Surge In ICICI Bank Stock Post Target Price-Hike By Goldman Sachs

Shares of ICICI Bank Ltd zoomed over 3% intraday mid-morning trade on Tuesday after the global  securities and investment management firm Goldman Sachs increased the target price (TP) on the stock, maintaining the rating BUY. 

The Goldman Sachs hiked the TP on the stock to Rs492 from Rs451, highlighting it sees an unexpected change in the corporate business.  The brokerage firm expects the ICICI Bank to deliver a return on assets of 1.8% and return on equities of 17% over financial year 2020-21. 

At 12.00hrs, shares of the ICICI Bank traded 2.69% up at Rs403.39 on the BSE, while on the NSE, it quoted at Rs403.50 per share up by Rs.10.75 or 2.74 percent. In comparison, Sensex touched at 39232-level up 327 points and the Nifty at 11780.55 up 90 points.