Mumbai: ICICI Bank's scrip Tuesday surged over 8 percent, adding Rs 14,094 crore to its market valuation, on value buying a day after the company reported a 13.24 percent increase in March quarter consolidated net profit.
Shares of the private sector lender climbed 8 percent to settle at Rs 326.65 on the BSE. During the day, it advanced by 8.54 percent to Rs 328.25.
On the NSE, it surged 8.12 percent to close at Rs 326.85.
The company's market value gained Rs 14,093.84 crore to Rs 1,89,401.84 crore.
The stock was the top gainer on both Sensex and Nifty.
"Among day's major market moving events, after falling in yesterday's trading session, ICICI Bank rallied more than 8 percent today due to value buying on the D-street," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
The stock has lost 2 percent yesterday.
ICICI Bank yesterday reported a 13.24 percent increase in its March quarter consolidated net profit at Rs 3,084.92 crore even as bad loans and provisions increased.
On a standalone basis, the net profit rose 10 percent to Rs 2,922 crore on lower loan growth and the resulting net interest income.
According to a BSE filing, consolidated total income has increased from Rs 21,652.96 crore for the quarter ended March 31, 2014 to Rs 24,914.26 crore for the quarter ended March 31, 2015.
The gross non-performing assets ratio zoomed to 3.78 percent from 3.03 percent a year-ago. Accordingly, the provisions for bad assets almost doubled to Rs 1,344.73 crore from Rs 713.78 crore a year ago.
ICICI Bank MD and CEO Chanda Kochhar hinted that this is the peak of the asset quality woes, saying FY 2016 will be better than FY2015 in terms of both addition to NPAs as well as provisioning.
Rally in the stock was also instrumental in sending the BSE benchmark Sensex higher by 219.39 points at 27,396.38.
