This suggests that ICICI Bank is a clear buy. The valuation of the bank is Rs 37,000 crore at current values, so the bank itself is quoting at just over 1.5x book. Given that most other private banks quote at over 3x book, ICICI Bank has to outperform.
And ICICI Holdings, which perhaps already exceeds the bank in valuations, is going to increase its own valuation at a rapid pace as well.
IBN 1-yr chart