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    Trending stocks: ICICI Bank shares gain nearly 3%

    Synopsis

    On the technical charts, the RSI of the stock stood at 58.28.

    A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future.
    Shares of ICICI Bank Ltd. traded 2.76 per cent up at Rs 373.65 at 09:24AM (IST) on Tuesday, even as BSE benchmark Sensex gained 314.47 points to 38496.55.

    The scrip had closed at Rs 363.6 in the previous session. The stock quoted a 52-week high price of Rs 552.4 and 52-week low of Rs 269.0, respectively. As per BSE data, total traded volume on the counter till 09:24AM (IST) stood at 507183 shares with a turnover of Rs 18.84 crore.

    The second largest private sector lender ICICI Bank set the floor price at Rs 351.36 per share for its proposed share sale to raise up to Rs 15,000 crore.

    At the current price, shares of the company traded at 23.5 times its trailing 12-month earnings per share of Rs 15.7 per share and 1.84 times its price-to-book value, BSE data showed.

    A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future.

    Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.28.

    Shareholding Details

    Promoters held 0.0 per cent stake in the company as of 30-Jun-2020, while FIIs owned 35.13 per cent and DIIs 23.12 per cent.

    Technicals
    On the technical charts, the relative strength index (RSI) of the stock stood at 58.28. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a 'buy' or'sell' recommendation using a single valuation ratio.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
    The Economic Times