According to a MarketWatch report, ICICI Bank rose on Friday, outperforming the market. The stock climbed 2.5% to 511.70 rupees, its biggest one-day gain in more than two weeks. This surge came despite the S&P BSE Sensex, India’s benchmark index, falling 0.4%. The rally in ICICI Bank was attributed to a report from Indian brokerage firm, ICICI Securities, which raised its target price for the stock to 540 rupees from 460 rupees. The report also predicted that the bank’s credit growth would accelerate in the coming quarters, driven by a recovery in the country’s economy. Additionally, the bank’s announcement that it would increase its provision coverage ratio to 67.5% from 65.5% was seen as a positive sign by investors. Overall, the stock’s gain helped ICICI Bank to become one of the top gainers on the Indian bourses, outperforming the broader market.
Source: https://www.marketwatch.com/story/icici-bank-rises-friday-outperforms-market-f33a2af6-e31c4a1bfe84