ICICI Bank stares at loss of 50 Million Dollars

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.

Crude Oil Price falls to 10 $ - Should your buy MCX Crufe Futures ?

International Crude oil prices have plummeted with price in Unites States falling to - 40 $ read it again minus 40 $ per barrel, which means if you buy you will get at zero price and also get 40 USD on your purchase.

Similarly the prices in India's MCX - Multi Commodity Exchange have also fallen to the levels of 1,324/- INR per barrel of oil ( Kindly note that each barrel of oil is almost equivalent to 159 Liters )

.With present gloomy situation of global economy and Corona virus pandemic all across there is severe fall in the price of oil prices with problem of storage coming to shore due to lack of demand because of lockdown all across planet.

So being a smart investor and trader you are regularly reading our blog - what should be your decision to make money Buy or not ?

We suggest that one should buy the May Futures of MCX Crude presently trading at 1,324 INR per barrel buy now one lot at cmp and one more if rate falls down to 1300/- and sell around 1600 levels which is likely to come in a week or two time and prices may settle at around 1700 INR per barrel.

So our final verdict buy crude futures now at MCX and make handsome profit in a week or so as prices will not fall below the present levels as supply and production will be curtailed and some developing nations may start to buy at this dirt cheap price.