ICICI Bank discloses exposure to Singapore crude oil trading firm a Singapore based Hin Leon Trading which has resulted in ICICI Banks share plunging to low of 330 at Indian bourses on Tuesday 21st April 2020 which is around 8% of the previous days closing.
Singapore firm which of which 75 Million Dollars was secured through inventories of oil - the oil prices futures plunged to negative levels in US commodity trading.
The bank may have to increase its provisioning immediately to counter M2M losses of the trading firm. Hence we may see subdued result of the Bank in the first quarter result of the present financial year.
We still recommend buy in the stock for the target of 375 - 391-415 in coming 2 to 3 month of time. kindly note that there will not be any kind of dividend declaration by any of the India bank listed on the stock exchanges be it be private bank or public sector banks.
Singapore firm which of which 75 Million Dollars was secured through inventories of oil - the oil prices futures plunged to negative levels in US commodity trading.
The bank may have to increase its provisioning immediately to counter M2M losses of the trading firm. Hence we may see subdued result of the Bank in the first quarter result of the present financial year.
We still recommend buy in the stock for the target of 375 - 391-415 in coming 2 to 3 month of time. kindly note that there will not be any kind of dividend declaration by any of the India bank listed on the stock exchanges be it be private bank or public sector banks.
1 comment:
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