Barclays upgrades India's ICICI Bank, SBI downgraded

MUMBAI Thu Jan 31, 2013 9:57am IST

Related Topics

Stocks

   

MUMBAI Jan 31 (Reuters) - Barclays upgraded India's ICICI Bank Ltd to "overweight" from "equalweight", and lowered the State Bank of India to "equalweight" from "overweight."

Barclays said it viewed ICICI's credit quality outlook for fiscal years 2014 and 2015 "significantly more positively" due to reduced credit stress, and raised the Indian lender's price target to 1,310 rupees from 970 rupees.

However, Barclays downgraded SBI because of recent gains in its share price, noting also that credit stress could remain "elevated" due to the Indian state-run lender's exposure to midsized companies.

Still, Barclays raised SBI's price target to 2,450 rupees from 2,380 rupees, calling SBI its preferred pick among Indian public sector banks.

(Reporting by Manoj Dharra and Rafael Nam; Editing by Jijo Jacob)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Managing Share Sales

Managing Share Sales

Govt seeks bids from banks to manage PFC, REC share sales   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage