Barclays upgrades India's ICICI Bank, SBI downgraded
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)
- Tweet this
- Share this
- Digg this
India has withdrawn the drug pricing authority's powers that allowed it to fix the prices of medicines not deemed essential, after its decision to impose price caps on more than 100 drugs in July triggered industry protests. Article