Buy ICICI Bank, target price Rs 750: Kotak Securities

Kotak Securities has buy call on ICICI Bank with a target price of Rs 750. The current market price of ICICI Bank Ltd. is Rs 729.15. Time period given by analyst is Intra Day when ICICI Bank Ltd. price can reach defined target.

ICICI Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 506217.99 Crore).

ICICI Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 42834.06 Crore, up 7.45 % from last quarter Total Income of Rs 39865.80 Crore and down -1.68 % from last year same quarter Total Income of Rs 43567.64 Crore. The bank reported net profit after tax of Rs 7718.94 Crore in latest quarter.

Investment Rationale
Breakout from the Ascending Triangle chart pattern with incremental volume is indicating fresh up move

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Mar-2022, while FIIs owned 43.95 per cent, DIIs 44.57 per cent.