The shares of ICICI Bank hit an all-time high amid highly volatile trade today. The stock of ICICI Bank reached a new high of 886 against the previous close of Rs 883.20 on the BSE. The banking share has increased 27.43 per cent in a single year, and has risen 18.5 per cent since the beginning of the year. The share has climbed 13.63 per cent in a month.
The stock opened lower at Rs 880.20 today. A total of 15.22 lakh shares of the bank changed hands on the BSE to a turnover of Rs 133.89 crore. The bank's market cap was 6.10 lakh crore.
The stock hit a 52 week low of 642 on March 7, 2022, the stock was at a 52 week low of Rs 642. The stock was trading at Rs 878 at the end of the afternoon, down by 0.59 per cent, at Rs 878 on the BSE.
Since the announcement of Q1 earnings, the shares ofICICI Bank have gained 9.75 per cent. The earnings were announced on July 23. The stock closed at 800 on July 22 this year.
A 50 per cent increase in profit after tax PAT at Rs 6,905 crore was compared to Rs 4,616 crore in the corresponding quarter last year, according to the lender.
Net interest income NII climbed 21 per cent YoY to Rs 13,210 crore and net interest margin NIM in Q 1 was 4.92 per cent. The lender's NII stood at Rs 10,936 crore in the corresponding quarter of last fiscal.
The total income rose to Rs 28,336. In Q1, 74 crore were lost against 24,379. In Q 1 of FY 22 there were 27 crore. Interest income went up to Rs 23,671. In the last quarter, 54 crore were lost against 20,383. 41 crore were in the year-ago period.
ICICI Bank said gross non-performing assets, NPAs fell to 3.41 per cent of gross advances at the end of Q 1 FY 23 from 5.15 per cent at the end of Q 1 FY 22.
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Here's what analysts said about the prospects and target price of the ICICI Bank stock.
The stock is on a strong upward trend forming higher peak and higher trough in all time frame and is expected to continue with its upward trend in the near term, considering the present setup. The recent period has resulted in a breakout above a bullish Symmetrical Triangle formation, signalling the continuation of the upmove. The price target is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point, which comes around Rs 900 -- 905. The RSI has generated a buy signal in neutral price region, supporting the positive bias. The stock has immediate support at Rs 825 - 830 levels as it happens to be the previous swing high, which might be the ideal entry point considering the risk reward ratio. ICICI Bank has rallied by 32 per cent from its base of Rs 667. The general bullish trend in the overall market and credit growth could have led to the rally. We can expect a retracement at current levels. A good level to watch out for at Rs 834 can be a good level to accumulate. ICICI Bank has been posting strong performance, supported by loan growth, steady asset quality and strong recovery across key segments such as Retail, SME, and Business Banking. The stock may witness a strong move to reach the target of Rs 950 levels in the coming months, according to the technical setup. The momentum indicators on the daily and intraday chart are supporting the trend.