ICICI Bank shares hit a new stock market record on Monday. Here’s all you need to know.
ICICI Bank shares rose nearly 13% on Monday. (Photo: Reuters)
ICICI Bank shares hit a record high on Monday as they rose nearly 13% in the stock market.
Shares of ICICI Banks hit a record high of Rs 859 on the stock market at the start of trading after the lender announced a nearly 30% increase in net profit when announcing second quarter results.
The bank’s shares were trading over 10% or Rs 839.05 each on the National Stock Exchange (NSE) at 3pm. On the Bombay Stock Exchange (BSE), shares of the private bank were trading at Rs 838.90 each.
At its intraday peak, the stock even dethroned Hindustan Unilever Limited (HUL) to become the fifth most valued stock on Dalal Street by market cap.
Read | Markets weighed down by FMCGs, IT stocks; ICICI Bank reaches record level
The main reason behind the company’s stock rally today was the strong second quarter result, led by strong loan growth. The net income of private lenders during the quarter also jumped to Rs 5,510 crore. At the same time, the domestic loan portfolio grew by more than 19% year-on-year.
ICICI Bank’s bad debt ratio narrowed to 4.82 percent in the September quarter, down more than 5 percent from the previous quarter.
The bank set aside Rs 2,713 crore in provisions in the second quarter, compared to Rs 2,852 crore in the previous quarter.
WHAT THE BROKERS ARE SAYING
Brokerage firms Motilal Oswal and Emkay remain optimistic about the private lender’s future, given its provisions, growth in retail sales and net income in the second quarter.
Meanwhile, international research firms such as Credit Suisse and Goldman Sachs expect the stock to perform better due to rising profitability. CLSA and Morgan Stanley also shared positive opinions on ICICI Bank.
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