ICICI Bank, Indian banks have performed considerably well in the second quarter of the current fiscal. While public sector banks are already firing on all cylinders, brokerages are also bullish on the private sector banks. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Brokerages are bullish on ICICI Bank and Axis Bank, revising their price targets. Zee Business panellist Ashu Madan said that banking stocks are doing weel and can support the market. He added that Nifty50 components such as Kotak Mahindra Bank, Axis Bank, HDFC twins can be the outperformers.

ICICI Bank Share Price Target - Rs 1200

Brokerage house CLSA has maintained Buy rating with a price target of Rs 1200. 

It said that the country's second largest private lender is growing faster in the banking business on a low base. The net profit margins outlook is positive in a rising interest rate environment. 

The bank has broad-based growth pickup. Low branch additions with not holding back on operating expenditure is a positive aspect.

The brokerage said that the bank has pristine asset quality with 17 per cent return on equity.

Another brokerage house HSBC too has a positive view on ICICI Bank. It has set a price target of Rs 1100.

Shares of ICICI Bank traded in red, falling 0.70 per cent to quote Rs 913 apiece on NSE at 1 PM. ICICI Bank has yielded an impressive return of around 20 per cent in 2022 so far. The stock's 52-week range is Rs 943.25 - Rs 642.15. 

Click Here For Latest Updates On Stock Market | Zee Business Live