Firecracker earnings for ICICI Bank has bought Diwali early for Dalal Street with the stock surging 8% and pushing the Bank Nifty to an all time high.
Firecracker Earnings
The country's second-largest private bank reported a 30% jump in net profits for the September quarter.
Its asset quality improves significantly as the bank reported a 17 basis points decline in the net NPA ratio to 0.99% for the quarter gone by.
Brokerages bet big
CLSA: The brokerage maintained a BUY call on the stock with a target price of Rs 1,100. CLSA noted that the bank has now consistently been delivering sector-best growth.
Credit Suisse: Rising core profitability along with lower credit costs are likely to drive return on equity higher, it said. The brokerage expects the stock to outperform with a target price of Rs 900.