Goldman Sachs Lifts ICICI Bank Rating as Private Banking Stocks Surge

ICICI Bank's stock price rose by 0.26% to ₹1,423.70 on Monday morning after Goldman Sachs upgraded its rating and a recent debt issuance of USD 750 million.

The bank's private banking major saw positive trading action, opening marginally higher at ₹1,420.50 compared to the previous close of ₹1,420.00.

Goldman Sachs initiated a 'Buy' rating for ICICI Bank on August 22, anticipating a cyclical recovery in earnings across the banking sector and private banks outperforming public sector counterparts over the next two years.

The bank's IFSC Banking Unit successfully completed the issuance of USD 750 million Senior Unsecured Fixed Rate Notes on August 21, under its USD 7.5 billion Global Medium Term Note Programme.