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ICICI Bank shares jump

August 2, 2010

Shares in ICICI Bank rose as much as 4.2 percent in trade before closing 3.9 percent up after the lender posted a 17-percent rise in quarterly net profit on Saturday.

India’s top private lender also forecast a 15-percent credit growth in FY 2011 as loan demand from corporate and mortgage borrowers remain strong.

The stock has generated reasonable returns, gaining 7.3 percent in 2010 and 9 percent since July.

Credit Suisse said on Monday it had raised ICICI Bank to “outperform” from “neutral”.

It also raised the 12-month target price to 1,079 rupees from 826 rupees.

In view of Credit Suisse’s new price target, would you invest in this stock at this stage?

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