Stock Idea - ICICI Bank

Recommendation: Buy

CMP = Rs 1,045

Price target: Rs 1,173

Key points:

·         ICICI Bank has received the Reserve Bank of India's (RBI) approval for establishing new branches and additional off-site automated teller machines (ATMs), broadly in line with its application made to the regulator.

·         The management has not divulged the number of approvals but the same is expected to be in the range of 400-425 branches and 2,500 offsite ATMs.

·         This prompts me to revise the price target for ICICI Bank to Rs 1,173 with a time frame of 3 months