ICICI Bank rose 0.65% to Rs 496.35 after a global brokerage maintained its outperform rating on the stock and raised its target price to Rs 615 from Rs 490 earlier.
The bank is the top pick in financial space. It is focussing on operating profit and containing provisions to 20-25% of pre-provision operating profit, the brokerage reportedly said. The bank would not require any money for the next 18-24 months and its longer-term re-rating will be driven by its RoE trajectory, it added.The scrip also witnessed bargain hunting. Shares of the private sector bank fell 1.23% in two trading session to Rs 493.15 in yesterday's session from a recent closing high of Rs 499.30 on 15 November 2019.
ICICI Bank reported 27.9% fall in net profit to Rs 654.96 crore on a 24.6% increase in total income to Rs 22759.52 crore in Q2 September 2019 over Q2 September 2018.
ICICI Bank is a multinational banking and financial services company.
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