Nomura upgrades ICICI Bank to 'buy' from 'neutral'

Aug 31, 2012 |

Reuters

mumbai

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Nomura upgrades ICICI Bank to 'buy' from 'neutral' saying the Indian lender was 'better shielded from the asset quality deterioration' in the banking sector, and expects return on equity to increase by 15 per cent by fiscal 2013.

Nomura also upgraded its target price for ICICI Bank to Rs 1,165 from Rs 925.

ICICI shares were down 0.4 per cent at Rs 916.00 as of 3.47 am GMT.

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