120439 Investors following ICICI Bank. Share this News with them.
0
Like this story, share it with millions of investors on M3
Hold ICICI Bank, says R Shah
Rajen Shah of Angel Broking is of the view that one should hold ICICI Bank. But fresh buying is not advice at the current juncture. If the bank is able to tide over these crises, which the management has already indicated, over the next 18-24 months one will get back one’s price.
Shah told CNBC-TV18, "Fundamentally at Friday's level, ICICI was 70% down from the top then it becomes a great buy. It was quoting at price to book value at less than one, so that also in favour of ICICI being a good buy. But in lieu of crises I had suggested ignoring the stock on Friday. But after the clarifications from the management the stock has already gone up 23-24%. But in lieu of the global credit crises, I would suggest existing investors to hold on to the ICICI Bank stock but fresh buying I would certainly not advice at the current juncture. Going to the debt level over the next 12 months is ruled out. But if the bank is able to tide over these crises, which the management has already indicated I think over the next 18-24 months one will get back one's price. So it makes sense to hold on to the stock but certainly at this point of time I would not suggest fresh buying."
