Jefferies maintains a "buy" call on ICICI Bank with a target of ₹1,350, implying a 12.69% upside, driven by its 20% deposit growth, slower cost growth, and asset quality holding up. The bank's net profit rose 17.37% to ₹10,707.53 crore in March quarter, with a gross NPA ratio of 2.16% and net NPA of 0.42%. ICICI Bank's market cap has crossed $100 billion, making it the 6th Indian company to do so.
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Shares of Tata Motors rebounded, ending a three-session losing streak, after JP Morgan maintained its "overweight" rating with a price target of ₹1,115, indicating a 16% upside from its last closing price of ₹955. The brokerage cited a 21% year-on-year increase in Jaguar Land Rover's May 2024 retail sales, with combined retail sales for April and May growing 16% year-on-year.
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The Indian government is set to launch the second phase of the Pradhan Mantri Awas Yojana (Urban) scheme, with an allocation to be made in the upcoming Union budget. The new phase will focus on providing assistance to more urban families, with plans to construct over one crore houses in urban areas. The scheme has already seen the completion of 84 lakh houses.
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