Whats buzzing for ICICI Bank?

ICICI Bank is staging a good rally and trading up by almost 7 percent on Intraday basis on Thursday. Credit Suisse has upgraded the stock to buy leading to increased focus on the stock. Certain media reports suggest that RBI is mulling to trim the list of firms whole loans needs to be provisioned for.

Because of these developments the ICICI Bank stock is trading up handsomely. Bankex is trading up by almost 2.4 percent on Thursday. Yes bank is trading up by almost 1.28 percent and Axis Bank is trading up by almost 2.5 percent.

ICICI Bank has been struggling with its high NPA affecting the profitability of the bank for quite some time. The stock is down by almost 18 percent on 1 year basis and has under performed its peers and BSE Sensex. ICICI Bank is trading flat when one considers 2 year period. However the stock has started inching up and analysts believe the stock has bottomed up already. Over a three month period ICICI Bank has risen by almost 12 percent with increasing volumes.

With problems in Steel sector and Textile sector getting address the banking sector in general can expect improvement in the NPA recovery. ICICI Bank also is expected to benefit from a systemic recovery in such beleaguered sectors.