Business News: Stock market analyst Deepak Singh has maintained ‘Sell’ rating on ICICI Bank stock with target of Rs 820. According to Mr. Singh, the investors can sell the stock with stop loss of Rs 868. Today, the stock opened at Rs 840 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1009.50 and a low of Rs 621.90 on BSE.
Current EPS & P/E ratio stood at 36.10 and 23.25 respectively.
ICICI Bank, on May 25, announced that it has given nod to the merger of Bank of Rajasthan with it for a share exchange ratio of one share of ICICI Bank for every 4.72 shares of BoR.
The said merger will boost ICICI Bank’s branch network plus fortify its attendance in northern and western India.
However, there’re reports that BoR’s staff started a two-day nationwide strike on Friday to protest against the bank’s management plan to amalgamate with the ICICI Bank. The report also said that two-day stir would be accompanied by a 3-day strike commencing from June 17 to June 19. Mr. Vishwas Utagi, Secretary of All India Bank Employees Association (AIBEA) asked the central bank to investigate the whole matter and not sanction the merger of the banks.
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