ICICI Bank hits 4-year high on CLSA buy report

Shares of ICICI Bank , the largest private sector lender in India, gained as much as 1.27 percent to touch nearly a four-year high of Rs 1,173.90 on Wednesday as the foreign research firm CLSA has recommended a buy rating on the stock with a target price of Rs 1,400.

"Healthy topline growth is being supported by manageable credit costs that reflect ICICI's lower exposure to riskier segments, tighter underwriting standards," CLSA reasoned.

At 10:29 hours IST, the stock rose 1.02 percent to Rs 1,171 on the Bombay Stock Exchange.

The share price increased for the second consecutive session today; yesterday the share rallied 1.92 percent to close at Rs 1,159.15. The stock surged 68 percent in last one year.

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