ICICI Bank share price slips; Macquarie retains outperform call

ICICI Bank share price edged lower in the morning trade on July 10 as Macquarie maintained "outperform" call on the stock.

The stock price was trading at Rs 366, down Rs 4.55, or 1.23 percent. It has touched an intraday high of Rs 367 and an intraday low of Rs 363.30.

Macquarie is of the view that the bank's large capital raising will further strengthen its balance sheet, adding the move does not necessarily indicate asset-quality issues, CNBC-TV18 reported.

The brokerage house feels that the bank is better placed on NPL coverage ratios and larger retail loan book. Raising of Rs 15,000 crore will increase FY21/FY22 book values by 5.7/4.7 percent.

It feels that CET-1 ratio is likely to improve by 200 bps to 15.4 percent. It has a target of Rs 438 per share.

According to Moneycontrol SWOT Analysis powered by Trendlyne, ICICI Bank has zero promoter pledge, with the bank effectively using its capital to generate profit - RoCE has been improving in the last two years.

Moneycontrol technical rating is very bullish, as seen in moving averages and technical indicators.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​