EUR 120.00 For Business Accounts Only

MOSL: Morning India (4/December/19): 1. ICICI Bank (Growth momentum robust; technology remains a key business enabler); 2. Jindal Steel & Power; 3. Godrej Agrovet

MOrning India (4/December/19): 1. ICICI Bank (Growth momentum robust; technology remains a key business enabler); 2. Jindal Steel & Power; 3. Godrej Agrovet

Today’s top research idea

ICICI Bank: Growth momentum robust; technology remains a key business enabler; One Bank One RoE; core operating profits – the key focus

• ICICIBC has built customized digital solutions to accelerate growth in business banking. It expects this segment to grow at 35-40% over the next few years.
• The bank is engaging with various start-ups to provide improved customer proposition, penetrate into newer markets and reduce operating costs across product segments.
• ICICIBC believes that significant opportunities are available as corporates want to deal with stable and technologically equipped banks, while the rapid emergence of several new-age service companies has driven huge demand for working capital loans.
• ICICIBC appears firmly positioned to deliver healthy sustainable growth, supported by continued investments in technology and expansion in digital offerings. We estimate FY21 RoA/RoE to improve to 1.6%/15.7%. Reiterate Buy with a revised SOTP-based TP of INR625 (2.5x Sep'21E ABV).

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RCom Insolvency: CoC expects to raise Rs 14,000 cr from assets

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