presentment of documents took place among AMNS India, its Baroda-based customer Vijay Tanks and ICICI Bank, the steel maker said in a statement. In a step forward for digitising trade payments, AMNS India today (Sunday) announced it has executed the country s first domestic paperless bill discounting transaction in partnership with ICICI Bank, it said.
ICICI Bank was the intermediary between the buyer and seller, the statement said. The bank s branch in Baroda, Gujarat, issued an LC for the buyer Vijay Tanks, while its branch at Hazira advised and negotiated for the seller AMNS India, it said.
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ICICI Securities spurted 7.96% to Rs 457.90 after the company s consolidated net profit soared 111.4% to Rs 329.47 crore on 53.41% surge in net sales to Rs 739.34 crore in Q4 FY21 over Q4 FY20.The company s consolidated profit after tax (PAT) for the quarter surged on account of growth in revenue and improvement in margins. Revenue growth was aided by strong all-round performance in equities & allied business, distribution business, distribution business, private wealth management business, as well as investment banking business.
ICICI Securities has a client base of approximately 5.4 million, of which approximately 3.5 lakh were added during the quarter, which is highest ever addition in a quarter. Digital sourcing continues to demonstrate strength with approximately 2.2 lakh customers added through this channel during the quarter, vs approximately 38,000 in Q3, 28,000 in Q2 and approximately 20,000 in Q1.
ICICI Securities consolidated net profit rises 111 36% in the March 2021 quarter business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.