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Major Indian Bank ICICI (IBN) Continues March Upwards

  +Follow December 6, 2013 1:24PM
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Though the country of India has had a particularly rough economic 2013, with a devaluing rupee and outdated corporate laws slowing growth and overseas investment, a handful of Indian financial institutions have begun showing signs of life in late 2013, with ICICI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
James P Worthy
15 Sep 14 13:00:24
$IBN News Buzz - ICICI Bank Ltd (ADR) (NYSE:IBN), Praxair, Inc. (NYSE:PX ... http://t.co/UhSVICMEeU
Thomas Collins
15 Sep 14 11:01:32
$IBN High EPS Stocks in Review: ICICI Bank Ltd (ADR) (NYSE:IBN), Royal Bank of ... http://t.co/9KSb5hkAIl
Vishwajeet
12 Sep 14 13:40:28
Far fetched & surreal : #MB said PR Revenues will hit $Ibn : My question is will it be ad ± PR : It not just PR #PRAXIS2014
Samuel Brown
12 Sep 14 07:31:28
$IBN News Buzz - ICICI Bank Ltd (ADR) (NYSE:IBN), Praxair, Inc. (NYSE:PX ... http://t.co/l8CiLjG8th
WKRB News
12 Sep 14 03:52:36
ICICI Bank Sees Large Growth in Short Interest $IBN http://t.co/cbsmKrhWhv
AKA The Kid
11 Sep 14 08:25:28
@GraduateInvestr @petenajarian Id build positions in $IBN here and on systemic weakness, it's a long term hold, in the forefront of progress
AKA The Kid
11 Sep 14 08:23:58
@GraduateInvestr @petenajarian Ive covered India & China >20 yrs & India is on track. $IBN its largest bank will drive investmt/loans etc
InterCooler
11 Sep 14 03:05:21
Short Interest in ICICI Bank Expands By 47.6% $IBN http://t.co/XjwA91wCdq
US Banking News
11 Sep 14 01:54:34
ICICI Bank Short Interest Up 47.6% in August $IBN http://t.co/zzjXIKJG4J
Sleek Money
11 Sep 14 01:29:57
ICICI Bank Short Interest Up 47.6% in August $IBN http://t.co/sPxeObbLFS
Harry Walkman
8 Sep 14 15:01:12
$IBN Traders Watch list – ICICI Bank Ltd (ADR)(NYSE:IBN), Chevron Corporation ... http://t.co/41V8Hnbd0C
				
				
  +Follow December 6, 2013 1:24PM
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