ICICI Bank, HDFC Bank hit roof on ADR spike

DALAL STREET SPIKES

The leading private sector banks""ICICI Bank and HDFC Bank, hit all-time high on Monday following a strong rise in their ADRs on Friday. ICICI Bank went up by 6 per cent to Rs 450.50 and HDFC Bank went up 2.2 per cent to Rs 665.

The ICICI Bank ADR had risen by 5.4 per cent to $24.29 and the HDFC Bank ADR had risen 2.6 per cent to $49.78 on Friday. Both these private sector banking giants, who focus on retail lending, have been on a steady rise in the past one month.

The surge is attributed to the expectations that a strong growth in retail lending will continue in the current year. Both the banks reported excellent growth in fourth quarter ended March 2005.