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Last Updated : Dec 04, 2019 02:57 PM IST | Source:

ICICI Bank share price hits fresh record high, global brokerages remain bullish - Here's why

Nomura expects RoE of 16-17 percent in the next 12-18 months and remains of the top picks for brokerage firm.

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Todays L/H

The share price of private banking major ICICI Bank gained over 3 percent intraday on December 4 after global brokerages maintained their bullish stance of the stock. ICICI Bank has been a steady performer gaining over 45 percent in the last one year, thereby hitting a fresh record high.

Global research firm Morgan Stanley has maintained an overweight stance of the stock price with a target of Rs 775 per share. It is of the view that core PPoP is likely to compound at above 20 percent for multiple years.

The research firm believes that decline is credit costs should drive earnings growth and RoE expansion adding that the chances of a rerating over the next 12-18 months remain high.


ICICI Bank on December 3 cut its marginal cost of funds based lending rate (MCLR) across all tenors by 10 basis points (bps) effective December 1, with its one-year MCLR at 8.25 percent.

Japanese research firm Nomura has maintained a buy on ICICI Bank and has raised the target from Rs 610 to Rs 645 per share. The research firm believes that the bank is building sustainable income avenues and expects core PPoP to record over 19 percent CAGR over FY 19-22.

Nomura expects RoE of 16-17 percent in the next 12-18 months and remains the top pick for the brokerage firm.

At 14:55 hrs ICICI Bank was quoting at Rs 527.20, up Rs 18.20, or 3.58 percent. It has touched a 52-week high of Rs 527.75.

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First Published on Dec 4, 2019 10:09 am
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