Not much was going the way of ICICI Prudential Life (I-Pru Life), the life insurance arm of ICICI Bank, for a long time. Despite being the most celebrated initial public offering (IPO) of 2016, the stock was trading below its listing price of Rs 335 for over three months after listing. But 2017 has been better than anticipated for the insurer. With year-to-date gains of over 40 per cent, the I-Pru Life stock has outperformed index gains. Investors who purchased the stock during the IPO would be richer by 27 per cent now. With a market capitalisation of more than Rs 60,000 crore, I-Pru Life is ahead of Nifty constituents such as Siemens, Bank of Baroda and Tech Mahindra. With this, experts believe I-Pru Life isn’t too far from charting its way to the CNX Nifty index. Sanjiv Bhasin, executive vice-president-markets & corporate affairs, IIFL, said inclusion in the futures and options (F&O) trading will give the stock the required momentum. “Derivatives-listed stocks enjoy better liquidity and improves the interest on the stock. Therefore as soon as I-Pru Life enters the F&O list, it is well-placed to enter the Nifty bandwagon,” he said.
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First Published: Fri, June 09 2017. 01:10 IST