Regardless, the shares of ICICI Bank have fallen by about 2% in the last five days. But, it has gained more than 13% in the last one month and more than 22.8% in the last six months.
Stock Tips: Shares of ICICI Bank have performed the best in the banking sector. According to Motilal Oswal Institutional Equities, this company has given returns of 80 per cent in FY 2021 and 42 per cent in FY 2022. The brokerage firm believes that the company’s shares are likely to rise further due to strong industry position, strong digital expansion and stable asset quality. Even though, the stock has lost almost 2% in the last five days. But, it has gained more than 13% in the last one month and more than 22.8% in the last six months. The share price of ICICI Bank has increased by more than 230 per cent in the last five years.
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ICICI bank: BUY
Target price: Rs 1,100
Motilal Oswal expects the bank to deliver 18%/20% CAGR in Loans/PPOP in FY22-24E. The brokerage firm has retained the BUY rating on the stock with a target price of Rs 1,100 per share. Shares of ICICI Bank were trading at Rs 807.35, down 2.15% on BSE on Wednesday. The stock touched an intraday high of Rs 820 and an intraday low of Rs 803. Shares of ICICI Bank closed at Rs 823.35 in the last trading session. The stock touched its 52-week high of Rs 859.70 on October 25 and 52-week low of Rs 512.10 on January 28, 2021. It is currently trading down 6% from its 52 week high.
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brokerage firm estimate
The brokerage firm says, “ICICI Bank is witnessing strong performance due to strong core PPOP, controlled provisions and stable asset quality. A healthy mix of High Yielding Portfolio (Retail/Business Banking) and Low Cost Liability Franchisee is helping to drive margins. There is a strong recovery in key segments like Retail, SME and Business Banking. We estimate that ICICI Bank will deliver 20% CAGR in PPOP in FY 22-24E, while RoA will reach 2%. It has a strong Tier I capitalization with 17.3%, which will support healthy loan growth.” “We rate ICICIBC as the top BUY in the sector with a target price of Rs 1,100 (2.9x FY24E ABV for the core bank),” said analysts at Motilal Oswal Financial Services.
(Article:Harshita Tyagi)
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