Jefferies has increased its weight on the financials from an earlier 25.9 to 31 with an Overweight stance. Its top pick remains ICICI Bank followed by Axis Bank and IndusInd Bank for respective targets of Rs 1,240, Rs 1,200 and Rs 1,750. Other picks include ICICI Prudential Life Insurance Company, Bajaj Finance, Cholamandalam Finance, SBI Cards and Payment Services.
ICICI Bank reported a 31.43 per cent rise in consolidated net profit at Rs 8,006.99 crore for the September quarter. Provisions for the quarter fell to Rs 1,644.52 crore compared with Rs 2,713.48 crore in the year-ago period.