ICICI Bank achieved a significant milestone on Tuesday, becoming the sixth Indian company to surpass a market capitalization of $100 billion. The bank’s stock soared to an all-time high, resulting in a remarkable surge of Rs 24,411.6 crore in its market value, propelling it to a market cap of $105.55 billion or Rs 8.81 lakh crore. This achievement places ICICI Bank alongside other industry giants such as Tata Consultancy Services, HDFC Bank, Bharti Airtel, and others, solidifying its position as a leading player in the Indian financial sector.
The surge in ICICI Bank’s share price, which saw a 2.9 per cent increase to close at Rs 1,204 apiece, is attributed to its strong performance and strategic focus on quality underwriting. According to a research note by Motilal Oswal, ICICI Bank is expected to maintain robust loan growth, further solidifying its position in the market. The bank’s asset quality remains resilient, and credit costs are expected to normalize gradually, indicating a positive outlook for its future financial performance.
The Indian stock market also experienced a historic moment on Tuesday, closing at an all-time high. The BankNifty index, a key indicator of the banking sector’s performance, breached the resistance of 52,000 for the first time, signifying a strong uptrend. Market analysts highlight that the BankNifty is trading in a robust uptrend, characterized by higher highs and higher lows on the daily chart, suggesting continued momentum in the banking sector.
