Market situation favourable for investors: Kamath

Mumbai, June 14 (UNI) With only a few days left for its Rs 20,000 crore share sale, ICICI Chairman K V Kamath today said market situation is stable for investors as inflation has moderated to preferred levels.

''Inflation has come down below 5 per cent and country's economy is driven by service sector that contributes more than 60 per cent contrary to what is happening in western countries. These things have made a strong ground for market growth,'' he said.

Earlier speaking at a conference, Mr Kamath said, ''The public offer is a milestone in ICICI's growth path and will benifit the investors.'' The bank posted a 40 per cent growth in deposits in FY07 while industrial growth is at 24 per cent.

In insurance segment, where ICICI is the largest private player in India, the bank enjoys 28 per cent market share in life insurance segment and 34 per cent in general insurance segment.

ICICI Prudential Life Insurance, in which ICICI holds 74 per cent stake and commenced operations in December 2000 is the largest private sector company in India. Total assets of the bank is at Rs 3,446.58 billion.

UNI