ICICI Bank gains 4% post June quarter results

The stock moved higher by 4% to Rs 306, extending its past two days 6.5% gain on the BSE

ICICI Bank has moved higher by 4% to Rs 306, extending its past two days 6.5% gain on the BSE, as analyst retained ‘buy’ rating on the stock with upside 12-month target price in the range of Rs 347 to Rs 370.

ICICI Bank has reported a net loss of Rs 1.2 billion in the first quarter of the financial year 2018-19 (Q1FY19), on higher provisions for bad loans and treasury losses. The bank miss in an average net profit estimate of Rs 10 billion, due to 129% year on year (yoy) increase in provisions during the quarter to