Buy ICICI Bank With Stop Loss Of Rs 1099

Buy ICICI Bank With Stop Loss Of Rs 1099Technical analyst Hitendra Vasudeo has maintained 'buy' rating on ICICI Bank Limited stock with targets of Rs 1152 and 1190.

The analyst said that the stock can be purchased with a stop loss of Rs 1099.

The stock of the company, on December 21, closed at Rs 1138.55 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1277 and a low of Rs 780 on BSE.

Current EPS & P/E ratio stood at 38.06 and 29.80 respectively.

It is reported that welcoming the JSW Ispat transaction, ICICI Bank, the top lender to IIL stated that the operation will support the balance sheet of Ispat.

Chanda Kochhar MD & CEO of ICICI Bank stated that the admission of a big strategic investor into the company will fortify its record and facilitate productive use of its capability.

"This transaction protects the interests of lenders and enhances value for other stakeholders. Further, this transaction also benefits the economy as a whole, as it will lead to optimal and efficient utilization of one of the largest steel making facilities in the country at a time when we are embarking on a major investment drive," Mr. Chanda added.

ICICI Bank recorded net profit of Rs 12,362.7 million for the three month period ended Sep 2010, a growth of 18.86% as compared to Rs 10,401.3 million for the same quarter of 2009.

Interest earned stood at Rs 63,091 million for the period under review as compared to Rs 66,569.4 million for the same period of 2009.