ICICI Bank rose 2.17% to Rs 273.15 at 9:30 IST on BSE after the bank announced a reduction of 35 basis points in its base rate to 9.35% per annum from 9.7% with effect from 5 October 2015.
The bank made the announcement on Saturday, 3 October 2015.
Meanwhile, the S&P BSE Sensex was up 333.65 points or 1.27% at 26,554.60.
On BSE, so far 50,000 shares were traded in the counter as against average daily volume of 12.37 lakh shares in the past two weeks.
The stock hit a high of Rs 274.30 and a low of Rs 271 so far during the day.
The base rate is the minimum lending rate charged by a bank.
ICICI Bank's net profit rose 12.1% to Rs 2976.16 crore on 8.1% growth in total income to Rs 15802.45 crore in Q1 June 2015 over Q1 June 2014.
ICICI Bank is one of the leading private sector banks in India.
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