ICICI Lombard gains as RBI allows hike in FPI investment limit

ICICI Lombard General Insurance Company rose 0.83% to Rs 683.20 at 14:55 IST on BSE after the Reserve Bank of India allowed hike in FPI investment limit in the company to 49% from 24%.

Meanwhile, the S&P BSE Sensex was up 263.28 points or 0.8% at 33,370.10.

On the BSE, 31,000 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks. The stock had hit a high of Rs 690 and a low of Rs 672.80 so far during the day. The stock had hit a record high of Rs 719.85 on 17 October 2017. The stock had hit record low of Rs 619 on 31 October 2017.

The large-cap company has equity capital of Rs 453.95 crore. Face value per share is Rs 10.

The Reserve Bank of India after market hours yesterday, 16 November 2017 notified that the Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in the company has increased to 49% from 24% of its paid up capital.

Shares of ICICI Lombard General Insurance Company had debuted on the bourses on 27 September 2017. The stock listed at Rs 650 on BSE, a discount of 1.66% to the initial public offer (IPO) price of Rs 661 per share. It settled at Rs 681.55, a premium of 3.1% over the issue price on that day.

The IPO of ICICI Lombard General Insurance Company opened for subscription on 15 September 2017 and closed on 19 September 2017. The price band for the IPO was set at Rs 651-661 per share. It was subscribed 2.98 times.

ICICI Lombard General Insurance Company's net profit rose 19.36% to Rs 204.04 crore on 9.28% rise in total income to Rs 2202.99 crore in Q2 September 2017 over Q2 September 2016.

ICICI Lombard General Insurance Company is the largest private-sector non-life insurer in India based on gross direct premium income (GDPI) for last fourteen straight years, after being one of the first few private-sector companies to commence operations in the sector in FY2002.

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