ICICI Bank has gained 11 percent in past six trading sessions. We have also witnessed a block deal in this counter which is a good sign. According to the block deal data available with BSE, a leading group has acquired 29.41 million shares, representing 0.46 percent stake in the bank. The shares were picked up at an average price of Rs 280, valuing the transaction at Rs 8,234 million, the data showed.
We believe with regards to the recent newsflow regarding this bank, we advise investors to be wary and wait for some time to get clarity on the entire picture. There can be no smoke without fire and hence it is prudent to be watchful.
We would also wait for its Q4FY18 earnings season and then take a call whether to take any fresh position in the counter. The key monitorables would be its asset quality, any incremental slippages and its focus on recovery.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
