ICICI Bank rises for third day; up over 22% in one year

ICICI Bank rose 1.22% to Rs 724, extending gains for third day in a row.

The stock has added 3.54% in three sessions, from its recent closing low of Rs 699.25 recorded on 25 March 2022.

In the past one year, the stock has risen 22.69% while the benchmark Sensex has added 16.64% during the same period.

In a regulatory filing made after market hours yesterday, ICICI Bank said that it has accepted the offer to acquire 10,00,000 equity shares of face value of Rs 100 each of Open Network for Digital Commerce (ONDC). The shares have been acquired for a total cash consideration of Rs 10 crore at Rs 100 per share.

Post allotment, ICICI Bank will hold 5.97% stake in ONDC. The shareholding is subject to change and is dependent on closure of transaction by other participating investors.

ONDC is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the Digital Commerce space.

ICICI Bank is the second largest private sector bank in India. The bank had a network of 5,298 branches and 13,846 ATMs at 31 December 2021.

The bank's standalone net profit grew 25% to Rs 6,194 crore in Q3 FY22 from Rs 4,940 crore in Q3 FY21. Total income during the quarter rose by 11% Y-o-Y (year-on-year) to Rs 27,070 crore.

Powered by Capital Market - Live News