ICICI Bank’s market cap has crossed 8 lakh crore. It has become the fifth Indian company and the second Indian bank to cross this milestone. Shares of the bank rose 4 per cent on the BSE on Monday on better-than-expected quarterly results. The stock opened with a gain of Rs 1109.35 on BSE in the morning.
ICICI Bank’s
market cap has crossed 8 lakh crore. It has become the fifth Indian company and the second Indian bank to cross this milestone. Shares of the bank rose 4 per cent on BSE on Monday, on the back of better-than-expected quarterly results. The stock opened with a gain of Rs 1109.35 on BSE in the morning. During the day, it gained 5 percent from its previous closing price and touched a new 52-week high of Rs 1,163.25. The market cap of the bank has crossed 8.14 lakh crores.
So far, only Reliance Industries, TCS, HDFC Bank, Infosys and Bharti Airtel have managed to cross the 8 lakh crore market cap. Reliance Industries is currently the largest company in India with a market cap of around 20 lakh crores.
The bank’s consolidated net profit for the March 2024 quarter was Rs 11,672 crore, up 18.5 per cent year-on-year. The bank’s net profit for the same quarter of FY 2022-23 was Rs 9,853 crore.
ICICI Bank becomes 5th Indian firm to cross Rs 8 lakh crore market cap!
Do you think it can take on the HDFC juggernaut? pic.twitter.com/D87L9jGWh3
— Finshots (@finshots) April 29, 2024
Net profit on standalone basis was Rs 10,708 crore in the March 2024 quarter, up 17.4 per cent from Rs 9,122 crore in the March 2023 quarter. Net interest income rose 8.1 percent year-on-year in the quarter.
As the brokerage’s confidence in ICICI Bank has strengthened, brokerages have increased their target rating on ICICI Bank’s stock. MK Global has raised its target price to Rs 1,450 per share from Rs 1,400. Motilal Oswal has raised the same target to Rs 1,300 from Rs 1,250. JP Morgan has set a target of Rs 1,300 with ‘Overweight’ rating, Nomura with ‘Buy’ rating at Rs 1,335 and Bernstein with ‘Market Perform’ rating at Rs 1,150.
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