May 8, 2018 / 4:52 AM / 13 days ago

BUZZ-India's ICICI Bank rises on hopes of improvement in asset quality

** ICICI Bank rises as much as 7.57 pct to 311.75 rupees, highest since March 1

** Jefferies, CLSA and Kotak Institutional Equities keep rating at “buy” even after lender reported its Q4 net profit halved as bad loans surged

** Majority of the bad loan additions was from known stressed assets and was driven by tighter cenbank rules; bank aims to cut net non-performing loans to 1.5 pct in 2 years from 4.77 pct at end-March

** Asset quality trajectory has become clearer with a significant decline in “drilldown” list of potential troubled loans, brokerage Emkay says, retaining “buy”

** Kotak says expects focus shifting towards growth and getting back to normalised return on equities, which looks achievable in FY2020

** Jefferies raises PT to 380 rupees from 370 rupees; says upgrades and recoveries in Q4 were strong sequentially

** Out of 45 brokerages covering stock, 42 have “buy” or higher rating, two have “hold” and one has “sell”; median target price of 390 rupees - Thomson Reuters Eikon

** As of Monday’s close, stock had shed 7.7 pct this year, compared with a gain of 1.2 pct in NSE Bank index ($1 = 67.2250 Indian rupees)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below