2 High Conviction Large Banking Stocks To Buy
Shares To Buy
Markets have been exceedingly volatile over the last 1-month or so. Investors are now looking to buy high quality stocks as some of these have turned attractive. Here are 2 large banking stocks that are being recommended by KR Choksey in its latest report titled “investpro”.
Buy ICICI Bank stock with a price target of Rs 1175
The brokerage sees a massive upside of as much as 37% on the stock of ICICI Bank. The brokerage has set a price target of Rs 1175 on the stock of ICICI Bank. The bank is India’s leading private-sector bank. “ICICI Bank offers a diverse range of banking products and financial services to corporate and retail customers through various distribution channels and group entities. The bank has sufficient capital to pursue new opportunities in the banking industry, such as digital adoption across all business segments. Its subsidiaries in life insurance, general insurance, and stock broking are all prominent businesses in their respective sectors,” the brokerage has said.
According to the KR Choksey report, ICICI Bank has witnessed a balance sheet growth of 13.4% CAGR over FY20-22 and is expected to strengthen further.
The stock of ICICI Bank was last seen trading at Rs 868.80 on the National Stock Exchange.
IndusInd Bank stock
Another banking stock that KR Choksey is bullish on is the stock of IndusInd Bank another large player in the banking industry. “The brokerage sees a solid upside of nearly 40% on the stock.
We assign a P/B multiple of 1.8x for FY25E adj. BVPS of INR 860.7 to arrive at our target price of Rs 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.”,” the brokerage has said.
The shares of IndusInd Bank were last trading at Rs 1126.30 on the NSE.
Disclaimer
The above article is for information purposes only. These stocks are picked from the brokerage report of KR Choksey. Neither the brokerage, nor the author nor Greynium Information Technologies Pvt Ltd should be held responsible for losses based on a decision after reading the article.