Shares of ICICI Bank surged over 12 per cent to hit 52-week high of Rs 602 on the Bombay Stock Exchange on Monday after the private sector lender reported strong earnings for the third quarter ended December 31, 2020. The stock breached its previous high of Rs 561, touched on January 13, 2021.

Early today, ICICI Bank share price opened higher at 550.20 against previous closing price of Rs 537. During the day's trade, the stock rose as much as 12.2 per cent to hit record high of Rs 602 apiece. On the volume front, there was surge in buying as 124.20 lakh shares changed hands over the counter as compared to two-week average volume of 21.47 lakh shares.  The market cap of the company surged to 4,11,579 crore.

The bank saw its net profit rising by 19 per cent at Rs 4,940 crore in Q3 FY21 as compared to Rs 4,146 crore in the year ago period. The net Interest Income (NII) surged by 16 per cent to Rs 9,912 crore from Rs 8,545 crore in Q3FY20. Net Interest Margin for December quarter declined to 3.67 per cent from 3.77 per cent in the year-ago quarter.

Most of analysts have maintained 'buy' rating on ICICI Bank following third quarter results.  Analysts at Motilal Oswal has assigned 'buy' call on ICICI Bank with a target price of Rs 700 against the current market price of Rs 602.

Brokerage firms Macquarie and UBS have an 'outperform' and 'buy' call, respectively, on the stock with a target at Rs 700 per share. UBS has increased earnings estimates for FY21 and FY22 by 5 per cent and 2 per cent, respectively.

Meanwhile, the BSE SENSEX was trading 2,023 points or 4.37 per cent higher at 48,309.

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Also Read: ICICI Bank Q3 results: Net profit up 19% at Rs 4,940 crore