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India: HDFC Bank, ICICI Bank: Consolidation-driven.
STOCKS of new generation private banks were the flavour of the week.
A wave of consolidation is expected to take shape following the merger of HDFC Bank and Times Bank. Other players in this sector such as ICICI Bank are believed to be holding talks with potential candidates for takeover. The names of Centurion Bank and Bank of Punjab have been mentioned in this connection. Among the major gainers during the week were the scrips of HDFC Bank and ICICI Bank - the acquirer and a would-be acquirer respectively.
HDFC Bank: The HDFC Bank scrip, which was at Rs. 156 at the beginning of the week, gained Rs. 30.50 to close at Rs. 186.50. The stock now trades at a …
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- HDFC Bank, ICICI Bank maintain upward trend.
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News wire article from: Asia Africa Intelligence Wire
February 24, 2003
700+ words
