ICICI Bank gained 2.79% to Rs 523.20 after global brokerages maintained bullish stance on the stock.A global research firm has reportedly maintained an 'overweight' stance on the stock with a price target of Rs 775 per share. It is of the view that core pre-provision operating profit (PPOP) is likely to compound at above 20% for multiple years.
Another foreign brokerage has reportedly maintained a 'buy' rating on ICICI Bank and has raised the target from Rs 610 to Rs 645 per share. The research firm believes that the bank is building sustainable income avenues and expects core PPoP to record over 19% CAGR over FY 19-22.
Meanwhile, the S&P BSE Sensex was up 58 points or 0.14% to 40,733.71.
The stock hit an intraday high of Rs 524.70, which is also an all-time record high for the counter. It hit an intraday low of Rs 509.55. The stock hit a 52-week low of Rs 335.90 on 11 December 2018.
In the past one month, shares of ICICI Bank jumped 11.23% to its current market price of Rs 523.20, outperforming the Nifty Private Bank index's 5.24% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 69.260. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 466.65, as well as above its 200 DMA placed at Rs 417.13.
ICICI Bank's net profit fell 27.9% to Rs 654.96 crore on 24.6% surge in total income to Rs 22,759.52 crore in Q2 September 2019 over Q2 September 2018.
ICICI Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
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