Stock of the Day
ICICI Bank (IBN) is showing surprising strength. The company is a broadly diversified financial institution and bank in Inida, its 2nd largest. And growth has been on a torrid pace.
But the stock has been volatile recently. This is because rates are going up in India, and the perception is that this would weigh on financials. I spoke with my best India contact, and he told me that just because rates are moving higher doesn't mean that credit demand won't continue among India's burgeoning consumer base.
I was worried about my position a little last week, but what a difference a week makes. Today, the stock is vaulting more than 6% higher on a huge spike in volume. The stock is also hitting a new 52-week high. The volume confirmation is encouraging, and indicates more new highs to come.