NEW YORK (TheStreet) -- Shares of ICICI Bank (IBN) are climbing 1.17% to $10.40 in heavy trading volume as India gets more monsoons than expected, allowing financials to benefit from more interest rate cuts, Barron's reports.
ICICI Bank provides banking and financial services in India and internationally.
Monsoons are healthy, unlike droughts, which drive food prices up, which means "bye-bye to more interest rate cuts," Barron's said. Financials are the most sensitive to rainfall data as they are the largest beneficiaries to more interest rate cuts.
"Rains have surprised on the upside, at 110% of average so far this month even though the government had forecast a sub-normal 88% of average monsoon," Barron's noted.
Additionally, rainfall conditions in the 2015 season may be better than its current projection given the early trends, according to The Indian Meteorological Department (IMD).IBN data by YCharts