Magic of positive commentary; ICICI Bank stock up 9%

Part of surge can also be due to reports that stock could see higher weightage in key indices

It was least expected that the March quarter (Q4) results of ICICI Bank would create such a huge impact on its stock price. The bundled effect of net profit trebling, loan growth looking positive, and more importantly, the optimistic management commentary on slower increase in bad loan additions helped ICICI Bank's ADR (American depository receipt) trade up by 4.4 per cent on Wednesday night (Indian time) itself. On Thursday, the stock hit a 52-week high of Rs 299.35, before closing with almost 10 per cent gains. Part of the surge can also be attributed to reports suggesting that the stock