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ICICI Bank jumps 3% as brokerage keep faith

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NEW DELHI: Shares of ICICI Bank climbed 3 per cent in the early trade on Thursday despite the private lender missing Street estimates on Wednesday.

ICICI Bank has reported a 2.75 per cent fall in profit at Rs 1,605 crore for the December quarter. In the same quarter last year, the bank had reported with Rs 1,650 crore profit.

Analysts in an ETNow poll had projected a profit of Rs 1,900 crore.

However, some brokerages and financial firms have kept their faith in the stock. Morgan Stanley has maintained its overweight view on the stock with a target price of Rs 510 per share and has highlighted that the trend in asset quality appears better than the expectations.

The global financial firm said NIM has started to expand and loan growth will remain the key for the company. Nomura maintained 'Buy' rating on the stock and even raised the target price to Rs 480 from Rs 450.

The global brokerage said the bank's pre-provision operating profit (PPOP) trend is improving and past MD and CEO issue should not impact the performance of the bank.

Goldman Sachs, too, has a 'Buy' call on the stock with a target price of Rs 451. Shares of the company cooled off a little and traded 1.12 per cent up at Rs 369.35 around 10:25 am on BSE.




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