Buy ICICI Bank; target of Rs 990: A C Choksi

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Buy ICICI Bank; target of Rs 990: A C Choksi

A C Choksi is bullish on ICICI Bank and has recommended buy rating on the stock with a target of Rs 990 in its October 25, 2011 research report.

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A C Choksi is bullish on ICICI Bank and has recommended buy rating on the stock with a target of Rs 990 in its October 25, 2011 research report.

"ICICI Bank is India's second largest private sector bank in market capitalization as well as overall in terms of assets. ICICI Bank has total assets of about Rs 415,215 crore as on Quarter ended June 2011, a network of 2,539 branches (as on 20 October 2011) largest among private sector banks and about 6,810 ATMs in India and presence in 19 countries."

"ICICI has subsidiary companies in the areas of personal banking, investment banking, life and general insurance, venture capital and asset management. With a strong customer focus, the ICICI Group Companies have maintained and enhanced their leadership position in their respective sectors. The Total Business of the Bank increased to Rs. 451371 crore as on June 30, 2011 from Rs. 385291 crore as on June 30, 2010, registering a growth of 17.15 % on Y-o-Y basis. Net Interest Income of the bank rose 21.09 % to Rs. 2410.92 crore in the quarter ended June 2011 as against Rs. 1991.05 crore in the corresponding period last fiscal."

"ICICI bank is among the most competitive banks in the sector, with an A-list management at the helm of affairs that has one of the best track records in the sector. The bank's substantial branch expansion from 955 branches at the end of Q3 FY08 to 2539 branches by Q1 FY12 and strong capital adequacy at 19.57% (Tier-I at 13.36%) have positioned it to gain CASA and credit market share, respectively. The CASA of the bank stands at 41.90% of total deposits of Rs. 230678 crore at the quarter ended June 2011. NIM of the bank also increased by 10 basis points (Y-o-Y) in Q1 FY12 and reached 2.60%. We have a positive view on ICICI Bank, given its market-leading businesses across the financial services spectrum. Thus we initiate a Buy call on the stock for the time horizon of one year with the target price of Rs 990," says A C Choksi research report.  

Institutional holding more than 40% in Indian cos

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