ICICI Bank capitalises on rally in ADR

ICICI Bank surged 4.78% to Rs 843 at 10:07 IST on BSE after its ADR surged 13.10% to $40.66 yesterday, 24 March 2008, on the New York Stock Exchange.

Each ICICI Bank American Depositary Receipt (ADR) represents two underlying equity shares.

The stock had hit a 52-week high of Rs 1465 on 14 January 2008 and a 52-week low of Rs 720 on 18 March 2008.

India’s largest private sector bank by assets has an equity capital of Rs 1112.64 crore. Face value per share is Rs 10. Total foreign holding in the bank is 70.37% (as at end December 2007).

At the current price of Rs 843, the scrip trades at a PE multiple of 19.05, based on Q3 December 2007 annualised EPS of Rs 44.24.

The net profit of ICICI Bank rose 35.2% to Rs 1230.21 crore on 36.4% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006.

ICICI bank’s principal activity is to provide retail-banking, corporate banking, cash management and treasury management services.