EMAIL
PRINT
RSS
SHARE
A road sign stands next to the Bombay Stock Exchange building (R), August 3, 2005. (Photo: Reuters)
1 of 1 
Digg
Del.icio.us
Newsvine 
Facebook
Stumbleupon
Market
Mumbai - India's main share index shrugged off weak global markets on Monday to post its third record high of the new year, riding a gain of more than six percent in ICICI Bank on market talk of a proposed share sale in one of its units.
1 of 1
Analysts and traders said ICICI, the country's most valuable bank which accounts for more than 10 percent of the benchmark index, was planning an initial public offer for its investment banking and broking unit, ICICI Securities.
The bank held a meeting for select group of investors on Monday, and traders said that was the source of the talk, which helped the stock recover form an early fall of 3.9 percent to end up 6.1 percent at a record close of Rs.1,363.90.
"There is a belief in some circles that if the subsidiaries are valued separately, the sum-of-the-parts business that is the listed entity ICICI Bank would have a far higher valuation than what the market currently reflects," said Arun Kejriwal, director at KRIS.
"It is with this intention that they had called the select investors' meet," he said.
A spokesman for ICICI Bank said it was exploring various opportunities for its subsidiaries and that an announcement would be made if there was any decision.
Don't expect the expected from Dibakar Banerjee.
A top U.S. official on Monday urged India and other large emerging economies to ...
© 2010 The Ibtimes Company. All Rights Reserved.
Partners
