 "Macquarie upgrades ICICI Bank on improved margins")
Macquarie has upgraded 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.
[caption id=“attachment_176155” align=“alignleft” width=“380” caption=“AFP”]  [/caption]
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 11:43 am shares of ICICI Bank were trading 1.07 percent lower at Rs 737.50 on the Bombay Stock Exchange.
Reuters
 "Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty")
 "Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched")
 "Who is CP Radhakrishnan, India's next vice-president?")
 "Israel informed US ahead of strikes on Hamas leaders in Doha, says White House")
 "Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty")
 "Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched")
 "Who is CP Radhakrishnan, India's next vice-president?")
 "Israel informed US ahead of strikes on Hamas leaders in Doha, says White House")
](https://images.firstpost.com/wp-content/uploads/2012/01/ICICIbankcroppedAFP.jpg){kind=link}