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Buy ICICI Bank: Networth Stock Broking

Posted on: March 9th, 2009 and is filed under Brokerage Recommendations.

Networth Stock Broking has recommended a buy rating on ICICI Bank in its March 9, 2009 research report. “Since January 1, 2009 the Global Banking and Financial Index has fallen by 34.1% in USD terms, while during the same period the domestic banking index has fallen by 37.90% in USD terms and ICICI bank has fallen by 46.23%. The above slide and previous 2 slides shows that ICICI bank has been a gross underperformer Vis-a-Vis the world and the current stock price is reflecting news in comparables to Citi, Lloyds, Bank of America and Merrill Lynch, but the fact is ICICI is in much much better shape than its global peers. We believe that the underperformance of ICICI is an opportunity to BUY at current price of Rs 263 for a return of over 25% in short term,” says Networth Stock Broking’s research report.

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