Thursday April 6, 1:23 am Eastern Time|
RESEARCH ALERT-ICICI price target raised
BOMBAY, April 6 (Reuters) - Morgan Stanley Dean Witter said in a recent reserach report it had raised its 12-month price target for Indian financial services firm ICICI Ltd (NYSE:ICd - news) to 207 rupees per share from 164 factoring in an upside from its e-business initiatives.
The firm said that it had valued ICICI's core financial services business at 164 rupees per share for March 2001 and its e-business initiatives at 43 rupees.
``The sum total of the two implies a 12-month price target of 207 rupees a share...,' Morgan Stanley said.
The broking firm added that ICICI had significant value in its e-business initiatives, and estimated its worth at $1.04 billion .
``We believe a significant chunk of the incremental value added from ICICI's move into e-commerce is in new businesses. These businesses include a payment gateway, incubation facilities, online trading, a real estate portal and proprietary investment in e-commerce-related fields,' Morgan Stanley said.
It said the key catalyst for recognition of value would come from the spin off or listing of some these businesses.
In late morning trade on Thursday, ICICI shares were traded 2.70 rupees higher at 126.70.