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Last Updated : Jul 01, 2020 11:06 AM IST | Source: Moneycontrol.com

Buy ICICI Bank; target of Rs 442: HDFC Securities

HDFC Securities is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 442 in its research report dated June 29, 2020.

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HDFC Securities' research report on ICICI Bank


ICICIBC has realised ~Rs 31bn in 1QFY21 so far, from stake sales in ICICIGI (Rs 22.5bn) & IPRU (Rs 8.4bn) while retaining majority stakes. The move bolsters the bank’s already strong capital base (16.1%, +40bps) and allows it to make further COVID-19 related provisions, while limiting the RoAE impact. This demonstrates its ability to augment its capital base, without raising funds (media articles suggest that it is looking to raise $ 3bn). Even without said (potential) fund raise, the bank is well positioned to withstand COVID-19 related stress and capture any resurgent growth.



Outlook


ICICIBC remains our top pick amongst large private banks. Maintain BUY with a SoTP of Rs 442.





For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jul 1, 2020 11:06 am
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