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Stock Market Digest: ICICI Bank Ltd (ADR) (NYSE:IBN), Johnson Controls Inc (NYSE:JCI), Spirit Realty Capital, Inc (New) (NYSE:SRC)

Boston, MA 06/09/2014 (wallstreetpr) – ICICI Bank Ltd (ADR) (NYSE:IBN) exceeded rival HDFC Bank to become the biggest private bank employer in India. The bank added more than 10,000 jobs in fiscal 2014 that ended March 31. The company ended the year with more than 72,000 workers. Its rival HDFC witnessed its employee numbers come down by nearly 900 during the year.

Analysts expect ICICI Bank (NYSE:IBN) to continue witnessing growth in its business especially after the recent election results in India, which swept into power a very popular leader. As such, the bank and its peers are poised to experience far reaching positive implications of favorable policies of the new government.

That means that the encouraging 4Q2014 financial results were just the tip of the iceberg. The bank earned about $443 million in net profits in 4Q, suggesting 15 percent increase from a year ago figure of about $383 million. The 4Q results gained support from the environment of high interest rates and fee-based income.

Johnson Controls Inc (NYSE:JCI) has extended its presence in China with a new automotive battery manufacturing facility following an investment of about $154 million. The company looks to lock opportunities in China where more than 22 million new vehicles are produced annually. The new facility will have a production capacity of 6 million automotive batteries per year.

The management of Johnson Controls (NYSE:JCI) boasts that the new battering manufacturing plant located in the Fuling District of Chongqing features sustainability and environmentally friendly technology. That means that the management does not expect the facility to weigh down on its costs and expenses or put it at loggerheads with the Chinese government that is pushing forward with clean environment policies.

When it reaches its full production capacity, Johnson Controls Inc (NYSE:JCI) expects the new facility to create more than 500 new jobs.

The company reported a profit of $0.64 per share on revenue of $10.50 billion in the most recent quarter. The revenue in the most recent quarter climbed nearly 4 percent on a year-over-year basis.

The stock of Spirit Realty Capital, Inc (New) (NYSE:SRC) will hit $12.40 per share within the next 12 months, according to Zacks. Analysts at Zacks last week moved to plant a price target of $12.40 on the stock of SRC and also elevated the stock to an “outperform” from the previous “neutral” rating. On the average, the stock current has a “buy” rating and price target of $11.38 per share.

Published by Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. You may contact Brendan via his email ([email protected]) or his Google+ page (https://plus.google.com/u/0/116608759701551457422).



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