Moneycontrol
Last Updated : Jun 14, 2018 01:19 PM IST | Source: Moneycontrol.com

ICICI Securities gains over 3% after CLSA initiates coverage with Buy rating

CLSA expects revenue/net profit to grow at a CAGR of 17/21 percent over FY18-21.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Global brokerage firm CLSA has initiated coverage with Buy rating on ICICI Securities and set a target price at Rs 520, implying potential upside of 46 percent. The stock price gained 3.4 percent intraday on Thursday.

Equity broking firm is benefited from financialisation of household savings and parent’s brand and reach, the research house said, adding distribution and margin financing will drive revenue expansion.

CLSA expects revenue/net profit to grow at a CAGR of 17/21 percent over FY18-21.

ICICI Securities' dividend yield is one of the highest among Nifty companies and the stock trades at discount to global peers, the research house said.

Headquartered in Mumbai, ICICI securities offers a wide range of financial services including brokerage, financial product distribution and investment banking and focuses on both retail and institutional clients.

In March, the company raised more than Rs 4,000 crore through the public issue. The stock lost more than 30 percent from its issue price of Rs 520 per share.

At 12:57 hours IST, the stock price was quoting at Rs 365.30, up Rs 8.30, or 2.32 percent on the BSE.
First Published on Jun 14, 2018 01:19 pm
Sections
Follow us on
Available On