ICICI Bank rallies 7% after Essar Oil-Rosneft deal

India Infoline News Service | Mumbai | October 17, 2016 16:30 IST

This deal is the largest ever foreign acquisition in India. It proves the attractiveness of the Indian energy market to foreign investors as India is one of the fastest growing fuel consuming economies in the world, Chanda Kochhar said.

ICICI-Bank
ICICI Bank Ltd  ended at Rs 259.05, up by Rs 17.2 or 7.11% from its previous closing of Rs 241.85 on the BSE.

Rosneft bought a 49% stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte and Russian investment Fund United Capital Partners split another 49% equity equally. The remaining 2% is held by minority shareholders after delisting of Essar Oil.

Chanda Kochhar, MD & CEO, ICICI Bank said, “I welcome the announcement of the acquisition of Essar Oil by the Rosneft-led consortium. This deal is the largest ever foreign acquisition in India. It proves the attractiveness of the Indian energy market to foreign investors as India is one of the fastest growing fuel consuming economies in the world."

The scrip opened at Rs 244 and has touched a high and low of Rs 255.75 and Rs 244 respectively. So far 61032067 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 140734.4 crore.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 292.65 on 16-Oct-2015 and a 52 week low of Rs 180.8 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs 253.1 and Rs 239.15 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 65.58 % and 9.04 % respectively.

The stock is currently trading below its 50 DMA.

***Note: This is a NSE Chart

 

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