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Top Idea Picks! KR Choksey Picks 2 Leading Banking Stocks, Suggests Buy For Upto 38% Gains
KR Choksey, a renowned broking house in India, in its March 2023- Top Idea Picks has listed two leading banking stocks of India with a "Buy" call. These two large-cap banking stocks are ICICI Bank and IndusInd Bank. The brokerage assigned buy on the stock with attractive target prices for gains up to 38%. Check below to know more:
ICICI Bank (ICICIBC)- Stock Overview
KR Choksey placed a "Buy" on ICICIBC with a target price of Rs 1,175 apiece for 36% potential upside from the last traded share price. The stock last traded at Rs 868.55 apiece. Its 52 week low is Rs 642.15 apiece and 52 week high is Rs 958.20 apiece, respectively.
The stock has given 3.44% positive return in 1 week, however, it has fallen 6.67% in 3 months. It gave 24.36% positive return in 1 year, and 68.73% in 3 years, respectively. The stock in 5 years has delivered 184.82% positive return.
ICICI Bank (ICICIBC)- Buy For TP of Rs 1,175/share
According to KR Choksey, ICICIBC shares are currently trading at a P/Adj. BV multiple of 2.6x/2.2x on FY24E/FY25E adjusted book value. "We have applied a P/ABV multiple of 2.9x to the FY24E ABV of INR 332.9 per share, implying a SOTP valuation of INR 1,175 per share. It has a potential upside of 37.9% at the CMP of INR 872 per share. As a result, we maintain our "BUY" rating on ICICI Bank's shares," the brokerage has said.
IndusInd Bank (IIB) - Stock Overview
KR Choksey recommended to "Buy" the stock of IIB with a target price of Rs 1,550 apiece for 38% potential upside from the last traded share price. The stock last traded at Rs 1,126.40 apiece. Its recorded 52 week low is Rs 763.20 apiece and 52 week high is Rs 1,275.80 apiece, respectively.
The stock has given 4.38% positive return in 1 week, and 1.07% in 1 month, respectively. However, it has fallen 4.44%in 3 months. It gave 23.47% positive return in 1 year, and 1.66% in 3 years, respectively. The stock has declined 33.74% in 5 years.
IndusInd Bank (IIB) - Buy For TP of Rs 1,550/share
KR Chokey said, "IIB shares are currently trading at a P/Adj. BV multiple of 1.5x/1.3x on FY24E/FY25E adjusted book value. We assign a P/B multiple of 1.8x for FY25E adj. BVPS of INR 860.7 to arrive at our target price of INR 1,550 per share, an upside of 40.5% over the CMP. Accordingly, we maintain our rating on the shares of IndusInd Bank to "BUY.""
Disclaimer
The stocks have been picked from the brokerage report of KR Choksey. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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