We welcome the acquisition of Essar Oil by the Rosneft-led consortium: Chanda Kochhar

India Infoline News Service | Mumbai | October 17, 2016 09:44 IST

This deal is also a significant step in the process of deleveraging the balance sheets of Indian corporates. ICICI Bank has been closely working with various companies including the Essar Group to help them deleverage their stressed balance sheets. We will continue working towards this objective with others, said Chanda Kochhar.

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.

This deal is also a significant step in the process of deleveraging the balance sheets of Indian corporates. ICICI Bank has been closely working with various companies including the Essar Group to help them deleverage their stressed balance sheets. We will continue working towards this objective with others.”

Stock View:
ICICI Bank Ltd is currently trading at Rs 255.3, up by Rs 13.45 or 5.56% from its previous closing of Rs 241.85 on the BSE.
 
The scrip opened at Rs 244 and has touched a high and low of Rs 255.75 and Rs 244 respectively. So far 14396211(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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