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ICICI Securities: A pandemic-proof play on the capital markets growth

Sectoral tailwinds add to the stock’s attractiveness in the near term

July 24, 2020 / 01:23 PM IST
ICICI Securities: A pandemic-proof play on the capital markets growth

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Earlier, we had written that ICICI Securities (CMP: Rs 540; Mcap: Rs 17,462 crore) could prosper during the pandemic period, which is now apparent in its earnings in the first quarter of the current fiscal. Isec’s net profit increased by a whopping 70 percent on year-on- year (YoY) in Q1 FY21 aided by solid growth in its brokerage business, partly offset by muted performance of the distribution segment. Globally retail trading in financial markets has taken a quantum leap during...

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