ICICI Bank jumps; Goldman Sachs raises price target

Shares of ICICI Bank Ltd rise as much as 3.3 per cent to Rs 405.5, marking their biggest intraday per cent gain since March 12.

Media reports say brokerage Goldman Sachs raised price target on the stock to Rs 492 from Rs 451 and maintained ‘buy’ rating. GS expects bank to deliver return on assets and return on equity of 1.8 per cent and 17 per cent, respectively, over FY20-21, the report added.

Over 11.4 million shares change hands, compared with 30-day average of 16.1 million shares.

Stock has estimated PE of 33.01, well below sector average of 76.38. Stock posts highest since April 1; top per cent gainer on NSE index.

At 11.40 am, the stock of ICICI Bank was trading higher by 2.70 per cent at Rs 403.35

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