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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Though the country of India has had a particularly rough economic 2013, with a devaluing rupee and outdated corporate laws slowing growth and overseas investment, a handful of Indian financial institutions have begun showing signs of life in late 2013, with ICICI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
Jack Trader
27 Aug 14 14:30:26
$IBN ICICI Bank Q1 Earnings Up, ADRs Fall on Asset Quality Worry http://t.co/53flmumbZ8
27 Aug 14 06:31:02
Market Int Center
27 Aug 14 05:14:24
Icici Bank $IBN Trading Near $52.16 Support Level ( http://t.co/siULCrP7XK )
Manish A. Parikh
26 Aug 14 12:42:08
Tata Motors, Icici Bank Ride A Strong Week In India http://t.co/bLGaKSK0s9 #IBDNews $INFY $RDY $HDB $IBN $TTM
Stocks in News
26 Aug 14 12:25:07
$IBN: Indian ADRs: ICICI Bank, HDFC Bank, Wipro slip http://t.co/NWPj0LTlTe http://t.co/h1ZMtet0rb
Dave Neville
26 Aug 14 11:50:09
Biggest Movers in Financial Stocks Now - $WF $NBG $KB $IBN | InvestorPlace http://t.co/GUx05zKRZF @investorplace
Nico Starr
26 Aug 14 11:46:12
@grassosteve How about $IBN in India regaining momentum after consolidating to $48? Do you have a top pick in Brazil? Thanks as always
Nico Starr
26 Aug 14 11:45:04
@optionmonster How about $IBN in India regaining momentum after consolidating to $48. Do you have a top pick in Brazil? THX U & Pete rock!
Nico Starr
26 Aug 14 11:40:58
@timseymour @CNBCFastMoney How about $IBN in India starting to regain momentum after consolidating to $48. Whats ur best pick in Brazil? THX
AKA The Kid
26 Aug 14 10:05:00
@petenajarian Agree @BobPisani, Emerging Mkts performing v/well tho have been forgotten,India,Brazil. Pete, $IBN moving after consolidating
Stock Headlines
26 Aug 14 06:25:06
$IBN: ICICI BANK LTD Financials http://t.co/tjig0dyGey http://t.co/j7BSVmtmzs
Dimitra DeFotis
26 Aug 14 06:17:14
India Slumps On Supreme Court Ruling: Oversold? http://t.co/86jjZtvzDK via @barronsonline $INDA $IBN
26 Aug 14 06:00:55
$IBN Traders Watch list – ICICI Bank Ltd (ADR)(NYSE:IBN), Chevron Corporation ... http://t.co/PvXnHknS8Y
Media Sentiment
25 Aug 14 07:54:40
$IBN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 165
Market Int Center
25 Aug 14 07:52:21
Icici Bank $IBN Showing Bullish Technicals With Resistance At $54.00 ( http://t.co/L5FSiZIRUH )
25 Aug 14 07:00:46
Full list of #IndiaADRs at http://t.co/PLTXWtNsmM $RDY $HDB $IBN $INFY $MMYT $REDF $SSLT $SIFY $TTM $IFN $WIT $WNS $IFN #IndianEquities
Market Updater
22 Aug 14 15:25:06
$IBN: Stocks to Track - ICICI Bank Ltd (ADR) (NYSE:IBN), DuPont Fabros Technology ... http://t.co/kCfDUKjJKe http://t.co/Lc1m5YL9Tk
Large Void Bot
22 Aug 14 05:00:01
Popular: $INTC, $IBN, $SSO
Peter Bardens
21 Aug 14 06:31:04
$IBN ICICI Bank Q1 Earnings Up, ADRs Fall on Asset Quality Worry http://t.co/W89xGVrHuX
20 Aug 14 23:06:31
Short Interest in ICICI Bank Drops By 50.9% $IBN http://t.co/goXbIvRHAB
Mark Yusko
20 Aug 14 22:54:29
#SurpriseMarketof2014 #MoreToCome #ModiTheReformer RT "@systemstrader95: $IBN new high #India #Banks http://t.co/IpFmg6a8g5"
  +Follow December 6, 2013 1:24PM



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