ICICI Bank 6th Indian company to surpass $100 bn market cap

Mumbai (IANS) ICICI Bank on Tuesday became the sixth Indian company to surpass $100 billion market capitalisation, as its stock surged to an all-time high.

During the trading session, ICICI Bank saw an increase of Rs 24,411.6 crore in its market value, elevating its market cap to $105.55 billion or Rs 8.81 lakh crore. The feat has placed ICICI Bank alongside industry giants such as Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel and others.

The ICICI Bank shares went up by 2.9 per cent to close at Rs 1,204 apiece. According to the latest research note by Motilal Oswal, ICICI Bank is expected to maintain robust loan growth, focusing on quality underwriting.

The bank’s asset quality remains resilient, and credit costs are expected to normalise gradually. The Indian stock market closed at an all-time high, with BankNifty index breaking above the resistance of 52,000 for the first time.

According to market analysts, the BankNifty is trading in a strong uptrend with higher highs and higher lows intact on the daily chart.

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