ICICI Bank share price
today: ICICI Bank, India’s second-largest private lender, witnessed a significant surge in its market capitalisation (m-cap), surpassing the 8 lakh crore mark on Monday. The bank’s shares reached a new 52-week high of Rs 1,155.65 on the NSE, marking a 4.30% increase from Friday’s closing price.
According to an ET report, ICICI Bank emerged as the top index contributor and the biggest gainer in the Nifty pack, propelling the banking gauge
Nifty Bank
to hit a fresh all-time high of 49,359.90, with the 12-stock index rising by 1260 points on an intraday basis.
The buying action in ICICI Bank shares was triggered by the bank’s impressive March quarter earnings. The lender’s standalone net profit saw a substantial 17% year-on-year (YoY) increase, reaching Rs 10,707.53 crore compared to Rs 9121.87 crore reported in the corresponding period last year. The interest income earned during the quarter amounted to Rs 37,948.36 crore, representing a 22% YoY growth. Additionally, the bank announced a dividend of Rs 10/share.
The interest earned during the said quarter stood at Rs 18,855.56 crore which was up from Rs 13,354.34 – a YoY gain of 41%.
Brokerages have expressed strong confidence in ICICI Bank, considering it the preferred pick in the banking sector due to its superior returns profile, top-management credibility, and robust capital/provision buffers. Global brokerage CLSA raised the target price for ICICI Bank to Rs 1,350, while JPMorgan, which has an overweight rating on the stock with a target price of Rs 1,350, upgraded the F25/26 EPS estimate by 4% and stated that the valuations are reasonable, leaving room for further upward re-rating.
Furthermore, ICICI Bank’s board approved fundraising through the issuance of debt securities, including non-convertible debentures (NCDs) in domestic markets, up to an overall limit of Rs 25,000 crore. The Board has also authorised buyback of debt securities within the limits that the Board is authorised to approve under applicable law, the company filing said.
