ICICI Bank Surpasses $100 Billion Market Capitalization, Becoming the Sixth Indian Company to Join the League
Image Credits: The Economic Times
ICICI Bank becomes the second-largest Indian bank by market capitalization after HDFC Bank, hitting a record high in market capitalization crossing the $100 billion mark. On Tuesday, it became the sixth Indian company to cross a market cap of $100 billion as its stock rose by 2.48% to close at a record high of Rs 1199.05.
Before ICICI Bank, Reliance Industries, TCS, HDFC Bank, and Bharti Airtel had achieved the target of $100 billion. Infosys also crossed this milestone but has since exited the club. As per the market valuation, RIL is at the topmost position with a market cap of $236 billion, followed by TCS ($166 billion) and then HDFC which stands at over $156 billion.
In approximately 3.5 years, ICICI Bank crossed the market cap from $50 billion to $100 billion. In December 2020, ICICI Bank’s market capitalization crossed $50 billion, and within 10 months, it exceeded $75 billion in October 2021.
As per CNBC TV-18, Motilal Oswal Financial Services has given a ‘buy’ recommendation on ICICI Bank, raising the target price to ₹1,350 apiece. The brokerage firm expects the bank to achieve robust double-digit growth during 2024-25 (April-March).
During the trading session on Tuesday, 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. All the current apex of the market situation says that ICICI Bank is in a good run, and its potential growth soon could double.
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