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ICICI Bank’s Market Cap Crosses Rs 3 Trillion For The First Time
ICICI Bank Limited's market capitalisation crossed Rs 3 trillion for the first time on Friday, making it the fourth Indian bank to do so.
In intraday trade, shares of ICICI Bank gained 2.3 percent to touch a record high of Rs 466 on BSE causing its market cap to rise by 2.1 percent to Rs 3.01 trillion.
The private lender's share value rallied further to touch Rs 470.70 on Friday. The stock has rallied 30 percent in 2019.
The other banks to cross the mark have been HDFC Bank, State Bank of India (SBI) and Kotak Mahindra Bank. At present, HDFC Bank is the most valued bank in India with a market cap of Rs 6.70 trillion followed by Kotak Mahindra Bank at Rs 3.02 trillion.
ICICI Bank is scheduled to release its financial results for the September-ended quarter on 26 October. Brokerage houses are expecting healthy earnings for the quarter on account of reduction in non-performing assets and fresh slippages.
"Slippages would stabilise and will largely flow from existing stress pool. ICICI has minimal exposure to the most talked about stressed groups; this coupled with high coverage, should lead to normalization of credit cost," said Edelweiss, which expects the lender's profit to fall by 66 percent on a year-on-year basis.
