JPMorgan (JPM) Stock Up, Bucks Trends by Expanding in India

JPMorgan (JPM) was given approval this morning to open three new branches in India.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of JPMorgan (JPM) - Get Report  are up 0.36% to $61.88 this morning as the global investment bank receives approval from India's central bank to expand into the country, opening three new branches in New Delhi, Bengaluru and Chennai.

JPMorgan expects the banks to be operational within the next few months.

"This is another significant milestone for growing our Indian franchise and deepening our banking footprint," JPMorgan's CEO of South and South East Asia, Kalpana Morparia, said in a statement on Friday. She added that India is a "key market" for the bank.

JPMorgan is going against the grain of fellow foreign banks with its growth into the country, as most of the bank's competitors have begun to pull out of India in an effort to cut costs and increase profits.

Barclays (BCS) announced in January it would exit India, with HSBC Holdings (HSBC) following suit in May, closing 24 branches in the country.

Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of A-. 

The company's strengths can be seen in multiple areas, such as its expanding profit margins and attractive valuation levels. TheStreet Ratings feels its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: JPM

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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