ICICI Bank has reached a major milestone becoming the sixth Indian company to achieve a market capitalization of $100 billion. The bank’s shares surged over 2 percent on June 25 propelling it into this exclusive club.
This achievement highlights ICICI Bank’s strong performance and growing investor confidence. The stock has shown impressive gains rising nearly 12 percent since the recent general election results outpacing the broader market indices.
ICICI Bank now stands as India’s second-largest bank by market value trailing only HDFC Bank. It joins the ranks of other Indian corporate giants like Reliance Industries Tata Consultancy Services and Bharti Airtel in the $100 billion club.
The bank’s success story extends beyond just market valuation. ICICI Bank has reported solid financial results with its net profit growing 17.4 percent in the last quarter. Its robust retail and SME lending business has been a key driver of growth helping it outperform industry averages.
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