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Macquarie has upgraded finance major ICICI Bank to outperform from neutral,as it expects improvement in margins and better than expected asset quality to drive a re-rating of stock.
The house has reduced target price for ICICI Bank to Rs 855 from Rs 920,driven by a lower valuation for the core business as well as the insurance business. The proposed Basel-III norm is unlikely to result in equity dilution for ICICI at least in the early years of implementation as ICICI is sufficiently capitalised,Macquarie said,adding it recommends buying ICICI as valuations are now one standard deviation below historical average.
At 11.09 am,shares were down 1.27 per cent at Rs 735.95.
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