A maturing market amid the mayhem
ICICI Bank shares jump
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?