Karvy Stock Broking Limited has maintained ‘buy’ rating on ICICI Bank stock with an intraday target of Rs 440.

According to Karvy, interested traders can purchase the stock between Rs 418-422 with a strict stop loss of Rs 400. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 405.
 
Shares of the bank, on Tuesday (Oct 21), closed at Rs 431.10 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 3975908. Current EPS & P/E ratio stood at 36.92 and 11.09 respectively. The share price has seen a 52-week high of Rs 326.70 and a low of Rs 1465 on BSE.

Under the Employees Stock Option Scheme, 2000 (ESOS), ICICI Bank has allotted 1,150 equity shares of face value of Rs 10 each on Oct. 13, 2008.

With a strong business investment pipeline and vigorous retail asset growth, the bank expects to register 15% plus CAGR in assets. The new growth engines, international and rural banking, are also operational and would push asset growth as the business matures.

ICICI Bank is diversifying its business speedily and winning market share in all the sections it has ventured into. Its wide distribution reach and growing asset book are enabling a rapid expansion of its insurance, asset management, venture capital, investment banking, and equity brokerage businesses.

The bank registered a decline in net profits of Rs 7,280.10 million for the quarter ended in June 2008 from a profit of Rs 7,750.80 million for the quarter ended in June 2007

Interest earned quarter rose 4.30% to Rs 78,918 million for the quarter ended June 2008 from Rs 75,661.30 million for the quarter ended June 2007.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes HDFC Bank, Kotak Mahindra and Axis Bank.