ICICI Bank Joins India's Top 5 Companies with Market Cap Surpassing Rs 8 Trillion
In a remarkable achievement, ICICI Bank has etched its name among India’s top five companies by market capitalization, surpassing the Rs 8 trillion mark. The private lender’s shares surged over 5%, propelling its market value to new heights and cementing its position as a financial powerhouse.
ICICI Bank has become the second bank in India to cross the Rs 8 trillion market capitalization milestone, following the footsteps of HDFC Bank. This achievement underscores the bank’s strong financial performance, robust growth prospects, and investor confidence.
The elite club of India’s top five companies by market capitalization is led by Reliance Industries with a staggering Rs 19.8 trillion, followed by Tata Consultancy Services (TCS) at Rs 14 trillion. Among banks, HDFC Bank holds the top position with a market capitalization of Rs 11.6 trillion, while State Bank of India stands at Rs 7.4 trillion.
ICICI Bank’s share price touched an all-time high of Rs 1,163 before closing with a significant gain of 4.72%. Analysts from renowned firms like CLSA and JPMorgan have set an ambitious target price of Rs 1,350 for the bank’s shares, indicating their confidence in its future growth prospects.
JPMorgan, in particular, upgraded ICICI Bank’s FY25/26 earnings per share estimate by 4%, citing reasonable valuations and scope for upward re-rating.
ICICI Bank’s remarkable performance is backed by strong financial results. In the fourth quarter of the previous financial year, the bank reported a 17% rise in net profit to Rs 10,708 crore, driven by robust loan growth and improved asset quality.
The bank’s gross Non-Performing Assets (NPA) ratio decreased to 2.16% as of March 31, 2024, from 2.30% as of December 31, 2023, reflecting its commitment to maintaining a healthy balance sheet.
About ICICI Bank
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