Shares of ICICI Bank rose as much as 2.88 percent to its new all-time high of Rs 525 on Wednesday after bullish stance from brokerages.
Global research firm Morgan Stanley maintained an overweight stance on the stock at a target price of Rs 775 per share.
UBS maintained 'Buy' stance and has raised the target from Rs 570 to Rs 620. The brokerage thinks that all divisions of the private lender are focusing on risk calibrated pre-provisioning operating profit and improving profitability will lead to further rerating for the stock.
Nomura also maintained 'Buy' on the stock and increased price target to Rs 645 from Rs 610. It said that ICICI Bank is building sustainable income avenues with increased granular income streams across businesses. The bank has also de-risked its corporate asset book and focus remains on growing core pre-provisioning operating profit.