The trading volumes on the counter more than doubled with a combined 4.2 million shares changed hands till 13:05 PM; as compared to 1.7 million shares were traded daily in past two weeks on the BSE and NSE.
On September 29, 2017, the stock closed at an over four-month low of Rs 382, had underperformed the market by falling 19% in past two months. On comparison, the S&P BSE Sensex was up 1% during the same period. The stock hit a 52-week high of Rs 508 on July 4, in intra-day trade.
Analysts at IIFL Institutional Research initiate coverage on ICICI Prudential Life Insurance with a buy rating and 12 month target price of Rs 480.
“The company has established a leading market position among private sector life insurers, aided by robust distribution architecture and cost competitiveness. ICICI Prudential Life Insurance is well positioned to capture growth opportunities arising from the buoyant equity markets, given its predominant positioning as seller of unit-linked products (ULIPs),” the brokerage firm said in a recent report.
A well-established franchise, upbeat growth outlook, improving profitability metrics, and a strong capital position place ICICI Prudential Life Insurance favourably among private sector life insurers, added report.