ICICI Bank Ltd.

NSE: ICICIBANK | BSE: 532174 | ISIN: INE090A01021 |Industry: Banks
|Mid-range Performer
377.70 1.65 (0.44%)
NSE Jul 08, 2020 12:59
Volume: 26.7M

ICICI Bank Ltd.    
29 Jun 2020
HDFC Securities
Maintain BUY with a SoTP of Rs 442. ICICIBC has realised ~Rs 31bn in 1QFY21 so far, from stake sales in ICICIGI (Rs 22.5bn) & IPRU (Rs 8.4bn) while retaining majority stakes. The move bolsters the banks already strong capital base (16.1%, +40bps) and allows it to make further COVID-19 related provisions, while limiting the RoAE impact. This demonstrates its ability to augment its capital base, without raising funds (media articles suggest that it is looking to raise $ 3bn). Even without said (potential) fund raise, the bank is well positioned to withstand COVID-19 related stress and capture any resurgent growth. ICICIBC remains our top pick amongst large private banks.
HDFC Securities released a Buy report for ICICI Bank Ltd. with a price target of 442.0 on 29 Jun, 2020.
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