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Buy Two Nifty 50 Banking Stocks Recommended By Top Brokers, Showing Upside Potentials
Two Nifty 50 Bank Stocks get "buy" calls from the two leading brokers. These two bank stocks are ICICI Bank and Kotak Mahindra Bank. The banks recently announced their Q3FY23 results. The brokerage has assigned a buy on the stock with attractive valuation for high returns. Both the banks reported all-round and strong results in Q3FY23. Check the details below:
ICICI Bank
Brokerage firm Nuvama has a buy on ICICI Bank. The brokerage has assigned Rs 1,135/share target price for the stock of the bank. If you buy the stock at the current market price, it could give return up to 31%. ICICI Bank's current market price is Rs 870.35/share on NSE.
The stock's 52 week low is Rs 642.15/share, recorded on 7 March 2022 and 52 week high is Rs 958.20/share, recorded on 30 November 2022, respectively. This is a large-cap banking stock with a market capitalisation of Rs 6,07,245/share.
The stock has fallen over the past 3 months, around 2.06%. However, it moved up 7.42% in 1 year, and 62.73% in 3 years. The stock has given robust returns over 145% in the past 5 years, respectively.
Nuvama said, "We believe ICICI Bank has reported a stellar set of numbers on most fronts. The bank's sustained growth outperformance, strong digital push, focus on risk-calibrated operating returns and strong balance sheet will result in the bank's stocks continuing to see a re-rating. We maintain our BUY recommendation with a revised target price of INR1,135/share, implying a 30% upside."
Kotak Mahindra Bank
ICICI Direct has a buy on the stock of Kotak Mahindra Bank (KMB) with Rs 2,175/share target price. The brokerage claims a robust return up to 24% from its current level if it is purchased at the current market price. The stock is currently trading at Rs 1762.90/share on NSE.
The stock recorded its 52 week high on 18 November 2022 at Rs 1,997.55/share and 52 week low on 30 June 2022 at Rs 1,631/share, respectively. With a market capitalisation of Rs 3,50,012 crore market valuation, it is a large-cap private sector bank in India.
The stock over the past 1 year has fallen 6.85%. It fell 4.56% in 1 month and 5.4% in 3 months, respectively. However, it has given 8.96% in the past 3 years, whereas, it has given the highest 66.23% returns in the past 5 years.
According to the brokerage, KMB's share price has grown by 1.6x over the past five years. Focus on risk adjusted growth, granularity of liabilities and improving wealth management business to aid earnings and keep return ratios. "We maintain BUY rating on the stock. Rolling to FY25E, we value the standalone bank at ~3.35x FY25E ABV and subsidiaries at ~Rs 497 post holding company discount giving an SOTP target of Rs 2175," the brokerage has said.
Disclaimer
The stocks have been picked from the brokerage report. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.
