Thursday, 13 November 2008

Not much upside in ICICI Bank: ULJK Securities

ULJK Securities doesn’t see much upside in ICICI Bank in the near term as there is a concern of growth for the bank is and issues related to NPA management. "ICICI Bank has reported a subdued kind of performance during the quarter ended September 2008. Net profit remained flat at Rs 10,142 million as compared to Rs 10,026 million in September 2007. We feel the current market price has factored out all the negative news in the stock as it is currently trading at a P/BV of 1x based on book value of Rs 437 as on September 2008. The stock is fairly priced but we don’t see much upside in the near term as there is a concern of growth for the bank is and issues related to NPA management," says ULJK Securities' research report.

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Source: Moneycontrol

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