By Malvika Gurung
Investing.com — The private sector lender ICICI Bank (NS:) has exceeded the market capitalization of the country’s largest public-sector lender State Bank of India (NS:).
As the market closed on Thursday, ICICI Bank’s market capitalization stood at Rs 4,83,610 crore, while SBI’s stood at Rs 4,12,897 crore.
With this, ICICI Bank has toppled SBI and become the second-most valuable Indian bank in terms of market capitalization, after HDFC Bank (NS:), with a valuation of Rs 7,23,358 crore.
In the country’s elite top 10 list, ICICI bank now ranks at the 6th position, while SBI has been pushed to the 8th position.
Recently, the renewable energy company Adani Green Energy (NS:) had exceeded SBI’s market cap and became the 7th most valuable company, but as of Thursday’s market close, it now ranks at the 10th position.
According to Morgan Stanley (NYSE:), ICICI Bank’s business is largely immune to the persisting tough macro factors, while its risk to estimates remains low. It also sees the lender’s loan growth not facing any size constraints in the near term, thereby maintaining a Buy call on the stock.
It has set a target price of Rs 1,050/share on the stock, an upside of 50.9% compared to its current share price.
Also, the bank’s risk-weighted assets have significantly improved, thanks to a decline in its corporate loan profile, all contributing to its growth.
Shares of the lender ended 2.58% lower at Rs 695.8 apiece on Thursday.