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ICICI Bank shares hit record high, check the new target price

Business Today logo Business Today 18-08-2022 Aseem Thapliyal
ICICI Bank shares hit record high, check the new target price © Provided by Business Today ICICI Bank shares hit record high, check the new target price

Shares of ICICI Bank hit an all-time high amid highly volatile trade today. ICICI Bank stock logged a record high of Rs 886 against the previous close of Rs 883.20 on BSE.  The banking share has gained 27.43 per cent in one year and risen 18.5 per cent since the beginning of this year. In a month, the share has climbed 13.63 per cent.

However, the stock opened lower at Rs 880.20 today. Total 15.22 lakh shares of the bank changed hands amounting to a turnover of Rs 133.89 crore on BSE. Market cap of the bank stood at Rs 6.10 lakh crore.

The stock hit a 52-week low of Rs 642 on March 7, 2022. In the afternoon session, the stock pared gains and was trading 0.59 per cent lower at Rs 878 on BSE.

ICICI Bank shares have gained 9.75 per cent since the announcement of Q1 earnings. The earnings were announced on July 23. The stock closed at Rs 800 on July 22 this year.

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The lender reported a 50 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 6,905 crore as against Rs 4,616 crore in the corresponding quarter last year.

Net interest income (NII) climbed 21 per cent YoY to Rs 13,210 crore and net interest margin (NIM) in Q1 stood at 4.92 per cent. In comparison, the lender's NII stood at Rs 10,936 crore in the corresponding quarter of last fiscal.

Total income rose to Rs 28,336.74 crore in Q1, against Rs 24,379.27 crore in Q1 FY22. Interest income climbed to Rs 23,671.54 crore in the last quarter against Rs 20,383.41 crore in the year-ago period.

ICICI Bank said gross non-performing assets (NPAs) fell to 3.41 per cent of the gross advances at the end of Q1 FY23 from 5.15 per cent at the end of Q1 FY22.

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Here's a look what analysts said about the prospects and the target price of ICICI Bank stock.

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

"The stock is in a strong uptrend forming higher peak and higher trough in all time-frame and is expected to continue with its uptrend in the near term as well considering the present setup. The stock in the recent period has generated a breakout above a bullish Symmetrical Triangle formation signalling continuation of the upmove. The price target is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point which comes around Rs 900-905. The weekly 14 periods RSI has generated a buy signal in neutral price region thus supporting the positive bias. The stock has immediate support at Rs 825-830 levels as it happens to be the previous swing high which might be the ideal entry point considering the risk reward ratio."

Manoj Dalmia, founder and director, Proficient Equities

"ICICI Bank has rallied by 32 per cent from its base of Rs 667. The rally could have occurred due to the general bullish trend in the overall market and credit growth. We can expect some retracement at current levels. Rs 834 can be a good level to watch out for to accumulate."

Ravi Singh, vice president and head of research, Share India

"ICICI Bank has been posting robust performance well supported by loan growth, steady asset quality and strong recovery across key segments such as Retail, SME, and Business Banking. On the technical setup, the stock may witness strong up move to touch the target of Rs 950 levels in the coming months. The momentum indicators on daily and intraday chart are supporting the trend."

Vinit Bolinjkar, Head of Research, Ventura Securities

"ICICI Bank is giving tough competition to HDFC Bank and other large corporates in corporate lending segment especially in AA- & above. Also, strong growth on the retail side and NIM difference narrowing with HDFC Bank has lead to re-rating of the stock. Current valuations of 2.5x FY 25x price to adjusted book value seems to be on the expensive side and hence we believe that stock can go for consolidation in the near time frame."

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