Question
Which bank entered India's top five companies by market
capitalization, surpassing Rs 8 trillion?Solution
ICICI Bank entered the top five of India's market capitalization rankings, surpassing the Rs 8 trillion mark. • ICICI Bank has entered the top five of India's market capitalization rankings, surpassing the Rs 8 trillion mark. • The bank's shares increased by more than 5%, reflecting its strong financial performance and solid growth potential. • ICICI Bank is now the second bank in India to reach this market cap level, after HDFC Bank. • Reliance Industries remains the leader in market valuation at Rs 19.8 trillion, followed by TCS, HDFC Bank, and State Bank of India. • Analysts from firms like CLSA and JPMorgan have set a target price of Rs 1,350 for ICICI Bank's stock, indicating confidence in its future growth. • For FY25/26, JPMorgan raised ICICI Bank's earnings per share projection by 4%, citing fair valuation and potential for an upward re-rating. • The bank's net profit grew by 17% in the last fiscal quarter, driven by strong loan growth and improved asset quality. • The gross NPA ratio improved to 2.16% as of March 2024, demonstrating effective management of credit risks. Learn Along: About ICICI Bank Founded: 1994 Headquarters: Mumbai Non-Executive (part-time) Chairman:Mr. Girish Chandra Chaturvedi
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