In its latest research report, Abhishek Jain, stocksidea.com, said that ICICI Bank, which has been consolidating between Rs 815-835 level, can give good returns in the short term.

The report further stated that, if the counter is successful to breach Rs 831 levels, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price above Rs 865.

Furthermore, the firm has suggested a support level for the scrip at Rs 743.

The shares of the company on Friday (July 31) closed at Rs 759.05 on the Bombay Stock Exchange (BSE). The total volume of the shares traded was 1,398,772.  The stock hit an intraday high of Rs 776 and a low of Rs 752.40 on BSE.

Current EPS and P/E of the stock stood at 33.76 & 22.48 respectively. The share price has seen a 52-week high of Rs 807 and a low of Rs 252.75 on BSE.

Mr. Jain also said that the stock is looking strong technically. Indicators are also showing good up move for next few days. Traders can buy cash and future for short term.

For the three month period ended June 30, 2009, ICICI Bank, on consolidated basis, recorded a growth of 67.72% in its net profit, which stood at Rs 10,352.60 million as against Rs 6,172.70 million for the same period of the last year.

Total income of the bank fell 0.20% to Rs 146,150.60 million during the period under review.

On standalone basis, ICICI Bank declared a growth of 20.63% in its standalone net profit for the quarter ended June 2009. The bank’s net profit during the period stood at Rs 8,782.20 million as compared to Rs 7,280.10 million in the same quarter previous year.

The bank’s interest income dropped 9.61% to Rs 71,334 million, where its standalone total income during the quarter dropped marginally 2.19% to Rs 92,233.20 million.

The bank reported an EPS of Rs 7.89 per share.

On July 14, ICICI Bank announced that it has established a new commercial banking arm for servicing the everyday requirements of its business customers.

It is discovered that ICICI has selected a group of 450 employees from its different sections for this new arm headed by senior general manager Kalpesh Kikani.