ICICI Bank gains on Morgan Stanley upgrade

Morgan Stanley upgraded ICICI Bank to "overweight" from "equal-weight" and has raised its target price to Rs 1,250 from Rs 1,235, as it expects a pickup in consumer loan growth to drive performance.

Morgan Stanley also cited valuations as well as ICICI's efforts to "repair" its balance sheet and improve profitability.

ICICI Bank shares gained 1.7 per cent to Rs 1005.60.
 

Copyright Thomson Reuters 2013