Stock market analysts have suggested investors to ‘sell’ ICICI Bank stock with a target of Rs 415.

According to them, interested investors can sell the stock between Rs 425-430 with a strict stop loss of Rs 438.
 
Today (Jan 14), the stock opened at Rs 440, against its last closure at Rs 426.25 on the Bombay Stock Exchange (BSE) on Tuesday (Jan 13). Current EPS & P/E ratio stood at 37.03 and 12.10 respectively. The share price has seen a 52-week high of Rs 1465 and a low of Rs 282.15 on BSE.

The near-term outlook is bearish for ICICI Bank so analysts have recommended ‘sell’ on this stock.

Analysts also suggested that if the stock fell below Rs 400 in the coming days, it may see more weakness. So the investors must sell ICICI Bank stock in today’s session. After selling the stock, the interested investors can purchase the stock again at a low price, for medium or long term prospective to make good profits.

ICICI Bank, on Jan 05, has signed up an agreement with BSNL Cell One to permit latter’s clients to make their payments via bank’s website.

Besides the service, the bank also plans to offer online shopping facility wherein customers can pay after shopping online on a merchant’s website.

On the same day (Jan 05), Mr. K V Kamath, chief executive officer (CEO) and managing director (MD), ICICI Bank, stated that the interest rates are likely to decline by up to 5% by the next six months as inflation is moving towards zero level.

Presently, ICICI Bank’s prime lending rate (PLR) stands at over 16%.

On Jan 01, the bank announced that it saw 50% growth in Canada, crossing USD 6 billion in assets and reached a customer base of 250,000 in 2008.

ICICI Bank (Canada), a 100% subsidiary of ICICI Bank, is the best foreign banks operating in Canada. It has nine branches across Canada.

ICICI Bank, on December 31, 2008, cut its floating reference rate (FRR) for home loans to 13.75% p.a as against the current 14.25% p.a.

Moreover, the bank also slashed its benchmark advance rate (I-BAR) by 0.50% to 16.75% as against the present 17.25%. Alongside it has also announced a reduction in interest rates for various tenors of retail fixed deposits by 0.50% to 0.75%.