Global research firm Macquarie has maintained an outperform call on ICICI Bank with target of Rs 700 while UBS has retained a buy on the stock with target of Rs 700 per share.
Ahead of the Union Budget 2021 to be presented by Finance Minister Nirmala Sitharaman, the Indian stock market is trading in the green with Sensex up 222.10 points or 0.48 percent at 46507.87, and the Nifty adding 45.90 points or 0.34 percent at 13680.50.
Among the sectors, the banking index added over a percent led by IndusInd Bank which jumped 7 percent followed by ICICI Bank which added over 4 percent.
IndusInd Bank stock price was the top index gainer after the bank beat market estimates. IndusInd Bank on January 29 reported a standalone net profit of Rs 852.76 crore for the quarter ended December 2020, down 34 percent YoY against Rs 1,300.20 crore in the corresponding quarter of the previous financial year.
In the September quarter of FY21, the bank had reported a profit of Rs 647 crore. The profit figures were better than the market expectations as a CNBC-TV18 poll had estimated the number to the tune of Rs 705.5 crore.
Net NPA came at Rs 464.2 crore against Rs 1,055.8 crore in Q2 FY21. It stood at 0.22 percent of the total assets against 0.52 percent in Q2 FY21.
Private lender ICICI Bank gained after the bank reported a 19.1 percent year-on-year growth in standalone profit for the quarter ended December 2020, driven by operating income and NII. Profit increased to Rs 4,939.6 crore in Q3FY21, rising from Rs 4,146.5 crore in the corresponding period last fiscal.
Net interest income, the difference between interest earned and interest expended, rose by 16 percent to Rs 9,912.5 crore compared with same period last year, with 10 percent loan growth (YoY at Rs 6.99 lakh crore) and 10 bps contraction in net interest margin.
The stock was trading at Rs 565.15, up Rs 28.15, or 5.24 percent. It has touched a 52-week high of Rs 568.35. It has touched an intraday high of Rs 568.35 and an intraday low of Rs 550.20.
Global research firm Macquarie has maintained an outperform call on the stock with target of Rs 700 while UBS has retained a buy on the stock with target of Rs 700 per share.
On the other hand, IDFC First Bank shed over 6 percent while Bandhan Bank and Axis Bank were down half a percent each.
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