9:44 am Buzzing: ICICI Bank recouped opening losses, to trade higher with nearly a percent gains after the stock price adjusted for bonus shares issue.
The country's largest private sector lender, on May 3, announced issue of bonus shares in the ratio of 1:10 i.e one equity share of Rs 2 each for every ten fully paid-up equity shares held (including ADS holders) as on the record date.
The record date for issue of bonus shares is fixed as June 21.
"The post-bonus paid-up share capital is expected to be around Rs 1,281.62 crore, consisting of 640.8 crore shares of Rs 2 each," the bank had said in its filing on May 4.
The actual number of bonus shares to be issued will be determined based on the paid-up share capital as on the record date as well as the adjustments which will need to be done to the outstanding unexercised grant of stock options on the record date, it added.
9:32 am FII View: Bharat Iyer of JP Morgan said the sharp 18 percent rally since the beginning of the year has taken the Nifty past 2017 base case target of 9,300 and tracking around bull case target of 9,600 set in December 2016.
The rally has been driven by global risk-on and local policy support, including a 100 bps cut in lending rates, the BJP's positive showing in state elections and progress on implementation of the GST, he reasoned.
He feels equity markets appear fully valued on a near-term basis. "We have been calling for the markets to pause for a breather over the last two months. We continue to call for consolidation," Iyer said.
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