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Major Indian Bank ICICI (IBN) Continues March Upwards

  +Follow December 6, 2013 1:24PM
Tickers Mentioned:

Though the country of India has had a particularly rough economic 2013, with a devaluing rupee and outdated corporate laws slowing growth and overseas investment, a handful of Indian financial institutions have begun showing signs of life in late 2013, with ICICI Bank (IBN) leading the way. ICICI saw significant gains the last two days, erasing a sizable portion of the banks YTD losses.

IBN Rises, Falls with Indian Economy

ICICI has not been immune to the contracting Indian economy, shedding some 15 percent of its valuation in 2013. Internal and external positive economic developments have assuaged fears their slide would exacerbate, leading many analysts to cite ICICI as a potential turnaround.

On the macro level, India has stopped the bloodletting with the installation of Raghuram Rajan as the Reserve Bank Chief. Rajan immediately instituted sweeping economic change to address monetary concerns, and has tempered Indian economic slide by strengthening India’s reserves greatly. ICIC has also benefited from Rajan’s move to issue more bank licenses in the country, expanding the reach of banks into previously “underbanked” rural areas of the country.

IBN Among Strongest Players in Segment

While all boats rise in high tide, ICICI has been singled out as a particularly strong contender to rebound in the coming months. In October Ajay Bodke of Prabhudas Liadher cited ICICI as the second strongest large cap Indian bank play, just behind HDFC  Bank Ltd. (HDB) . ICICI also received high marks from Dhananjay Sinha of Emkay Global Financial Services.

Early December’s spike can be specifically attributed specifically to the finalization of a deal with steel manufacturer Stemcor to assist that company with a multibillion dollar asset sale.

On Dec. 6 ICICI rose 4.44 percent to hit $38.54 a share. Though the company’s shares were down 18.9 percent on the year prior to the day’s trading, they have experienced a nice uptick the last three months, gaining 18.5 percent in that time frame.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for IBN
Vizimi Stocks
24 Oct 14 22:36:29
Friday 10/24 #NYSE News: $IBN closed up for the 6th consecutive day for the first time since December 2012 #stocks
Stock Relay
24 Oct 14 15:32:06
wininstocks2014: Stock Charts: IBN 54.51 Stock Charts $IBN ICICI Bank Ltd. ADS http://t.co/o7vU0XnFVM
24 Oct 14 15:28:33
IBN 54.51 Stock Charts $IBN ICICI Bank Ltd. ADS (NYSE) Last Updated: 10/24/2014 17:28:35 IBN Stock Chart - 1 M http://t.co/q8zYr7hdRt
Cristobal Barberis
24 Oct 14 08:05:00
Great Stocks to Go Short #StockPicks #SwingTrade $IBN, $AKRX, $MDVN, $COST, $BMR #brberisReport
Stock Relay
24 Oct 14 03:01:38
$UPIP Day Low Click Here: http://t.co/slFmP4yHn4 Also See: $IBN $GHI $PSEM $RALY ~
Market Int Center
23 Oct 14 10:22:40
Potential Icici Bank $IBN Trade Has 6.11% Downside Protection ( http://t.co/dnO1rL2CgH )
Cristobal Barberis
23 Oct 14 08:04:50
Great Stocks to Go Short #StockPicks #SwingTrade $IBN, $COST, $BEE, $MCRS, $BMR #brberisReport
Media Sentiment
22 Oct 14 11:01:31
$IBN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 472
Market Int Center
22 Oct 14 10:58:40
Icici Bank $IBN Showing Bullish Technicals With Support At $53.38 ( http://t.co/0ZpE7l8Ele )
Cristobal Barberis
22 Oct 14 08:06:08
Five bearish swing trade ideas for Wednesday #MeanReversion $FNF, $HMSY, $ETE, $ATHM, $IBN #brberisReport
22 Oct 14 06:12:35
Pre market top Stocks trade ideas: $TLLP $OCN $ASPS $NSM $RCII $IBM $CMG $NCR $RMBS $IBN more http://t.co/8e1w9aBXUB
Kora Reddy
21 Oct 14 22:23:22
@Weeklyoptions $SCIF $IBN , k lets talk this weekend .. dm me !
21 Oct 14 10:23:35
You know what didn't get strafed in prior 2 wk selloff? Indian mkts. $EPI $INDY $IBN $TTM $INFY
Jeffrey Blake
20 Oct 14 13:32:33
$IBN Top Earnings Per Share Stocks: ICICI Bank Ltd (ADR) (NYSE:IBN), General ... http://t.co/fqGZXf9MPW
Seeking Alpha
20 Oct 14 13:17:13
2 Reasons To Buy ICICI Bank http://t.co/mjQurgWi9V $IBN
Market Int Center
20 Oct 14 11:49:29
Potential Icici Bank $IBN Trade Has 7.57% Downside Protection ( http://t.co/XHtKPfx3U8 )
18 Oct 14 06:09:27
Bullish ADX Crossovers 2/4 $DHT $DNDN $EJ $EQIX $FEYE $FSIC $GNRC $GPC $IBN $ITC $KBH $LPX $MJN $MO $MPEL $MTG $NMIH http://t.co/pXABazSiRv
17 Oct 14 15:01:40
$IBN Trader's Buzzers - Mosaic Co (NYSE:MOS), ICICI Bank Ltd (ADR) (NYSE:IBN ... http://t.co/qH07eqsDVq
Nico Starr
17 Oct 14 06:10:10
@timseymour Indian banks surged overnite $IBN & $HDB +3%, State Bank +2.3%, #INDIA has held up VERY well thru US pullback. #BRAZILVERY cheap
  +Follow December 6, 2013 1:24PM



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