ICICI Prudential Life Insurance shares rise after Jefferies retains buy with a target of Rs 630
Jefferies feels that ICICI Prudential can benefit from a combination of stability in product-mix and expansion in distribution adding that product mix and distribution expansion will lift FY22-23 growth.
January 15, 2021 / 10:17 AM IST
ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company share price gained 2 percent in the morning session on January 15 after Jefferies maintained buy call on the stock.
The global research firm has retained a buy rating on the stock with target at Rs 630 per share. The firm is of the view that ICICI Prudential can benefit from a combination of stability in product-mix and expansion in distribution adding that product mix and distribution expansion will lift FY22-23 growth, besides a low base, according to a CNBC-TV18 report.
Jefferies believes that the company has beefed up Banca partnerships with likes of IIB, RBL Bank, AU Small Finance Bank, IDFC First Bank and NSDL Payments Bank.
It feels that better growth of ICICI Prudential can aid rerating and sees good risk-reward.
The stock was trading at Rs 523.25, up Rs 13.70, or 2.69 percent at 09:28 hours. It has touched an intraday high of Rs 524.00 and an intraday low of Rs 512.50.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: Price above short, medium and long term moving averages. FII / FPI or institutions have been increasing their shareholding.
However, Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.